Template-Type: ReDIF-Article 1.0
Author-Name: Montserrat Lira Raggio
Title:  El tratamiento de los business angels en las disposiciones de la Unión Europea. El impacto territorial.
Abstract: Resumen:Este trabajo aborda el tratamiento que la normativa de la Unión Europea realiza sobre el concepto de los business angels. Se realiza un recorrido por las disposiciones que lo mencionan, y se extraen de las mismas las notas características que los definen en cada momento, hasta llegar al momento actual.
La metodología utilizada consiste en agrupar por etapas consecutivas la forma en la que las disposiciones de la Unión Europea atienden las distintas definiciones e intentos de definición hasta la fecha actual. Tanto la literatura como las disposiciones europeas le dan un enfoque económico, por lo que para complementar el estudio, desde el punto de vista jurídico, se hace uso de una muy concreta jurisprudencia y abundante normativa.
El estudio comienza analizando dónde surgió el concepto y cuáles son los primeros pronunciamientos de la Unión Europea, con la intención de ubicar el origen de los business angels. Se observa que el enfoque que la Unión le da es progresivo y parcelado, y siempre hay una referencia al mercado estadounidense, el cual está más avanzado en esta materia. A continuación, se examinan por etapas, destacándose en cada una de ellas el tema que la identifica. Así, en primer lugar, la importancia radica en buscar la inversión, su carácter prudente  y cómo empiezan a surgir las primeras redes de inversores. Posteriormente, lo que se detalla es la búsqueda de la financiación, resaltándose tanto la potencialidad del carácter informal y providencial del inversor, la cualidad de riqueza, así como el asentamiento de las redes de inversores, enlazando esta cuestión con la libre circulación de capitales recogida en el Tratado de Funcionamiento de la Unión Europea, que considera la inversión como una prioridad. Se prosigue con la manera en la que la inversión se enfoca, desde la tecnología y la innovación.
Una vez analizados estos puntos, se realiza un balance estadístico en el que se examina el impacto territorial, más orientado a una perspectiva financiera.
Al final del camino, se exponen los rasgos fundamentales que concretan el concepto, fruto de la trayectoria realizada. Se concluye con una reflexión sobre la propiedad intelectual, la inversión y la posición en la que queda el sujeto al que el business angel ayuda con la inversión.
Abstract:This study deals with the treatment and application of the business angel concept by the regulations of the European Union over the years, and how, at each stage, the different characteristics have been shaping the notion that has reached the current date in order to transform themselves into figures.
The methodology that is used in this work consists on analyzing the context and the sense in which business angels are cited, in a descriptive way, annually, from the first mention of the concept to the present in the European Union regulations; making use, simultaneously, both of jurisprudence and of specific literature that can strengthen the partial conclusions that are being extracted.
The aim of this study is to detail the treatment that the European Union gives to it. In this way, it can be observed some results.
First of all, it is noted that the treatment that business angels receive from the UE is progressive and parceled out. The references to the US market are always present, being used for comparative purposes. The approach that the European Union attributes to it is economic rather than legal, but it does not stop having a presence throughout its regulations. This is the way how it is intended to be studied here. In this sense, from the point of view of economic literature, the concept of business angels is widely used, but the origin of the term is discussed by authors. However, there is no doubt that it falls within the scope of investment, since it is included by The Treaty on the functioning of the European Union, in Article 126, not only as a priority, but also in the area of so-called «private investment».
Secondly, it is pointed that business angels differ from venture capitalists, venture lenders, Late-Stage Funders, accelerators and Crowdfunding; and so that, it is studied how investors have developed themselves into networks and large investment funds.
As a result, business angels have many particular characteristics. They are considered to be the angels of businesses or companies, whose main function consists on investing, privately, providentially, without official status, with independence, and without any institutional character, prevailing their informal nature and avoiding their quotation on the stock market, making use of previous success as former managers of companies, financing agents or intermediaries who, using their wealth, provide, mainly, financing and knowledge to those companies that are either innovative or new to the market, but that have a growth potential that is superior to the average. These characteristics include the risk that business angels assume in the possible unfavorable market in which they intend to land. Nevertheless, in order to capture their investment, they usually work at the individual level, as a partner, or in the same way, financing rounds. Such is the economic repercussion that its activity may have in the States, that its diffusion is considered essential, by the markets, at a cross-border level, due to the fact that they improve the fiscal environment and they foster the entrepreneurship. This is because their capitals are patient and they are used to moving in risky markets.
In conclusion, the existence of business angels is presupposed in the European Union market. It is due to the inheritance of their conception in the United States. Undoubtedly, their de facto existence and the need for them in the market is manifest, within the creation of a competitive market in the EU. In fact, statistics are showing an important increase of business angels per country.
However, the focus of the regulations of the European Union on recognizing their importance in the market is so obvious that it relegates the position in which the subjects, on which these business angels project their investment, remain.
The European Union insists on the protection of the investor's position, proposing plans, communicating intentions, raising incentives, among other measures, but forgets the protection of the individual or legal entity on which the investor sets his sights. There is a lack of specific regulations in this regard. For its part, the Directive (EU) 2016/943 of the European Parliament and of the Council of 8 June 2016 focuses on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure, but does not directly address the figure of the investor in the sense of business angels. It treats the investment from the internal point of view, either of the company, as a legal entity, or of that carried out by the own natural person, in both cases as «holder of a trade secret» and on the investment that is made on that secret. However, it does not deal with the moment when the investor is made aware of the idea; due to the fact that this is a preliminary moment and it is unusual to sign «confidentiality agreements», «contractual obligations» or other «non-disclosure obligations» when it is the natural or legal person the one who seeks to raise funding. Hence, due to the need of being financed, people with entrepreneurial initiatives assume this risk ipso facto. At this moment, the confrontation or union between the intellectual property right , trade secrets and that need of being financed arises.
Classification-JEL: R1
Keywords: Ángel de Negocios, Inversor Privado, Red de Inversores, Actividades Innovación, Fuentes de Financiación, Capital riesgo, Human Capital., Business Angel, Private Investor, Investor Network, Eco-innovation, Funding Sources, Risk Transferring
Pages: 57-96
Volume: 1
Year: 2021
File-URL: http://www.revistaestudiosregionales.com/documentos/articulos/pdf-articulo-2606.pdf
File-Format: Application/pdf
Handle: RePEc:rer:articu:v:1:y:2021:p:57-96