The following 3 pdfs offer in depth guides and recommendations for cross border investing in early stage startups. Each country offers unique opportunities and faces unique challenges, making the differentiating guides an excellent resource for tailored and structured recommendations for helping you become a successful cross border investor Slovenia’s startup ecosystem, while compact, boasts global success stories like BitStamp and Outfit7. With a strategic location in Europe, the country bridges Eastern and Western markets. Its tight-knit community, supported by accelerators, incubators, and a growing network of investors, makes it a fertile ground for innovative startups aiming for international expansion​ Download the Guidebook Known for its world-class innovation and strong engineering heritage, Finland is a leader in sectors like gaming, health tech, and AI. Iconic names such as Supercell and Wolt emerged from its collaborative ecosystem. With events like Slush and Arctic15, Finland offers a vibrant platform for startups and investors to connect​ Download the Guidebook Despite its small size, Estonia punches above its weight in the global startup scene, producing unicorns like Skype and Bolt. With a digital-first approach, including e-Residency, Estonia makes it easy for international founders and investors to thrive. Its supportive policies and efficient digital infrastructure foster rapid growth and innovation Download the Guidebook



The European space sector benefits from being diverse, robust, and enjoying rapid growth in recent years. European nations have a long history of cooperation in space research, technology development, and satellite deployment and the European space sector encompasses a wide range of activities, including satellite manufacturing, launch services, Earth Observation (EO) applications, broadcasting satellite services, global navigation solutions, and space exploration ventures. In this handbook, we will explore the key players, trends, risks, and opportunities to provide Business Angels, who are not yet operating in the sector, with the basic information to assess and explore investment opportunities in the space sector.

The Association for Financial Markets in Europe (AFME) and EBAN, in collaboration with ten other European and international organisations, has today published the sixth edition of the ‘Capital Markets Union – Key Performance Indicators’ report, tracking the progress of Europe’s capital markets against nine key performance indicators. This year’s report shows a mixed picture, revealing no discernible medium-term advancement on the CMU key performance indicators. This edition also coincides with the 30th anniversary of the Single Market. Here too, the data points show minimal change in the development of the EU’s capital markets on a global scale.

Patents, trade marks and startup finance This study examines the role of intellectual property (IP) rights – specifically patents and trade marks – in facilitating access to finance for European start-ups. To this end, it assesses the links between the filing of IPRs by start-up firms and their success in raising venture capital (VC), as well as the signalling power of patents and trade marks as predictors of successful exit strategies for investors. Main findings On average, 29% of European starts-ups have filed registered IP rights, with important differences between industry sectors. Biotechnology is by far the most IP-intensive sector, with nearly half of start-ups using patents or trade marks. Start-ups increasingly make use of IP rights as they grow, with a strong focus on European IP rights at all growth stages. The fiing of patents and trade marks at the seed or early growth stage is associated with a higher likelihood of subsequent VC funding. This effect is particularly important at the early stage, with a 4.3 times higher likelihood of funding for start-ups that filed trade marks, and a 6.4 times higher likelihood of funding for start-ups that filed patents. Start-ups that filed both trade marks and patents show the highest likelihood of funding at both the seed and early stages. The filing of European patents and trade marks is associated with an even higher likelihood of subsequent VC funding for start-ups. The filing of patents and/or trade marks is associated with a more than twice higher likelihood of successful exit for investors. The highest likelihood of Initial Public Offering (IPO) or acquisition is observed for start-ups that filed both patents and trade marks.

Best Practices of Angel Investing Exciting News from Dealum! Dealum has just released their latest project, a FREE online book titled “Best Practices of Angel Investing.” This comprehensive guidebook is a valuable resource for angel investors, startup enthusiasts, and anyone looking to navigate the world of early-stage investments. Key Highlights: ● Learn how to manage investor groups for optimal outcomes efficiently. ● Tips and tricks for due diligence and spotting the red and green flags in startup investments. ● Explore the power of community and networking in the startup ecosystem. ● Discover how to make impactful, ethical investments that drive both profit and positive change. The best part? It’s available for FREE to anyone interested in angel investing. Knowledge is power, and Dealum is sharing it with the world.

Wondering how to protect your brand? This Discover Guide made by EUIPO in collaboration with EBAN will help you understand whether you have protection for your brand, and, if not, what actions you may want to take to protect it. Brand is often company’s most valuable asset and as such a lot of money is spent on designing, developing and promoting it. There is an assumption amongst many businesses that so long as they use it and register with the national/regional company register then it is theirs. However this is not the case. This Discover Guide will help you understand if you own your brand and if not what actions you might want to take to secure it. Who is this Guide for: All business who have created their brand and are either operating or plan to operate within the European Union.

SICTIC, Swiss ICT Investor Club presents Swiss Angel Investor Handbook. This handbook is a condensed collection of wisdom from many successful angel investors, and will familiarize you with concepts of investing in seed and early-stage technology startups in Switzerland; help you learn the language that you’ll encounter in investment term sheets; point out 7 caveats and provide checklists that you can use when making your own startup investments.

NACO is pleased to present the 2021 Report on Angel Investing in Canada, authored by world-renowned expert Colin Mason, Professor of Entrepreneurship at the University of Glasgow. This report has tracked a cumulative $1.12 billion of angel investment. Building differently means identifying and amplifying new voices and creating new systems and structures that provide entrepreneurs in all regions with the tools they need to bring their ideas to life. Entrepreneurship can lift up entire communities by generating wealth, creating jobs, and introducing new innovations that provide a greater quality of life for our communities. As the main source of capital for Canada’s entrepreneurs, angel investors are in virtually every community and play a vital role in the development of local entrepreneurial ecosystems by providing funding, mentorship, and access to client networks. Angel investors fuel the “scale-up” pipeline that flows into the venture capital industry by putting capital-at-risk in local communities.

A shareholder’s agreement regulates the relationship between shareholders in connection with the company’s business. The purpose of the agreement is to define the relationship between the different shareholders, their share of the undertaking, the management of the business, the disposal of shareholder rights and commitments, and to structure the mechanism in management of a company. EBAN, with the support of its Law & IP Working Committee, is delighted to share with you below in the links guidelines to better understand shareholder agreements, together with an example of a shareholder’s agreement for reference. Shareholder Agreement Guidelines Example Shareholder Agreement

EBAN is pleased to present its latest research report focused on understanding the reasons why angel investors choose not to invest in early stage SMEs. The report, titled “Why Business Angels Do Not Invest”, is based on direct responses received from EBAN members and participants of our investor training workshops organized during the years of 2016-2017. 683 participants from 41 different countries, the vast majority of them being active angel investors, participated in a brief 8-question survey administered at the end of each workshop. In this report, you will find an aggregation of the survey results with a brief commentary explaining the main findings.

As more and more investors and communities recognize the benefits of establishing angel groups, it’s important to have resources that ensure that they don’t have to recreate the wheel. The Kauffman Foundation and several ACA members have developed tools that will help groups in formation get a quicker and more effective start. The page includes many practical tools for determining the best structure for your group and beginning operations. It should be noted that there is not one “right” structure or methodology for assessing community readiness for an angel network. The Guidebook “Angel Investment Groups, Networks, And Funds: A Guidebook to Developing the Right Angel Organization for Your Community” recommends that communities conduct an assessment of their community and its characteristics for angel group development as a first step. It also includes a number of helpful templates, checklists, worksheets and more. Other helpful features related to ACA are Marianne Hudson’s column in Forbes (Executive Director of ACA) and Christopher Mirabile’s column in Inc. (Chairman of ACA) Read More

ACA in partnership with leading organizations, has created the Rising Tide Education Program, helping new angels discover the basics of becoming an angel investor with this unique collection of educational resources. Webinars (One hour programs) Articles: What new angels need to know Podcasts: 20-minute educational videos The Rising Tide Program was created to increase diversity of the angel community by educating under-represented groups.  We found that the content is so good that it works for any type of angel, so we’re sharing it here!  Entrepreneurs may also learn how angels think from these video podcasts and webinars.  The programs are funded by the Ewing Marion Kauffman Foundation.  The founders and lead angels of the first US Rising Tide Fund are pictured below. Enjoy the webinars and the rest of the content for free here

The Capital Markets Union project (CMU) aims to strengthen the single market by deepening the integration of investment across the European Union. Improved access to finance is a key component of this project, in particular for start-ups, small- and medium-sized enterprises (SMEs), and young companies with innovative growth plans. Historically, European SMEs have been primarily dependent on bank finance. In the wake of the financial crisis, this source of funding has been restricted by refinancing capacity, risk appetite and capital adequacy of the banking sector. This has forced young, growing and innovative businesses to seek finance from different sources, such as venture capital and business angels. This study investigates the part that tax incentives for venture capital and business angels can play in fostering investment, with the intention of promoting the diffusion of best practice across Member States. In doing so, this study recognises that tax incentives form part of a broader set of policy tools and that it is important to consider the broader policy mix when analysing tax incentives. Download

This glossary, produced by Anges Québec, contains original definitions as well as definitions imported from various sources. To that effect, Anges Québec thanks First Angel Network, GoTroo, National Angel Capital Organisation (NACO), Osler Hoskin & Harcourt and Réseau Capital for their contribution to the realization of this project. Download Glossary in English Download Glossary in French

Below you will find the 4 term sheets produced for the NACO Common Docs project Common Shares A Common Share deal aligns founders and funders with the same class of shares, and fully negotiates all rights and terms in the Shareholders Agreement. It may be used at any stage of deal before a Series A, as long as valuation can be agreed on. Read the full Common Share educational notes  Series Seed Preferred Shares This Preferred Share term sheet is sometimes also called “Preferred Light”. It is commonly used for a later and larger Seed round. Read the full Preferred Shares educational notes Convertible Loan Convertible Debt is commonly used as part of the first financing of a company when valuation can’t be agreed on, or as a bridge ahead of a larger seed or Series A round. Read the full Convertible Loan educational notes Canadian SAFE The Canadian Simple Agreement for Future Equity (SAFE) is modelled after the Y Combinator SAFE. We have included a cap and a discount in this default template, and have also added a maturity date, as we believe that is more appropriate for the Canadian market. Read the full Canadian SAFE educational notes Visit the NACO website to access the 4 term sheets produced for the NACO Common Docs project.

NACO has announced the release of the first NACO Academy publication A Practical Guide to Angel Investing: How to Achieve Good Returns. Written by Dr. Steven A. Gedeon, the Guidebook is a practical and comprehensive guide to early-stage funding. The guidebook is a must-read for new Angel investors, experienced Angel investors, and entrepreneurs seeking Angel financing. “Early-stage investing is an art and science, which this book marries  beautifully. Steven’s book is the ultimate “How To” for this rapidly expanding field, written by someone who has seen the ecosystem from both sides—as entrepreneur and Angel—and who now leads the next generation  as professor.”   – Gerry Pond, Co-Founder, Mariner Partners Inc. Find more information in the NACO Resources webpage A list of other NACO reports can be accessed here

EBAN is proud to present the Guidebook on “Fostering Business Angel Activities in Support of SME Growth”. Written by EBAN for the European Commission as part of a series, this guidebook describes how business angel investments and co-investments can reach a critical mass across certain sectors, regions or countries. It discusses the various financial instruments policymakers and other stakeholders can implement to cultivate business angel investments, particularly the creation of co-investment funds. A provisional copy of the guidebook can be downloaded here and will soon be available from the European Commission website.

SWEAT, NETWORKS, EQUITY – Guide to Finding an Angel Investment – has been written by Sami Etula, a sweat equity investor and active meber of Fiban, with the aim to help all enterpreneurs wondering where and how to find business angel investment.   The Guide will provide information on everything that you need in order to apply for angel investment.: How a business angel thinks and what motivates him or her? What, how and under what terms do angels invest? What issues in your company need to be in order before you apply? What do business angels check in a company? How do I determine the valuation of my company? How is a pitch made? Please downlaod the guide at below link: http://etula.fi/pdfs/guide_to_finding_an_angel_investment.pdf

  EBAN has compiled an essential list of resources targeted to impact investors: 2014                 Status of the Social Impact Investing Market: A Primer The market for social impact investments – investments made with the intention to generate measurable social and environmental impact alongside a financial return – holds great promise as a tool to grow the economy and fund the provision of public goods. The practice of social impact investing has grown into a USD 36 billion market. Click on the following link in order to access the full report on the social impact investment market written by Dr Maximilian Martin, Impact Economy, in June 2013. The report first describes the landscape of social impact investing and defines the term. It then places social impact investing in the broader context of three mega-trends identified through the research, and at the end it gives a  look at the role different groups of  investors play in the market. http://www.impacteconomy.com/papers/IE_PRIMER_JUNE2013_EN             European Venture Philanthropy and Social Investment 2012/2013 The EVPA relased the results of their survey about the European Venture Philanthropy and Social Investment 2012/2013. Authors: Dr. Lisa Hehenberger, Research and Policy Director Anna-Marie Harling, Senior Research Associate The purpose of this report is to provide independent data and raise awareness about European Venture Philanthropy and Social Investment. As long as this data collection has been run for three years, it is possible to star identifying trends and to analyse the evolution. EVPA-Survey-European-VP-SI-2012-2013

EBAN has compiled an essential list of resources targeted to angel investors: 2014 Earn Money with SMEs (French) This guideprovides an  explanation on investment  in SMEs. It is presented and recommended as a resource for BAs, where you can answer questions like: What is an SMEs? Why and How investing in a small business? Seven Tips to enhance your knowledge about the  SMEs ecosystem. [private_Member Level]Earn Money with SMEs (French)[/private_Member Level] Introduction to Shareholder Agreements The EBAN Law & IP Working Committee drafted an introductory guide to Shareholders Agreements. A shareholder’s agreement regulates the relationship between shareholders in connection with the company’s business. The purpose of the agreement is to define the relationship between the different shareholders, their share of the undertaking, the management of the business, the disposal of shareholdering rights and commitments, and to structure the machanism in management of a company. The shareholder’s agreement should be regarded as a complement to the articles of association and the two agreements should not conflict with each other in any manner. [private_Member Level]Introduction to Shareholder Agreements[/private_Member Level] Angel Reporting guidelines and best practices This is a 6-page booklet, with practical steps for CEOs and investors to follow aimed at making their relationship stronger, and more effective. Stephen Findlay, CEO of Invrep commented: “it can be difficult and time consuming for an angel-backed company to create and agree a reporting structure with their investors.  With this booklet, we are helping to solve that problem”. [private_Member Level]Angel Reporting guidelines and best practices[/private_Member Level] Patenting Strategy: A Pocket Guide This booklet is aimed at anyone who has to deal with patents at practical level, with particular emphasis on companies new to IP such startups. [private_Member Level]Patenting Strategy: A Pocket Guide[/private_Member Level] 2013 Early-Stage Global Impact Investing Toniic Institute Introduces New 7-Step Framework to Global Early-Stage Impact Investing: Impact investing in early-stage enterprises, although challenging, can be extremely rewarding and potentially provide both financial and social or environmental returns. It allows investors to improve the lives of the poor or vulnerable—locally and globally—while providing a return on capital. Sourced from the experiences of the Toniic Network’s member investors, this e-guide is a fundamental reference for anyone seeking to understand how to successfully invest at the early stage for both a financial return and social or environmental impact. [private_Member Level] Early Stage Global Impact Investing [/private_Member Level] Equity Financing of Early Stage Growth Firm in Skane. This master’s thesis attempts to map the equity market of Skåne for early stage growth companies. The providers of capital in this market are primarily venture capital firms, business angels and family offices. Family offices are excluded from the study in favor of the other two investor categories, of which business angels is the category most thoroughly investigated. [private_Member Level] Equity Financing of Early Stage Growth Firms in Skåne. Karl Fogelström and Christoer Nilsson[/private_Member Level] Society and Business Angels – a Partnership made in heaven? Why many European governments care so much about Business Angels ! – The economy and the trends of angel investing in Europe. By Paulo Andrez, President EBAN Co-Investment funds in Europe. By Bjom Tremmene, Head ERP-Dachfonds, European Investment Fund. The Tax System as catalyst for early stage Investing. By Modwenna Rees -Mogg. Founder,CEO, AngelNews Panel debate (in danish).  Joachim B. Olsen, Liberal Alliance  Benny Engelbrecht, Socialdemokraterne  Brian Mikkelsen, Det Konservative Folkeparti  Andreas Steenberg, Radikale Venstre   [private_Member Level] Society and Business Angels -a Partnership made in heaven? [/private_Member Level] 2012 Best Practices for BA. FiBANs “Best Practices for Business Angels” has developed over time and is continuing to live and change; we are regularly adding good advice as we learn. FiBAN is the biggest network of private investors in Finland, and actually one of the biggest ones in Europe in terms of the amount of members. The first version of these Best Practices is based on the collective work of a team of experienced FiBAN founding members, who together have experience of making over 100 investments, leading dozens of start-ups and succeeding to do several profitable exits We have in 7 chapters collected Best Practices and advice to consider as a Business Angel when looking and preparing for an investment, managing the investment and exiting the investment. [private_Member Level] Best Practices for BA [2012].  Suomen Yksityissijoittajat [/private_Member Level] Venture Capital Term Sheets 101: Understanding Critical Terms of your Early Stage Venture Deal. Shelowitz & Associates is a business law firm with extensive expertise representing U.S. and international entrepreneurs and businesses in a diverse range of industries. Objectives of this presentation is to provide: Overview of venture capital investment transaction. Understanding of critical deal terms. Foundation for win-win venture transaction [private_Member Level] Venture Capital Term Sheets 101: Understanding Critical Terms of your Early Stage Venture Deal [2012]. Mitchell C. Shelowitz [/private_Member Level] Financing  Social Impact – Funding social innovation in Europe – mapping the way forward. This report argues that improved access to funding is crucial for social innovation to grow and develop, and that the European Union has a critical role to play in mobilising financial resources and coordinating activity. This report comes at time when Europe is at a critical juncture, and it shows how the European Commission can use social innovation to deliver on Europe’s priorities for the future. [private_Member Level] Financing Social Impact – Funding social innovation in Europe – mapping the way forward.  European Commission [/private_Member Level] Code of Conduct for Syndicated Cross-border Investments. The following Code of Conduct establishes a minimum set of principles and standards for the business angel, seed and venture capital industry, in order to build trustworthy and reliable relationships in the framework of cross-border syndicated investments. [private_Member Level] EASY: Code of Conduct for Syndicated Cross-border Investments. [/private_Member Level] Executive Summary of a Shareholder’s Agreement. The purpose of this Executive Summary of the Shareholders’ Agreement is to cover and summarize the main terms and conditions to be defined and agreed by the parties involved in a cross-border syndicated investment in an early stage initiative (hereinafter referred to as the Initiative or the Company) as regards among others the terms of the investment,  relations between the parties,  governance of

A Guide for Emerging and Frontier Markets is a manual built from the Kauffman Foundation’s 2004 publication, A Guidebook to Developing the Right Angel Organization for Your Community , which was crafted for a U.S. audience. Many of the decision steps to create an angel network are the same, no matter if you are in the U.S., South East Asia, Europe or Sub-Saharan Africa. Much of the guidance holds true today as it did in 2004. This edition will explore how the internet and networking platforms have helped international angels connect in new ways and overcome a host of obstacles. It will also touch upon topics such as crowdfunding and diaspora investing.  

This publication is the result of an agreement signed between EBAN and HBAN with the purpose of serving the organisations’ mutual goals of increasing the quantity, quality and success of angel investments in Europe, thus creating a better understanding of angel investment for potential new angel investors and entrepreneurs. This guide has been prepared to demystify investing in private companies for private investors (known as business angel investors). Investing in private companies is very different to investing in other asset classes and whilst high risk, can be rewarding and worthwhile with positive financial and non-financial outcomes. The current document is an adaptation of the original version with the same title which was initially targeted to the Irish market. The reproduction and/or adaptation of this guide by other parties is subject to approval of EBAN and HBAN.

EBAN has compiled an essential list of resources devoted to Business Angel Networks management. 2014 [private_Member Level] Code of Conduct for BANs proposed by EBAN’s Law & IP Working Committee [/private_Member Level] [private_Member Level] Articles of Association for BANs proposed by EBAN’s Law & IP Working Committee [/private_Member Level] 2013 [private_Member Level] Code of Conduct (EBAN) [/private_Member Level] [private_Member Level] Code of Conduct (UKBAA) [/private_Member Level] [private_Member Level]  Winter University Training [/private_Member Level] 2011 [private_Member Level] Peter Braun: A New Tool to Develop the Ecosystem [/private_Member Level] [private_Member Level] BAN Vlaanderen [/private_Member Level] [private_Member Level] Pitch Presentation Template – London Business Angels  [/private_Member Level] [private_Member Level] Halo – Rebooting a BAN and Ecosystem [/private_Member Level] 2010 [private_Member Level] Investment Readiness Programmes and Access to Finance: A Critical Review of Design Issues [/private_Member Level] [private_Member Level] Bill Payne International Report Final – Operation Payne [/private_Member Level] [private_Member Level] Swedish ERDF Supported Co-Investment Funds [/private_Member Level] [private_Member Level] EASY Investment Forum: Pitching Template for Entrepreneurs [/private_Member Level] 2009 [private_Member Level] BBAA Angel Awareness Campaign 2009-2010 [/private_Member Level] [private_Member Level] BBAA – BA Investing – A Guide to the Legal, Tax and Regulatory Issues [/private_Member Level] [private_Member Level] Scottish Enterprise:  Co-Investing with BA [/private_Member Level] [private_Member Level] The University of The West of Scotland: Angel Gatekeepers Report [/private_Member Level] [private_Member Level] EBAN Toolkit [/private_Member Level] [private_Member Level] The Mersin Project: Starting a Regional BAN [/private_Member Level] Miscellaneous [private_Member Level] BAN & Entrepreneur Contract – English [/private_Member Level] [private_Member Level] BAN & Entrepreneur Contract – French [/private_Member Level] [private_Member Level] BAN & Entrepreneur Contract – Italian [/private_Member Level] [private_Member Level] BAN & Investor Contract – English [/private_Member Level] [private_Member Level] BAN & Investor Contract – French [/private_Member Level] [private_Member Level] BAN & Investor Contract – Italian [/private_Member Level] [private_Member Level] Business Planning Tool – Business Cube Methodology [/private_Member Level]