Want an angel to make your business dreams a reality? A new Irish scheme plans to do just that .

THE BBC'S DRAGON'S DEN has been addictive viewing for two reasons. First, it offered the opportunity to witness a modern-day execution, as nervous inventors or budding managing directors pitched their ideas to a panel of business experts. Invariably every episode featured a naive or wacky entrepreneur being mauled by the panel. It's the business world's answer to the bloodsport of reality TV.

There was also a secondary attraction, one that is perhaps more civilised. It introduced the concept of angel investors to the wider public. Thankfully, though most angels may be just as tough to impress, the process is not quite as bloodthirsty.

Angel investors have always been with us in one guise or another. Otherwise known as business angels, the angelic reference was first used in the theatre when financial backers invested in theatrical productions and contributed their skills and contacts to enhance the success of the shows. Since then, business angels began investing in a wide range of commercial ventures.

Angel investors are typically successful business leaders looking for a little more adventure in their investing life. They are often retired business owners or executives who provide capital for business start-ups, usually in exchange for a share in the company.

But angel investing is usually more than just a simple cash transaction, according to Lar Burke, who heads up the Business Angel Partnership in Dublin.

"Not only will they invest cash in the business, but they will also look at investing their skills, their experience, their knowledge and their expertise," he says.

The Business Angel Partnership, which is sponsored by Enterprise Ireland, Intertrade Ireland and the Dublin Business Innovation Centre, aims to provide a formal framework for the angel investing process in Ireland.

"We match private investors with pre-screened investment opportunities in start-up, early-stage and developing businesses," says Burke.

Investors and advisers initially see a brief outline of the business and the investment opportunity and, if interested, they can access a more detailed summary giving key information about the business and the investment opportunity.

"Finally, we run a number of investor forums, where the company gets an opportunity to pitch to an investor. We generally have between seven and nine investors at that event and we would have four companies. The companies come in, give a 10-minute presentation, followed by a 10-minute question and answer session." Investors then make their decision.

Burke says there is a huge appetite among investors to get involved in the partnership. "That is reflected in the fact that we have 125 investors at this stage across the country. Eight deals have been done in the last 18 months. Around €875,000 was invested into these companies, which gives you an average of just over €100,000." Angel investing is high risk. So, what's the motivation for investors?

"One of them is obviously the return. It is a commercial decision. The second element of it is quite genuinely that a lot of investors actually want to give something back - they have skills, they have grown a business, they have been involved in business at high levels," says Burke.

The Irish Timesis joining the action. Over the coming months, we will be profiling three companies on a rollercoaster ride as they pitch their companies to groups of investors. We will follow them through the highs and lows of preparing their pitches, meeting the investors, assessing what went right and what went wrong and how they plan to use the money if they persuade investors to part with their cash.

We will also look at key issues in process - making a pitch, preparing a business plan and managing the investor/business relationship. Join us next month as we link up with the Business Angel Partnership.