VENTURE CAPITAL BOARD

In reply to Dr McFETRIDGE (Morphett) (26 June 2008).

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): I have been provided the following information:

No external costs were incurred in facilitating and/or establishing the business angels network, SA Angels.

The work undertaken has included direct input from Office of the Venture Capital Board (OVCB) staff involved in facilitating and establishing the business angels network. OVCB staff have been involved in meeting with sophisticated investors and business angels, providing secretariat support and meeting co-ordination.

Facilitation has included sourcing opportunities for meetings with companies seeking angel investment. OVCB staff have worked with these companies to review information memoranda, management team capability, the investment opportunity and general equity readiness, and then introduced these companies to the business angel's network.