The Portfolio Effect of EIS

Relief against income tax of losses on EIS investments. Most investors’ view of EIS relief is focused on the level of day one relief against income tax. There are, of course, plenty of other tax benefits of EIS investing. And a distant second is the possibility of some loss relief to mitigate the pain if…

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Ellie Boardman

Ellie Boardman joined DSW Angels as an Investment Executive in October. Several months on (two being spent under lockdown) she talks us through a day working from home in her not-so-new role. 09:00 Sit down at my desk and catch up on emails. Each morning I scroll through newsletters, keeping an eye out for anything…

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Business coworkers discussing managing the cap table

This is the fourth in a short series from DSW Angels on what your choices are in structuring a venture deal, whether as investor or founder. This blog examines the management of the cap table and avoiding traps affecting company control. Behind the spreadsheets, rules, and percentages there are real-world issues relating to management of…

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Leaver shares and option vesting

This is the third in a short series from DSW Angels on what your choices are in structuring a venture deal, whether as investor or founder. This blog examines structuring for the vesting of founder shares and for employee options – looking at both sides of the debate. What is vesting anyway? It’s a VC…

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share options in venture capital deals

This is the second in our short series from DSW Angels on what your choices are in structuring a venture deal, whether as investor or founder. This edition looks at the benefits of creating a cohesive team around the founder or founders, how they should be rewarded, and who pays the cost.  Investors back teams…

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venture capital

This is the first blog in a short series from DSW Angels on structuring a venture deal, whether as investor or founder. The focus of this blog is on leverage and its role in a venture capital funding structure. While we have our own structuring preferences, who’s investing and specific circumstances matter. First principles: what…

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Creating a Portfolio of Angel Investments

Creating a Portfolio of Angel Investments By David Smith The general risks of unquoted investing Each of the Dow Schofield Watts Angels investment circulars states that you are significantly more likely to lose your money than to make money. This is more than just boilerplate. We do want investors to take it to heart and…

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how much to raise

Over the last year we’ve seen about 250 pitch decks, from teams at differing stages, with wildly differing views on funding amounts and valuations (the question of valuation is inextricably linked to the amount of the raise; I’ll try come back to that in a future article). We expect founders to come to us with…

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