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Press releases — 7 May 2003

OXFORD INVESTORS CLOSE EQUITY GAP WITH RECORD FUNDING RESULTS

Funding results announced by The Oxfordshire Investment Opportunity Network (OION) show that it is maintaining its position as the UK’s most successful business angel network, despite the difficult investment market. OION was one of the first business angel networks to be set up in the UK and is now one of the most successful in Europe. It links investors with entrepreneurs seeking finance from £50,000 to £1M to develop their technology businesses.

Colin Alexander, Chairman of OION, announced the results at the annual Investors Dinner in Oxford:

"Last year OION brokered 14 deals, raising total funds of over £3M, a great achievement in tough investment conditions, and during the last three years, over £12M has been raised through OION for more than 40 innovative new ventures. That record looks set to continue in 2003 as OION has closed four deals since January. We are tackling the “equity gap” highlighted by Gordon Brown in his Budget speech, which prevents entrepreneurs from developing their businesses because the capital they need (in practice, £100,000 - £500,000) is in short supply. Venture capitalists are only interested in investing much larger amounts in more developed businesses. OION’s business angel investors provide the solution as they offer small amounts of capital plus valuable management expertise and contacts to help innovative companies develop to the stage where they can attract venture capital investment. OION’s monthly presentation meetings provide a forum or selected businesses to pitch their proposals to our investors. All the companies have the opportunity to test their proposals by presenting to a small technology finance panel before the presentation meeting."

Dennis Turner, Chief Economist at HSBC Bank, was guest speaker at the Investors Dinner, attended by over 120 members, ranging from individual investors to VCs, such as 3i Group. Mr Turner contrasted the high growth, low employment economy enjoyed by the UK with that of the rest of the EU and praised the important role played by business angel networks, such as OION, in ensuring that companies can raise the finance they need to develop as sources of employment and wealth for our national economy.

OION is one of the crucial business support services for innovative start-ups provided by Oxford Innovation Ltd, the UK’s leading operator of innovation centres, which manages 13 centres housing over 250 knowledge-based companies

Dr David Kingham, Chief Executive of Oxford Innovation, said:

"We are proud that OION is bucking the current investment market conditions and has maintained its successful record in providing access to the finance that is crucial to business development in an enterprise economy. We have recently extended OION’s successful model by launching the Thames Valley Investment Network (TVIN), which aims to provide a bridge between investment and ideas for companies and investors in Reading and surrounding areas. TVIN has attracted several investors that are new to business angel activity and want to get involved in increasing the finance and expertise available to high growth potential companies. It should have a significant impact on the local economy of the Thames Valley, and is sponsored by the Thames Valley Economic Partnership, The South East England Development Agency and Business Link.

"We have also just launched the Solent Investment Opportunity Network (SION), based at Portsmouth Technopole, our flagship new Innovation Centre at the gateway to Portsmouth. SION is due to hold its first investment meeting on 12 May."

Press Release Ends

NOTES FOR EDITORS

Press enquiries to: Margaret Henry, OION PR Manager.
Tel: +44 (0)1865 811199  E-mail: Margaret Henry

  1. ABOUT OXFORDSHIRE INVESTMENT OPPORTUNITY NETWORK (OION) www.oion.co.uk

    Oxfordshire Investment Opportunity Network is Europe’s most successful technology business angel network that links investors with entrepreneurs seeking business development funds from £150,000 to £2m. OION holds monthly meetings where selected companies can pitch their proposals to OION’s members, which include over 150 active business angels, VCTs and venture capitalists.

    Many of these companies are university spin-outs and OION is uniquely positioned to help them. OION holds regular joint presentation meetings, and has strong links with, universities with a reputation for spinning out quality technology companies such as, Warwick, Oxford, Bristol, University College London and Imperial College London.

    OION is managed by Oxford Innovation Ltd (www.oxin.co.uk), the UK’s leading operator of innovation centre premises for start-up companies, and sponsored by HSBC, Grant Thornton, Laytons, Frank B Dehn & Co, NESTA and Business Link.

  2. Oxford Innovation Limited

    Press enquiries to: Dr David Kingham, Chief Executive, Oxford Innovation Ltd.
    Tel: +44 (0)1865 811127Email: d.kingham@oxin.co.uk
    Website: www.oxin.co.uk

    Oxford Innovation Ltd provides services to innovative start-up companies. It is the UK’s leading operator of Innovation Centres, managing 13 Innovation Centres housing over 250 technology, knowledge-based and creative companies.

    Centres under management include BioCity Nottingham, a groundbreaking new healthcare and bioscience innovation centre that opened in November 2002. It is the largest biomedical centre in the UK, providing 12,000 sqm of world-class laboratories, equipment and office space for both bioscience start-ups and more established ventures, with support services specially tailored to the healthcare and bioscience sector. The companies also benefit from being based in the heart of a thriving local bioscience cluster, at close proximity to similar ventures, leading research organisations and established networks.

    BioCity Nottingham is a consortium that combines the strength of two local universities, Nottingham Trent University and the University of Nottingham, and the East Midlands Development Agency (emda). It benefits from a generous donation of lab and office buildings and equipment from BASF to Nottingham Trent University.

    Three Enterprise Hubs, supported by the South East England Development Agency (SEEDA), are based at Oxford Innovation’s innovation centres. North Oxfordshire Enterprise Hub at Begbroke is home to a cluster of companies in opto-electronics and advanced materials while the Southern Oxfordshire Enterprise Hub includes companies based at Harwell and Culham Innovation Centres with a new centre planned at Wallingford. Solent Enterprise Hub is based at Portsmouth Technopole, a spectacular new Innovation Centre at the entrance to the City of Portsmouth. It serves companies and entrepreneurs in Fareham, Gosport and Havant as well as Portsmouth

  3. THE THAMES VALLEY INVESTMENT NETWORK (TVIN)

    Press enquiries to: Dr Dinali de Silva, Manager.
    Tel: +44 (0)1344 753365 Email: dinali@tvin.co.uk
    Website: www.tvin.co.uk

  4. SOLENT INVESTMENT OPPORTUNITY NETWORK (SION)

    Press enquiries to: Arthur Monks, Manager.
    Tel: +44 (0)23 9265 8208 Email: SION@solenthub.co.uk
    Website: www.solenthub.co.uk