Angel investors have long been a primary source of financing for companies at天使投資者長久以來的主要資金來源為公司
the seed and start-up stages.種子和開辦階段。 However, in the recent past, as venture不過，在最近的過去，作為創業
capitalists have backed away from funding enterprises at these early stages,資本家有後盾，遠離資金的企業在這些早期階段，
angels have become recognized as the primary source of funding at this stage天使已成為公認的主要資金來源，在此階段
of company development.公司的發展。 What’s more, having in the past largely operated何況，在過去的，主要經營
individually and behind the scenes, they are now banding together in groups,單獨和幕後，他們現在捆紮在一起，在群體，
enabling them to share information about companies worthy of funding and pool使他們能夠共享信息，值得有關公司的資金和池
their collective resources.他們的集體資源。

These developments have significant ramifications for today’s entrepreneurs.這些事態發展有重大影響，為今天的企業家。
While founders must still toil diligently to present to investors a business而創始人仍必須的辛勞努力，目前對投資者的業務
plan that signifies a clear competitive advantage for their product or計劃，標誌著一個明顯的競爭優勢，為他們的產品或
service, the fact remains that they now have easier access to angels.服務，但事實仍然是他們現在更容易獲得天使。 A group一組
with which I am involved as an entrepreneur-in-residence at the與我所涉及的作為一個企業家，在駐在
Ewing Marion Kauffman Foundation尤文馬里恩考夫曼基金會 (which sponsors the EntreWorld Web site), （贊助entreworld網站） ，
called the被稱為

Angel Capital Association天使資本協會 , has even endeavored to join together some 60 ，甚至努力把一道約60
angel groups in order to facilitate the sharing of information.天使團體，以促進信息共享。

As a former entrepreneur and now an angel investor for many years, I have作為前企業家和現在一個天使投資者多年來，我已
observed these trends with great interest.觀察這些趨勢懷著極大的興趣。 A look at the forces driving these看看的力量推動這些
trends might help entrepreneurs understand this altered financing environment趨勢可能會幫助企業家認識到這改變了融資環境
– and thus more intelligently pursue the financing they need for their -從而更加智能化追求的融資，他們需要將其
companies.公司。

Financing Trends 融資趨勢

At its heart, the recognition that angels are the primary source of seed and在其心，認識到天使的主要來源，種子和
start-up financing can be traced to recent trends in financing on the part of開辦融資可以追溯到最近的趨勢，在融資上的部分
venture capitalists – that had once been heavily involved in funding start-up風險資本家-曾經被大量涉及的資金開辦
companies.公司。

• Venture Capitalists Invest at Later Stages風險資本家投資在稍後階段

In the past eight years, from 1995 to 2003, venture capitalists have been在過去的八年，從1995年到2003年，風險資本家已
making more investments in companies at the expansion and later stage作出更多的投資公司在擴張和後期

(Chart) （見圖） and far fewer in those at the seed and start-up stages.和少得多，在那些在種子和開辦階段。 In fact,事實上，在
VC funding for fledglings has dropped precipitously since the mid 1990s, with VC的經費幼鳥已急劇下降，自20世紀90年代中期，隨著
fewer than 200 companies a year receiving VC funding during the past three不少於200家公司一年收到的VC資金在過去三年
years年 (Chart) （見圖） . 。

Let’s look at the numbers that underlie this development.讓我們看看有多少理解這方面的發展。 Today, nearly half今天，將近一半
of all venture capital is invested in funds with at least $1 billion in assets所有的風險資本是投資於基金至少10億美元資產
under management, whereas, in 1995, no venture capitalists were managing根據管理，而在1995年，沒有風險資本家分別管理
assets of that amount, according to資產的金額，根據
Venture One風險之一 , a research group that tracks the industry. ，一個研究小組，跟踪業界。 During this在這
period, the total amount of venture capital has increased tenfold, while the期間，總金額的風險資本增長了十倍，而
number of principals managing such funds has not increased proportionately.有多少校長管理這些資金並沒有增加比例。
With more money to invest and fewer venture capitalists for each dollar under與更多的錢投資少，風險資本家為每下，港元
management, the average round of venture investment has more than doubled to管理，平均一輪的風險投資已增加了一倍以上，以
$7 million in 2003 from $3 million in 1995 700萬美元，在2003年從300萬美元在1995年
(Chart) （見圖） . 。

With venture capitalists committing more money to each investment, they have與風險資本家投入更多的金錢，每項投資，他們有
tended to invest in more mature enterprises, those that have demonstrated the傾向投資於更成熟的企業，那些已經證明了
value of their products or services and seek additional funding for expansion.價值其產品或服務，並尋求額外的資金擴張。
Indeed, whereas the average VC investment in a seed or start-up company is now事實上，而平均風險投資在種子或開辦公司現正
$2 million to $3 million, later investments in these same companies are 200萬元至300萬元，後來投資在這些相同的公司
substantially larger.大幅增加。 Specifically, in 2003, the average early stage具體來說，在2003年，平均早期階段
investment was $4.5 million compared with $7.3 million at the expansion stage投資450萬美元相比， 730萬美元，在擴大階段
(Chart) （見圖） . 。 For entrepreneurs launching new companies, the numbers make an為企業家發起新的公司，數目作出
undeniable point: VCs aren’t the investors to be approaching in the seed and不可否認的一點：風險投資是不是投資者要接近，在種子和
start-up stages.開辦階段。

• Angel Investors Solidify Their Hold on Seed and Start-up Stage Investments天使投資者，鞏固他們的舉行對種子和啟動階段的投資

While the data for angel investing isn’t as definitive, these individual而數據的天使投資是不作為明確的，這些個別
investors have put $15 million to $30 million a year into new companies in the投資者提出的1500萬美元至3000萬美元，每年到新的公司，在
past decade, with rounds averaging $250,000 to $750,000, according to the過去十年來，與輪平均每場二五○○○○美元，以七十五點○○萬美元，根據該
Center for Venture Research (CVR)創業中心的研究（將CVR ） at the University of New Hampshire.在新罕布夏大學。 Some一些
30,000 to 50,000 companies a year have been recipients of funding from angels 30000至50000的公司，今年已受助人的資金從天使
during this period.在此期間。

Significantly, more than half of all angel dollars have been invested in seed顯著，一半以上的所有天使美元，已投資在種子
and start-up companies, with the bulk of the balance going to existing並開始成立的公司，與大部份的平衡，將會對現有
portfolio companies at later stages of development.投資組合公司在後來的發展階段。 In 2003 alone, angels僅在2003年，天使
invested $18 billion in 35,000 companies, according to CVR.投資180億美元，在35000的公司，根據將CVR 。 Of that total,在這個總數中，
they put 60 percent, or $11 billion, into an estimated 20,000 companies at the他們提出的60 ％ ，或110億美元，估計到20000公司在
seed or start-up stage.種子或開辦階段。 That compares with VCs’ investments of only $400相比之下，風險投資的投資只有400元
million into 181 fledglings during the same period.萬到181幼鳥在同一時期。 The comparison is as比較是作為
startling as the message is clear: angels continue to solidify their hold on驚人的作為信息是明確的：天使繼續鞏固他們的舉行對
the funding of start-up companies.經費的創業公司。

Group Dynamics 集團動態

Some angel investors have created a new model, banding together in groups, or一些天使投資者創造了一種新的模式，捆紮在一起，在團體，或
networks, in an effort to seek out and adopt best practices, improve due網絡，在努力尋求和採用最佳做法，改善因
diligence, and utilize standardized term sheets.勤勉盡責，並利用標準化的任期表。 In 2003, some 200 such groups在2003年，約200名這類群體
were in operation, compared with less than 20 in 1996, according to estimates人在運作，相比之下，不少於20在1996年，據估計
by the Kauffman Foundation and also by CVR由考夫曼基金會也將CVR
(Chart) （見圖） . 。 Indeed, Kauffman’s latest effort to consolidate the groups into事實上，考夫曼的最新努力，以鞏固群體融入
the Angel Capital Association represents an acknowledgement of the value of天使資本協會代表確認的價值
refining investing techniques, adopting robust processes, and sharing精煉投資技巧，採取穩健的過程，和分享
information about deals among fellow investors.信息處理，其中研究員投資者。

In addition to joining networks, angels and networks of angels have become此外，在加入網絡，天使和網絡已成為天使
willing to syndicate deals among themselves and also in collaboration with願意集團之間的交易本身也是在合作
venture capitalists.風險資本家。 Indeed, the sophistication of mature angel groups hasn’t事實上，先進成熟的天使團體沒有
gone unnoticed by venture capitalists, especially those that still consider忽略了由風險資本家，尤其是那些仍在考慮
investments in early-stage companies.投資於早期階段的公司。 In the case of在該案件
Tech Coast Angels高新技術海岸天使 , a network of angel investors in Southern California, ，網絡天使投資者在南加州，
for example, more than 20 venture associates routinely scrub deals and invest舉例來說， 20多個合資聯營公司經常擦洗，交易和投資
alongside the group’s members.伴隨著集團的成員。 Venture capitalists appreciate the robust風險資本家欣賞強勁
process adopted by angel organizations and recognize that angels serve as過程中所採用的天使組織，並承認天使充當
critical mentors and board members for start-up companies.關鍵的導師和董事會成員為創業公司。 In addition, by此外，通過
investing alongside angels, the venture capitalists set the stage for leading除了天使投資，風險資本家設置階段，領導
subsequent larger investment rounds.隨後較大的投資令人費解。

Benefits for Entrepreneurs 福利企業家

For the entrepreneur, these recent trends in the funding environment contain為企業家，這些最近的趨勢，在資金環境，包含
enormous advantages.巨大的優勢。 Angel groups tend to publicize their application天使團體往往宣傳他們的應用
processes, making access easy for entrepreneurs who no longer need to find進程，使存取容易的企業家，不再需要找到
angel investors one at a time.天使投資者之一，在一個時間。 For those that survive the rigorous screening對於那些生存，嚴格篩選
process adopted by the Tech Coast Angels, to take one example, entrepreneurs過程中所通過的高新技術海岸天使，採取的一個例子，企業家
are able to make their case to upwards of 200 potential investors.能作出他們的案件達200潛在的投資者。

Finally, given the cooperation between angel groups and seed VCs, and also最後，鑑於之間的合作天使團體和種子風險投資，也
among the angel groups, including the willingness to syndicate, that其中天使團體，包括願意集團，即
netherworld of the $2 million to $5 million investment is finally being地獄的200萬美元，以500萬美元的投資是終於被
addressed.解決。 Entrepreneurs will be increasingly able to secure funding for these企業家將越來越能夠爭取到的資金為這些
amounts.數額。

In sum, the news is good on the financing front for entrepreneurs seeking總括而言，好消息就融資方面的企業家尋求
dollars for seed and start-up enterprises.美元種子和開辦企業。 The challenge for these founders所面對的挑戰，這些創始人
will be to thoroughly understand today’s angel investing environment and to將徹底了解今天的天使投資環境和
position their companies to take full advantage of these exciting developments.的立場，他們的公司，以充分利用這些令人振奮的發展。

© William H. (Bill) Payne威廉（草案）佩恩
Entrepreneur-in-Residence, Kauffman Foundation企業家在居住，考夫曼基金會