EBAN president believes Russian business angels will lead Europe?s early-stage VC market

EBAN president believes Russian business angels will lead Europe?s early-stage VC marketRussia has the potential to join the European leaders in early-stage venture investing a few years from now, the president of the European Trade Association for Business Angels believes

Russia has the potential to join the European leaders in early-stage venture investing a few years from now, believes Paulo Andrez, the president of the European Trade Association for Business Angels (EBAN). ?I arrive here and see that business angels? activity in Russia is demonstrating phenomenal growth. I won?t be surprised to see this country join the leaders in this field in Europe in three-to-four years,? Mr. Andrez told Russian news agency RIA Novosti last week during the Fourth Annual Congress held by Russia?s National Association of Business Angels. He pointed out that in Europe, business angels? activity has been going down lately for a range of reasons. According to the EBAN president, to stimulate business angel investing Russia needs co-investment funds. Such funds would have money from not only business angels but also from other investors; however, it?s only a business angel that will make key decisions regarding the use of the fund money to support a specific project, he said...