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An Assessment of Government Funding of Business Angel Networks in Flanders Collewaert, Veroniek; Manigart, Sophie; Aernoudt, Rudy

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An Assessment of Government Funding of Business Angel Networks in Flanders Collewaert, Veroniek; Manigart, Sophie; Aernoudt, Rudy www.ssoar.info An assessment of government funding of business angel networks in Flanders Collewaert, Veroniek; Manigart, Sophie; Aernoudt, Rudy Postprint / Postprint Zeitschriftenartikel / journal article Zur Verfügung gestellt in Kooperation mit / provided in cooperation with: www.peerproject.eu Empfohlene Zitierung / Suggested Citation: Collewaert, V., Manigart, S., & Aernoudt, R. (2010). An assessment of government funding of business angel networks in Flanders. Regional Studies, 44(1), 119-130. https://doi.org/10.1080/00343400802070860 Nutzungsbedingungen: Terms of use: Dieser Text wird unter dem "PEER Licence Agreement zur This document is made available under the "PEER Licence Verfügung" gestellt. Nähere Auskünfte zum PEER-Projekt finden Agreement ". 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Diese Version ist zitierbar unter / This version is citable under: https://nbn-resolving.org/urn:nbn:de:0168-ssoar-215939 Regional Studies For Peer Review Only An assessment of government funding of business angel networks in Flanders Journal: Regional Studies Manuscript ID: CRES-2006-0164.R3 Manuscript Type: Policy Debates G24 - Investment Banking|Venture Capital|Brokerage < G2 - Financial Institutions and Services < G - Financial Economics, H71 - State and Local Taxation, Subsidies, and Revenue < H7 - State and Local Government|Intergovernmental Relations < H - Public JEL codes: Economics, M13 - Entrepreneurship < M1 - Business Administration < M - Business Administration and Business Econ; Marketing; Accounting, R58 - Regional Development Policy < R5 - Regional Government Analysis < R - Urban, Rural, and Regional Economics risk capital, business angels, policy, economic development, market Keywords: failure http://mc.manuscriptcentral.com/cres Email: [email protected] Page 1 of 34 Regional Studies 1 2 3 AN ASSESSMENT OF GOVERNMENT FUNDING OF BUSINESS ANGEL NETWORKS 4 5 6 IN FLANDERS 7 8 9 10 11 12 13 14 15 VERONIEK COLLEWAERT 16 For Peer Review Only 17 18 Department of Accounting and Corporate Finance (Ghent University), Kuiperskaai 55E, 9000 19 20 Gent, Belgium 21 22 e-mail: [email protected] 23 24 25 26 27 SOPHIE MANIGART 28 29 Department of Accounting and Corporate Finance (Ghent University), Kuiperskaai 55E, 9000 30 31 32 Gent, Belgium 33 34 Competence Centre Accounting and Finance (Vlerick Leuven Gent Management School), 35 36 Reep 1, 9000 Gent, Belgium 37 38 39 e-mail: [email protected] 40 41 42 43 44 RUDY AERNOUDT 45 46 EHSAL, University College Ghent and Nancy University 47 48 Lindenpark 48, 9831 Sint-Martens-Latem, Belgium 49 50 51 e-mail: [email protected] 52 53 54 55 First received: July 2006 56 57 58 Accepted: December 2007 59 60 http://mc.manuscriptcentral.com/cres Email: [email protected] Regional Studies Page 2 of 34 1 2 3 ABSTRACT 4 5 6 We evaluate whether government intervention through the subsidization of business angel 7 8 networks enhances regional economic growth. We show that, firstly, BANs reduce the 9 10 information and financing problems entrepreneurial companies face. Secondly, these 11 12 13 companies contribute to economic development and growth. Thirdly, there are positive 14 15 indicators of future potential, such as an upward evolution in value creation and ability to 16 For Peer Review Only 17 18 raise follow-on financing. Finally, the programme has many positive indirect effects. This 19 20 leads us to tentatively conclude that public BAN support is warranted. However, to make this 21 22 conclusion more robust requires a longer-term evaluation. 23 24 25 26 27 JEL Codes: G24, H71, M13, R58 28 29 30 31 32 Keywords: risk capital, business angels, policy, economic development, market failure 33 34 35 36 Une évaluation des finances publiques en faveur des réseaux de bailleurs de fonds en 37 38 Flandres. 39 40 41 Collewaert et al. 42 43 44 45 On cherche à évaluer si, oui ou non, l’intervention du gouvernement par moyen des 46 subventions en faveur des réseaux de bailleurs de fonds augmente la croissance économique 47 régionale. On montre que, primo, les réseaux de bailleurs de fonds (BANs; Business Angel 48 Networks) atténuent les problèmes que doivent affronter les entreprises entrepreneuriales dans 49 les domaines de l’information et des finances. Secundo, ces entreprises contribuent au 50 51 développement et à la croisssance économiques. Tertio, il y a des clignotants positifs quant au 52 potentiel futur, tels un mouvement vers le haut de la création de valeur et la capacité à trouver 53 des finances complémentaires. Pour finir, le programme a beaucoup d’effets indirects positifs. 54 Cela amène à conclure provisoirement que les finances publiques en faveur des BANs sont 55 justifiées. Cependant, il faut une évaluation à plus long terme pour affirmer cette conclusion. 56 57 58 59 Capital-risque / Bailleurs de fonds / Politique / Développement économique / Distorsion du 60 marché http://mc.manuscriptcentral.com/cres Email: [email protected] Page 3 of 34 Regional Studies 1 2 3 4 5 Classement JEL: G24; H71; M13; R58 6 7 8 Eine Bewertung der staatlichen Finanzierung von Business-Angel- 9 Netzwerken in Flandern 10 11 VERONIEK COLLEWAERT, SOPHIE MANIGART and RUDY AERNOUDT 12 13 ABSTRACT 14 15 Wir untersuchen, ob sich durch eine staatliche Intervention in Form einer 16 SubventionierungFor vonPeer Business-Angel-Netzwerken Review Only das regionale 17 Wirtschaftswachstum verbessert. Gezeigt wird erstens, dass Business-Angel- 18 Netzwerke die Informations- und Finanzierungsprobleme junger Firmen reduzieren. 19 Zweitens tragen diese Firmen zur Wirtschaftsentwicklung und zum 20 Wirtschaftswachstum bei. Drittens liegen positive Indikatoren für das 21 22 Zukunftspotenzial vor, wie z. B. hinsichtlich einer Aufwärtsevolution bei der 23 Wertschaffung und der Fähigkeit zur Sicherung von Nachfolgefinanzierung. 24 Schließlich hat das Programm zahlreiche positive indirekte Auswirkungen. Diese 25 Ergebnisse veranlassen uns zur vorsichtigen Schlussfolgerung, dass eine öffentliche 26 Unterstützung von Business-Angel-Netzwerken empfehlenswert ist. Allerdings ist 27 28 eine längerfristige Bewertung erforderlich, um dieses Fazit robuster zu gestalten. 29 30 JEL Codes: G24, H71, M13, R58 31 32 Keywords: 33 Risikokapital 34 35 Business Angels 36 Politik 37 Wirtschaftsentwicklung 38 Scheitern auf dem Markt 39 40 41 42 Valoración de la financiación estatal de las redes de inversión privada en Flandes 43 44 45 Veroniek Collewaert, Sophie Manigart And Rudy Aernoudt 46 47 ABSTRACT 48 49 Aquí evaluamos si mediante una intervención estatal en forma de subsidio de las 50 51 business angel networks (BAN) o redes de inversión privada es posible aumentar el 52 crecimiento económico regional. En primer lugar, mostramos que las BAN reducen 53 los problemas de información y financiamiento de las sociedades empresariales. En 54 segundo lugar, estas sociedades contribuyen al desarrollo y crecimiento 55 económicos. En tercer lugar, existen indicadores positivos del potencial futuro, por 56 ejemplo una evolución ascendente en la creación de valores y la habilidad para 57 58 procurar una financiación de seguimiento. Por último, el programa tiene muchos 59 efectos positivos indirectos. Esto nos lleva a concluir provisionalmente que es 60 recomendable un apoyo público de las BAN. Sin embargo, para que esta conclusión sea más sólida es necesaria una evaluación a largo plazo. http://mc.manuscriptcentral.com/cres Email: [email protected] Regional Studies Page 4 of 34 1 2 3 Keywords: 4 5 Capital de riesgo 6 Ángeles Inversores 7 Política 8 Desarrollo económico 9 Fallo mercantil 10 11 12 JEL Codes: G24, H71, M13, R58 13 14 15 16 For Peer Review Only 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 http://mc.manuscriptcentral.com/cres Email: [email protected] Page 5 of 34 Regional Studies 1 2 3 INTRODUCTION 4 5 6 7 8 Over the past decade, governments from all over the world have launched initiatives to 9 10 stimulate risk capital markets (EUROPEAN COMMISSION, 2003b; MAULA et al. , 2007). 11 12 13 Risk capital refers to external equity financing of entrepreneurial companies and encompasses 14 15 both formal venture capital (VC) and informal risk capital, also known as business angel (BA) 16 For Peer Review Only 17 18 financing (EUROPEAN COMMISSION, 2001). Formal VC is provided by institutional, 19 20 professional investors, while BA financing is provided by private investors with no family or 21 22 friend connections to their investees (HARRISON and MASON, 1999; EVCA, 2002). Sohl 23 24 25 (2005) estimates that 227,000 U.S. BAs invested $23.1 billion in 49,500 companies in 2005, 26 27 compared to VC investors investing $21.7 billion in only 2,939 companies 28 29 (PRICEWATERHOUSECOOPERS et al ., 2006). There is a relative scarcity of statistics on 30 31 32 European BA investments. Mason (2006) estimates that 20,000 to 40,000 U.K.
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