One of those groups you may see around startup circles or sponsoring events is FiBAN. It’s fairly obvious from their name that they’re the Finnish Business Angel Network, but in case you never get around to googling them, here’s a closer look at their operations. According to their definition, FiBAN is a private investor driven angel network that aims to inspire more private investors to make early-stage high-growth investments. They currently have around 120 members, some of whom are experienced investors, while others are itching to make that first investment.
Claes Nilsen of FIBAN tells us that FINBAN angels are very interested in the Finnish IT sector, and around 80% of their members have technology as one of their main interest areas. Other areas hot right now include cleantech, agriculture, and design. “Around the world the role of private investors affecting the early-stage growth market is increasing and we’re about to see a lot of development in that direction in Finland too.”
Their goals are nobel. FiBAN operates as a non-profit organization, and essentially tries to grease the wheels to get investments moving. More specifically they try to share angel investing best practices, inspire syndication between angels, arrange trainings and collect statistics, and promote the interests of private investors in Finland. Nilsen tells us that, “The interest to make syndicated investments is large and we’re about to see many new small groups who have their specified sector and area of interest.”
To cater to new high-growth companies, FiBAN offers training and events, developing business angel networks, and improving co-operations with private equity investors. A good way for entrepreneurs to plug into the network is to submit your business plan on their website, which FiBAN pairs up with relevant angel investors. Once it’s in their system it stays current for three months, and entrepreneurs can edit their business plan and profile at any time. The link to submit a business plan is on their website.
1. How to approach business angels
2. What expectations do angels have?
3. Common startup failures
4. What happens after the investment?