Thank you for agreeing to participate in my survey. It should take no longer than five minutes to complete and your input will provide an invaluable contribution to my MBA dissertation at Cambridge University.
If you consider any of the information requested to be confidential, please feel free to anonymise your response or simply leave blank. I will not provide individual information to third parties. After collecting all responses I will report the results of the survey in aggregate and will not highlight individuals. If you have any queries please do not hesitate to contact me on 07989 344 367 or by email at [email protected]. I will be happy to discuss my dissertation and results to anyone interested. Name of venture capital fund?(if more than one fund please provide details on the fund that has made all or most of its investments) Range of first round investment sizes? Number of first time investments made over the life of the fund? Provide an estimate (%) of deals where the fund has follow-on invested from business angels? % of total where business angel exited? % of total where you invested in a down-round (following business angel financing)? % of total where you invested in an up-round (following business angel financing)? % of these where business angel follow-on co-invested with you What additional characteristics would you ascribe to a 'sophisticated' business angel and which attributes would you not include from my description? Sophisticated Business Angel investors are.... Please indicate how your answers would have changed for less sophisticated business angels. When investing in companies that have received sophisticated Business Angel financing I.... Please indicate how your answers would have changed for less sophisticated business angels. During the investment process sophisticated Business Angels.... Please indicate how your answers would have changed for less sophisticated business angels. Do you insist that the management of investee companies are incentivised by stock options? If so, do you consider the impact on diluting earlier investors? Please expand on your answer. Do previous round valuations impact the valuation you negotiate/agree in your first round of financing? Please expand on your answer. For example, does it depend on the supply/demand for top-quality deals? A reduction in business angel, pre-institutional investment activity would have the following impact on the deal flow in the sector/geography you are interested in... Please expand on your answer. How much weight do you attach to the term sheets/ share purchase agreements that the investee company agreed with the previous round of investors, when making your investment decision? Please expand on your answer. If there are earlier investors, do you seek to meet or engage with them when undertaking your due diligence or do you rely on existing management to liaise with existing shareholders? Any further insights....... You have now finished the venture capitalist questionnaire. Are you also a business angel or entrepreneur (with experience of this business angel to venture capital financing)? Number of years experience as a business angel? How many venture capital investments are currently in your portfolio? On average how many new investments do you make each year? What is the typical size of your investment? How many exits have you made from venture capital investments? Please indicate the returns you have obtained from exited investments (IRR or multiple of capital invested) noting the length of the investment. How many of your investments have venture capitalists follow-on invested from? Where a venture capitalist did follow-on invest was it an up-round or down-round? Were you offered your pre-emption rights to follow-on invest? How many of your investments have you co-invested with the venture capitalist in the next financing round? Please expand on your answer. For example, if you are active in the investee company, in what way do you help? Venture capitalists who follow-on invest from me are.... Please expand on any of your answers given above. When a venture capitalist follow-on invests I.... Please expand on any of your answers given above. Any further insights....... You have now finished the business angel questionnaire. Are you also an entrepreneur (with experience of this business angel to venture capital financing)? Name of company? (please identify all companies in which you have been involved and have received business angel and venture capital investment) How much did your company raise from business angels (and when)? How much did your company raise from venture capitalists (and when)? Did the business angels follow-on invest with the venture capitalist? when the business angels invested? when the venture capitalist invested? Please expand on your answer. For example, if the business angels were active, in what way did they help? What additional characteristics would you ascribe to a 'sophisticated' business angel and which attributes would you not include from my description? Sophisticated Business Angel investors.... Please indicate how your answers would have changed for less sophisticated business angels. When the venture capitalist was considering to follow-on invest, the company management.... Please expand on any of your answers given above. Any further insights....... Would you like a summary of my final dissertation? |
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