Congress of the European Business Angel Network
Speech by Maria van der Hoeven, Minister of Economic Affairs, at the 8th Annual Congress of the European Business Angel Network, Monday 14 April, Arnhem
Ladies and gentlemen,
'We are each of us angels with only one wing and we can only fly by embracing one another.'
These words by the Italian writer and engineer, Luciano de Crescenzo, inspire me. During my long career as a minister, Member of Parliament and teacher, one thing has become very clear to me: people need each other. No man is an island. That goes for everything in life: work, family, love. Everything.
Around me I see people who are able to inspire others. To coach and encourage. Who are able, every now and then, to give you a hard push and get you moving in the right direction. You don't have to be Nelson Mandela, Mahatma Gandhi or a world leader to have a positive effect on someone. An angel isn't judged or measured; the important thing is being there for someone, however large or small your efforts. Making a difference to someone else's life.
It is a great pleasure for me to be here with you today. Of course we will be discussing informal investment, best practices, policy and agreements at this conference. But let's not lose sight of the starting point for them all: cooperation. I hope you will keep Luciano de Crescenzo's words in mind during this 8th Annual Congress of the European Business Angel Network.
Enterprise makes a major contribution to a country's productivity growth, employment and innovative capability. But even the best business plans wither and die if there is no one willing to carry them out. That's why I try to offer a helping hand to every entrepreneur. I wish an angel to every entrepreneur. This is why I am in favour of Business Angels.
Ladies and gentlemen,
It is very difficult, as a growing, innovative start-up, to obtain risk-bearing capital from a bank or financing company. In fact, banks tend to be particularly wary of financing small, but risky enterprises. So what can you do if you are full of plans and potential, but you don't have the money to fulfil them? Enterprise is about courage, ambition and daring to stick your neck out. But sometimes you also need a helping hand.
More and more, entrepreneurs have to rely on financing from informal investors, the Business Angels. The big advantage of this, compared with other forms of financing, is that Business Angels can also provide expertise, coaching and a broad network of contacts.
An entrepreneur who gets involved with a Business Angel gets the guidance he or she needs to create a successful venture.
As you all know, Business Angel investments are definitely not just about the money. And I can assure you that this is true of many economic questions. The economy is about cooperation, sustainability and social trends as much as money. It is about renewal, creativity and passion. In this respect, enterprise is one of the most inspiring subjects to have in a minister's portfolio.
Business Angels can point the way to a successful business. They offer guidance and access to an extensive network. They open a treasure chest of practical tips that are useful for any entrepreneur, whether they are experienced or not.
Ladies and gentlemen,
Unfortunately, I have noticed that in the Netherlands, we are not yet exploiting the full potential of this type of investment. That's why I have established a special Business Angels programme. I want to see more awareness of informal investments and a greater understanding of the possibilities they can offer. Both among entrepreneurs who are looking for risk-bearing capital and among potential Business Angels themselves.
We are using regional events to bring these two groups together. Since the programme started in 2005, more than 150 events have been held, with more than four thousand entrepreneurs and Business Angels. Last year we extended the programme with themed sessions on informal investing. On IT, for example, on health, sustainability and the creative sector.
At these events, we heard that Business Angels are often disappointed with entrepreneurs' proposals. Another criticism was that entrepreneurs did not speak the Business Angels' language. Definitely room for improvement.
So, together with the Business Angels networks, I am working to ensure that informal investing gets the push it needs. We want more entrepreneurs to learn to speak the Business Angels' language. To create business plans that are ripe for investment. We want to increase public awareness of informal investment. We want to make its advantages more obvious, so that entrepreneurs do not see this rich opportunity only as a last resort.
I believe entrepreneurs should know where to go for Business Angel financing and where potential Angels can learn more about informal investing.
So as you can see, in the Netherlands we are busy developing Business Angels policy. We know what needs to be done better and we are going to do it. Together. Here, at this event, in fact. After all, today we are lucky enough to have leading experts with us from both the Netherlands and abroad. We can certainly benefit from their knowledge and experience!
Whether you are an entrepreneur, Business Angel, policymaker, investor or, like me, a minister, we cannot do it alone. It's all about working together.
Sharing experiences and lessons learned, sharing knowledge, creativity and entrepreneurial spirit. During the presentations and break-out sessions certainly, but also at coffee and the gala dinner. Look for one another and learn from one another.
I wish you all an inspirational conference!
Thank you.