Business angels scout for talent (hktdc.com)


	Bruno Arboit of Baker Tilly is excited by Hong Kong's entrepreneurial talent

More Hong Kong entrepreneurs are set to receive a leg-up as the Baker Tilly Business Angels Programme enters its next phase. The programme, an initiative of the British Chamber of Commerce and sponsored by accounting firm Baker Tilly Hong Kong, helps start-ups looking for funding and provides free advice. According to Bruno Arboit, Director of Baker Tilly Hong Kong, the concept can be invaluable because it takes more than a bright idea to get a business off the ground.

"When it comes down to it, it is extremely difficult to raise finance if you haven't got a track record," he said. "For potential investors, it's not just about having a good idea. An individual has to be able to sell themselves. The difficulty for a start-up is that, no matter how brilliant the idea, they still need money – and banks are used to lending on hard assets."

Matchmaking breakfast

Enter the business angels. These are accomplished business people, often themselves successful entrepreneurs, whom Baker Tilly Hong Kong believes might be interested in partnering with the future entrepreneurs. After the British Chamber of Commerce has shortlisted the applicants, a breakfast is arranged, whereby each of the four finalists gets 10 minutes to pitch their ideas to the "angels."

Included in the spiel are details such as how much funding the entrepreneur is seeking, and the percentage interest in the venture they can offer an angel. If a match is made, the business dealings progress, with Baker Tilly Hong Kong providing ongoing advice.

The latest breakfast took place in June. Mr Arboit said how impressed he was with the quality of applicants, who had ideas ranging from mobile communications, China sourcing and online advertising, to travel and leisure, renewable energy, grooming products and jewellery design. "It's always exciting to see bright young individuals, and sometimes the not-so-young, fired up by the enthusiasm of a new business idea," he said.

Entrepreneurs encouraged

And Hong Kong is the ideal place for them to be. The city's economic success was built on entrepreneurship, and Mr Arboit said that same spirit is alive and thriving today.

"Hong Kong is conducive in so many ways to encouraging entrepreneurs," he said. "For a start, there's the sheer level of business that's transacted. Hong Kong runs at a frenetic pace – people are quicker at making decisions, so if you're looking to get a business off the ground, there are more potential investors here.

"The tax system is simple and entrepreneur-friendly, which is another incentive. But the main thing is the dynamic environment: if you're going to give something a shot, then Hong Kong is one of the best places to start."

Hong Kong's business world is also extremely well-connected, Mr Arboit pointed out. If one of the angels cannot come on board with one of the entrepreneurs, they might know someone who can. Baker Tilly Hong Kong itself might be able to assist with connections to help get a business off the ground.

Apart from the altruistic factor, Mr Arboit said that involvement in the angels programme is good for Baker Tilly's business. After all, he pointed out, Hewlett Packard started in a shed, while Google's founders began in a friend's garage. "Who knows when the next Bill Gates might appear?"