Emerald Group Publishing Limited
Copyright © 2016 Emerald Group Publishing Limited
Douglas Abrams is the founder of Expara, Southeast Asia’s leading early-stage VC. He has launched two seed stage and two early-stage venture funds in Singapore since 2007. Prior to coming to Singapore in 2000, Mr. Abrams managed IT at JPMorgan for 14 years. He is an Adjunct Associate Professor at the NUS Business School, (entrepreneurship) since 2001 and a Visiting Professor (venture capital) for Sasin at Chulalongkorn University in Bangkok since 2007. He is a former Chairman of the Business Angel Network of South East Asia (BANSEA), and a Director since 2002. He has a BA in Communications from the University of Pennsylvania and an MBA from The Wharton School.
Yuk Fai Kevin Au co-founded the CUHK Center for Entrepreneurship and serves as the current director. Professor Kevin Au’s research interests are international management, entrepreneurship, family business, and social network. He has published many academic articles, cases, and book chapters, and written several books such as <中大創業人> (in Chinese) and “Family Enterprising in Asia: Exploring trans-generational entrepreneurship in family firms.” Apart from serving academic community on the editorial boards of several journals, he has provided consulting and training for the government and business corporations. Among various appointments, he also serves as a director of HK Business Angel Network, STEP, etc.
Evan Burkosky is a serial entrepreneur, CEO of konnichiwa-japan Co. Ltd., and former Chairman of the Hokkaido International Business Association. Originally from Vancouver, Canada, he has lived in Japan for over 13 years and is experienced in raising angel financing in Japan. A fluent Japanese speaker, he is active in the Tokyo startup community. Currently, in addition to konnichiwa-japan he works as Business Development Manager at digital marketing agency e-Agency.co.jp.
Benjamin J. Butler is a futurist, writer and consultant known for his work on innovation, technology, geo-politics and financial markets. He is the founder of the Emerging Future Institute and writes a column for Dow Theory Letters. He is based between Asia and London. Benjamin has a history of investing both in listed companies and startups including those on the West Coast of the USA. Previously he worked at Morgan Stanley, Nomura and UBS in Equities. Benjamin studied law at King’s College London and completed a BA in Japanese and Economics at SOAS, University of London. He is also an advisor to the Design School of Hong Kong’s Polytechnic University on collective intelligence.
Wilton Chau is the Chairman of Pan Asia Venture Development Platform and a Professor of Practice in Entrepreneurship and an Associate Director of the MBA Programs, teaching MBA and EMBA courses in the topics of new venture creation, entrepreneurship, venture capital and private equity in the CUHK Business School. Additionally, he is the External Examiner (BBA entrepreneurship) of Universiti Tunku Abdul Rahman (UTAR) in Malaysia; a member of the Advisory Committee (Business Degree) in the Singapore SIM University; an Advisor to the B-Alliance Accelerator, Taiwan National Chiao Tung University; and an International Advisory Board Member of Universitas Pelita Harapan (UPH) at Medan, Indonesia.
Kenneth Y. Choy holds a BA from San Francisco State University and a JD from Northeastern University School of Law. He practiced law in the US for more than a decade before returning to Asia in 1999 where he co-founded a technology group. Currently, he is a Consultant with Nixon Peabody CWL in Hong Kong and heads its Technology Transactions practice. A board member of the International IP Commercialization Council, the Hong Kong Institute of Patent Professionals and other non-profit groups, he is admitted to practice law in New York, California and Hong Kong and speaks regularly at international conferences.
Zhujun Ding, PhD, The Chinese University of Hong Kong, is an Assistant Professor at Tongji University, China. Her research interests include entrepreneurship, angel investment, and international business strategy. She has published several articles in journals such as the Journal of Business Venturing, Asia Pacific Journal of Management and International Small Business Journal. She has also published some book chapters.
Marta K. Dowejko received her doctoral degree in management from the University of Hong Kong. Prior to this, she has gained her professional experience in Europe and Asia. Her research interests include entrepreneurial networks and strategic entrepreneurship. Currently, she serves as Postdoctoral Fellow at the Center for Entrepreneurship at the Chinese University of Hong Kong. Her most recent policy research on the entrepreneurial ecosystem of Hong Kong was the first comprehensive study to address the opportunities and challenges of Hong Kong as Asia’s entrepreneurship hub and it was well received by local and international media, policymakers, and industry associations.
Christopher Fisher has over 18 years of corporate business experience with leading global consumer products companies. He is an active angel investor in the USA, China, and Hong Kong with interests primarily in advertising, energy, and education. Chris is a founding member of Giinseng, an organization for the promotion and advancement of impact investing in early stage businesses that create a social or environmental impact in Greater China. Chris serves on several boards including London Business School Alumni of HK and Columbia Alumni Association of HK. He holds an MBA from Columbia Business School and London Business School. He received a bachelor in physics with honours from Case Western Reserve University.
Budiman Goh is a passionate and accomplished business angel in Indonesia, He is the owner of Digimax Investma Corporation, and a professional leader in an established fast moving consumer good (FMCG) corporation. He has extensive experience in growing numerous businesses starting from early to fully operating stage. He is a thought leader serving as business advisor and coach for many business organizations. He has in-depth understanding in business strategies, financial engineering, brand valuation, supply chain management, as well as digital marketing. He has established and has been supporting at least 14 startups from seed to entering global markets. His capabilities resulting from more than 25 years business experience has made him what he calls “an agile angel investor” in Indonesia.
Richard Harrison is currently Chair of Entrepreneurship and Innovation at University of Edinburgh Business School, where he is also Director of the Centre for Entrepreneurship Research and Co-Director of the Centre for Strategic Leadership. Professor Harrison was previously Dean of the Management School at Queen’s University Belfast, UK, and prior to that he held the Dixons Chair in Entrepreneurship and Innovation at University of Edinburgh. He has held senior academic positions at Aberdeen, Ulster and Queen’s and visiting appointments in Argentina, Australia, China and United States. He has extensive experience in research, programme development, executive education and consultancy/advisory work in entrepreneurship (particularly early stage finance and business angels, technology transfer and business development) and in strategic leadership development nationally and internationally (e.g. USA, Canada, Malaysia, China, Australia), and is a regular speaker at national and international practitioner conferences and workshops. He is one of the world’s leading scholars on business angel finance and early stage risk capital and has advised international organisations, national and regional governments and agencies, and business angel groups in Europe, North America and Asia and the Pacific Rim. He is founding co-editor of the academic research journal Venture Capital: An International Journal of Entrepreneurial Finance (Routledge). In 2015 he received the award for Outstanding Impact in Business, at the UK Economic & Social Research Council (ESRC) Celebrating Impact Awards in recognition of the crucial role his research has played in stimulating business angel investment and ensuring government support for this key source of entrepreneurial finance.
Anil Joshi is Managing Partner at Unicorn India Ventures, an early stage venture fund investing in SMAC. Prior to this he was heading operations at Mumbai Angels and Bangalore Angels, leading Angel Investment forums in India as President. Anil served on the board of five companies during Mumbai Angels days and is currently still on two. Anil is involved with various incubation centres as mentor in and outside India and is speaker at both domestic and international front on topics covering startups and angel investments. Anil graduated in Engineering and Post-Graduation in Management (Marketing) and PGDBM in Strategic Finance and Control.
Marvin Lai holds a BSc degree from Columbia University, an MSc degree from Johns Hopkins University, and dual EMBA degrees from INSEAD and Tsinghua University SEM. Marvin is Partner of iTM Ventures, which invests in early-stage companies, and Associate Professor in Practice of Tsinghua SEM. Marvin has over 30 years experience in financial services (venture capital and private equity), technologies and consumption sectors and has held senior management positions in North America, Europe and Asia. Marvin also advises several funds on originations and strategic investments in Greater China region and is recognized for his roles as Professional Manager (PMgr by HKMA), Fellow Director (FHKIoD) and Member of Securities and Investment (MHKSI). Marvin is appointed Angel-in-Residence (AiR) by Tsinghua X-Lab in Beijing and also mentors many entrepreneurs and startups.
John Y. Lo holds BA, JD and MBA degrees from the University of California, Berkeley, MS (Sociology) from the University of Wisconsin, Madison, and MS (Taxation) degree from Golden Gate University, San Francisco. He was first admitted as an attorney at law (California) and later as a solicitor (Hong Kong). John is a Partner at Nixon Peabody CWL, a Hong Kong law firm. From mid-1990s, he has been based in Hong Kong and providing legal counselling to startups and investors, with issues straddling Hong Kong, mainland China and the United States. He is also an active angel, startup advisor, and startup co-founder. John is Honorary Legal Advisor to Hong Kong Business Angel Network, and a Director of AAMA — PRD chapter, a trans-Pacific tech organization.
Jacqueline Lui is the President of Eagle IP Group and a US Registered Patent Agent with a BSc from the University of Illinois, Urbana-Champaign (Bronze Tablet Scholar) and MSc, PhD in Biology at the University of Texas. Dr. Lui has patent experience in life science, materials science, medical devices and engineering. Jackie is the founding and current President of The Hong Kong Institute of Patent Practitioners Limited, a member of the Steering Committee on Innovation and Technology and a member of the Working Group under the Advisory Committee on Review of the Patent System in Hong Kong, both under the Government of Hong Kong SAR. She was a member of the Technology and Market Intelligence Committee of the National Science and Technology Board in Singapore in the 1990s. In 2015, Jackie was recognized as one of the world’s leading patent practitioners by Intellectual Asset Management.
John Mactaggart has extensive experience across many industries, including agriculture, processing and international trading of animal by-products, food processing, industrial fasteners, formwork, manufacturing and software. He is founder and Chairman of Brisbane Angels Group Ltd — a 50-member sector agnostic group focusing on angel investment in South East Queensland. The group actively syndicates deal both locally and internationally. John played an integral role in the creation, funding, development and IPO of ASX listed Technology One Limited and remains its major shareholder.
Patrick Mooney holds a BA from the Australian National University and an MBA from the Australian Graduate School of Management. He has 30 years experience in technology commercialisation and international business in the software, telecommunications, energy, education and professional services sectors. Pat has founded three companies, been an angel investor and held global responsibilities for sales, marketing, partnering and strategy. He has been Director of Accelerating Commercialisation, an Australian federal agency with over 600 investee companies and held various Board and advisory Board roles. He is co-author of Enterprise & Venture Capital (2009) and lectures in entrepreneurship and growth strategy in Sydney and Hong Kong.
Kris Nalamlieng holds an MBA from the Wharton School, University of Pennsylvania and BS in Physics and BSE in Electrical Engineering from Arizona State University. He is currently MD of 2Spot Communications, a creative character company, and Arc Innovative, a mobile communication platform company. Kris has invested in various startups in Thailand since 2004, and is current an active angel investor for Thai startup community.
Raiyomand Nariman is MD and Partner for Mercatus Ventures, a Malaysian-based early stage venture firm, and a Partner in Serendipity Ventures, a Hong Kong-based boutique venture management firm. Raiyo specializes in commercialization of technology and intellectual property, and the development, funding and growth of start-ups. As a Venture Manager, Raiyo personally invests in, and partners with, founders and innovators, taking a hands-on role to build and grow the ventures. Raiyo was the founding VP for the Malaysian Business Angel Network, creating current angel investor community in Malaysia and has also developed and managed angel networks in Hong Kong and Singapore.
Suse Reynolds holds a Bachelor of Commerce Degree and a Law Degree with Honours from Victoria University of Wellington in New Zealand. She is currently the Executive Director of Angel Association New Zealand, a role she has held for the last three years. Suse also sits on the Board of Angel HQ, the Wellington region’s open membership angel network. Suse is an active angel with a budding portfolio of nine ventures. She is a board member of Creative HQ, Wellington’s founder based incubator and a member of Callaghan Innovation’s Stakeholder Advisory Committee.
Chanisa Rueangkirianya holds an MBA from the Kellogg School of Management, Northwestern University, and a Bachelor of Economics from Chulalongkorn University. Chanisa currently works as a senior associate at Inspire Ventures, a Southeast Asia-focused venture capital firm that invests in early-stage, high growth companies. She plays an active role in building and growing Inspire Ventures’ technology startups.
Padmaja Ruparel, an entrepreneur and angel investor, is a key player in the Indian entrepreneurial ecosystem. As Co-Founder & President of Indian Angel Network (IAN), India’s first and now the world’s largest group of business angels, comprising the who’s who of successful entrepreneurs and dynamic CEOs from 10 countries, with close to 400 investors, a portfolio of 100 + companies in seven countries, spanning 17 sectors. She operationalised IAN’s international operations in London, the only angel group in the world to set up operations outside of its home country. She co-founded India’s first virtual incubator, in partnership with the Indian Government. She operationalized the Delhi chapter of TIE, now the best chapter of the TiE Universe & the Indian Venture Capital Association, India’s oldest VC & PE association. She is on several Indian government committees.
Hahn Ryu oversees global business development at D.CAMP, one of the largest and finest startup incubator and accelerator in Korea with $450 million fund backed by banking institutions. As a founding member of D.CAMP, he has dedicated himself in building a thriving ecosystem of startups and entrepreneurs in Seoul. Before joining D.CAMP, he founded TEDxSeoul and served as Korea TEDx Senior Ambassador. He holds a MA degree of Chinese Studies in Yonsei University.
William Scheela is Professor Emeritus of Business Administration at Bemidji State University, which is part of the Minnesota State University System in the United States. Professor Scheela’s research focuses on the development of the private equity industry (venture capital and business angel investing) in the emerging economies of Southeast Asia. He has published many articles on this topic in both academic and practitioner journals. In 2014, Professor Scheela published a book entitled Venture Capital in Asia: Investing in Emerging Countries. Professor Scheela received his PhD in Strategic Management from the University of Minnesota’s Carlson School of Management and has also taught in Hong Kong, the Philippines and Vietnam.
Ka Wai Boby Shiu graduated with a BBA/B.Eng in University of Hong Kong, and a PhD in King’s College London. He has worked as a Postdoctoral Fellow in the Chinese University of Hong Kong. His research interests are entrepreneurship, family business and management. He has published papers as book chapters, proceedings, journal articles and case documentation as well.
Poh Kam Wong is Professor at the NUS Business School and Director of NUS Entrepreneurship Centre. He obtained two BScs, an MSc and a PhD from MIT. A noted academic scholar on entrepreneurship and innovation in Asia, he has consulted widely for international organizations, government agencies and companies in Asia. An active angel investor in tech start-ups in Singapore, Silicon Valley and China, he founded the Business Angel Network (Southeast Asia) and Asia Business Angels Forum (ABAF). He received the Public Administration Medal (Silver) Award from the Singapore Government in 2013, and the ‘Entrepreneur for the World’ Award (Educator Category) from the World Entrepreneurship Forum in 2015.
Po Chi Wu holds a PhD from Princeton University and a BA from the University of California, Berkeley. He is an Adjunct Professor in both the School of Business and Management and the School of Engineering at The Hong Kong University of Science & Technology, where he has initiated undergraduate, graduate, and professional level programs in innovation and entrepreneurship. He is currently Director of the Joint Minor Program in Entrepreneurship. He is active as a speaker (e.g. TEDxHongKong) and mentor in the entrepreneur community in Hong Kong. Having been an international venture capitalist and entrepreneur with extensive experience in the Asia Pacific for more than 30 years while based in Silicon Valley, he brings unique perspectives and insights into the challenges of nurturing innovation and entrepreneurship. He is a co-author of Agile Innovation, published by Wiley & Sons (2014) and writes a blog, ‘Jacob’s Staff’, for www.psychologytoday.com.
- Part A Introduction
- A1 Introduction
- Part B The Angel Investment Scene Across the Asia Pacific Region
- B1 Hong Kong
- B2 China
- B3 Korea
- B4 Japan
- B5 Taiwan
- B6 India
- B7 Thailand
- B8 Malaysia
- B9 Singapore
- B10 Indonesia
- B11 Australia
- B12 New Zealand
- Part C Angel Financing – A Guide for Investors and Entrepreneurs
- C1 Angel Investment 101
- C2 Why Become an Angel?
- C3 What Does It Take to Be an Angel?
- C4 Finding Angel Investment Opportunities
- C5 Winning Investment Strategies
- C6 Approaches to Valuing a Venture
- C7 The Path of Growth Companies
- C8 Structuring Founder Interests and Relationship
- C9 Protecting and Managing Intellectual Property
- C10 Attracting Angel Capital
- C11 Structuring the Terms of Investment
- C12 Documentation, Due Diligence and Completion
- C13 Post-Investment: How Angels and Startups Dance down the Yellow Brick Road
- C14 Follow-on Financing and Exit
- Part D The Rationale and Future for Angel Investing in Asia Pacific
- D1 Angel Investment in Asia Pacific: Policies Looking Forward
- D2 Why Choose to be an Angel Investor in the Asia Pacific?
- About the Contributors