Biocontrol Ltd recently raised funds through GEIF. Here CEO Dr David R Harper shares his experience of how business angel funding works.

First, remember that for any kind of investment, fifty companies are chasing every pound, dollar or Euro. Added to that, Angel investment is different. You are asking someone to risk their own money. When you are dealing with investment funds or venture capital, someone has raised that money to spend it. Angels don't have to do that.

Quite reasonably, Angels want to know that their money is going to work for them. Reassure them - they deserve it. And remember, Angels cannot see most companies through to profit. They bet on you, trusting you when you say that you will get the next tranche of money - and the one after that. If you have a friendly venture capitalist lined up, tell them. Any experienced Angel knows the hollow feeling when money goes into a pit and they never even hear it hit the bottom.

You will find that each potential investor will want something different to prove your case. You will spend time and energy on it, then the one thing that you can guarantee is that next investor will want something completely diffierent. But if they want it, be it a gap analysis, a SWOT analysis, or full costings of all projected expenses until 2015...give it to them! It IS their money. That said, an Angel who believes in you can make all the difference (ours have). And once you have that, you are on the way.

How do you find them? Most Angels are in organised groups. There are some in Oxford, more in Cambridge, some in London, some elsewhere. But these groups are variable. It is very disheartening to prepare a long outline of how your technology will change the world then discover the people you are talking to are only there to listen to someone who wants to build a steam railway in South America.

So how do you pick a group? From our own experience, look for one that does some evaluation of your company. This builds confidence. Also, look for a group where there are plenty of investors, rather that other people looking for your business (very common, sometimes useful, but usually not). Finally, look for a group with a proven track record in getting funds for your kind of company, Ask them about that; if they have, they will tell you.

This article is on the GEIF website and in their magazine, so I will not say anything about GEIF. Except that it worked for us.

Remember - whatever forum you pick, get out there and SELL. It could be you...