Report and publications
The Regional Angels Programme (RAP) was announced in the Autumn Budget (2017) and launched in October 2018 by the British Business Bank and its subsidiary, British Business Investments.
RSM UK Consulting was commissioned to undertake an independent evaluation of the Regional Angels Programme (“RAP” or the “Programme”). The scope of the work covers the need for intervention, the application process and emerging early impacts for the scheme. The methodology is based on a review of monitoring information, desk research, secondary data sources, interviews and econometric impact modelling.
This report sets out the conditions under which RAP was set up, evidence what has worked well and identifies emerging outcomes and early impacts.
RAP was announced in the Autumn Budget (2017) and launched in October 2018. One of the Programme’s primary aims is to help reduce regional imbalances in access to early-stage equity finance for smaller businesses with high-growth potential across the UK. The Programme, through its investments, also aims to raise the profile and professionalism of angel investment activity and to attract further third-party private capital, as well as generating a commercial rate of return for the British Business Investments (BBI) on each commitment it makes, in line with its expected market rate of return.1
The three key programme objectives are:
- Supply: To increase the aggregate amount of early-stage equity capital that is available to small businesses with high growth potential throughout the UK.
- Diversification & Regionality: To promote angel investing across the UK, particularly in areas that are currently underrepresented and to drive the professionalism of angel investing across the UK.
- Managing public money: Generate a market rate of return.
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British Business Bank – Regional Angels Programme Business Case
