The BAC is not a legally registered formal organisation. The Hungarian Innovation Association and Innostart BIC established it in June 2000. Since then it has been working as an informal forum.
1-3 programs are organised annually in cooperation with the experts of HVCA - to inform the interested entrepreneurs on the characteristics of the venture capital market and business angel financing. It also provides innovative SMEs with the possibility of introducing themselves to investors.
Innostart BIC assists the development of innovative SMEs by its services (counselling, business plan preparation, proposal writing, training etc).
There is no membership fee at BAC; all occurring costs of Innostart are covered from other sources and grants.
Contact: va Wikonkl ([email protected]), director
Piroska Kalmr ([email protected]), project manager.
Innostart BIC
1116 Budapest, Fehrvri t 130, Hungary Phone: +36.1.382.1504
Fax: +36.1.382.1510 www.innostart.hu
E UROPEAN B USINESS A NGEL N ETWORK- Directory of Network 2006
ITALY
Background
| M |
Interest in the BAN concept first arose in Italy in 1997. It emerged from a few Business Innovation Centres (BIC) in Northern Italy, more precisely in Valle dAosta and Lombardia.
Several regional BANs were set up in 1999, as well as IBAN, the national association created to foster the development of BANs in all Italian regions and to federate their activities.
2. IBAN circuit statistics 20056
| Number of BANs | |||||||
| Number of Business Angels | |||||||
| Number of deals | |||||||
| Number of accredited projects | - | ||||||
| Number of commercial BANs | |||||||
| Number of non-commercial BANs | |||||||
| Number of national BANs | |||||||
| Number of regional BANs | |||||||
| National association |
Following a survey done by IBAN near its community and other informal investors, the statistics 2005 concerning Italy can be summarized as follows:
Number of business angels = 310
Number of accredited projects = 391
Number of deals = 35
Average amount in euro = 228.000
Total invested amount in euro = 8.05 million
IBAN funding sources 2005
| 38% | Fees from |
| BANs/Bas | |
| Sponsors | |
| 62% |
|
|
|
BAN legal status
9 BANs are set up as non-profit organizations, 1 is a commercial BAN, and 1 is a club of investors. The BANs are often emanations of BICs, development agencies and private investors.
In general the founding sources come from fees (entrepreneurs and angels), regional funds and local sponsors (especially banks).
National association
IBAN was set up in 1999 for the purpose of stimulating the development of activities in the field of informal venture capital in Italy and to raise the awareness of administrative authorities as to the
6 See point 8
E UROPEAN B USINESS A NGEL N ETWORK- Directory of Network 2006
environment in which such activities could flourish. Furthermore, IBAN has established privileged relations with the banking sector and the venture capital sector (IBAN is member of AIFI - Italian Association of Institutional Investor in Risk Capital).
In 2005, IBAN membership has reached a peak of 57 members.
IBAN has also adopted a code of conduct that clarifies the rights and duties of BANs.
IBAN has established cooperation with most important Italian banks, financial institutions, regional Institutions and the national accountants association.
IBAN is an institutional Development concerning research and innovation.
member of all working groups set up competitiveness strategic factors: risk
by Italian Ministry for Economic capital finance, entrepreneurship,
Lobbying
In order to create a legal and fiscal framework more appropriate to develop the private informal investors, IBAN has established a dialogue with the relevant Italian Ministries with a view to clarifying the legal status of BANs with regard to several existing statutes. Since October 2000, IBAN submitted to the Italian Ministries attention a law proposal concerning the tax status of the business angels investment activities. Other documents were presented in 2003 and in the end of 2004.
In 2005, IBAN has presented the IBAN white paper The informal risk capital development in Italy; the paper has the purpose to adapt to the Italian business context some EBAN best practices and proposal.
