Harvard Case - Angels in British Columbia
"Angels in British Columbia" Harvard business case study is written by Josh Lerner, Thomas Hellmann, Ilkin Ilyaszade. It deals with the challenges in the field of Business & Government Relations. The case study is 25 page(s) long and it was first published on : Apr 27, 2011
At Fern Fort University, we recommend a strategic approach that leverages the strengths of the Angel Investor Network (AIN) while addressing the challenges of attracting and retaining high-growth businesses in British Columbia. This strategy focuses on building a robust ecosystem for entrepreneurship through a combination of public-private partnerships, government policy and regulation, and private sector innovation.
2. Background
This case study examines the challenges faced by the Angel Investor Network (AIN) in British Columbia, a non-profit organization dedicated to supporting early-stage businesses. The AIN faces several key issues:
- Limited access to capital: Early-stage businesses struggle to secure funding, particularly in a competitive environment with limited venture capital availability.
- Lack of skilled talent: The province faces a shortage of skilled workers, particularly in technology and innovation-driven sectors.
- Limited infrastructure: The province needs to improve its infrastructure, particularly in areas like broadband connectivity and research facilities, to support the growth of high-tech businesses.
- Attracting and retaining businesses: British Columbia faces competition from other provinces and countries for attracting and retaining businesses.
The case study highlights the role of the AIN in bridging this gap by connecting angel investors with promising startups. However, the AIN struggles to scale its operations and effectively address the broader challenges facing the entrepreneurial ecosystem.
3. Analysis of the Case Study
This case study can be analyzed through the lens of Porter's Five Forces framework, which helps understand the competitive landscape and identify opportunities for the AIN.
- Threat of new entrants: The threat of new entrants is moderate. While new angel investors can enter the market, existing networks like the AIN have established relationships and expertise.
- Bargaining power of buyers: The bargaining power of buyers (startups) is high. They have multiple options for funding and can leverage competition between investors.
- Bargaining power of suppliers: The bargaining power of suppliers (angel investors) is moderate. While individual investors have limited influence, collectively they can exert pressure on the AIN to improve services.
- Threat of substitute products: The threat of substitute products is moderate. Venture capital firms and other forms of financing can act as substitutes for angel investment.
- Competitive rivalry: Competitive rivalry is moderate. The AIN faces competition from other angel investor networks and venture capital firms.
Key challenges:
- Lack of coordination: The AIN operates in isolation, without strong collaboration with other stakeholders in the entrepreneurial ecosystem.
- Limited resources: The AIN faces financial constraints, limiting its ability to expand operations and offer comprehensive support to startups.
- Lack of government support: The government's role in supporting entrepreneurship is fragmented and lacks a cohesive strategy.
Opportunities:
- Public-private partnerships: The AIN can leverage government funding and resources to expand its reach and impact.
- Government policy and regulation: The government can create a more favorable environment for entrepreneurship through tax incentives, regulatory reforms, and investment in infrastructure.
- Innovation ecosystem: The AIN can play a key role in building a vibrant innovation ecosystem by connecting startups with mentors, investors, and research institutions.
4. Recommendations
To address these challenges and capitalize on opportunities, the AIN should implement the following recommendations:
1. Build a Strategic Partnership with the Government:
- Secure government funding: The AIN should actively seek government grants and funding to expand its operations, offer training programs, and support startups.
- Advocate for policy changes: The AIN should work with the government to develop policies that encourage entrepreneurship, such as tax incentives for angel investors and startups, streamlined regulatory processes, and investment in research and development.
- Establish a joint task force: The AIN should collaborate with the government to establish a joint task force to develop a comprehensive strategy for fostering entrepreneurship in British Columbia.
2. Expand the Network and Services:
- Increase membership: The AIN should actively recruit new angel investors and expand its network to include diverse investors with different expertise and investment interests.
- Offer comprehensive support: The AIN should expand its services to include mentorship programs, business development workshops, and access to legal and accounting expertise.
- Develop an online platform: The AIN should create an online platform to facilitate connections between investors and startups, streamline investment processes, and provide resources and information.
3. Foster Collaboration and Innovation:
- Partner with universities and research institutions: The AIN should collaborate with universities and research institutions to connect startups with skilled talent, research opportunities, and technology transfer programs.
- Create an innovation hub: The AIN should work with the government and private sector to establish an innovation hub that provides shared workspace, mentorship, and access to resources for startups.
- Develop a mentorship program: The AIN should create a mentorship program that connects experienced entrepreneurs with startups to provide guidance and support.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with the AIN's mission of supporting early-stage businesses and fostering entrepreneurship in British Columbia.
- External customers and internal clients: The recommendations aim to benefit both angel investors and startups by providing them with access to resources, support, and opportunities.
- Competitors: The recommendations are designed to differentiate the AIN from its competitors by offering a more comprehensive and collaborative approach to supporting entrepreneurship.
- Attractiveness: The recommendations are expected to attract new angel investors and startups, increase investment activity, and contribute to economic growth in British Columbia.
6. Conclusion
By implementing these recommendations, the AIN can play a vital role in building a thriving entrepreneurial ecosystem in British Columbia. This will attract new businesses, create jobs, and stimulate economic growth. The AIN's success will depend on its ability to forge strong partnerships with the government, private sector, and other stakeholders in the innovation ecosystem.
7. Discussion
Alternatives:
- Focus solely on private sector funding: The AIN could focus on attracting private sector investment without seeking government support. However, this would limit the AIN's resources and impact.
- Expand into other provinces: The AIN could expand its operations to other provinces. However, this would require significant resources and expertise.
Risks:
- Government funding cuts: The government may reduce funding for the AIN, jeopardizing its operations.
- Lack of investor interest: Angel investors may not be interested in investing in British Columbia due to perceived risks or lack of opportunities.
- Competition from other provinces: Other provinces may offer more attractive incentives to attract businesses and investors.
Key assumptions:
- The government is committed to supporting entrepreneurship in British Columbia.
- Angel investors are interested in investing in early-stage businesses in British Columbia.
- The AIN can effectively manage its operations and partnerships.
8. Next Steps
- Develop a detailed implementation plan: The AIN should develop a detailed implementation plan outlining the specific activities, timelines, and resources required to implement the recommendations.
- Secure funding: The AIN should actively seek funding from government sources, private sector partners, and philanthropic organizations.
- Build partnerships: The AIN should establish strong partnerships with the government, universities, research institutions, and other stakeholders in the innovation ecosystem.
- Monitor progress: The AIN should monitor the progress of its initiatives and make adjustments as needed.
By taking these steps, the AIN can become a driving force for entrepreneurship and economic growth in British Columbia.
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Case Description
The case study provides an overview of the angel investment practices and describes government policies towards angel and venture capital investing in British Columbia, Canada. It focuses in particular on the Equity Capital Program (BCECP henceforth), which provides tax credits to private equity investors that meet several eligibility criteria. The case study is written from the point of view of a policy maker, with a perspective on the entire ecosystem. It provides an overview of the existing structure of the tax credit program, its history, and the lessons learned to date. It discusses the current challenges faced by policy makers wanting to further improve the program.
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