Bill Morrow, founder of Angels Den

Bill Morrow, founder of business angel network Angels Den, explains why meeting Simon Cowell was his luckiest moment, how it led to a TV show and why 'speedfunding' is the next big thing.

Explain your business so my mum would understand it.

Angels Den connects fledgling businesses which need funding with high net worth individuals who are looking for investment opportunities (known as Angel investors).

Business angels (the gentlemen and ladies with the cash to splash) could literally be anyone, from a successful corporate CEO to an everyday person with a little extra cash and an adventurous spirit.

Why did you start a business in the first place?

I was trying to set up my own business and needed funding and found it a very complicated, costly experience. I spent almost £15K on Angel Investment groups and had nothing to show for it at the end so I realised there was a gap in the market.

What surprised you most about starting up?

The positive response we have received. Everyone just loves what we are doing. We are passionate about helping SMEs and entrepreneurs and feel strongly that with a good business plan and a good idea every business should have the chance of success.
 
Was there anything you would do differently now?

Started my own business sooner! There is nothing like being your own boss.

What was your strategy at launch, and have you stuck to it?

We went for it. 

At our launch, just over two years ago, we embarked on an aggressive marketing campaign to launch and develop the Angels Den brand and have so far spent over £1m on promoting both the site and the concept of Angel Funding to UK entrepreneurs.

The nature of the business, and being online, means we can react quickly to customer feedback and this has allowed us to be innovative and flexible.  This means we are constantly reviewing our product and services and makes Angels Den a very exciting company to work for.

What’s been your biggest hurdle or stumbling block so far?

Wasting £15K on angel networks looking for investment for an old business idea.  Also the Dragon’s Den TV show has been a double-edged sword for us. 

While it has raised public awareness of Angel investing, the Dragons Den ‘experience’ terrifies people as they think they will be ridiculed, sneered at and humiliated. 

In fact Angels do not have scales and if you’ve an idea that could benefit from the funds or expertise of an Angel you should know that there is no shortage of them, they do not bite, and they will often come from far and wide to hear your pitch, keen to seek out anything that is investible in your idea.

…And your luckiest moment?

Meeting Simon Cowell and agreeing an Angels Den TV Show – keep watching in the autumn!

Where are you now with the business?

We are in a good place with over 2,500 plus Angel Investors onboard plus many more through syndicates and 10,000 entrepreneurs registered.  

We have the largest number of Angel Investors in Europe. Almost a fifth of our customers have found an Angel – ten times the national average – and there are so many more in the pipeline. 

SpeedFunding, where entrepreneurs pitch to angel investors on a one-to-one basis, is ridiculously over subscribed so we are taking this nationally with regional events starting to roll out. 

We are also launching an exciting new initiative in autumn 2009 with a well known women’s enterprise brand.

What does the future have in store?

World domination is really want we are looking for! 

What’s your best piece of advice for someone who’s about to launch?

Passion, passion, passion.  If you have that, together with a good business plan, intellectual property and the work ethic of a pit donkey you will go far.

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By LaunchLab.co.uk  on   Jul 14,2009

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Keywords

business angels    angels den    funding    angel funding    money    investment    den money   

Comments

Diana
Booked to attend Angels Den on the Friday, pitched at Speedfunding on the Monday, met with potential Angel on Wednesday. In my situation, no other organisation would have facilitated a golden opportunity in such a professional way, so quickly. Well worth the event fee, and the nervous wait to pitch! Report Abuse

Nick
Sounds like a truly fantastic way to get funding. So often banks are too scared to lend people money so this is where an organization such as Angels Den comes in. Nick
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