Syndication of business angel investments

<p>The aim of this work is to study the world experience and development of recommendations for optimization of interaction of participants of the syndicate.<br />Objectives of the work are as follows:<br />&bull; To learn the basic structure of the innovation ecosystem;<br />&bull; To investigate the aspects of the activity of associations of business angels in syndication capital of its members;<br />&bull; To conduct a comparative analysis of international experience, for example the Association of the USA, Ireland, Scotland and General features typical of the Association of business angels of Russia.<br />The object of research is the activity of associations of business angels in Russia, Ireland, Scotland and the USA.<br />The study are syndicated deals.<br />As research methods in this work were applied logic methods (analysis, synthesis, abstraction, induction and others), methods of analysis of secondary data, as well as some statistical methods (interviews).<br />The work includes the following sections: introduction, three chapters, conclusion, references, applications.<br />In introduction the urgency of the topics are the goals and objectives of the object and the subject, lists used research methods.<br />In the first Chapter explores and analyses the theoretical aspects of the innovation ecosystem is a conditional division of blocks. Provides facts about these units and their brief description.<br />In the second Chapter offers a definition of the role and degree of development of syndicated capital investments in the world.<br />In the third Chapter examines the data on the foreign experience, in which examines the main areas of activity of associations Tech Coast Angels, LINC and Halo Business angel Network, and the development of participations in capital in Russia. At the end of their comparative analysis and presents recommendations based on it.<br />During research it was found that the original purpose of the syndication capital business angels is not even a more effective investment portfolio, reducing dependence on institutional investors and the introduction of equality in the risks and opportunities for each of the co-investors.<br />Evaluation of the market of syndicated capital in Russia showed its randomness and not structured. The study showed that there is only one Russian organized syndicate created about 2 years ago. In some transactions so far, the company enters into a separate contract with each investor. The main result of the work are conclusions about the prospects of the works on the Scottish model for development of the market of syndicated capital in Russia. Currently our country has almost the same tools as in Scotland, is also very similar and starting conditions, for example, about the same number of active business angels that and there. At the same time, some changes will be required, which will help to avoid the current problems of the country. Also, are promising developments Halo BAN against formalized syndicates. The use of this technique in Russia does not require radical changes in current legislation and infrastructure, but can attract a large number of non-professional investors and, accordingly, to increase considerably the volume of the market investment early stage. The model of work used by USA association, is one of the most efficient in the world, but it has the essential requirements for the number of participating in the syndication business angels, which makes it inapplicable in current market conditions in Russia.</p>