womens networks by EBAN

You’ve been an angel investor for years. From your experience, what are the biggest misconceptions people—especially women—have about becoming an angel I firmly believe that women make exceptional business angels, which is why I refer to them as “Angelinas.” Their unique perspective on business brings valuable insights, yet many women do not choose this path—often due to the multiple roles they navigate. For those still actively engaged in their careers, the business angel role tends to come last, following responsibilities as entrepreneurs, mothers, wives, and friends. However, this dynamic is changing. Women today are more empowered than ever, increasingly eager to take control of their investment decisions and achieve outstanding results. One of the key barriers preventing women from stepping into angel investing is often a lack of self-recognition as capable investors, along with unfamiliarity with the investment process itself. As awareness and confidence grow, I am optimistic that more women will embrace their potential as business angels, bringing diversity and innovation to the investment landscape. What, in your opinion, are the practical steps that will actually move the needle for women investors—both at the national and European levels? There are two essential steps in fostering women’s participation in investment. The first is to cultivate a strong network of support among women—facilitating peer connections, knowledge sharing, and mentorship. The second is to ensure equal access to investment opportunities by providing the necessary tools, resources, and platforms. Women are not a novelty in this space; if they were once considered “black sheep,” they are now an integral part of the investment landscape. What they need is not special treatment, but the same opportunities and instruments to navigate and succeed in the world of investing. Instead of creating separate spaces for women investors, how do we ensure they are fully integrated into the broader investment landscape while still addressing existing barriers? Knowledge, knowledge, and more knowledge—this is the cornerstone of true empowerment. It is the most effective driver of confidence and capability. As a result, women gain the opportunity to actively participate in investment, fostering greater inclusion and long-term success in the field. There’s a lot of talk about women supporting women. In your view, what’s the right way to do this in angel investing without it becoming just a feel-good initiative but bringing concrete results? I believe that women supporting women is valuable up to a certain point; however, when it comes to serious investment, diversity in teams is essential. Initiatives that foster female empowerment are beneficial, but they should remain tools for progress rather than evolve into exclusive movements that hinder broader collaboration. The distinction is subtle but important. At the same time, women should not wait for permission or an invitation to enter the investment space—they should step in with confidence. In the end, investment is about results, and success comes from taking initiative and actively engaging in the process. Do you think the way we talk about women in investing is sometimes counterproductive? What narratives need to change? Perhaps some responsibility also lies with us—we must move away from positioning ourselves as fundamentally different, as if we come from another world. The reality is, we do not. However, the way women perceive challenges, assess teams, recognize nuances, and trust their instincts is invaluable and irreplaceable. Women have proven to be highly successful entrepreneurs, particularly in sectors such as IT, B2C, healthcare, and finance. Notably, the UK leads in supporting female-led companies through funding at Series C and earlier stages, followed by Spain, France, Germany, and Sweden. In Sweden, women dominate the IT sector, accounting for 92% of business value within the industry. The real objective is not just increasing female participation but reshaping the broader investment ecosystem within each country. The markets that are making the most progress have implemented meaningful changes across key areas, including: Cultural Sensitivity & Public Policy: Shaping societal norms and governmental support structures. Corporate Management: Encouraging diverse leadership and inclusive business practices. Ecosystem Maturity & Venture Capital: Strengthening the investment landscape for women-led businesses. Targeted Financial Policies & Initiatives: Creating specific funding mechanisms to foster female entrepreneurship. By focusing on these fundamental shifts, we can drive sustainable progress and ensure that women continue to thrive in investment and entrepreneurship. If there’s one thing you wish more women in business or leadership roles would start doing today to change the investment landscape, what would it be? More women need to take the leap and lead companies—not only in traditional or craft-based industries (which are valuable in their own right) but also in high-growth, entrepreneurial ventures. Building and scaling a successful business is a natural pathway to becoming a business angel, enabling women to reinvest their expertise and capital into the next generation of entrepreneurs. Ultimately, it all comes down to perspective—and ours is one of success. In a male-dominated sector like angel investing, what role should men be playing in driving meaningful change? And how do we move beyond surface-level support to ensure they take action in all aspects of their professional and personal lives? It’s simple—give women the opportunity to lead, and the results will speak for themselves. There’s no need for hesitation; we are not to be feared, but we are certainly capable of making an impact. When women are empowered, they succeed. And if opportunities are not given, they must be taken. Dare to lead!

Space Defence Investment Manifesto Space is not just a resource—it is the frontier of global defence. As nations and societies increasingly rely on space for communications, navigation, surveillance, and national security, we recognise space as the next battlefield, the heart of technological advancement, and the backbone of global stability. We Affirm The Strategic Imperative of Space Defence Space is no longer a passive enabler of economic or technological activity. It is the core of modern defence. From satellite communications to missile defence, space-based technologies are critical to national security. As investors, we acknowledge that space is central to the defence infrastructures of governments, multinational organisations, and sovereign nations. The militarisation of space is a reality—and it is our responsibility to ensure its security, resilience, and accessibility for future generations. The Urgency of Action The global space environment is becoming increasingly contested. The weaponisation of space, rising geopolitical tensions, and space debris pose a direct threat to the security of all space assets. As investors in the defence sector, we recognise the urgent need to fund and support technologies that protect against threats like anti-satellite weapons (ASATs), cyberattacks, and orbital collisions. The long-term stability of space-based infrastructure depends on immediate and decisive investment in defence-focused space technologies. The Power of Public-Private Partnership Governments alone cannot secure the future of space. The space industry must unite through public-private partnerships (PPPs) to foster innovation, resilience, and sovereign autonomy. We commit to aligning our investments with government priorities, including EU and NATO defence frameworks, while empowering space startups and dual-use technologies that provide both commercial and defence capabilities. We recognise that collaboration between the private sector and defence agencies is essential to meet the ever-growing demands of space security and to keep pace with emerging threats. The Role of Investment in Resilience and Sovereignty Our investment strategy must focus on space resilience, including resilient satellite infrastructure, space domain awareness (SDA), debris mitigation, and space cyber defences. We will support the development of autonomous space capabilities to ensure that no nation is vulnerable to malicious interference. By funding technologies that enhance strategic autonomy, we help guarantee sovereign defence in space and support national and European objectives for security and self-sufficiency. The Commitment to Ethical Investment and Governance As investors, we uphold the principles of responsible governance in space, ensuring that investments adhere to ethical standards and align with international law. We call on all space operators to adopt guidelines that protect the peaceful use of space, following frameworks such as the United Nations Outer Space Treaty, the European Space Strategy for Security and Defence, and the EU’s Space Programme. We will ensure our investments contribute to equitable access to space, secure and sustainable operations, and the prevention of harmful space activities. The Imperative of Geostrategic Stability Space is not just a commercial frontier—it is a geostrategic asset. The future of international stability and peace hinges on the ability to secure space. We, as investors, understand that space security is a core pillar of national security, and we are committed to driving investments that contribute to global peace and geostrategic stability. Our Vision for the Future of Space Defence We envision a future where space is: A secure and resilient domain free from aggression and disruption. A cooperative arena for nations and companies, underpinned by shared principles of security, sovereignty, and peace. A space of innovation, where technologies like AI, quantum encryption, space-based defence systems, and space situational awareness create new possibilities for defence and security. Our Call to Action We, the investors, commit to: Funding resilient, secure, and innovative space technologies that protect space-based infrastructure and national security. Aligning with global defence strategies, including the EU Space Strategy, NATO’s Space Policy, and international frameworks for space security. Ensuring that all investments contribute to the responsible use of space, in line with the United Nations Declaration of Human Rights and Space Law. Collaborating with governments, space agencies, and defence organisations to build a space defence ecosystem that is sustainable, autonomous, and secure. Space is the next frontier of defence. We must act now to secure it. Let’s invest in space defence today—so that peace, security, and prosperity in space can be a reality for all.

Today, at the Artificial Intelligence (AI) Action Summit in Paris, Commission President Ursula von der Leyen has launched InvestAI, an initiative to mobilise €200 billion for investment in AI, including a new European fund of €20 billion for AI gigafactories. This large AI infrastructure is needed to allow open, collaborative development of the most complex AI models and to make Europe an AI continent.

In the latest episode of the Ignite Podcast, we dive deep into the world of venture capital with Ian Sosso, founder and managing partner of Monte Carlo Capital. While many may not have the time to tune into the full conversation, this blog post captures the essence of Ian’s insights, from his unconventional path to venture capital to the innovative strategies that define his success. Ian Sosso’s Journey: From Investment Banking to Venture Capital Ian Sosso’s story begins in Monaco, where he was one of the Principality’s 9,000 citizens. Educated in the UK, Ian embarked on a high-flying career in investment banking, working for global powerhouses like JP Morgan and UBS. After years of managing trading floors across London, Tokyo, and Hong Kong, Ian transitioned into venture capital, leveraging his financial acumen to identify high-potential startups. Monte Carlo Capital began as a vehicle for Ian’s personal investments. Over time, it evolved into a hybrid investment model that combines angel syndicates and venture funds. This approach allows Ian to invest early, often as the lead investor, and build concentrated positions in promising startups.

At EBAN, we take pride in representing the voice of Europe’s early-stage investment community, and we were honored to participate in the Investors Edge Conference, part of the Slovenian Startup Forum. This dynamic gathering brought together investors, entrepreneurs, and key policymakers to advance Slovenia’s bold ambition of becoming a leading startup hub in Europe. The event showcased innovative solutions, inspiring discussions, and actionable insights on creating a thriving investment ecosystem. Our Director General, Jacopo Losso, and President Jesper Jarlbæk actively contributed to conversations on fostering cross-border collaboration, syndication opportunities, and the crucial role of angel investors in driving impactful growth for early-stage ventures. A special thanks to EBAN Vice President and Treasurer Nina Dremelj for hosting us and contributing her expertise to the discussions. The conference provided a platform for exchanging ideas on cross-border collaboration, syndication, and the key role of angel investors in driving early-stage growth. Slovenia’s startup landscape is brimming with potential, and it’s encouraging to see stakeholders uniting to double the number of startups and amplify venture capital opportunities. At EBAN, we believe that angel investors are pivotal in this journey, providing not only capital but strategic guidance and mentorship. We are excited to continue partnering with Slovenia and its vibrant investment ecosystem, working towards a stronger, more connected European startup landscape. Here’s to more meaningful partnerships and groundbreaking innovations ahead! See pictures from the event here! About the Event: The Investors Edge is part of the SLOVENIAN STARTUP FORUM, uniting key stakeholders and government leaders to advance the Slovenian Startup Strategy 2030. Exploring bold goals, such as doubling the number of startups and significantly boosting venture capital, while showcasing international best practices and solutions to position Slovenia among Europe’s top startup ecosystems. The program is co-financed by the Republic of Slovenia and the European Union through the European Regional Development Fund. It is implemented under the program “Content Support for Faster Global and Sustainable Growth of Innovative SMEs (DevelopmentPlus Program)” as part of the European Cohesion Policy Program for the 2021–2027 period.

Brussels, Belgium – 29/01/2025  EBAN, Civitta, and Bourse Consult, supported by the European Commission (EC FISMA), are excited to launch a new research initiative to enhance access to risk and growth capital for startups and scale-ups across the EU.  This initiative, commissioned under EC-FISMA/2024/OP/0002 – Lot 1, seeks to identify key challenges in the European investment landscape and propose actionable solutions to improve the availability of institutional investment in growth-stage startups.  What This Initiative Will Deliver  The project is designed to analyze the structure and effectiveness of investment funds providing risk capital in the EU and develop strategies to overcome existing barriers. Our research will focus on:  ✅ Understanding Growth Capital Dynamics: Examining the characteristics of investment funds supporting startups at the scale-up stage. ✅ Identifying Barriers to Institutional Investment: Assessing economic, legal, supervisory, technological, and operational obstacles. ✅ Exploring Fund Consolidation & Scaling: Evaluating potential benefits of larger, more efficient investment funds to increase ticket sizes and enhance cross-border investments. ✅ Proposing Policy & Market Interventions: Recommending measures to create a stronger, more integrated EU investment ecosystem.  Calling All Investors! – Join Our Research  As part of this study, we are conducting interviews with business angels, venture capitalists, and institutional investors to gather insights on the challenges and opportunities in scaling investment funds for startups in the EU.  📢 Are you an investor? Share your perspective! We invite business angels, VCs, and fund managers to participate in our research by joining an interview and contributing to this EU-backed initiative.  💡 Why Participate?  Influence policy recommendations to enhance startup financing in Europe.  Gain early insights into research findings on scaling risk capital.  Strengthen networks between early-stage and institutional investors.  📩 Express Your Interest Today! Complete this short questionnaire to participate: Together, let’s shape a stronger European investment ecosystem that fuels startup growth and innovation!  #EBAN #Investment #GrowthCapital #Startups #BusinessAngels #VentureCapital #ECFISMA 

Article by Caroline Saï – Director of Angels Santé In a startup, much like on a ship, the captain plays a pivotal role. While navigating calm waters is straightforward, it’s during a storm that the CEO’s strength, vision, and resilience are truly tested. Yet, during critical due diligence phases, evaluating the CEO often relies more on instinct than on objective criteria—a paradox worth pondering. Soft Skills: An Underestimated Factor During due diligence, early-stage investors use rigorous checklists. They meticulously analyze technology, business models, financial plans, and market size. But when it comes to evaluating the CEO and their team, the assessment is often based on mere gut feeling. For instance, doubts about arrogance or poor listening skills might lead to a dismissal; while promising preclinical results or a dreamy hyper-growth market could tip the scales in their favour. But is this approach efficient? Being the CEO of an innovative startup is demanding, under pressure to live up to the myth of the superhuman leader. A CEO must be a financial strategist, visionary, ambassador, diplomat, leader, and operations expert all rolled into one. They must invest money, time and themselves deeply while avoiding overcommitment or a burn-out. CEOs are exceptional individuals who can be categorized into six personality types, according to a Nature study of over 20,000 startups: Fighters, Operators, Accomplishers, Leaders, Engineers, and Developers. The CEO’s Impact on Startup Success The Nature study identifies the CEO and their team as the third leading cause of startup failure, following cash flow issues and poor product-market fit. Quite often, you don’t need to rely on scientific data to see this!  How many times, in the post-mortem phase, have we realised that the signs of a fragile, indecisive, arrogant, or emotionally unstable CEO were already perceptible during the due diligence phase, but their subtle signals had too often been overlooked ? Or, on the contrary, a CEO’s charismatic presence can overshadow potential warning signs. Undoubtedly,  the cognitive biases of each investor can significantly cloud their assessment. Acknowledging the Importance of Soft Skills At Angels Santé, we’ve decided to articulate these perceptions, identify warning signs, and raise awareness, among our members, regarding a CEO’s soft skills. While formal evaluation is best left to HR professionals, shedding light on these critical human qualities is essential for understanding the unique individual who is to lead investors on a journey that is as exciting as it is uncertain. Key Qualities to Assess in a CEO During due diligence, consider these fundamental aspects: Strategic Vision and Agility: The ability to define a clear vision and stay on course while adapting swiftly to changes. Resilience: Facing challenges while maintaining team motivation. Building and Managing a Complementary Team: Recognizing the need for diverse skills and forming a balanced team. Delegation and Leadership: Distributing responsibilities with trust, avoiding micromanagement, and inspiring the team. Knowledge Sharing and Corporate Culture: Establishing a strong and shared company dynamic. Transparent Communication: Building trust both internally and externally. Emotional Management and Avoiding Overinvestment: Handling challenges without succumbing to pressure and maintaining a healthy balance. A seasoned investment director recently shared their regret over a failed project due to a difficult CEO: “We are financiers guided by numbers. But losing €20 million because of a problematic CEO shows how invaluable a more comprehensive evaluation could be.” Conclusion: Don’t Underestimate Soft Skills Startups are, above all, human adventures. Let’s take the time to listen to, observe, and question the leaders at the helm. A solid captain ensures a smoother journey for all passengers and significantly increases the chances of arriving safely at port. 

Rita, you’ve had an impactful career in both the startup ecosystem and angel investing. Can you share with us the key moments that led you to co-found the Women Investors Network Norway (WIN) and to be involved in Nordic Ignite?   Thank you for the opportunity to share my experiences and insights.  Throughout my career in Norway, I have been deeply committed to creating opportunities within the startup ecosystem. One pivotal moment was realising the untapped potential of women as both investors and entrepreneurs. While delivering Nordic Angel Program in 2018/20 and its courses on my role at NorBAN and attending various startup events and investment forums, I noticed together with other female professionals in the ecosystem, that women were underrepresented on both sides of the table—as angel investors and founders. This observation inspired the decision to co-found with my female partners, Women Investors Network Norway (WIN) in 2020 , running it in parallel to my other activities to empower women to step into the investment space with confidence and to provide them with the tools and networks necessary to succeed.   Similarly, my involvement in the founding team at with Nordic Ignite stems from a shared vision with the other founders in Iceland and in Norway, to make the investment process accessible, transparent, and equitable. Today as part of Nordic Ignite’s Management team our approach to investing aligns perfectly with the belief in supporting not just promising startups but also creating a level playing field for all founders, regardless of gender. This mission has guided both roles, driving change in the investment ecosystem.   Nordic Ignite’s approach to investing focuses not just on capital but also on offering support and sharing networks. How do you think this model helps startups and investors, particularly women entrepreneurs, succeed? Nordic Ignite operates on the principle that startups need more than just capital—they need strategic support, mentorship, and access to networks. This comprehensive model is particularly beneficial for women entrepreneurs, who often face challenges in accessing the right resources and connections.  Therefore our clear and inclusive application process ensures that anyone, regardless of their network or background, can schedule a meeting with us. This removes barriers like needing a personal introduction, which disproportionately affects women founders. Even if a startup does not receive our  funding, we ensure that every founder receives a thoughtful response. Many women founders have expressed gratitude for this approach, as it helps them refine their strategies and build resilience. In addition, we actively collaborate with other VCs and investors who focus on female-led startups to increase the deal flow of women entrepreneurs. By working together, we try to create an ecosystem where women-led ventures have greater visibility and access to funding opportunities if not with us with others in the investment landscape. We believe that this has led to higher engagement and trust among female entrepreneurs, and we hope that this will contribute to the success of several women-led startups.   How does Nordic Ignite specifically support female entrepreneurs, and what has been the impact of this support on your portfolio companies? We aspire to achieve gender equality within the founding teams in our portfolio.  This means that to support female entrepreneurs, we prioritise Diverse Teams as we actively seek out startups with women in leadership positions and evaluate them based on their potential rather than traditional biases. On another hand, female founders in our portfolio can benefit from access to mentorship within our own investor community of shareholders who understand the unique challenges they face but also are in industry sectors which networks could support them.  We want to use this guidance as invaluable in navigating hurdles like scaling female businesses and of course securing follow-on funding after they grow.. Last but not least, our portfolio companies with gender diverse teams companies get amplified their stories and successes, inspiring hopefully more women to step into entrepreneurship or&and to show strong growth trajectories. You’re actively involved in EBAN’s Gender Community, which is committed to promoting a gender-balanced angel investing ecosystem. How can initiatives like these help women investors overcome the barriers they face in the industry? In my opinion and based on the previous experiences with WIN and with Nordic Ignite when I joined EBAN’s Gender Community, I had always in mind what in Norway and in the North Atlantic I have seen in the last years as a need within the activities we have implemented also with NorBAN. Initiatives as this are covering the need of providing Role Models, both for adult and young women, featuring profiles of successful women investors and entrepreneurs inspires others to envision themselves in these roles. EBAN gender community help women investors to overcome barriers by creating Support Networks as we aim in our different actions to foster collaboration among women investors, but not only, as it is very relevant to also share knowledge, resources, and opportunities. Advocating for Policy Change: By highlighting the importance of gender balance in angel investing,  EBAN drives awareness and encourages stakeholders to implement equitable practices with this initiative and complement the work of networks like our in WIN Norway and others in Europe.   WIN has been a great platform for empowering women investors in Norway. How can we expand this model to other regions, and what advice do you have for organisations aiming to build similar networks for women in angel investing? Thanks for pointing this, as other functioning organisations aiming to same goals, interconnected and intersupported, is what I really believe is the success of having built a platform that could replicate its model but mostly could cocreate more impactful networks. In WIN the framework has been adapted in several occasions through the EEAGrants scheme and we are proud to have addressed the unique cultural and economic dynamics of each region when transferring our knowledge with the real hope that this will lead in building similar networks specially throughout East Europe. This support and funding scheme has allowed us to create Partnerships with Local

On January 21st, the EBAN board and executive team convened in Brussels for a full-day strategy meeting, setting the foundation for the organisation’s vision and objectives for 2025. This session reinforced EBAN’s commitment to serving its members by driving innovation, fostering collaboration, and advancing the European angel investment ecosystem. Discussions focused on three strategic priorities: Strengthening EU Relations: Enhancing collaboration with EU institutions to shape policies that benefit angel investors and the broader ecosystem. Enhancing Member Value: Developing new initiatives and services to support angel networks, ensuring they remain at the forefront of industry advancements. Advancing Angel Investing: Sharing best practices, building quality networks, and advocating for the interests of angel investors across Europe. This meeting marks a critical step in EBAN’s mission to support its members by providing actionable insights, robust advocacy, and high-quality connections. As the voice of angel investing in Europe, EBAN is uniquely positioned to influence policy and drive impactful change in the industry. EBAN remains steadfast in its commitment to fostering the success of angel investors and shaping the future of angel investing in Europe.

As the year draws to a close, EBAN proudly reflects on the remarkable milestones and initiatives that defined 2024. Here’s a recap of some of the year’s most memorable moments and achievements: Launching the EU-LAC PanLATAM Investor Community In February, EU-LAC Digital Accelerator officially launched the EU-LAC Investor Community at 4YFN in Barcelona, marking a significant step in strengthening ties between Europe and Latin America. Through initiatives like this and the LATAM Investor Roadshow, we engaged over 1,000 stakeholders, driving economic growth and digital transformation across both continents. Celebrating Women in Angel Investing In March 2024, EBAN marked International Women’s Day by unveiling the inaugural “25 Top Women in Angel Investing” list. This initiative highlighted influential women shaping the European angel investment landscape. In addition EBAN introduced a new annual award recognising the Best Woman Angel Investor of the year at the EBAN Annual Congress – congratulations to the first winner of the award, Heidi Kakko. EBAN Annual Congress 2024 The EBAN Congress 2024, held in Tallinn, Estonia, was a landmark gathering for angel investors, entrepreneurs, and innovators. Drawing over 600 participants, the congress showcased Estonia’s reputation as a “startup nation” and featured discussions on DefenceTech, SpaceTech, and AI. Attendees engaged in workshops, startup pitches, and sessions exploring cross-border investment strategies. Check out the press release here and see you in Copenhagen next June for EBAN Cogress 2025! Advancing Women in Tech with UN Women Co-hosted by EBAN and UN Women, the event highlighted the importance of gender equality in angel investing and celebrated various women-led ventures across multiple sectors. We are always proud to provide a platform for women founders to connect and share their stories, as striving for inclusion is one of the core values of EBAN. Learn more about it here! Working with the EU to Build a Vibrant Business Angel Ecosystem This year, EBAN released “Building a Vibrant Business Angel Ecosystem in Europe”, policy paper, proposing seven recommendations to overcome funding and regulatory challenges, and boost early-stage investments across Europe. We also presented the 2023 Annual Statistics Compendium, Europe’s most extensive research on business angel activity, covering 38 countries. The report offers valuable insights into early-stage investments, drawing from sources like Dealroom.co, Crunchbase, and the European Commission. European Angel Investment Summit 2024 On October 15-16, Brussels hosted EAIS24, welcoming over 500 investors, policymakers, and innovators. This year also marked EBAN’s 25th anniversary, and we celebrated with special awards presented to our trusted partners and key figures who have been instrumental in shaping EBAN’s journey. We also welcomed the election of EBAN’s new board, with Jesper Jarlbæk as President, and Nina Dremelj and Ricardo Luz as Vice Presidents. Check out the EAIS24 recap here! Celebrating EBAN’s 25th Anniversary This year marked 25 years of EBAN championing angel investing in Europe. A commemorative booklet was released, celebrating milestones, the EBAN timeline, and contributions from members and the community. Download the booklet here! EBAN Space and Defence Community Launched On November 27, EBAN launched the Space and Defence Community, dedicated to advancing Europe’s innovation ecosystem in these critical sectors. The initiative unites organizations to mentor and invest in early-stage companies pioneering Space and Defence technologies. Read the press release here! Empowering EU Startups with Grant Funding This year, Ready2Scale supported its largest cohort to date, empowering 15 startups from across Europe with €600,000 in equity-free grants, mentorship, and opportunities for market expansion. Discover more here! WomenTech EU Allocated 3 Million to Startups Continuing its mission to support women-led startups, WomenTech EU allocated €3 million to ventures, with another 40 startups in the selection process for an additional €3 million in funding. Learn more about WomenTech EU and the project’s initiatives here and check if your startup is eligible for grants! We can not conclude this year’s summary without remembering our President Emeritus Peter Cowley, who unfortunately passed away this November. In memory of Peter, you can read this. Thank you for being part of an incredible 2024. Here’s to an even more exciting 2025!

In this episode of Lessons (L)earned, we sit down with Nicolas Rouhana, CEO of IM Capital and a pioneer of Lebanon’s entrepreneurial ecosystem. Nicolas shares insights from his angel investing journey, the challenges of fostering innovation in a turbulent economy, and his inspiring message of resilience: ‘Focus on solutions at hand.

Brussels, Belgium, Friday, December 13, 2024 EBAN, adelphi, and VC4A, supported by the International Finance Corporation (IFC), are thrilled to announce the launch of SHE WINS Climate—a groundbreaking initiative designed to empower and scale women-led startups tackling global climate challenges. https://www.eban.org/?attachment_id=41262 This ambitious programme seeks to identify and support 25 innovative women-led climate startups from regions spanning Eastern Europe, Central Asia, South Asia, and Southeast Asia. By offering a comprehensive suite of training, mentorship, and investment facilitation opportunities, SHE WINS Climate aims to foster the next wave of sustainable solutions driving meaningful environmental impact. What SHE WINS Climate Will Deliver The programme is structured around five impactful modules tailored to equip startups with critical skills and resources to scale successfully: 1. Investment Readiness Training: Navigating venture capital processes, funding types, and investor relations. Developing robust financial projections and data rooms. 2. Pitching Your Startup: Crafting compelling narratives and creating investor-ready pitch decks. Building confidence in delivering pitches and handling Q&A sessions. 3. Climate-Tech and Female-Founder Training: Utilising toolkits to align solutions with climate finance and gender-specific market opportunities. Exploring global climate agenda alignment with expert guidance. 4. Peer-Learning Meetups: Collaborating with sector peers to co-create solutions and scale innovative ideas. 5. Deal Facilitation: Showcasing high-potential startups through a curated Dealbook for global investors. Selection Criteria Who can apply? This programme is designed for startup founders who are women, whose startups focus on climate change solutions or technologies, and whose startups operate in Eastern Europe, Central Asia, South Asia, and Southeast Asia (see country list below). Before submitting this Expression of Interest, please ensure that you meet the following eligibility criteria: Criteria for participants: You must be 21+ years in age You must identify as a woman You must be the founder, co-founder, owner, or executive of the startup You must be fluent in English Criteria for startups: Your startup must be women-owned/women-led (see definition below). Your startup must be legally registered and in business for at least 1 year at the time of submission. Your startup must be early stage but past the ideation stage, targeting pre-seed, seed, and Series A funding. More mature businesses will also be considered unless at the growth or exit stage. Your startup must be have the majority of employees, assets, or operations in one of the following countries: Armenia, Azerbaijan, Bangladesh, Bhutan, Brunei, Bulgaria, Cambodia, Czech Republic, Georgia, Hungary, India, Indonesia, Kazakhstan, Kyrgyzstan, Malaysia, Maldives, Moldova, Myanmar, Nepal, Pakistan, Philippines, Poland, Romania, Singapore, Slovakia, Sri Lanka, Tajikistan, Thailand, Turkey, Turkmenistan, Ukraine, Uzbekistan, or Vietnam. Your startup must focus explicitly on climate change solutions or technologies and climate change must be core to your startup’s mission, strategy, and operations. Solutions and technologies could address greenhouse gas emissions reductions, energy efficiency, adaptation and resilience, circular processes, sustainable products or services, pollution reduction or prevention, conservation, and/or nature-based solutions. Startups with only a minor focus on climate change are not eligible. Definition of women-owned/women-led:≥ 51% owned by a woman/women; OR≥ 20% owned by a woman/women, with: ≥ 1 woman as CEO/COO (President/Vice-President); and ≥ 30% of the board of directors comprised of women, where a board exists. Stay Tuned This initiative is a bold step toward fostering inclusive climate innovation while spotlighting the vital contributions of women-led enterprises in addressing the world’s most pressing environmental challenges. Details about the application process and deadlines will be shared soon. Stay connected with us for updates on how to participate and join this transformative programme. Together, let’s empower women to lead the charge in building a sustainable future! About the Partners EBAN: The European Business Angels Network is a leader in angel investment and entrepreneurship across Europe. adelphi: A leading independent think tank and public policy consultancy on climate and sustainable development. VC4A: A platform that connects startup ecosystems and supports entrepreneurs with mentorship, training, and funding.

Dear President of the European Commission Ursula von der Leyen,Dear Vice-President Virkkunen,Dear Vice-President Séjourné,Dear Commissioner de Alburquerque,Dear Commissioner Zaharieva, On behalf of the key actors of Europe’s innovative ecosystem, we would like to congratulate you for the approval of the new European Commission. Your mandate will take place at a crucial moment for the European Union. Both the Letta and the Draghi reports act as a wake-up call for a stagnant European economy, which threatens its independence on the global stage. These reports highlighted the missing piece in Europe’s competitiveness: innovation, which is too complex to develop on our continent, due to a fragmented market and a lack of funding. There is a broad consensus that public investment will not suffice to support our entrepreneurs and innovators, hence the recent push for a Savings and Investment Union. Mobilising European private savings will be key to supporting strategic autonomy, and to developing the European tech champions our continent needs. Otherwise, Europe will once again be left in the position of a large but fragmented single market, leading in research and talents, but which uses technologies made abroad, because it could not support the development of its own ecosystem. The current state of play is not ideal for startups and scale-ups in the EU. Faced with a fragmented market and a lack of capital, they often develop their ideas in the continent before seeking funds overseas, notably in the USA, at their growth or exit stages. Consequently, the value created by ideas brought forward by Europeans and often incentivised by European public funding ultimately benefit US funds and flows indirectly… to American retirees. Europe’s innovation ends up being someone else’s capital gain, as it is a net importer of capital. The funding chain in Europe is therefore deficient. While new technologies such as AI, cleantech and quantum computing need large rounds of funding, European VCs are not capable of meeting these needs- and US VCs are the ones filling this gap. The absence of larger VCs can be attributed to several factors, and one is widely known: the lack of involvement from European institutional investors. These important financial actors are over-investing in the US market and under-investing in the European risk market, due to our regulatory and cultural barriers.If Europe wants to remain competitive with the rest of the world, these barriers should be broken. However, concrete proposals are missing to truly leverage private funding. Drawing inspiration from Member States’ initiatives to improve the involvement of institutional investors and to Europeanise the funding chain of Europe, France Digitale, alongside a coalition of representatives of Europe’s innovative ecosystems, has drafted solutions which you can find in details in the related study, and which are briefly summarised here: 1. The creation of a European VC Initiative (EVCI), to foster exchanges between institutional investors and VCs in Europe, therefore de-siloing the funding chain of Europe. Drawing from national initiatives, the EVCI would create a label and a fund-of-fund structure to enhance institutional investors’ investments in VCs, by mapping the ambitious funds in which they can invest, and carry out a due diligence process for them. Promoted by a political summit, this initiative will shed light on the issue and increase the Europeanisation of innovation funding, by creating a platform whereby the different levels of the EU’s funding chains can interact. This initiative alone would not solve the lack of liquidity in the European Union, however, which is why we advocate for three complementary measures to be taken; 2. The development of new types of assets, such as the EU Long-Term Saving Products, which will help to mobilise European’s savings to fund innovation and involve retail investors in innovation funding. 3. An update of capital requirements for institutional investors, to ease their involvement in startups’ financing. 4. A deeper involvement of European citizens in the transformation of our economy, through an increase of the financial literacy on the continent, incentives to make angel investments, and to the ability of sophisticated investors to invest in long-term funds, can foster a viable ecosystem in Europe These measures would strongly enhance the efficient use of Europeans’ savings, bring valuable returns to them and offer our entrepreneurs and innovators an opportunity to stay and scale in Europe, before conquering global markets. Please find them in more detail in our in-depth study on the issue.We remain at your disposal to present these ideas to you personally and advance together towards the creation of a fruitful Savings and Investment Union for Europe. Co-signatories: • Maya Noël, Director General- France Digitale• Martin Bresson, Public Affairs Director- InvestEurope• Clark Parsons, CEO- European Startup Network• Serena Borbotti-Frison, CEO- Allied for Startups• Jacopo Losso, Director General- EBAN, the European Business Angels Network• Jules Besnainou, Director- Cleantech for Europe• Stefan Drüssler, COO and Managing Director- UnternehmerTUM & Rise Europe Program Committee• Francesco Cerruti, Director General- Italian Tech Alliance• Gianmarco Carnovale, President- Roma Startup• Simone Skovshoved, Head of Policy- Danish Entrepreneurs• Steven Bourgeois, Public Affairs & Strategy Director, EuraTechnologies• Csongor Biás, Managing Director- Startup Hungary Foundation• Giorgio Ciron, Director- InnovUp• Miguel Ferrer, VP executive- EsTech / Adigital• Christoph J. Stresing, Managing Director- Startup Verband (German Startup Association)• Leen Anthuenis, General Manager- Startups.be | Scale-ups.eu• Alexander Nutsov, Policy and Strategy Director- BESCO, The Bulgarian Entrepreneurial Association• Hannah Wundsam, Managing Director- AustrianStartups• Liisi Org, CEO- Latitude59• Tomasz Snażyk- CEO Startup Poland• Ellinor Bokedal, Policy Director- Swedish Incubators & Science Parks• Simon Enderli, President- Swiss Entrepreneurs & Startup Association• Marijana Šarolić Robić- Vice President, CRO Startup• Michal Kardoš, Executive Director- Slovak Alliance for Innovation Economy (SAPIE)• Lucien Burm, President- Dutch Startup Association, Prompting Europe• Athanasios Paraschos, Managing Director- Startup Greece• Ricardo Marvao, Co-founder & Partner- Beta-i

EBAN proudly announces the launch of its Space and Defence Community, an initiative aimed at bringing together experienced investors and entrepreneurs from two of the most dynamic and innovative tech sectors. The new community, building on the excellent and ground-breaking work of its predecessor, EBAN Space, was created on November 27th 2024. The community is set to promote, mentor, and invest in early-stage companies at the forefront of Space and Defence technologies, while simultaneously raising awareness of the entrepreneurial innovation and investment opportunities within these sectors. In recent years, private sector investment and activity in traditionally public domains such as Space and Defence have surged. EBAN’s Space and Defence Community seeks to lead these developments by acting as a bridge between public and private entities, addressing procurement, acceleration, and investment challenges. This pan-European initiative also aims to enhance cross-border collaboration by partnering with European institutions such as the European Commission, the EIB and EIF, the European Space Agency (ESA), the European Union Space Program Agency (EUSPA), NATO, national innovation centres, as well as their international counterparts and United Nation bodies such as UNOOSA and the ITU. Strategic Investment FocusThe EBAN Space and Defence Community will prioritise investments in cutting-edge technologies, including: Satellite technology Cybersecurity Autonomous systems Communication systems Robotics Artificial Intelligence (AI) and Quantum solutions New materials and dual-use technologies Key Activities of the CommunityThe EBAN Space and Defence Community will undertake a range of activities to support startups and investors, including: Mentoring and Investment: Identifying, supporting and investing in promising early-stage companies with high return-on-investment potential. Knowledge Sharing: Hosting pitch sessions, webinars, and conferences to educate investors and expand the pool of angel investors in these sectors. Navigating Procurement: Providing toolkits to help entrepreneurs access funding and contracts from governments and aerospace and defence giants. Innovation Days: Organising events tailored to corporate requirements, matching large industry players with promising startups. Policy Engagement: Assisting public institutions in shaping early-stage financing and growth policies, while supporting innovation through product prototyping and scaling initiatives. International Collaboration: Facilitating cross-border dialogue and investment among stakeholders and serving as a model for national-level business angel networks (BANs). Membership in the EBAN Space and Defence Community is open to all EBAN members, and its Executive Committee includes experienced entrepreneurs and investors from across Europe and beyond, alongside representatives from public institutions. To join EBAN and the EBAN Space and Defence Community, please contact abel@eban.org.

Our new Vice President and Treasurer of EBAN, Nina Dremelj, shared lots of insights gathered from throughout her angel investing journey. Outside of EBAN, Nina is also the President of Business Angels of Slovenia and a Managing Partner at the Vesna deeptech Venture Fund. Nina’s robust expertise in angel investing did not come from sheer luck. Having invested in startups from all around the globe, Nina has honed her ability to identify patterns that highlight potential success. In this podcast, NIna shares with us her outlooks on the current state of deeptech in Europe, and its enormous potential as a sector that is largely favored by the markets. She also shares personal examples of investing successes and failures, while urging the audience to listen to their gut feeling when in doubt.

It is with great sadness to learn that Peter Cowley, one of EBAN’s most honourable and cherished members, will no longer be with us. Before joining our network, he was chair of the board of the increasingly influential Cambridge Angels in the UK. As the President of EBAN from 2018 to 2020, Peter played an important role in guiding the network through a period of growth, helping it expand and thrive. Under his leadership, we celebrated the 20th anniversary of EBAN’s creation. Peter’s contributions to the angel investing community are immeasurable. With 76 investments made throughout his career, it comes to no surprise that he was awarded UK Business Angel of the Year 2014/15 and Most Successful Exit of the Year 2021 by EBAN in Cork, Ireland. These achievements showcase the exemplary work Peter has done, making him an inspiration for our community as one of the most prolific Angel Investors in Europe. Throughout his numerous successes, as well as his failures, Peter embodied the resilience and determination required to succeed in this industry. His influence on our network has been profound. Peter was instrumental in helping EBAN grow and evolve into the strong, dynamic community it is today. The countless events he organised for investors and entrepreneurs have played a decisive role in advancing our mission of creating opportunities, sharing knowledge, and supporting innovation. Through these workshops and discussions, he touched the lives of many, fostering a culture of learning and mutual support that will continue to benefit us all. As a mentor, Peter was unmatched in his willingness to share his vast knowledge and experience. He used his position to help shape the future of the angel investing ecosystem, offering invaluable guidance to aspiring investors and entrepreneurs. His legacy is a living testament to the power of mentorship, collaboration, and education. Through the countless workshops and panels he led, Peter made a lasting impact, empowering people all over the world. His work continues to inspire, educate, and connect individuals from diverse backgrounds, all eager to learn from his experience. For those who want to access some of his valuable teachings, we have created a curated playlist which you can access directly here. Peter’s life was defined by frankness, modesty, courage, and determination that very few people possessed. Even as he faced immense personal challenges, he remained steadfast in his dedication to uplifting others. His ability to turn post-traumatic stress into post-traumatic success is something we can all learn from. Those who knew him were struck by his strength and honesty, as well as his remarkable ability to continue to share his knowledge while facing such hardship. Receiving the Lifetime Achievement Award at the EAIS 2024 was timely and fitting as well as a moment of pride for him, reflecting not just his achievements but the character and determination that defined his life. Words cannot fully express how grateful we are to have had Peter as part of our community. His leadership, wisdom, and generosity will be missed, but his legacy will live on through the ongoing work he inspired and the many individuals he mentored. His autobiography, Public Success, Private Grief, offers a window into his personal journey, a must-read for anyone wishing to understand his path and the challenges he overcame. For a more recent glimpse into his thoughts and reflections, we encourage you to watch his last interview here. Additionally, his book The Invested Investor provides profound insights into the world of entrepreneurship and investing, and is highly recommended for investors at all stages of their careers. For those that want to continue supporting what Peter believed in you can donate to PAPYRUS, an organisation dedicated to the prevention of young suicide. We extend our deepest condolences to Peter’s family during this difficult time. Our thoughts are with them as we mourn his passing and celebrate his extraordinary life. Though you are no longer with us, EBAN will never forget the impact you have had as a Leader, as Angel Investor, and as a Mentor for the network. Peter’s Website: www.petercowley.org Books by Peter Cowley: Public Success, Private Grief The Invested Investor Founder to founder Peter Cowley Playlist: Teachings and experiences Peter’s Most Recent Interview: #21 Peter Cowley – Succesfuld UK-profil præget af personlige kampe og tragedier EBAN Published Articles: My experience with university spinouts

EAIS24 set the stage once again for exemplary innovation and insights in angel investing. In this article we will be taking a look at a key forum, whose subject is close to many of us. “Past – Present and Future of Angel Investing” was one of the forums that took place during the summit, where collective learnings and reflections on our angel investing journey were brought forward. The forum began with the discussion on ways we can be making angel investing more mainstream. Speakers featured: Karin Künnapas of EstBAN and Juan Roure of IESE BAN with moderator Jacopo Losso. Karin and Juan first took a moment to give a brief introduction along with their current state of their BANs, proceeding to then engage amongst themselves and the audience in a structured debate. The speakers brought forward personal experiences and learnings gathered from years of angel investing with agreed outcomes such as the need for: Increased education about angel investing, more supportive structures that allow novel angel investors to enter the scene, and finding ways to incentivize trust towards angel investors were brought forward. The following panel retained the structured debate format and focused on the topic on the role the governments play in helping nurture angel investing ecosystems. Panellists Dusan Todorovic of Austria Wirtschaftsservice, Rita Anson of NorBAN, Tiina Laisi-Puheloinen of FiBAN, Claudio Rojas of NACO Canada and moderator Ricardo Luz of CIVITTA and Vice President of EBAN, exchanged their outlooks and view points on the topic of angel networks being crucial not just for funding but for mentorship, expertise, and social capital. Emphasis was put on the fact that such benefits are something that public funding cannot replicate, a crucial factor that governments often misunderstand. Related to the previous point, a central theme of discussion was the misunderstanding among some governments that angel investors are self-serving. The panelists explained that angel investing is about supporting entrepreneurs by taking on high-risk investments where VCs and institutional investors are often reluctant to engage, stating that returns for angel investors are not just financial, but additionally largely value the satisfaction of helping startups succeed. The panelists urged governments to recognize the long-term value of supporting angel investors and to focus less on short-term returns, allowing for broader societal benefits. Shortly after this session, we had the first four of our of ten pitching startups for the day, namely: Your Easy AI, GenowAI, Aurel&Axel and Mentessa, who shared their visions and goals to an engaged audience. The last session focused on “Syndicating and Doing Deals with the Community”. Speakers: Dr Rui Falcao of CORE Angels, Marius Istrate of TechAngels, Ivar Siimar of Trind VC and moderator Charles Sidman of ECS Capital Partners, LLC, highlighted the importance of creating and maintaining strong community ties along with engagement for the long term success of deals. Panellists agreed that strong interest and belief towards invested startups is crucial to help with eventual exits. The session highlighted different ways investors could co-invest with local angel networks and communities, working towards shared due diligence, increased risk mitigation, and pooling of resources and expertise. Further discussion ensued regarding best practices for the formation of syndicates and cross-border collaboration, with a notable remark from Marius Istrate, that this cannot always be a top priority for all networks, as sometimes, due to reduced interest in investing in certain countries, a necessary shift and focus towards inner networks might be required prior to cross boarder collaboration. The session underscored the role of syndication in fostering a collaborative European startup ecosystem and provided the consensus that it is overall beneficial. Closing the day off, we had the chance to hear the pitches of the six remaining startups: Magnotherm, HCPSense, MixnMatch, FinQBit, EatBeat, Sidekick. Congratulations once again to Mentessa for the winning pitch. Our day ended with a taste of innovation, reminding us of what angel investing seeks to retain and support. The “Past-Present and Future of Angel Investing” forum serves as a guide for everyone in the angel investing landscape on how to continue spreading the word, create learnings from past failures and cherish current successes while maintaining future outlooks.

EAIS24 showcased a series of impactful forums and panels, with the DefenceTech Investor Forum serving as a central platform for various defence-focused discussions. The first session,“How the EU supports DefenceTech startups and investors”, featured speakers Kristīne Rudzīte-Stejskala, Policy Officer at DG DEFIS and Federica Valente, Research Technology and Innovation Coordinator at European Defence Agency. After the opening words provided by DG DEFIS, the discussion began with speakers highlighting the new and ongoing support structures in place for DefenceTech innovation, focusing on initiatives such as the European Defence Fund consisting of €8 billion and the Defence Equity Facility, launched recently in 2024 and already consisting of €175 million. Thanks to these initiatives, defence sector startups and SMEs are well positioned to benefit from critical financial support during their early and frequently risky lifecycle stages. Speakers made it clear that DefenceTech startups and SMEs offer strategic value and market demand, acting as drivers of innovation that are directly beneficial to the public down the line, positioning the sector as a best practice example for technological competitiveness and security. Following this, the “Opportunities and Challenges of Investing in Defence and Dual-Use Technologies” panel featured Erik Markus Kannike of SensusQ, Emmanuel Ankri of Defence Angels, Dominykas Milasius of Baltic Sandbox and Moderator of the session, Jack Wang of Project A Ventures. The discussion focused on Europe’s evolving investment landscape for defense and dual-use technologies, with panellists attributing the sector’s growth to shifts in geopolitical priorities and increasing investor interest. The panel also addressed the challenges of funding in DefenceTech, emphasising collective funding mechanisms to offset the high costs and risks inherent in the sector. The panellists noted that extended development cycles and regulatory challenges could be mitigated through well-structured funding strategies. Laura Doumbouya’s from European Investment Fund – EIF presented on “How the EIF Supports DefenceTech Startups and Investors,” providing a comprehensive overview of the EIF’s supportive methodologies. The presentation highlighted key initiatives, including equity investments, capacity-building programs, structured education, and tailored funding programs, to reinforce the audience’s understanding of the EIF’s approach to supporting the DefenceTech ecosystem. Next, the panel “Partnering with governments and industries to scale-up in the defence market” included speakers Sebastian Straube of SUNFISH VC, Alexander Ribbik of KEEN Ventures GP, Kadi Silde of Starburst, Marco Lotz of Quantum Systems and moderator Michael O’Connor, International Judge and Umpire. Speakers outlined the importance and role that partnerships play during the scale-up process in defence markets, identifying the process of working with governments and partners as crucial, and recognizing that it plays a significant role in operational scale-ups, opening roads for increased production capabilities, rapid advancement of defence technologies and stable long-term funding. Emphasis was further placed on the benefit of combined investment approaches in addition to existing support structures, and how governments help bridge the gap acting as accelerators for establishment. Concluding the forum, we had a startup pitching session with: ORBOTIX, PowerUP, SOTIRIA AI, ONX2, Hiraiwa, TE-OX SAS and PLENO who all shared their innovative projects and respective company visions. Congratulations once again to ORBOTIX for being selected as the winning pitch. The day finally ended with closing notes and the exciting announcement of the launch of the new EBAN Defence Community. Forums such as these serve as a great reminder of the need to foster an innovative, secure, and ethically sound ecosystem in Europe’s DefenceTech sector.

EAIS24 was privileged to feature the “Women in Deep Tech and Investment” panel powered by Women TechEU. Prominent speakers such as: Brigitte Baumann, Founder of Efino, Clare McGee, Founder of Awaken Hub & Awaken Angels and partner at Women TechEU, Svenja Lassen, Country Managing Director at Gateway Ventures and moderator Christine Bjärkby, Founder and Board Member at SweBAN, provided actionable insights and solutions for creating a more diversified presence of women in deeptech and angel investing. Significant points were brought forward during the session, a core one being the large disparity in venture funding allocated to women entrepreneurs, with women-led startups receiving only 3% of total venture capital. This underinvestment is compounded by the scarcity of women in leadership roles within deep tech, a field that already faces challenges due to its high-risk and heavily innovation based infrastructure. Panellists also discussed how inherent biases paired with a tendency for women to avoid high risk ventures, often play an additional role in limiting access to women in both funding and career growth opportunities within the sector. The conversation continued to explore how women founders’ approach to investment decisions sometimes differs from traditional methods, putting sustainability and social impact first before short term gains. This approach would theoretically align investment portfolios with long term societal benefits and promote long term stability. Brigitte Baumann noted that this mindset would also present as a vital opportunity to bolster support for women founded businesses and position women as key contributors to sustainable innovation. Women TechEU tackles this issue head on by offering grant funding and mentorship specifically for women-led tech ventures. Clare McGee happily shared that the response towards the program has been very positive, with over 800 applications submitted in its initial two rounds alone. The initiative provides 75k of grant free funding plus a 6 month acceleration programme to 160 women led deep tech startups. You can learn more about it here: https://womentecheurope.eu/about/ Beyond financing, the panel emphasized on the importance of education, visibility, and networking in fostering gender diversity. Targeted programs that equip women with entrepreneurial and investment skills as well as exposure to angel networks are crucial. Furthermore, the availability of role models and mentors within the sector is critical as successful examples encourage more women to envision and pursue careers in the field. The panel concluded by affirming that for deep tech to thrive as a sustainable and impactful industry it needs to be mindful of the current gender gap issue and open its doors for diverse perspectives along with new inclusive support structures. This will allow the industry to move closer towards a balanced and dynamic future.

During EAIS24, we had the pleasure of presenting the panel on biotech investment trends, powered by Bionanopolys. Presented speakers were: Märt-Erik Martens, Founder of Gelatex; Stef Denayer, Stakeholder Relations Manager at Bio Base Europe Pilot Plant; Nicolas Rouhana, EBAN Board Member and CEO of IM Funding Capital and acting as panel moderator, Viktorija Trimbel – Managing Director​ of Coinvest. This panel’s discussion focused on the challenges faced by start-ups in this field and provided key insights into possible solutions and trends that might shape the industry. One core theme that stood out was: the “valley of death” in biotech, where funding generally falls short in the transitional period between scaling a pilot project up to full industrial production. This gap results in many promising biotech startups being unable to find the necessary capital for large-scale growth. Shared pilot facilities and risk-sharing mechanisms were put forward as ways to meet that challenge. Stef Denayer highlighted how there are a huge number of very well-resourced facilities of this sort in Europe already and instead of building more we need to encourage startups and innovators to use the resources available. The expert panel also discussed new finance models, like blended finance, which mix grants and venture capital with angel investments to spread risk and encourage investments. Despite the financial and logistical challenges, biotech is resilient and forward-looking. The panellists noted that health and life sciences innovations joined by growing interest in bio-based technologies, are a very attractive investment option with substantial long-term returns. To investors for whom impactful, long-term ventures are the focus, considerable value will be found in this sector since it can solve global health and sustainability needs. The panel also discussed the impact of geographical disparities within Europe. While Western Europe is able to maintain steady growth thanks to its developed biotech infrastructure, Eastern Europe, despite having plenty of biomass, remains under-resourced. This limits regional scaling opportunities in biotech and underlines the need for more collaboration across borders to help support startup development across the region. In conclusion, the session underlined that both public support and private investment is needed in scaling up biotech companies. In addition, incentives are needed to avoid developing similar resources for every region independently, but instead to make use of those already available across Europe. For Europe’s biotech industry to fully utilize the strengths it has at this moment in time and create a pathway to impactful growth, it has to overcome the challenges faced in investment, infrastructure, and regulation.

The recent egg – enter grow go “Soft Landing – Expanding Beyond Borders” workshop that took place during EAIS24, provided a deep dive on the current transformation, growth and potential of the Greek startup ecosystem. Presented by Roula Bachtalia, Aris Stampopoulos, Fragkiska Tsioutsiou and Thomas Deliopoulos, the team shared crucial insights with a key point being clear: Greece is no longer just a great location for tourism. It is about to become a key player in the Southeast European innovation hub. A major announcement during the workshop was the launch of the International Entrepreneurship Mini Acceleration Program, a two-month initiative by egg – enter grow go, Eurobank’s business accelerator, in collaboration with EBAN. This program is designed to empower early- stage startups across various sectors, including Life Sciences, Fintech, Agritech, EdTech, and AI, among others. Participants will have access to a vibrant community of mentors, tailored workshops, and networking opportunities, culminating in a one- day pitching event to investors and industry leaders. Applications are now open, and interested startups can submit their pitch deck and team’s introductory template by emailing them to info@theegg.gr. This program was also featured during the EBAN Congress 2024, where it garnered significant attention from participants. As an excellent pathway for startups looking to gain market entry and grow their business, the program offers a unique opportunity for startups to engage with the Greek and European startup ecosystems. General program information is available here and a fillable form here. The workshop showcased impressive metrics reflecting the growth of the Greek startup ecosystem. With a current valuation of approximately €8 billion today, 830 promising startups, more than 7,000 professionals, 5 unicorns, and 5 emerging “soonicorns”, Greece’s startup and innovation landscape is showing extraordinary potential for the future. A major focus of the workshop was highlighting the unique position that Greece has managed to create for itself, acting as a gateway for Southeast European markets. The speakers underlined that the strategic location, together with a strong presence of multinational R&Ds and deep tech talent, serves as an ideal setting for startups looking to scale regionally. This positioning gets even stronger when considering the existence of robust diaspora networks, active participation in international events and cross-border partnerships. Further prominent points included the mention of Equifund II, a €200 million portfolio fund aimed at Life sciences & Healthcare and Sustainability & Social Impact. The aforementioned scheme is part of the larger funding landscape in Greece today, which sees 29 active venture capital funds managing €2.1 billion of investments, serving as evidence for the dedication that Greece shows when approaching the subject of innovation whilst simultaneously providing prominent attention towards startups regardless of their current lifecycle stage. Success stories shared during the workshop included the notable mentions of: • EX MACHINA, focusing on IoT analysis of weather-related data• AUGMENTA, precision farming• 2BULLMEDITHERAPY, with diagnostic solutions for aortic aneurysms• TRIPAROUND, changing tourism operations with innovative technology These firms set the bar for continuous inspiration for the Greek startup ecosystem’s potential. Concluding and looking forward, thanks to inspirational initiatives like that of egg, and the support of high growth sectors, Greece stands fully prepared and ready to push further, solidifying its position as an exciting opportunity for angel investors and startups alike.

We are thrilled to announce the newly elected EBAN Board at EAIS24. Jesper Jarlbæk has been elected as President and expressed his excitement by saying, “It is a great honour to have been elected by my peers to serve as President of EBAN. I am inheriting an organization that is the strongest it has ever been. I see EBAN playing a key role in facing the challenges to the future of Europe, as outlined by Mr. Draghi in his report. We must work to translate the fountain of European innovation into the strong, competitive workplaces of the future. Business angels are key risk-takers pivotal to achieving this. We must work with the EU to create a true single market for early-stage entrepreneurs and their investors.” The Board has elected 2 vice presidents, Nina Dremelj and Ricardo Luz: It has appointed Nina Dremelj as Vice President – Treasurer. She shared her commitment to the new role, stating, “Business angels play a crucial role in the investment lifecycle. I am honored to serve as the Vice President-Treasurer on the newly elected Board of EBAN. In this capacity, I will dedicate my efforts to expanding our network and enhancing the value of EBAN within the European ecosystem.” Additionally, Ricardo Luz joins as Vice President – Advocacy, expressing,“It will be an honour to serve EBAN on the newly elected Board as Vice-President. Working closely with the entire EBAN Board and Executive Team, I will focus my energy on EBAN’s Strategic Partnership with the EU, NPB/NPIs, corporates and early-stage investors. And, I´ll continue to co-lead the EXITs Taskforce, helping EBAN to support its members: from deal flow generation, through investment, to exit.” Let’s meet the members of our new board: Board of Directors 2024 JARLBÆK Jesper PresidentDanish Business Angels, DENMARK Jesper Jarlbæk is an angel investor and board member of a number of growth businesses. Jesper is currently Vice-Chairman of DVCA (Danish Venture Capital Association) and Chairman of DanBAN, Danish Business Angels, Denmark’s largest and most successful Business Angel Network. In 2009, Jesper was awarded the “Business Angel of the Year” title by DVCA. Jesper Jarlbæk is currently a member of the Board of Directors of Bang & Olufsen A/S, an NASDAQ OMX listed company and Chair of Happy Helper listed on NASDAQ First North. Jesper is the Chair of CataCap, a Danish PE fund. Until 2002, Jesper Jarlbæk was employed at Arthur Andersen, ultimately holding dual positions as Managing Partner, Denmark and Nordic Managing Partner – Assurance and Business Advisory. From 2002 to 2006, Jesper was Managing Partner of Advisory Services at Deloitte. Jesper lectures and mentors at CBS, Copenhagen Business School and is a member of the Danish Committee for Good Corporate Governance. PresidentDanish Business Angels, DENMARK Jesper Jarlbæk is an angel investor and board member of a number of growth businesses. Jesper is currently Vice-Chairman of DVCA (Danish Venture Capital Association) and Chairman of DanBAN, Danish Business Angels, Denmark’s largest and most successful Business Angel Network. In 2009, Jesper was awarded the “Business Angel of the Year” title by DVCA. Jesper Jarlbæk is currently a member of the Board of Directors of Bang & Olufsen A/S, an NASDAQ OMX listed company and Chair of Happy Helper listed on NASDAQ First North. Jesper is the Chair of CataCap, a Danish PE fund. Until 2002, Jesper Jarlbæk was employed at Arthur Andersen, ultimately holding dual positions as Managing Partner, Denmark and Nordic Managing Partner – Assurance and Business Advisory. From 2002 to 2006, Jesper was Managing Partner of Advisory Services at Deloitte. Jesper lectures and mentors at CBS, Copenhagen Business School and is a member of the Danish Committee for Good Corporate Governance. DREMELJ Nina Vice President and TreasurerBusiness Angels of Slovenia, SLOVENIA Nina Dremelj is the president of Business Angels of Slovenia. Her greatest passion is to help entrepreneurs turn their ideas into real, successful businesses. In last 5 years she invested in more than 17 companies with average investment multiple 7,71x. She also puts her energy and focus towards Alita Capital, Investment company, investing smaller tickets but a lot of time and knowledge into extremely early stages or founding teams with a lasting will to bring innovative projects to life. In the past, she co-owned and successfully managed the Swiss seed fund AlpVent AG. In 2021, under the auspices of business angels, she helped set up the first daFUND venture capital fund, supported by business angels and also invested in it. Vice President and TreasurerBusiness Angels of Slovenia, SLOVENIA Nina Dremelj is the president of Business Angels of Slovenia. Her greatest passion is to help entrepreneurs turn their ideas into real, successful businesses. In last 5 years she invested in more than 17 companies with average investment multiple 7,71x. She also puts her energy and focus towards Alita Capital, Investment company, investing smaller tickets but a lot of time and knowledge into extremely early stages or founding teams with a lasting will to bring innovative projects to life. In the past, she co-owned and successfully managed the Swiss seed fund AlpVent AG. In 2021, under the auspices of business angels, she helped set up the first daFUND venture capital fund, supported by business angels and also invested in it. LUZ Ricardo Vice-President – AdvocacyInvicta Angels, PORTUGAL Partner of Civitta Portugal; Co-Founder of Matching Ventures, Absolute H. and Fluidinova. Founder & President of Invicta Angels – Associação de Investidores early-stage do Norte de Portugal. Founder & VP of FNABA, the Portuguese Federation of Business Angels Associations, 2007-15. Executive Board Member of Instituição Financeira de Desenvolvimento (now BPF), 2015-17. Former Board member of several SME´s and private associations, and Consultant of Strategy, Business and Competitiveness. Former Professor of Higher Education of Courses of Management, Sales and Finance. Undergraduate Degree in Economics and Master degree in Design for Sustainability. Postgraduate Degrees in Political Journalism and National Defense Auditor. Vice-President – AdvocacyInvicta Angels, PORTUGAL Partner of Civitta Portugal; Co-Founder of Matching Ventures, Absolute H. and Fluidinova. Founder & President of Invicta Angels – Associação de

Celebrating 25 Years of Innovation and Collaboration at EAIS24 EBAN proudly celebrated its 25th anniversary at this year’s European Angel Investment Summit (EAIS24). The two-day event brought together angel investors, startups, and industry experts for a dynamic programme of workshops, keynote sessions, and networking opportunities, including the prestigious 25th anniversary gala dinner to honour the past, present, and future of angel investing. Key Highlights from EAIS24 The Evolution of Angel Investing At EAIS24, we reflected on our journey through the history of angel investing—what has succeeded, what hasn’t, and what will continue to thrive. We were honoured by the presence of Erkki Liikanen, former EU Commissioner in 1999 and current chairman of IFRS Foundation, together with EBAN Co-founders Rudy Aernoudt and Peter Jungen, 3 figures that were integral in the creation of EBAN and in the advancement of angel investing in Europe. Looking to the future, keynote Kerstin Jorna, director of DG GROW, highlighted the need to help startups enter the market while ensuring growth potential. Our forum sessions explored making angel investing more mainstream by expanding educational programs and creating syndicates, especially for women. We discussed the role of government in fostering public-private co-investments, sharing best practices from Austria, Norway, Finland, and NACO. Additionally, we examined syndication models and the potential for streamlining regulations across Europe to enable faster, more cost-effective cross-border deals. Focus on DefenceTech Nynke Tigchelaar, keynote and head of The European Defense Fund (EDF) highlighted the current effort to remove investing barriers and a strong focus on SMEs and DefenceTech startups. The aim is to raise awareness, and create a solid, European based foundation for DefenceTech related innovation incentives, avoiding the need of creating external dependencies. To resolve this, the European defence Innovation team initiative is underway with its main focus on supporting the development of DefenceTech, along with a business accelerating and investor / startup matchmaking programme. Additionally, a dedicated DefenceTech forum was held, featuring sessions on how the EU supports DefenceTech startups and investors, the opportunities and challenges of investing in defence and dual-use technologies, how the EIF supports DefenceTech startups and investors, and DefenceTech startup pitches. Focus on DeepTech On the topic of Deeptech, Anne Glover, CEO of Amadeus Capital Partners and keynote speaker, defines deeptech as “Unique, differentiated and defensible solutions to hard problems in large markets”. Having a broad range for investing opportunities, Glover believes that maintaining investment optimism is critical when assessing DeepTech startup potential and to always keep the bottom line of scalability in mind. DeepTech tackles global challenges such as healthcare, urban environment, industrial demand and food / farm, making it a prominent and diversified domain for innovative startups. The world requires deeptech solutions with clever business models to help reduce adoption barriers. We also organised a DeepTech forum that featured sessions on BioTech investment trends and a BioTech pitching showcase (both powered by Bionanopolys), discussions on advancing diversity in DeepTech, a Women in Tech pitching showcase (powered by Women TechEU), as well as insights into AI trends in the DeepTech sector and HealthTech investing. EBAN Publications EBAN has released its latest policy paper, outlining pressing challenges faced by the EU’s startup landscape and offers 7 key recommendations for EU and national policymakers to help foster a more sustainable and supportive startup and angel investor ecosystem, its Statistics Compendium 2023, which offers a snapshot of the current landscape in angel investing across Europe and finally, its 25 year booklet, taking the reader through a journey of angel investing history, from humble beginnings up to what EBAN is today. As we close EAIS24, we are both proud and inspired by the energy and innovation displayed by our community. Special congratulations to all of our award winners who continue to push the boundaries of angel investing and startup ecosystems across Europe. Startup Competition Winners We are dedicated to promoting innovation and empowering entrepreneurs who drive change. In this spirit, we are thrilled to congratulate the winners of our startup competition. Your groundbreaking ideas and commitment to progress inspire us all. 🥇Orbotix🥇Ningaloo🥇Mentessa We hope to hear your success stories soon and of course to have you pitch at EBAN events again in the future! Award Winners Announced At the anniversary Gala Dinner, EBAN recognized outstanding contributions with the following awards: Ecosystem Gamechanger Awards 🏆 Riku Asikainen, Ivar Siimar, Marcel Dridje, Albert Colomer i Espinet, Selma Prodanovic EBAN Valued Partner Award 🤝 InvestEU, DG GROW, EEN, EUIPO – European Union Intellectual Property Office, ABAN, NACO Canada, and Angel Capital Association Lifetime Achievement Award 🏅 Peter Cowley, Harry ‘Tomi Davies, Candace Johnson, Paulo Andrez, Prof. Rudy Aernoudt, Brigitte Baumann Gervais, Erkki Liikanen, Peter Jungen Announcing the New EBAN Board We are also excited to introduce the new EBAN Board to serve until October 2026: Jesper Jarlbæk, DanBAN (President) Ricardo Luz, Invicta Angels (Vice-President) Nina Dremelj, Business Angels of Slovenia (Vice-President & Treasurer) Panos Ketikidis, HEBAN Selma Prodanovic, Invest Austria Marcel Dridje, SBA Rita Sakus, LitBAN Reima Linnanvirta, FiBAN Christine Bjarkby, SweBAN Rita Anson, NorBAN Albert Colomer, BANC Marta Huidobro, AEBAN Petr Sima, DEPO Ventures Nicolas Rouhana, IM Capital Audra Shallal, Corenvest Ian Sosso, Monte Carlo Capital Michael O’Connor, HBAN Caroline Sai, Angels Santé George Simongulashvili, Axel Georgian Business Angel Network We also announced Janne Jormalainen as President Emeritus of EBAN, in recognition of his strong leadership and contributions during his term as President from 2020 to 2024. He joins the distinguished ranks of past EBAN presidents, including Peter Cowley (2018-2020), Candace Johnson (2014-2018), Paulo Andrez (2012-2014), Brigitte Baumann (2009-2012), Anthony Clarke (2004-2009), and Peter Jungen (2001-2004). We also extend our sincere thanks to Selma Prodanovic, who served as Vice President during the same period, for her dedicated service. We are deeply grateful for both Janne’s and Selma’s commitment to advancing EBAN’s mission over the past four years Huge Thanks EBAN extends its appreciation to everyone who participated, our partners, speakers, and the incredible team and volunteers who made EAIS24 a remarkable success. Firstly, we wish to show our gratitude to our partners

25 Years of EBAN Since its establishment in 1999, it has been our privilege and honour to drive the growth of the early-stage investment and entrepreneurial ecosystem across Europe and beyond. Over the past 25 years, through numerous programmes, initiatives, and events, EBAN has facilitated the creation of a more integrated innovation value chain, enabling smart capital, corporations, governments, and innovators to collaborate more effectively and synergistically. Through its Network, Events, Communities, EBAN Academy, Research and Advocacy work, the association has positioned itself as a leader in connecting angel ecosystems across borders, setting standards and best practices in the market, fostering knowledge-sharing among diverse stakeholders and representing the interests of the asset class. Now heading into its 26th year, We want to celebrate this important milestone and many of the achievements made to date through this publication. Download the EBAN 25 Years History Book here

Building a Vibrant Business Angel Ecosystem in Europe Recommendations for EU and National Policy Makers This Policy Recommendation Paper addresses key issues facing the EU’s startup ecosystem, particularly the lack of funding and regulatory barriers that push many startups to relocate during the scale-up phase. Despite Europe’s innovation potential, early-stage investments are limited. The paper calls for streamlined regulations, cross-border funding incentives, and stronger government support to boost business angel investments and improve liquidity for startups. Aligned with Mario Draghi’s competitiveness strategy, it offers actionable recommendations to ensure the EU remains a global leader in innovation and technology. We identify 7 key areas that need to be addressed by the EU: To see more and learn about the actions we recommend to fix these issues, download the full paper below! Fill the form below to subscribe and download the paper Email* When you submit the form, check your inbox to confirm your subscription Name* Surname* Organization* Privacy* I´m authorizing EBAN (The European Trade Association for Business Angels, Seed Funds and Early Stage Market Players, located in Brussels, 1040 BE) to save and use my personal data according to the General Data Protection Regulation (GDPR). This information is used by EBAN exclusively for sending newsletters and other email campaigns about the latest developments in the global entrepreneurial, innovation, and early-stage ecosystem. Subscribe and Download

EBAN presents the EBAN Annual Statistics Compendium for 2023, Europe’s most extensive annual research on the activity of business angels and business angel networks. The Compendium offers comprehensive insight into the overall early-stage market, shedding light on the operational dynamics of business angel networks and providing valuable insights into their investment attitudes. Drawing from a wealth of sources, including European business angel networks, Federations of BANs, and data from prominent platforms such as Dealroom.co, Crunchbase, PitchBook, and the European Commission, the report offers a nuanced perspective on the entrepreneurial landscape. This report covers 38 countries on the European continent, the figures presented in the report, while not representative of the entire European market, provide valuable insights into the trends and developments shaping the early-stage investment landscape. Fill the form below to subscribe and download the report Email* When you submit the form, check your inbox to confirm your subscription Name* Surname* Organization* Privacy* I´m authorizing EBAN (The European Trade Association for Business Angels, Seed Funds and Early Stage Market Players, located in Brussels, 1040 BE) to save and use my personal data according to the General Data Protection Regulation (GDPR). This information is used by EBAN exclusively for sending newsletters and other email campaigns about the latest developments in the global entrepreneurial, innovation, and early-stage ecosystem. Subscribe and Download

Helping Startups Scale and Deliver on Investor Promises For tech startups, growth is not just an option—it’s a necessity. Scaling up, particularly on an international level, can feel like an overwhelming challenge. Successfully navigating this journey requires careful planning, market understanding, and strategic execution to ensure startups not only break into new markets but also thrive in them. Finding the right approach equips startups with the tools and strategies needed to deliver on investor promises and achieve global success. Why Scaling is Never One-Size-Fits-All Going global is far from a standardised process. Each startup faces unique challenges, distinct market fits, and diverse growth opportunities, meaning the road to success looks different for everyone. Generic advice can often lead to expensive mistakes or missed opportunities when it doesn’t align with a startup’s specific needs. A tailored, individualised approach to international expansion is key—one that helps startups find the best markets and avoid costly errors along the way. Why Global Expansion in the First Place? Expanding internationally is often the key to long-term, sustainable growth. Local markets can become saturated quickly, and the most significant growth opportunities frequently exist beyond national borders. International expansion offers access to larger customer bases, new revenue streams, and the chance to make a mark on the global stage. However, with this opportunity comes a set of challenges. Navigating regulatory requirements, understanding cultural differences, and contending with local competition can all create significant barriers to entry. Without the right expertise, startups risk experiencing delays or even failure. Strategic guidance is critical to overcoming these obstacles and unlocking new avenues for growth. Smart Money: The Power of Business Angels in Global Scaling For business angels, their involvement goes far beyond just providing financial backing. Offering “smart money” means combining monetary investment with mentorship, valuable connections, and key industry insights. Angels who provide this type of support give their startups the tools to scale faster and more effectively, setting them on a path toward sustainable success.Business angels can enhance the growth trajectory of their portfolio companies by equipping them with the right resources and knowledge. This combination not only accelerates scaling but also mitigates risks, increasing the chances of achieving a successful exit. How Scale to Global Supports International Expansion While global expansion represents one of the most challenging hurdles for startups, it also offers the potential for transformative growth. A great product or initial local success is only the beginning—long-term success requires the ability to scale internationally. Companies like Scale to Global offer a tailored approach that ensures startups are fully prepared to meet these challenges, often working hand in hand with business angels and other investors. By providing strategic insights, market research, and access to critical networks, Scale to Global helps startups identify the right markets and avoid common pitfalls that could hinder their progress. This holistic support enables startups to build solid foundations for international growth, delivering on investor expectations and maximizing their chances for global success. Scale to Global is here to help startups go international, and to enure that they keep their promises made to investors. About the Author: Sara Bentsen has a rich background in diplomacy, transcultural communication, and international relations. Her extensive experience with tech startups and early stage investors has fueled her passion for building meaningful partnerships and driving sustainable growth. Having lived in multiple countries, Sara deeply understands the value of international collaboration and its pivotal role in helping startups succeed on a global scale.

In a recent interview, Anne Glover, Chief Executive at Amadeus Capital and keynote speaker at the upcoming European Angel Investment Summit (EAIS24), shared her insights on the challenges and opportunities for DeepTech startups in Europe. Glover, known for her extensive experience in venture capital and technology investment, offered valuable perspectives on leveraging the European market’s strengths to foster innovation and growth. European Advantages for DeepTech The interview highlighted several comparative advantages of the EU market for DeepTech startups including areas such as: Strong Research Base: Europe’s robust academic institutions and research facilities provide a solid foundation for innovation. Diverse Talent Pool: The continent’s multicultural workforce brings varied perspectives to problem-solving and innovation. Supportive Regulatory Environment: EU policies often aim to foster innovation while maintaining ethical standards, particularly in areas like AI and biotechnology. Building Towards Startup Success In her interview, Anne Glover emphasizes in the importance of addressing emerging market needs and urges startups to identify and develop solutions for future challenges as a crucial step for long-term viability stressing the need for a global perspective from inception. The rationale being that looking beyond local markets can significantly enhance a startup’s ability to scale effectively. Additionally, she highlighted the value of cross-sector collaboration, suggesting that partnerships across industries can be a powerful driver of innovation and new opportunities. The interview also delves into the critical role of angel investors in the DeepTech ecosystem. She advises investors to be on the lookout for specific qualities in startups. According to Glover, angel investors should prioritize startups that demonstrate a clear vision for addressing future market needs and focuses on the importance of identifying startups showing the potential for global impact. Lastly, she recommended that investors favor startups that exhibit a willingness to collaborate across sectors, recognizing the innovative potential of such partnerships. Looking Ahead As Europe continues to position itself as a hub for DeepTech innovation, the insights shared by industry leaders like Anne Glover become increasingly valuable. The upcoming EAIS24 summit will provide a platform for further discussions on these topics, offering attendees the opportunity to engage with thought leaders and explore the future of angel investing in the DeepTech sector. For those interested in delving deeper into these topics, the European Angel Investment Summit (EAIS24) will feature Anne Glover as a keynote speaker, along with other prominent figures in the investment and technology sectors. The event promises to offer valuable insights for investors, entrepreneurs, and anyone interested in the future of DeepTech in Europe and is still offering tickets for attending here.

Original article can be found at: https://sifted.eu/articles/startups-first-dedicated-commissioner-brussels-news. All credit goes to Sifted and Zosia Wanat. Bulgaria’s Ekaterina Zaharieva has been nominated to become the European Commission’s first-ever commissioner for startups, research and innovation Zosia Wanat 2 min read Bulgaria’s Ekaterina Zaharieva has been nominated to become the European Commission’s first-ever commissioner for startups, Commission president Ursula von der Leyen announced today, while also nominating Finland’s Henna Virkkunen and France’s Stéphane Séjourné for key roles in shaping the EU’s tech policies over the next five-years. “We must put research and innovation, science and technology at the centre of our economy. [Zaharieva] will make sure that we’ll invest more and focus our spending on strategic priorities and groundbreaking technologies,” von der Leyen said. Zaharieva previously served as deputy prime minister of Bulgaria between 2017 and 2021. Her portfolio will also cover research and innovation. New commissioner roles During a press conference on Tuesday, the commission president presented a new structure for her team of commissioners and proposed candidates from all EU member states to take over different portfolios. Virkkunen, formerly a member of the European Parliament where she also worked on digital policies, is expected to take over the role of the commission’s executive vice president for tech sovereignty, security and democracy, and to become the commissioner for digital and frontier technologies. Séjourné, former French minister of Europe and foreign affairs, is a last-minute replacement for Thierry Breton, the outgoing industry commissioner who was the mastermind of key EU tech policies over the past five years, including the AI Act and the Digital Markets and Services Acts — and who on Monday surprisingly resigned from running for the next commission’s mandate. Séjourné is expected to become the commission’s executive vice president on prosperity and industrial strategy, and to take over the portfolio for industry, small and medium enterprises and the internal market. Von der Leyen said that she’s based the distribution of the portfolios of her so-called college of commissioners around her political guidelines and core priorities for the next five years, such as improving the bloc’s competitiveness and strengthening its tech sovereignty through “bold industrial strategy” and “innovation and investment” at its heart. Additionally, Portugal’s Maria Luís Albuquerque has been nominated to become the commissioner of financial services — who will oversee investment policies and the completion of the capital markets union. All nominees will now have to participate in hearings at the European Parliament — then its members will have the power to approve or veto their appointments. The new commission is expected to start working in November. Zosia Wanat Zosia Wanat is a senior reporter at Sifted. She covers the CEE region and policy. Follow her on X and LinkedIn

SweBAN has officially launched their non profit organisation and is now accepting new members! This national network is aiming to stimulate the creation and growth of the Business Angel Networks in Sweden. Apply to SweBAN: Membership applications are now open for BANs or similar groups in Sweden. By applying to their website you can get a free “year 2024” membership to the network and become an affiliate member to the EBAN network! Apply to become a member Launch Event: The SweBAN launch event will be taking place on Sept 27th 2024 with visiting delegations from Finnish Business Angels Network (FiBAN) Estonian Business Angels Network (EstBAN) Lithuanian Business Angel Network LitBAN Latvian Business Angels Network Business Angels of Slovenia. Limited spots are still available so apply now as a member to bring your delegation for this occasion. SweBAN seeks to be a robust support to angel networks that can build the next generation of Swedish startups. They strive to be a knowledge engine to help accelerate creation and development of BANs across Sweden. Join them as they build the angel investing infrastructure in Sweden: together.

Dobbelgänger won the Pitch Finland DefSec competition held in Riihimäki on June 7th, which led to the formation of an angel investment syndicate. “We are, of course, pleased that the funding round was successful, though it was realized unexpectedly. This funding will ensure our operational continuity and give us the capacity to scale, market, and sell. Once sales work, everything else falls into place,” says Terho Kololuoma, CEO and founder of Dobbelgänger. Funding Round in collaboration with Angels and Innovestor’s Angel Co-Fund Dobbelgänger won FiBAN’s first-ever startup competition focused on the defense, dual-use and security sectors, held in Riihimäki on June 7th. The angel syndicate was led by FiBAN angel investor Pekka Samuelsson.“The company has a unique technology, a capable team, and strong prospects,” says Pekka Samuelsson, who led the angel syndicate. A total of 16 angel investors from the FiBAN network contributed €240,000 to Dobbelgänger.“The high number of investors shows that companies in the defense, security, and dual-use sectors are of interest to angel investors,” adds FiBAN CEO Tiina Laisi-Puheloinen. One of the Largest Rounds for the Angel Co-Fund The €30 million Angel Co-Fund makes investments together with angel syndicates in Finnish seed companies. A syndicate of at least three angel investors new to a target company can submit an investment proposal to the fund, which then makes its decision based on the submitted materials. “Once again, we’re thrilled to highlight the great partnership we have with FiBAN. Dobbelgänger’s funding round is one of the largest angel syndicates by far, and in terms of euros, it is one of the largest rounds in which the Angel Co-Fund has participated. We are very pleased with how the Angel Co-Fund is helping to increase the size of early-stage funding rounds,” says Hannu Jungman, Partner at Innovestor Venture Capital. Find out more about the Angel Co-fund and Innovestor. The DECOI startup competition is now open for startups FiBAN’s next defense sector event, DECOI, will take place on November 19th. The event is co-organized with FiBAN, Business Finland, Business Helsinki, Define Finland, Digital Defense Ecosystem, Finnish Venture Capital Association, Finnish Information Security Cluster, Tesi, VTT, The City of Riihimäki, Lifeline Ventures, and Summa Defence. Apply Now Got funding news to share with angel investors onboard? Suggest content to FiBAN’s COO Milja Mäkelä at milja@fiban.org.

Having recently been established this year, the aHaving recently been established this year, the angel investor association IceBAN (Iceland Business Angel Network) has held the first official angel investor presentation in Iceland on Wednesday, August 28. Founded in May 2024, with the help of founding partners such as the Innovation Fund, Nordic Ignite, Aranja, and the Center for Digital Innovation (EDIH Iceland). Already 25 angels have registered in the NGO. As many as 26 companies have applied to present themselves to angel investors, and six companies have been chosen to step up and present themselves to IceBAN’s members. Their core priciples of the company are to create a strong and professional network between angel investors while facilitating angel investments withen the startup ecostystem throughout the country. Jón I. Bergsteinsson, chairman of the board of IceBAN, says in an interview with Viðskiptablaðið that angel investor associations are very common abroad, but in Iceland there was a great lack of such activitiesvery common abroad, but in Iceland there was a great lack of such activities. “Much of it is related to the collapse, and funding from angel investors has not been able to reach the same platform in Iceland as seen elsewhere. Icelandic mutual funds have done very well in financing companies in recent years, but such investments usually come later in the financing process and have really only been in Iceland for the past decade or so.” The term angel investor or business angel is associated with individuals who are usually not directly related to the founders of companies, but are nevertheless willing to contribute sums of money to help companies take the first steps in development or growth. Jón adds that countries such as the United States, Denmark and other European countries have set up strong networks between investors and innovative companies. Investors in the United States have over the past 30 years created a good environment in all major cities with similar networks. In Denmark, amounts for angel investments can often range from 2 to 50 million Icelandic ISK. Considerable risk is involved in angel investments, but Jón says this level is often underestimated. “Not only does this help companies when it comes to capital, but it also creates an environment where entrepreneurs can seek advice, guidance and knowledge from investors and their networks.” All of this increases the chances that the companies will get off to a good start.”

On the morning of August 1, our marketing manager Elena Stefanatou had the pleasure to join this year’s Jyväskylä Business Rally Investor Day in Finland, organised in collaboration with EBAN, Cefmof, FiBAN, And Startup Factory Jyväskylä. As the event kicked off the session opened with welcoming words by the Mayor of Jyväskylä Timo Koivisto. After these opening words we were presented with our first keynote of the day from Haruka Arai, executive director of Central Finland Mobility Foundation (Cefmof). In his speech he discussed the goals of Cefmof to stop biodiversity loss, reduce the use of oil and minimise its social and environmental effects. Their multipathway approach to carbon neutrality is based on providing hydrogen solutions to the city of Jyväskylä. The idea is to scale these solutions to all of Finland and continue expanding throughout the world. As a show of their commitment to a carbon neutral society, Cefmof is offering ne nominated start-up the opportunity to join a 2-year incubation programme at the Yritystehdas, Startup Factory in Jyväskylä. With this year’s focus on sustainability and smart technology, the event brought together eight curated international startups to pitch in front of angel investors from across the EBAN network. As the pitching competition began, the jury consisting of Haruka Arai from Cefmof, Jean-Louis Brelet from SBA and EBAN, Audra Elena Shallal from SBA and EBAN, Elina Koivumäki from FiBAN, and Jussi Heinila from FiBAN would be introduced as they would be going over each of the startups and award two winners of the event. Meet the startups that took the pitching stage: Remoted, Tampere Finland Aizily., Mougins France Cityspotting®, Jyväskylä Finland Green Carbon, Jyväskylä Finland ONIT Sport, Jyväskylä Finland Soletair Power, Lappeenranta Finland Tespack Ltd, Espoo Finland xCura, Fukuoka Japan, Before the winners were announced however, we were introduced to two keynote speeches. Suvi Collin, Head of Legal & ESG from Finnish Venture Capital Association Venture Capital Investments in Finland went over the role of venture capital investment in Finland. She addressed the importance of CV funding stating that over 30% of Finland’s top 500 companies were built through it. She would touch upon its impact on the Finnish economy and how it can be used as a tool to invest in sustainable developments. She would end by going over the different methods to prompt sustainable development through investing in new green innovations, developing turnaround companies, and enhancing ESG goals of all your portfolio companies. In the second keynote, Matti Malkamäki, Founder and Chairman of the Board of Hycamite TCD Technologies Oy would go over their Company journey towards H2 investment. He described their own method of obtaining hydrogen revolving around a promising solution by using methane splitting to create low-carbon hydrogen solutions for energy consumption. With the day winding down to an end, it was finally time to reveal the winners of this year’s Business Rally Pitching competition. As co-organisers of the event we had the unique opportunity to award one of the winning startups tickets to the European Angel Investment Summit. Winner of the 2-year incubation programme at the Yritystehdas, Startup Factory: Remoted Winner of the European Angel Investing Summit Tickets: Tespack Ltd We would like to personally congratulated both of these startups and we can not wait to Tespack Ltd in Brussels on October 15 -16!

EBAN Space stands as a beacon in the world of space innovation, uniquely positioned as a gathering place for space entrepreneurs, angel investors, venture capitalists, and governmental and institutional organizations. By fostering these connections, EBAN Space has played a pivotal role in investing in and nurturing some of the most promising space entrepreneurs in the European Union. The EBAN Space community is a dynamic and diverse network that brings together a wide range of stakeholders in the space industry. This vibrant community includes space entrepreneurs, angel investors, venture capitalists, governmental and institutional organizations, and various other key players dedicated to advancing space technology and exploration. The collective efforts of these members foster a collaborative environment where innovation thrives and groundbreaking ideas come to fruition. Angel investors and venture capitalists play a crucial role by providing the necessary capital to fund early-stage companies. Their involvement often extends beyond financial support, as they offer valuable industry insights, strategic advice, and mentorship to help startups navigate the complex landscape of the space industry. Their belief in the potential of these startups, even when others are skeptical, has been instrumental in the success of many innovative ventures. The presence of governmental and institutional organizations within the EBAN Space community, such as the European Space Agency (ESA) and the European Union Agency for the Space Programme (EUSPA), adds a layer of credibility and support that is vital for the growth of space startups. These organizations provide access to extensive resources, technical expertise, and regulatory guidance, which are essential for startups aiming to scale their operations and achieve long-term success. At the heart of the EBAN Space community are the space entrepreneurs—visionaries who are developing cutting-edge technologies and solutions that push the boundaries of what is possible in space exploration and utilization. These entrepreneurs benefit immensely from the guidance, mentorship, and financial support provided by the angel investors and venture capitalists within the community. Championing Early-Stage Space Ventures Throughout the years, EBAN Space has demonstrated an unwavering commitment to investing in young space entrepreneurs, often before they caught the attention of major organizations like the European Space Agency (ESA) or other prominent angel and venture capital investors. This proactive approach has been instrumental in the success of numerous companies that are now making significant strides in the space industry. Among the companies that have benefited from EBAN Space‘s early investments and mentorship are: Interstellar Lab: Pioneering sustainable living solutions for Earth and space. The Exploration Company: Developing reusable and cost-effective spacecraft. D-Orbit: Innovating space logistics and transportation. Pangea Aerospace: Advancing rocket propulsion technologies. Space Nation: Providing space-related training and experiences. Preligens: Specializing in geospatial intelligence. Absolute Sensing: Offering advanced sensing solutions. Infinite Orbits: Creating orbital services and satellite technologies. Constellation Global: Building robust satellite communication networks. Wayren: Developing next-generation space technologies. Believing in Potential EBAN Space‘s investment philosophy is rooted in a deep belief in the potential of these companies. Often, these investments were made at a time when others were skeptical, but EBAN Space‘s vision and confidence in these entrepreneurs have been vindicated time and again as these companies have grown and thrived. Investment is only part of the equation. EBAN Space also places a strong emphasis on mentorship, providing guidance and support to entrepreneurs from the earliest stages of their development. This hands-on approach ensures that these companies not only receive the financial backing they need but also benefit from strategic advice and industry insights that are crucial for their long-term success. Connecting with ESA and EUSPA EBAN Space‘s efforts have also facilitated stronger connections between startups and major organizations like the European Space Agency (ESA) and the European Union Agency for the Space Programme (EUSPA). This partnership goes beyond mere introductions; it involves a strategic collaboration where angel investors work hand-in-hand with public institutions to provide comprehensive support to startups. Through EBAN Space, angel investors gain access to invaluable insights and resources from ESA and EUSPA, allowing them to make more informed investment decisions. These public institutions, in turn, benefit from the agility and innovation-driven mindset of private investors, creating a symbiotic relationship that accelerates the growth of the space ecosystem. By bridging the gap between early-stage companies and these established institutions, EBAN Space helps ensure that innovative ideas receive the attention and resources they need to flourish. This includes facilitating access to funding opportunities, providing technical expertise, and offering mentorship programs that are essential for the development of groundbreaking space technologies. Moreover, EBAN Space plays a crucial role in organizing joint events, workshops, and networking opportunities where startups can showcase their innovations to potential investors and institutional partners. These platforms enable entrepreneurs to gain visibility, attract investment, and form strategic alliances that are critical for their growth. Through these collaborative efforts, EBAN Space not only supports the immediate needs of startups but also contributes to building a robust and sustainable space industry in Europe. This integrated approach ensures that promising space ventures can transition smoothly from the idea stage to successful market entry, driving innovation and competitiveness in the European space sector. The EBAN Space community is more than just a network of investors and entrepreneurs; it is a thriving ecosystem that nurtures innovation and fosters collaboration. Through its comprehensive support system and strong partnerships with governmental and institutional organizations, the community has created a fertile ground for space startups to grow and succeed. As EBAN Space continues to expand and evolve, it remains at the forefront of driving innovation and shaping the future of the space industry in Europe and beyond.

EU-LAC Digital Accelerator launches the second Open Call for European, Latin American, and Caribbean Digital Business Partnerships EU-LAC Digital Accelerator’s Open Call supports Digital Business Partnerships, with a specific focus on Cleantech and Smart Production areas. EU-LAC Partnerships must include one corporate and one startup from the following regions: European Union, Latin America and the Caribbean. Selected candidates will receive the accelerator’s in-kind services, valued at up to €30,000, or €40,000 if a Caribbean partner is involved. EU-LAC Digital Accelerator continues supporting cross-regional partnerships between Europe, Latin America and the Caribbean to develop digital businesses. The accelerator launches the second Open Call for EU-LAC Partnerships focused on Clean Technologies, running in parallel with the first opportunity area in Smart Production. Selected candidates will receive in-kind acceleration services valued at up to €30,000, or €40,000 if a Caribbean partner is involved. These services that the program provides to the partnerships are detailed in a Catalogue and include a customised acceleration roadmap, design and implementation of a proof-of-concept, validation of its business model, and assessment of its investment and scaling readiness. In this second Open Call, EU-LAC Digital Accelerator will accelerate EU-LAC Partnerships involving a corporate facing a digital challenge, mainly focused on Cleantech and/or Smart Production area and a startup or innovative SME providing a digital solution from a different region. The accelerator’s experts will support these partnerships until they reach an investment-ready stage. Supporting corporates and startups to build Digital Business Partnerships EU-LAC Digital Accelerator’s Open Call is an opportunity for corporates and startups looking to expand internationally by developing business collaborations. To facilitate business connections and generate eligible EU-LAC Partnerships of corporates and startups – following an open innovation approach – the accelerator offers a Matching Platform accessible on its website. By now, this platform gathers a community of over 1,000 stakeholders, including corporates, startups, SMEs, business organisations, accelerators, and public bodies across Europe, Latin America, and the Caribbean. To participate in the second Open Call, corporates willing to transform their products, processes, and services can register on the platform and start sharing their digital challenges, preferably on Cleantech and Smart Production areas. In turn, startups and SMEs with digital innovations can create their profile and match their value proposition with the corporate challenge. Once these connections are established and meet the criteria, the generated EU-LAC Partnership can apply for the Open Call and, if selected, embark on an open innovation journey with EU-LAC Digital Accelerator. The accelerator also encourages EU-LAC Partnerships that are already collaborating to apply for the Open Call if they meet the eligibility criteria. Open call: How to apply? To qualify for the EU-LAC Partnership acceleration services, such a partnership must consist of at least one corporate and one innovative startup or SME, both from different eligible regions (European Union, Latin America and the Caribbean). To demonstrate their partnership, the partners must have signed a formal agreement. Interested EU-LAC Partnerships can submit their application form via the ‘Open Call’ website, where they will find the Guidelines for Applicants with all the necessary documentation. For more information, contact the EU-LAC Digital Accelerator team. About EU-LAC Digital Accelerator EU-LAC Digital Accelerator is funded by the European Union and the Global Gateway initiative under the EU-LAC Digital Alliance framework. With five years of duration, it focuses on fostering multi-stakeholder and private sector collaboration, competitiveness, digital skills and innovation by establishing a regional EU-LAC Digital Accelerator. TECNALIA leads the initiative and involves the participation of major international benchmarks in entrepreneurship and innovation from the EU-LAC regions, such as IESE Business School, WAYRA Hispam, European Business and Innovation Centre Network (EBN), European Business Angels Network (EBAN), Expertise France, OCTANTIS, Inter-American Development Bank BID-Lab, TECNALIA-Colombia and Caribbean Export Development Agency. Contact Paco Prieto Diez  paco.prieto@octantis.es Disclaimer Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the Neighbourhood, Development & International Cooperation Instrument (NDICI-Global Europe). Neither the European Union nor the granting authority can be held responsible for them  

The Connect2Scale project panel discussion at the EBAN Congress in Tallinn, held by our project manager Jacopo Piccagli, was an engaging session aimed at addressing the critical role of Business Angel Networks (BANs) in fostering international investments. The event featured notable angel investors including founding member of the LitBAN, Rita Sakus and current EBAN President Janne Jormalainen, who shared their experiences and perspectives on cross-border investments. The session began with a warm welcome and a brief introduction to the Connect2Scale (C2S) project’s mission, which focuses on closing the investment gap and creating a thriving environment for European startups through dynamic cross-border collaboration. The introductory remarks emphasised the urgency and importance of establishing investment lighthouses as hubs for international investors. The discussion then transitioned to the evolving landscape of international angel investments, highlighting the pivotal role that BANs play in fostering global investment ecosystems. The call to action was clear: BANs must think beyond their countries’ borders, providing centralised support, facilitating multi stakeholder collaboration, and adapting to industry changes to enhance informed decision-making. Success stories from FiBAN and EstBAN were shared, showcasing how these organisations support international investors and curate innovative startups and projects. Audience engagement was high during this interactive segment, reflecting a growing interest in cross-border investments. The panel discussion provided rich insights into the experiences and challenges of cross-border investments. Janne Jormalainen stressed the importance of the team behind startups, noting that successful investments often hinge on strong, capable teams. He highlighted the necessity of local networks and local lead investors in cross-border deals to ensure success and mitigate risks. The panellists shared that a significant portion of their investments are cross-border, driven by the increased comfort with online investments post-COVID-19. However, they emphasised the ongoing need for local lead investors to navigate the specific regulatory and operational landscapes of different regions. Following this, Rita Sakus added a crucial point about the perception of barriers in European investments. She argued that even the term “cross-border investment” suggests unnecessary divisions within Europe. Instead, Ms. Sakus proposed using terms like “pan-European investments” to reflect a more unified approach. This shift in terminology could help in envisioning Europe as a single, cohesive market, thereby encouraging more seamless and integrated investment strategies. Challenges such as understanding diverse regulatory environments and ensuring effective collaboration across borders were discussed. Panellists recommended enhancing international engagement through strategic partnerships and educational initiatives. Examples of successful collaborations were shared, illustrating the value of strong networks and the support provided by BANs. The discussion concluded with suggestions for investment lighthouses to facilitate these processes, such as providing contacts for regulatory information and establishing platforms for networking and knowledge sharing. The session concluded with a summary of key takeaways. Resources and contact information were distributed via QR codes, encouraging ongoing engagement and support for establishing investment lighthouses. In summary, the Connect2Scale project panel discussion highlighted the transformative potential of investment lighthouses in bridging investment gaps and fostering a dynamic, interconnected European startup ecosystem. The insights and recommendations shared during the session provide a roadmap for BANs to become hubs for international investors, driving forward the mission of Connect2Scale. If you are interested in taking part of the discussion then come join us as we celebrate the 25th anniversary of the EBAN network at the European Angel Investment Summit in Brussels, Belgium on October 15 – 16. Discover what the Summit has to offer and get your tickets here: https://europeanangelsummit.com/  

With the European Parliament elections taking place in the beginning of June the results have the potential to impact the world of startups, business angels and venture capital investors. This shift could pose greater challenges in finding common ground on key issues such as the green transition, cross border trade/ investments, and the freedom of movement between countries. Using the findings  from “5 things startups want out of the European elections” (Sifted), “EU Elections: What is at stake for startups?” (Allied For Startups), “From trade to climate, five takeaways from the EU election” (Reuters), and  “European Parliament Elections 2024: Explainer and Policy Takeaways” (Engage), we can get a better understanding of the overall scope of what is set to change over the years to come. Through this article we also want to express the early views of the EBAN board regarding what these results may mean for investors and founders. Furthermore, we will be presenting recommendations to the newly elected EU Parliament on what measures to adopt in order to continue expanding the European startup and investment ecosystem.  How could the new EU parliament affect the current policy and decision making within Europe? As shown in #Use Your Vote (europa), the current state of the European Parliament still sees a majority of pro EU parties, albeit a slimmer one than in previous years. The rise of right-wing parties in both the EU Parliament as well as in numerous European Member States is however expected to have an influence on the direction of both EU level and National level policies in many areas that could affect startups and their investors.  Though there are no drastic changes within the parliament’s majority, its new composition could alter the course for EU policy, creating new challenges for startups and investors alike. First and foremost, it is evident that topics like the green transition will take less priority in EU policy makers agendas compared to previous years. In EU Elections 2024: What do party manifestos say on key policy issues? (EPC) the compendium showcases the changes on key issues that are cited in the manifestos of all of the major parties. Though we see an overall upward trend in the mention of green policy it is overshadowed by the unanimous increase in concern for energy policy, defence and security, and agricultural development. These priorities are likely to create significant debates around new developments in the green transition to make way for these industries. The emphasis on different policies may even lead to the rollback of some environmental regulations to accommodate these new priorities.  On a country level, upcoming elections are making individual nations within the bloc more willing to adopt nationalistic measures within their borders, which in turn could constrain economic and social movement within the region. This could have major ramifications for startups, as every aspect of their operations, from cross-border investments to product scaling, will increasingly be constrained by these policies.That being said, Allied For Startups highlights that this focus on protectionism is also simultaneously driving demand for the development of DefenceTech and dual-use technologies. As a result, significant opportunities are emerging for DefenceTech startups, with investors eager to fund projects that can serve both military and civilian purposes. What is being advocated by EBAN and the rest of the startup community in regards to these election results? Given the current parliamentary election results the EBAN board has brought together recommendations of actions EU entities can take to create a thriving startup, venture capital,  and angel investor ecosystem within the region.  The importance of maintaining a unified region despite the increased focus on national self interest. Only the combination of invention and innovation made possible through entrepreneurship creates economic dynamism. This can only be made possible through collaboration with the member states and a diversity of ideas made through cross border  The harmonisation of regulatory frameworks for cross border investments. Startups are already facing significant challenges in Europe in getting access to the right financial resources needed to scale-up their operations. In doing so it would simplify the access to support from outside investors not only in Europe but also from the US and abroad.  We should not lose our focus on the green transition in favour of short term gains on a national level. The green transition has the opportunity to renew the industrial base and should not be taken as a threat to economic growth. It is instead an opportunity to leverage new investments from venture and angel investors to stimulate innovation and development.  The common consensus within the EBAN board of directors in agreement with is that in order for the startup and investment industry to succeed we need to continue to have a united Europe that promotes economic growth and opportunity. A harmonisation of regulations and focus on reducing the barriers for innovation will give way to a more prosperous region. We echo also the recommendations suggested by colleagues in the Venture Capital community (see: Invest Europe calls for bold action to drive innovation and transition ahead of European elections” (Invest Europe)) regarding the priorities newly elected EU officials should be focusing on to improve the investment ecosystem. For more information about the elections and what’s next in the process, you can read here: https://elections.europa.eu/en/after-the-elections/

Up until 2006, EBAN Angel of the Year and professional board member, Jesper Jarlbæk h workedin professional services, culminating as  managing partners for over 1.100employees in the Nordic region. From then onwards he decided to end his executive career and focus on two non-executive activities, investing in startups and joining  boards of directors. With 18 years of experience in Angel Investing, he now recounts his investment decisions and the lessons he has learned along the way. Throughout his career, Jesper has made 50+ direct investments in start-ups, In 2019,when applying to a be a  Vækstfonden certified business angel he  realized that just 5 of these companies made up 95% of his portfolio’s earnings.This led to a fundamental reassessment of how Jesper dedicates his time.  In this episode, he recounts what changed and how he developed a unique decision-making process to see how he could best manage the startups he is currently working with.

Having AI be at the forefront of technological progress, investing in it has become more precarious than ever before. Within this gold rush of progress the EBAN Annual Congress brought together a panellist session on “Investing in AI” with Yuri Navarro from Kanata Ventures, Dr. Julian Hensolt from Dresslife, Shahab Anbarjafari from PwC Finland, Risto Maasing from PromptAI OÜ and Tallinn University of Technology, and EBAN Board member & HeBAN Co-Founder Panayiotis Ketikidis to discuss the opportunities and pitfalls investing in AI can bring. The new investing wild west: The increasing difficulty of investing in AI With the cost of developing software continuously experiencing a downward trend, the need for software development is being rapidly replaced by AI automation. These ease of use is creating an exceedingly lower barrier of entry allowing anyone to integrate the technology into their startups. This however makes it easier for competing companies (ChatGPT) to replicate applications and make it free for users, rendering your company obsolete. The panellists during this session agreed that defensibility of your product is the most difficult aspect when investing in AI companies. If you are focusing on investing in general application AI software they implore that exiting as soon as possible will net you the best results as that startup could disappear just as easily as it has been created. However if you are looking into more qualitative applications then there are certain things you need to take into consideration. Finding your specific use case: What to look for when investing into AI When searching for investment opportunities in a good AI company the question that should come to mind is how what can be solved today using the technology we have now. By prioritising the problem instead of the technology you target specific key issues which could be solved by using artificial intelligence. This then allows you to focus on procuring unique and quality based datasets which can not be copied easily through LLMs. This creates a defensible product in a market that is saturated with competitors and allows you to target specific customer groups within the industry you are targeting. Before moving on to a more generalised discussion on AI, the panellist advised participants to self educate as much as you can before investing and truly understand what the underlying tech is before deciding to join the project.  Current AI Ecosystem: Why is it important to develop in the technology? The questions posed would now shift to the more general ecosystem AI is currently developing in. In this part of the session the group would advocate for the continuous investment in AI development within the European Union. They compared the technology to water and how those that control the computing centres control the supply of data. Furthermore the drive for policies surrounding data protection and privacy is becoming more apparent. With the rapid evolution of data collection it is becoming increasingly difficult to keep up with enforcing regulations on this issue. Due to this lag, companies need to have in place a framework of how to deal with data privacy and use ethics.  With rapid expansion of AI technology, our panellists are cautiously hopeful for the future and how it can shape the investment landscape. With the proper due diligence investors need to start dreaming big and use AI as a leverage to make it happen.  Interested in learning more about AI and DeepTech? Then come join us at the European Angel Investment Summit in Brussels, Belgium on October 15 – 16. Take part in insightful discussion on the progress of DeepTech innovations and join the startup showcase where the latest technologies are presented to you on the pitching stage! Discover the program and get your tickets here:https://europeanangelsummit.com/

 Partnering with UN Women Europe and Central Asia to empower women led startups During the 2024 EBAN Annual Congress we had the amazing opportunity to host the final leg of the UN EXPO in partnership with UN Women Europe and Central Asia. Brought together by the shared values of bringing gender equality to the startup ecosystem, we were able to provide a unique experience for women founders to pitch their ideas directly to investors during the congress. On the pitching stage, EBAN Director Jacopo Losso gave out opening words, introducing the congress participants to the UN Women Europe and Central Asia team.  Nato Chakvetadze and Ana Pashalishvili, from UN Women Europe and Central Asia and Begüm Mutuș from Yildiz Holding, started the session by introducing the acceleration program and why it is integral to continuously advocate for women led startups and reduce inequalities on both sides of the Angel Investment ecosystem. After open words the floor was the startups that took part in the program. From the entire program 21 companies from different regions all over Europe and Central Asia were able to join the Congress. Of these 11 were selected to present their startups in front of a panel of judges who would determine the winner of the pitching session. With such amazing presentations the judges had difficulty choosing but ultimately decided on Shipsider as the winner with a special mention to Ozim Platform and LiveBoard. To celebrate the cullmination of the EXPO Program a ceremony was taken place at the end of the congress. Each startup that took part of the pitching competition was awarded a certification to recognize the efforts and progess they have made leading up to the event. With the congress now over we have received stellar feedback from the group with the startups eagerly waiting for their next opportunity to pitch on stage. “A great event with incredible opportunities and good organisation!” TheaSmart “Loved all the workshops and pitches that were presented at the congress. It was awesome!” Maryco This however was not the only contribution the UN Women Europe and Central Asia team made during the congress. Ana Pashalishvili was also invited to join a panelist workshop session on Pregnancy, Parenthood, and Term Sheets: A New Paradigm for Investors while she in turn was also going through maternity leave. During this session she discussed the importance of having well structured terms sheets when planning for parent hood as a woman founder. If you would like to read more on this session you can learn about challenges that were discussed here This event is only the beginning of an ongoing partnership which aims to bridge the gap of gender disparity and bring to light talented female entrepreneurs from emerging regions. We are excited to see what is in store for the future as these startups have already joined the 1Million Startups ViennaUP event taking place in the Metaverse! If you want to see more upcoming sessions like this then come join us at the European Angel Investment Summit in Brussels, Belgium on October 15 -16. Learn more about the Summit and get your tickets here:https://europeanangelsummit.com/   Presenting the startups that pitched during the 2024 EBAN Congress:

by Andrey Kostyuk, CEO & Co-founder of AAlchemy Ventures Modern mentoring is successor to apprenticeship, the main form of safeguarding and passing knowledge before industrial revolution. It existed long before that, of course, born, as the legend goes, in ancient Greece. Recently we have been witnessing upsurge of mentoring in many fields, from science to business, enabling soft skills transfer yet again. But why investors should care? To answer this question, let’s ask ourselves: what is startup mentoring and how does it impact venture performance? As both mentoring and startup economy are fairly new phenomena, you will hear a cacophony of voices of the ongoing debate. This absence of universally accepted definitions is the first major obstacle in understanding role of startup mentoring. Startups are different from newly established SMEs, and startup mentoring is different from typical entrepreneurial mentoring as, contrary to classic business models, startups put growth ahead of profitability, and startup founders more often, than not, have little entrepreneurial or managerial experience. Mentoring is perceived by startup ecosystems as somehow beneficial for mentees and their ventures. Every accelerator has a mentoring program, and any active business angel considers herself a mentor. But again, what is exactly startup mentoring? For me, after conducting over 50 interviews with European mentoring dyads, startup mentoring is defined as medium- to long-term iterative bi-directional social exchange- based homeorhetic learning relationship between a mentor (experienced entrepreneur, angel investor or venture capitalist) and a mentee (startup founder(s)), where mentor transfers soft entrepreneurial skills, provides strategic advice and networking opportunities to improve performance of the startup in exchange for mentee´s emotional, intellectual and financial contribution (Mentor´s Reward Pyramid). This definition paves way to delineating mentoring from coaching and advisory. Coach addresses personal issues of the founder, in most cases not touching the business side of things. Advisor, on the other hand, engages in concrete business problems. Mentor is in the center of this spectrum, working with business issues via personal development and engaging the problem of business development broadly on a strategic level. Defining Mentor Reward Pyramid was another important result of the research. When asked “Why are you doing that?”, mentors uniformly and consistently answered that first of all they want to do good and give back (Emotional Reward), secondly they benefit by obtaining new knowledge out of reverse mentoring by their mentees (Intellectual Reward), and only distant third is Financial Reward, consisting of discovering investment opportunities through mentoring, securing paid engagement at a later stage, being paid scouting fees or else. These results were quite surprising and seemingly unviable long-term. Interestingly, this preference for non-financial rewards finds a potential explanation in neurobiology. Studies have shown that trusted relationships can increase oxytocin levels in the brain, underscoring the importance of trust in mentoring dynamics. This suggests mentors derive satisfaction from the relationship itself, rather than traditional monetary rewards. The research also illuminates the tangible benefits of mentoring for startups, particularly in terms of survivability rates and time savings due to mentors’ strategic advice and engagement. Mentored startups exhibit significantly higher survivability and achieve time savings of 40% to 50% in the early stages, affirming the effectiveness of properly executed startup mentoring. So, the answer why investors should care if their target startups had been properly mentored is that proper mentoring is reliable predictor of significantly higher probability of succeeding. If startup can boast a good proper mentor, it is a sign of credible commitment – mentors are not paid, they invest time and effort in anticipation of long- term benefits which is perfectly aligned with investors’ aspirations. Mentor’s involvement literally saves investors’ money by boosting startup efficiency and productivity. Follow good mentors, and you won’t be disappointed! About the author: With over 30 years of experience in corporate and HNWI banking, AIF management, entrepreneurship, angel investing and mentoring, Andrey Kostyuk has  co-founded AAlchemy Ventures Limited, a company that, in association with Deloitte Cyprus, one of the leading professional services firms in the region, helps Cypriot startups and foreign scaleups launch and grow their business in the EU market. Being Cyprus Chapter Director for Expert Dojo, the most active international early-stage startup accelerator in Southern California, he helps the same companies enter the US market too. Andrey Kostyuk currently holds an MSc in accounting and audit, MBA, Ph.D. in economics, and DBA candidate at Grenoble Ecole de Management with his thesis devoted to how mentoring startup founders influences venture performance. He also holds multiple diplomas and certifications in appraising, service design, negotiations, and other relevant fields of knowledge. Andrey Kostyuk is passionate about fostering innovation, collaboration, and social impact in the startup ecosystem acting as startup mentor and serving on boards of selected startups, and on the Endowment Board of Big Change, a charitable foundation that supports young underprivileged people to thrive in life. He is a member of several business angel networks and alumni associations, and a former expert for the Research Executive Agency of the European Commission. You can find more about the work  he does here: https://www.startupmentor.online/    

As an Angel Investor it is key to have a proper exit strategy in place even before you decide to invest in a startup. This can prove to be especially challenging as events can drastically change throughout the course of our endeavour and mistakes can be easily made when trying to sell too quickly.  This is why during the 2024 EBAN Congress the issue of “Pitfalls to be aware of if you do exits” was set on the main stage with EBAN president emaretus Peter Jungen , Michael O’Connor from AxisBIC, Reima Linnanvirta from FiBAN, and moderator, Ricardo Luz from INVICTA ANGELS.  From the beginning the panel has already established the necessary relationship between Venture Capital and Angel Investors as they finance the growth for exits to even be a possibility. Unfortunately the landscape in VC funding has completely changed as fluctuations in the market have nearly halted all new capital from these entities.  As a result, finding proper ways to exit is more important than ever before. Here are some of the main takeaways from the session and advice the panellists have given: The current exit market is way too volatile and the ability to safely  IPO’s needs to come back in order to divest properly. It is currently heading in the right direction but will still need time to readjust It is important to have the board and the team on the same page in regards to your exit position. Concessions need to be made to make sure everyone is able to get what they want. You should be having this discussion as soon as possible so that no one is surprised by the decisions that are being made later down the line.  Actively seek buyers so that you can choose the best exit offers possible. These options will allow you to use them as leverage when negotiating a proposal. When an offer has been made, focus on the reason why they are buying as it can be used to create the best transaction between founders, investors, and new buyers. If you are a small angel, show your value asap to new VCs that invest in growth rounds, if not be ready to step out of the way. If you don’t add value stay away from the board. In summary current markets are showing difficulties in exiting properly out of your investment position. This is why it is even more important to take the time to actively search for potential buyers and to make it clear what exit strategy you want to undertake with your board and team. Though VC funding is stagnating, our panellists are hopeful that a market correction will stabilise the current situation and funding will start becoming more readily available. If you are interested in learning more about the past, present, and future state of angel investing, then make sure you join us during the European Angel Investment Summit in Brussels, Belgium on October 15 – 16. Learn how we can the lessons learned from the past to further promote syndication and increase participation of women within the startup tech ecosystem  Discover the program and get your tickets here: https://europeanangelsummit.com/

This year during the 2024 EBAN Annual Congress, in accordance with our EBAN Gender Community, we have showcased the premier workshop on Pregnancy, Parenthood, and Term Sheets: A New Paradigm for Investors. This session brought together our vice president, Selma Prodanovic, Daniela Haunstein from invest.austria, Ekaterina Gianelli and Lucanus Polagnoli from Calm/Storm, and Ana Pashalishvili from UNWomen for an in depth panel discussion dispelling the presumptions we have on parenting as an entrepreneur. Here are the main takeaways presented in this workshop: Pregnancy bias and what the challenges women have to confront as startup founders The discussion started with the acknowledgment that in the startup world, angel investors need to be prepared to deal with situations for unexpected life altering events within the startups they are currently working with. These life changing events should also take into account the potential parental dynamics founders would be put under when having to balance their work and family life. Especially when it comes to pregnancy, the panel has agreed that it is integral for a startup founder to have a discussion with potential or current investors on including different forms of compensation, such as maternity leave, within the term sheets. These discussions are important and dispelling potential issues since due to the amount of pressure founders are facing, they often omit their pregnancy for fear that they may lose investments because of it. This bias extends further beyond founders as the panel talked about the persistent stigma that women would no longer be capable of providing the same professional output when they start building a family, when in fact it has clearly not been the case. Having these honest conversations with your startups will build further trust between the two parties. For founders it is also important for them to do their own due diligence with their investors to ensure that inherit biases such as the one mentioned are not ingrained in their way of thinking. How parenthood affects the dynamics of an entrepreneur  It is important to also take into consideration the entire family unit when discussing this issue. Though the focus is mainly given to the member of the family that is carrying the child to term, the panel gave key insights on the importance of managing professional and personal worklife balance. Though perceived by different cultures, the delegation of responsibility is a key factor in how a founder can help reduce biases within investors. Audience members during the workshop would give examples of how their country tackles paternity leave and how these programs affect this critical part of the child’s development cycle. Tackling issues that are not usually discussed between investors and startups founders This participatory collaboration between audience members and the panel gave way to a lot of excellent examples of good and bad practices seen within the different countries around Europe. The goal of this session was to start the discussion on these key issues and to start understanding what are some of the best practices we can take from different countries to apply to our own way of investing. Though there is no one solution as this topic ranges from a myriad of different issues, it is important to develop different tools so that you can manage them if/when they occur. This insightful session brought together topics that are not properly discussed within the Angel Investment ecosystem. This marks the beginning in a movement spearheaded by the EBAN Gender community to tackle gender disparity within the industry and go over issues that are not often recognised. These efforts will continue to be showcased in the upcoming sessions and European Angel Investor Summit for which it has become a core pillar within the topics taking place during the event. If you would like to participate in these sessions make sure you join us at the European Angel Investment Summit in Brussels, Belgium on October 15 – 16, in which gender will once again be a core topic throughout the entire event.  

Special Announcment during the 2023 EBAN Annual Congress, SWEBAN! We would like to formally announce the creation of the SWEBAN Network! Having been established on April 25th, 2024 at 15:00, the EBAN board memeber, Christine Bjärkby has formally announced its creation during the EBAN Annual Congress in Tallinn, Estonia. Their ambition is to provide a home for Angel Investors within the region and to support the growth of existing/new business angel groups within the region. It has always been a challenge for angels to find corporations within the Sweden, therefor SWEBAN wants to be a light house for the community to grow in the country This is only the start to an exciting journey and we are excited to see what collaborations we will be working on together!   Here is an exclusive excerpt from the Angel Prize event about SWEBAN formerly known as Nordic Angels with Christine Bjärkby:  Why are events like the Angel Prize important? The event is important for several reasons. It’s essential to gather the community in SWEBAN, partly to bring together the ecosystem for earl investments, but primarily to help our portfolio companies grow with the right expertise and funding. It’s also crucial for visibility and creating role models. When so many gather in one place you can see the power of what exists out there. How did you experience the Angel Prize? I’ve been to so many events over the years, and what stood out was the number of people present, the right individuals one hoped to meet. It was great that it was standing, allowing mingling and conversations throughout the evening. What I liked the most was the sense of a large, active community of Angels, and it’s beneficial that we come together and connect beyond boundaries.  Why is it important for angel investors to meet? There are several reasons, learning, but primarily to build relationships, as we work in a trust based industry, and to learn about who can and wants to co-invest with.  Who does one want to co invest with? When deciding to co invest, it’s based on mutual trust. In specific investments, competence also plays a role. But trust is crucial. You invest with those you trust. It’s not hard to find, but many are hesitant to look beyond their own circle. I’m probably more curious and open to new challenges.  What do you need to strengthen and support your entrepreneurs? Make an ecosystem visible and provide access to the expertise needed to build companies. Just because someone has money doesn’t mean they can build a company. MAke capital visible so that time can be focused on the right things, on the company’s development. That’s what you need to do. Where is the weak link if there is one? It is relatively easy to find the first angels but challenging to find the significant capital before venture capitalists step up  What have you learned over the years in your professional role and as an angel investor? It’s been realising the tendency to chase money more than customers. Acquiring customers takes time, and unfortunately, small companies do not always have the endurance and the figures might not reflect what is being demanded.  What obstacles do you typically encounter in your role that hinder healthy development? When building a slightly larger organisation as a leader, it can be challenging to learn to let go, scale up, and delegate. You can do that in a simpler company, but when you build a larger on, it’s different What would you like to see more of in the future? I’d like to see better syndication tools or other forms where more people come together early on. We have three categories of angels, super angels, professional angels, and those who are more like individual stock investor angels. The first two are usually involved and understand what their companies need, while the last group want to invest but maybe shouldn’t. There are different associations, where super angels invest with those they know, and professionals invest in funds, etc.., and the last group is more like investment clubs, a bit more like a hobby.  What can be done to improve collaboration among business angels? Facilitate deal flows or groupings. There are several unofficial clubs in Sweden, and they look very different. There aren’t many super angels, and they are expected to take the lead. Nordic Angels is a perfect example of a tool that encourages collaboration and brings angels together to promote a better ecosystem. I think it’s important to have entities like Nordic Angels that want to take a larger role. We’re a small market in the Nordics, and we need to coordinate that. 

2024 EBAN Annual Congress Press Release The 2024 EBAN Annual Congress in Tallinn, co-organised with Estonian Business Angels Network (EstBAN), has been a rounding success, bringing together 600+ angel investors and entrepreneurs, 50+ startups from around Europe and beyond, and 800+ networking meetings taking place throughout the week! This year we have featured premier workshops, insightful keynote speeches, and celebrated our community’s achievements. Key Takeaways from the 2024 EBAN Annual Congress Understanding DefenceTech, SpaceTech and AI Investing: During the congress, main topics of interest included the importance of investing in DefenceTech for both commercial and national defence purposes. It was emphasised that these technologies should be classified under military use to enter new markets worldwide without restrictions. SpaceTech was highlighted as a crucial area needing active investment. Additionally, there was a call for democratising space and urging future generations to invest in local space technologies. Another key topic was the rapid increase in investment interest in AI. Our panellists agreed that it is integral to not compete with LLMs directly but instead learn how you can leverage AI technology to solve more complex problems that are dedicated to more specific fields. Driving systemic change in Angel Investing: This year’s congress sought to bring to light the challenges in cross border investments, and questioned the viability over “pan-european investments”. It was emphasised that local networks are vital as well as networks like EBAN who connect investors from all over Europe. The scope of topics in driving change would continue to broaden to incorporate our premier session on Pregnancy, Parenthood, and Term Sheets: A New Paradigm for Founders and Investors. In this workshop topics ranged from the challenges of maternity leave to the importance of balancing parental care with the obligations you have as a founder.  Learning from Estonia’s Success as a Startup Nation: The country of Estonia was put in the direct spotlight throughout the event. As a proclaimed startup nation, Estonia prides itself on being one of the first fully digital countries, eliminating the need for paper in government operations. Its decentralised, stackable economy reduces dependence on the largest enterprises in any sector, allowing for greater agility and continuous development in energy, biotechnology, medicine, and other fields. This focus on adopting new technologies and AI has created numerous opportunities for SMEs and startups. Celebrating Entrepreneurs and Innovators: Organised within the congress we have had multiple pitching sessions featuring startups from a wide range of diverse industries and geographies. Starting out with 8 DeepTech startups powered by the CASSINI Initiative, an innovation showcase of 17 startups powered by Connect2Scale, 9 Bio/GreenTech startups powered by Bionanopolys, 9 DefenceTech startups powered NATO DIANA, and finishing off with 11 women led startups empowered by UNWomen Europe and Central Asia.   Celebrating This Years EBAN Award Winners During the EBAN Gala Awards Dinner, our network has the unique opportunity to come together and celebrate those who have made the greatest impact within the community. This year we are excited to announce the EBAN Awards winner to the people and organisations who have demonstrated their contributions and achievements in the industry of Angel Investing. We would like to congratulate: ✨ Angels of the Year: Heidi Kakko & Jesper Jarlbæk 🚀 Best Performing NEW EBAN Member: EGG – Enter-Grow-Go;  received by Roula Bachtalia 🇪🇪 Best EBAN Member: Estonian Business Angels Network (EstBAN)  received by Anu Oks and Lauri Antalainen 🤝 Deal of the year: Hostaway received by Tina Laisi Puheloinen and Finnish Business Angels Network (FiBAN) 📜 Thesis Winner: “Signalling effect of team formation on venture investors” received by  Björk Vanden Broucke and Michael Roskams We would also like to give recognition to the companies the programs that have brought together startups within their industries and to the companies that have won this year pitching competition: Orbital Paradigm, Winner DeepTech Showcase – Powered by the Cassini Initiative CeleBreak, Winner Innovation Showcase – Powered by Connect2Scale ALGAESYS, Winner GreenTech and BioTech Showcase – Powered by Bionanopolys Shipsider (with a special mention to LiveBoard and Ozim platform) Winner EXPO Capital Quest – Powered by UN Women Europe and Central Asia Goldilock, Winner DefenceTech Showcase – Powered by NATO DIANA Our Next Destinations and Special Announcements From the Congress 🇸🇪 During the 2024 EBAN Annual Congress, we have had the honour to announce the formation of SWEBAN – Swedish Business Angels Network, the newest Angel Investor Lighthouse within the Nordics. to find out more consult our formal announcement on out website here: 💸We would also like to showcase and investment success story from Wayren who found success in raising 100k during the congress! What a testament to our community’s dedication to active angel investment! With this year’s congress in Tallinn, Estonia coming to a close we have announced the 2025 EBAN Annual Congress to take place in Copenhagen, Denmark with DanBAN – Danish Business Angel Network . But that is not all! We have also made the decision in awarding the 2026 EBAN Annual Congress to be hosted in Vilnius, Lithuania with LitBAN – Lithuanian Business Angel Network . But if you can’t wait until then, see you at the European Angel Investment Summit on October 15 – 16 in Brussels Belgium! A Big Thank You to Our Partners and Sponsors!  We would like to thank everyone who could make it to the 2024 EBAN Annual Congress, we could not have done it without you! A special thank you to all of our co-organizers Estonian Business Angels Network (EstBAN), InvestEU Portal, and our sponsors & partners UN Women Europe and Central Asia, Visit Estonia, Invest in Estonia, Swedbank, Delfi, Dealum, Civitta, City of Tallinn, Tehnopol, Latitude59, Bionanopolys, Connect2Scale.  See this year’s pictures here!      

Starting his investment journey as a commercial banker, Andrey Kostyuk realised early on that he could not apply the same assumptions he used to have in the financial industry to the startups he was funding. Join us on this episode of lessons as he goes over the mistakes he has made when starting out as an Angel Investor. Through first hand experiences Andrey gives out valuable advice on what to expect when starting out in this type of investment industry.  As a lifelong academic he also goes over the findings of his current research and gives invaluable insights on the distinct correlation between mentorships and a startup’s success.  Learn how you can put your theory into practice when you start navigating the world of Angel Investing.  Listen to full podcast episode on Spotify here: https://podcasters.spotify.com/pod/show/eban99/episodes/Lessons-Learned-Episode-7-From-Theory-to-Practice-featuring-Andrey-Kostyuk-e2jmb9h   

THE ESA Investor Network supporting space startups – the story of SPAICE THE ESA Investor Network supporting space startups – the story of SPAICE For the European space industry, maintaining strong investor relationships is essential for expansion, establishing connections and recommendations. Community building, credibility, knowledge exchange, and effective communication are crucial, particularly in an industry where word-of-mouth plays a significant role in attracting capital. To address this need, the European Space Agency (ESA) established the ESA Investor Network, facilitating connections among startups, investors, and ESA programmes. The network now comprises more than 50 members, ranging from Venture Capital funds to banks, including institutional and corporate investors. The Investor Network aims to support investors in investing in the space sector. Members receive valuable advice and support on various matters, including information on space market assessments. It also offers strategic and technical due diligence, as well as access to a monthly deal flow curated by the Ventures and Financing Office. Additionally, the network provides access to ESA’s strategic activities such as SpaceTech platform and Helios Space Index. Recently, SPAICE, a UK startup from the ESA Business Incubators, started its financing journey with the network’s support. SPAICE has developed a suite of AI-powered solutions to bring autonomy to space logistics, enabling in-orbit satellite life extension services. Their scalable, data-driven technology is applicable to terrestrial, underwater, and aerial dual-use applications. SPAICE solutions offer significant advantages over current servicing technology, which is limited by manual operations and prohibitive costs. Their solutions can enhance satellite lifespans by 50%, boost revenue generation by 50%, and reduce collision risks by 20% at competitive prices, democratizing logistics services for satellites in any orbit. Their universal AI-powered solution is agnostic to any target satellite and capable of performing various robotic operations, including upgrading, maintaining, and inspecting satellites, cargo transportation, assembling space structures, and actively removing debris. SPAICE’s technology can scale to other verticals where autonomous navigation and robotics capabilities are crucial, including lunar landing and rover navigation, underwater inspection, and maintenance operations. SPAICE plans its first in-orbit demonstration in Q4 2025/Q1 2026, positioning them as the first company to deploy a general intelligent space solution, overcoming significant barriers related to AI use in space. The startup is currently closing SAFEs up to £1M, as well as securing contracts and grants, with plans to close a £2.5M equity round later on. In 2024, with the assistance of the ESA Investor Network, SPAICE initiated discussions with numerous interested investors, including Primo Ventures and OTB Ventures. By bridging connections among startups, investors, and ESA programs, the ESA Investor Network fuels innovation, fosters growth, and drives the future of space technology. Success stories like SPAICE highlight the network’s central role in shaping the space economy. Discover more about the ESA investor network and its contribution to space exploration and technology. 🚀If you are a SpaceTech Company looking for funding you can apply for investment grants and other support here: https://esacontact.esa.int/EsaStartup/ 💰If you are an investor interested in joining the ESA investor network you can register here: https://esacontact.esa.int/EsaInvestor/  

Today, the team at euvc is joined by Mikko Silventola for a new episode of the SuperAngel podcast. Mikko is an angel investor, Venture Partner at Superangel and speaker at the 2023 EBAN Annual Congress. During the interview he goes through his jounery as an active investor and the how he found sucess with his own method of investing. Here is an overview of the key points of the interview followed with important quotes that distiguish each section.  Global Investment Approach: Mikko emphasizes the importance of not limiting investment activities geographically. He mentions investing in diverse locations, from the Nordics to Latin America and the Philippines, which allows for a broad exposure to varying market dynamics and opportunities. “I’ve invested over into over a hundred companies, a hundred startups, that come from everywhere, like, Baltics, Nordics, but also Latin America, like places like Venezuela, El Salvador.” Selective Involvement: Despite having a large portfolio, Mikko focuses his time and resources on the most promising companies. This approach suggests that angel investors should concentrate their efforts where they can add the most value and expect the best returns rather than spreading themselves too thin. “Of course, I can’t divide companies from a social point of view, so democratically, my time is dedicated to the best 5 or 10 from my portfolio. And if you ask about my portfolio companies, I think there are tons that I don’t remember, and I should not remember because not all are successful”. Early and Continuous Support: He highlights the role of angel investors in providing not just capital but also guidance and networking opportunities to startups from their early stages and potentially throughout their growth phases. “If they are successful, if they’re growing, of course, I’m trying to introduce them to the best VCs possible and best business partners possible”. Adaptability and Resilience: Discussing recent challenges, such as market downturns, Mikko stresses the importance of staying active and adaptable. For investors, maintaining visibility and engagement in their markets, regardless of external conditions, is crucial for long-term success. “I try to keep my head up and think that the upcoming years will be better than what we are currently living. Additionally, what I am also thinking is that if I want to continue and stay in this space, and find the best deals, I have to keep doing them”. Strategic Follow-On Investments: Mikko does not reserve funds specifically for follow-on rounds but decides based on the situation and performance of the startup. This flexibility allows him to capitalize on opportunities as they arise rather than being bound by predetermined commitments. “I don’t keep any reserves on thinking that, okay, I’ll do this super early stage deal now, and then I’ll save some money for the, for the follow on round or something like that. Honestly, it’s case by case”. If you like to know more Mikko Silventola will be going into further details on “Spotting Unicorns: Navigating the Nordic-Baltic Investment landscape”, during the 2023 EBAN Annual Congress. You can  discover all of this by joining the congress and by watching the full interview here:  

From a young age Paulo Andrez has always had the mindset of a true entrepreneur. Starting by selling wooden tubs at 18 years of age, he now recounts the success that has brought him here and the lessons he had to learn along the way on this episode of Lessons Learned by EBAN.  In this insightful episode he takes us through the opportunities he had missed when helping entrepreneurs as examples of understanding the true value you can bring as an angel investor. During this session he also uses his personal experiences to highlight the risks of investing in your friends and what tactics he now uses to avoid getting into these difficult situations. From these missteps he ends off by giving valuable advice on how to mitigate the risk you should take when dealing with different kinds of early stage enterprises. Listen to full podcast episode on Spotify here: https://podcasters.spotify.com/pod/show/eban99/episodes/Lessons-Learned-Episode-6-Zero-Risk-Startups-featuring-Paulo-Andrez-e2iomi4 If you would like to read more about how you can deal with risk mitigation as an entrepreneur successfully navigating strategic investing from VCs and Banks, then pick up your copy of ZERO RISK STARTUP on Amazon today. 

26 women entrepreneurs from across Europe and Central Asia will attend the EXPO Capital Quest event co-organized by UN Women Regional Office for Europe and Central Asia and EBAN at the annual EBAN Congress 2024 on 20 – 22 May in Talinn, Estonia. Within the framework of the Memorandum of Understanding signed in 2023, UN Women and EBAN continue their close partnership to support women entrepreneurs and investors in the startup ecosystem in Europe. This year, UN Women’s annual EXPO Capital Quest event will take place under the EBAN Congress 2024 in Talinn, Estonia, where selected 13 finalist women entrepreneurs from the region will have the opportunity to pitch their businesses to renowned investors and get exposed to top international angels. The event will also provide an opportunity to women-led startups to expand their networks, link with like-minded entrepreneurs and businesspeople, and exchange knowledge and experiences with international experts. EXPO Capital Quest  EXPO Capital Quest is the final phase of the Women’s Entrepreneurship EXPO, a unique partnership platform to promote women’s entrepreneurship ecosystem building in the Europe and Central Asia region, led by UN Women Regional Office for Europe and Central Asia in partnership with European Bank for Reconstruction and Development (EBRD) and Yıldız Holding as part of the Women’s Entrepreneurship Accelerator supported by Mary Kay Inc.

Ivo Ronner: From Tech to CVC With an intitial background in tech and economics, Ivo would soon find success when he was directly introduced to venture capital investing at the heart of industry in Silicon Valley. After learning the tools of the trade, he decided to head back to Europe to build up the innovation lab of the Swiss stock exchange. Knowing that you could not only invest internally as an accelerator program, he was able to build from scratch his own CVC Ronner Ventures AG with a focus on early stage fintech startups.  Advantages the CVC Ecosystem Though every financing is important to an early stage startup, Ivo mentions how a CVC is able to finance cases which may not be possible through more traditional means. He believes that because CVCs do not need initial fundraising, they can target startups that do not necessarily have a high ROI. Furthermore CVCs can serve as more long term partners for the startup as there is no external pressure to show growth for investors nor is there need for an exit strategy. Should Angel investors collaborate with CVCs even within the current market landscape? Ivo firmly believes that even though the current market is challenging to navigate, it is still the opportune time to get into CVCs as an Angel investor. As there is less capital on the market he finds that it is a lot easier to get into good deals without having the need for initial funding. Pitfalls for angels investors looking to collaborate with CVCs Here are the mistakes Ivo often sees that Angles often do:  Angles that do not step back and hand over control to the CVC. Ivo advises that once you onboard them, you should take a more hands off approach and let them work for you Angels trying to oversell thier compnay to new investors as CVCs often know what they are investing in and can gauge the true value of what you are offering.  What advice would you give to angel investors?  Check what the goal the CVC is set out to do? Is it just for internal innovation or more on the financial return?  What are the terms of this CVC? Check if the terms are alligned and if you are able to continue to raise money in the future.  Use this as an opportunity to exploit the wide range of reasources and networks you have access to when working with a CVC. Session during the EBAN Annual Congress During the EBAN Annual Congress, Ivo will be focusing on how to best leverage CVCs as an angel investor. He will also be touching on what you need to know as a co investor and how to start investing with CVCs.

By: Juan Fuentes Fernandez, SportsTech Angel Investor and FIBAN Memeber As an angel investor and practitioner in the sports industry with a global overview (as I have worked Middle East, Asia and Europe in the last years), I have noticed how the sports ecosystems are embracing technology and innovation to further develop in order to meet the current needs of consumers, athletes and organizations. The niche of sports tech has gained considerable popularity over the years, driven by a highly dynamic industry that must adapt to the new demands and habits of consumers in the entertainment sector, which has been disrupted by technology. Additionally, the entry of private equity and venture capital into professional sports clubs, along with the emergence of new dynamics promoting a healthy lifestyle, has contributed to its growth. Internal forces work also as drivers, due to the competitive nature of sports leagues and championships, where clubs embracing technology and innovation could have a competitive and fair advantage over those who don´t. Start-ups have thus emerged to elevate standards in various subsegments, as outlined below.   *Own elaboration from classification from Andrew Petcash   Different hubs have consolidated globally, as per the Sport Tech X global sports tech map, with over 100 specialized funds, 15 investor networks, 28 incubation programs fostering start-ups and bringing investors together, and 17 innovation initiatives by sports organizations such as the NFL, Real Madrid, UEFA, or LALIGA. Some sports organizations are even investing directly in start-ups, like the NBA Launchpad in the US and FC Barcelona Innovation Hub in Spain. Notable athletes, such as Real Madrid legend Iker Casillas, have also launched their own accelerators, incubators, or co-investment vehicles, such as the “Sportboost” sports tech accelerator launched in 2021. Public institutions and organizations are also dedicating resources to boost sports tech ecosystems, such as the Danish Olympic Committee -with an sports tech innovation lab- or the city of Jyväskylä ; the “sports capital” in Finland- running the Nordic Health & Wellness Hub- both trying to help growing entrepreneurship. However, the B2B market, particularly products for sports clubs/organizations, presents certain challenges. Pro sports are inherently human capital-intensive, – limiting capital to invest in tech. Investors that can identify start-ups offering scalable premium products or services catered to professional athletes/clubs, while also able to develop democratized versions accessible to any sports enthusiast, could thrive in the sports tech realm, capitalizing both B2B and B2C segments. Sports tech as a vertical is expansive as the sports industry develops further; it is expected to grow and consolidate in emerging markets.  Start-ups in sports tech are also sometimes analyzed in other verticals (health, MedTech, FMCG, gaming…). However, in the last years; multiple specialized investors, Venture Capital or Private Equity firms, which understand the dynamics of the industry, have emerged. According to Drake Star – global tech investment bank that has completed over 450 transactions since 2013-  the deal value in sports tech reaxhed $10B in Q3 2023. You are invited to join this webinar organized by EBAN, where as a FIBAN investor, I will discuss with key ecosystem executives in sports tech the challenges and the opportunities in this vertical. About the contributor “Juan is an angel investor & mentor in start-ups, with years of background in international business development in Europe, Middle East & Asia. He worked in MENA for the Spanish Embassy helping Spanish companies to expand globally, and in Asia Pacific in economic research for Oxford Business Group. Based in Copenhagen, currently he oversees the expansion of LALIGA (the Spanish Football league) in the Nordic countries and he is a mentor in TechStars US accelerator. He is an instructor and researcher in his fields of expertise in different universities:  Harvard Business School, Stockholm School of Economics or European Sports Business School among others”  

ENTREPRENEDU PROJECT ASSEMBLED SUSTAINABILITY INNOVATORS IN SOFIA, BULGARIA FOR THE FINAL HACKTHEBUSINESS EVENT On the 26th and 27th of March 2024, young entrepreneurs, researchers and early-stage startups gathered at the final HackTheBusiness competition, at Innovation Forum “John Atanasoff” at Sofia Tech Park (Sofia, Bulgaria), to pitch their innovative and sustainable business idea and compete for a place in the Mentoring & Coaching Programme delivered by ENTREPRENEDU project. Hosted by CleanTech Bulgaria, the final in the series of three HackTheBusiness hackathons ignited the spark of innovation, transforming the future of the European sustainable ecosystem through green and eco-conscious solutions related to agri-food, construction, manufacturing and digital and creative industries. HackTheBusiness Bulgaria participants were encouraged to think creatively when addressing environmental concerns, with a goal to contribute to a more eco-conscious and resilient future in these key sectors. Additionally, networking opportunities were made possible by the event, allowing all attendees to create lasting relationships that go beyond the occasion. Ina Todorova, HackTheBusiness Bulgaria Organiser and Project Coordinator at CleanTech Bulgaria added: “HackTheBusiness Bulgaria empowers young entrepreneurs by providing access to business acceleration programs and mentoring, networking opportunities with industry professionals and potential partners, and a platform for professional growth through interdisciplinary collaboration and skill development. Participants gain valuable experience, recognition, and support to refine their sustainable business ideas and navigate the challenges of entrepreneurship, ultimately paving the way for meaningful contributions to the eco-friendly industry landscape.” After the pitching session to the esteemed ENTREPRENEDU experts, 5 top-notch teams were selected to participate in the ENTREPRENEDU Coaching and Mentoring programme, where they will get the support needed to propel their sustainable business solution. Reflecting on their HackTheBusiness experience, Vladislav, member of the winning team named Local. expressed enthusiasm: “Favourite part of the HackTheBusiness competition for our team was the access to diverse mentors, as this enabled us to approach our idea from different perspectives and receive very valuable feedback.” During the HackTheBusiness event in Bulgaria, ENTREPRENEDU consortium members held its third General Assembly to discuss further actions toward the common goal. Eleonora Lombardi, ENTREPRENEDU Project Coordinator and Head of Business Applications Department and Senior Technology Transfer Manager at Fondazione E. Amaldi explains: “At the heart of ENTREPRENEDU project lies a profound understanding of the pivotal role entrepreneurship plays in fostering economic growth, innovation, and societal development in the European Union. We recognize that entrepreneurship is not only a driver of prosperity but also a catalyst for positive change, empowering individuals to realise their potential and contribute meaningfully to their communities.” Eleonora concludes: “Together as a European consortium converging 6 regions (Italy, Greece, Bulgaria, Ireland, Germany and Belgium), we have embarked on this journey to unlock the full potential of European entrepreneurship, driving sustainable growth, fostering innovation, and creating a brighter future for generations to come.” For more information on HackTheBusiness Bulgaria competition and upcoming activities by ENTREPRENEDU project, please visit ENTREPRENEDU website. ABOUT ENTREPENEDU  ENTREPRENEDU’s mission is twofold:  – to cultivate a culture of entrepreneurship across Europe by providing aspiring entrepreneurs with the knowledge, skills, and resources they need to succeed. Through targeted HackTheBusiness regional hackathons that reinvented the role and structure of hackathons, tailored training programs, one to one mentorship initiatives, and several networking opportunities, it seeks to equip individuals with the tools necessary to turn their innovative ideas into thriving businesses especially in low and moderate innovation regions.  – to promote inclusivity and diversity within the entrepreneurial ecosystem. Recognizing that talent knows no boundaries, ENTREPRENEDU strives to create a supportive and inclusive environment where individuals from all backgrounds can pursue their entrepreneurial aspirations with confidence and equal opportunity.  Through collaborative partnerships with educational institutions, government agencies, businesses, and civil society organisations, that the E. Amaldi Foundation as a Project Coordinator has established through the years, ENTREPRENEDU’s endeavour is to build a vibrant and interconnected ecosystem that fosters entrepreneurship at every level of society.   

EBAN, in collaboration with the AEDIBNET project and with the support of ABAN, organised a side event titled “African Diaspora Success Stories Meet Investors” at ChangeNOW. This final AEDIBNET event aimed to highlight success stories of African diaspora entrepreneurs, share best practices for cross-border investments, and facilitate connections among the African and European entrepreneurs, SMEs, and investors. The event provided valuable insights into the landscape of African innovation and investment, fostering constructive dialogue and actionable ideas to influence investment trends on the continent. Distinguished speakers from EBAN, ABAN, VC4A, and other representative organisations shared their expertise, emphasising the importance of sustainable investment practices and the opportunities for positive change in Africa and Europe. Abel Fernandez also provided a brief presentation of the AEDIBNET project highlighting key achievements. The event marked significant milestones in African entrepreneurship, showcasing success stories that illustrate the increasing potential of African enterprises. These successes signify a shift towards impactful investment strategies with lasting implications. During discussions on the reasons for investing in Africa, a common theme emerged: the opportunity to address pressing challenges with tangible solutions. Investors are attracted not only by the continent’s vast market potential but also by the chance to make a direct, transformative impact through their investments. Abu from VCX4 emphasised Africa’s remarkable diversity, with the continent boasting the most languages and 40 different currencies. He also shed light on Africa’s status as one of the world’s fastest-growing economies. However, challenges such as currency volatility, exemplified by Egypt’s 61% drop in 2024, and varying regulations across geographies were discussed. Despite these challenges, Africa presents a young and untapped market ripe for exploration and investment. This sentiment was echoed by African diaspora entrepreneurs such as Aziz Daifi and Matina Razafimahefa, who shared their journeys at the event. Despite being based outside of Africa, both founders felt a strong connection to the continent and were motivated by a shared vision of empowerment and development. Aziz, a member of the Franco-Algerian diaspora, co-founded LEYA, a platform addressing mobile money liquidity shortages. Matina, from the Madagascan diaspora in France, co-founded SAYNA, an innovative Edtech platform bridging educational gaps in Africa. These pioneering startups’ narratives highlighted the essential role of entrepreneurship in fostering inclusive growth and driving change across the continent. Their stories underscore the power of diaspora entrepreneurship and the significance of fostering partnerships between Africa and Europe. These founders are united in their dedication to empowering Africa and promoting collaboration between continents. Their stories demonstrate the transformative potential of cross-border partnerships and the collective efforts required to drive sustainable development and innovation in Africa. Despite challenges such as currency volatility and regulatory complexities, a sense of optimism prevailed regarding Africa’s youthful demographic and untapped markets. Investors like Huseyin Demirhisar emphasised the importance of aligning investments with the Sustainable Development Goals (SDGs) and seizing opportunities to create tangible social and economic impact. As EBAN reflects on the success of this initiative, it renews its commitment to fostering strategic partnerships and empowering entrepreneurs to unlock Africa’s full potential. By leveraging collective expertise, resources, and a shared vision for sustainable development, EBAN and its partners are positioned to shape a future where African innovation flourishes and investment generates meaningful, measurable impact. Key takeaways from the event include the need to direct capital, time, and resources towards impactful change, encouragement for investors to prioritise positive impact, and the utilisation of local resources and understanding of ecosystems. The challenges posed by currency diversification were reframed as opportunities for strategic investment diversification across countries. Big thanks to our speakers for makign this event so special: Hannah Subayi from Launch Africa Ventures, Huseyin R Demirhisar from EBAN and Bid Capital Partners, Olanike Jagun from Rising Tide Africa, Erick Yong from Greentec Capita , Rui Falcao from COREANgels, Ange Ahyi from Bpifrance, Brenda Pennell from BiD Capital Partners and Abu Cassim from ABAN and VC4A. We also want to express our sincere thanks to our partners at the AEDIBNET project that have accompanied us through this journey of innovation and collaboration for these years: DEUTSCHE GESELL­SCHAFT FUR INTERNA­TIONALE ZUSAMMEN­ARBEIT (GIZ) GMBH CIVITTA EESTI AS EUROPEAN BUSINESS AND INNOVATION CENTRE NETWORK ENABEL, BELGISCH ONTWIKKELINGS­AGETSCHAP FundingBox Accelerator Sp. z o.o. Steinbeis Europa Zentrum ABAN FOUNDATION AFRICAN TECHNOLOGY INNOVATION HUBS INITIATIVE DIGITAL AFRICA INNOVATION FOR POLICY FOUNDATION VC4AFRICA BV SMART AFRICA

Ready2Scale is an EU funded project that is providing 25 digital and deep tech startups with €1.5 million of funding through 60k equity-free grants! The project will also be providing the startups with a tailored 6-month acceleration program, which includes access to specialised investment readiness training, up to 5 market discovery missions across Europe, access to 100+ expert mentors, and much more! The initiative is open to all EU based startups, but will prioritise funding for startups from: Bulgaria Croatia Cyprus Czech Republic Estonia Greece Hungary Latvia Lithuania Malta Poland Portugal Romania Slovakia Slovenia   Ready2Scale aims to improve innovation in the digital and deep tech sectors, as well as help to develop the cross-border investment ecosystems across Europe! The first open call for startups is now open and will be taking applications until the 15th May 2024! If you or one of your portfolio companies are interested then apply now or check out the full details on the Ready2Scale Website or by joining our Ready2Scale Infoday! The project also has opportunities for investors! We are offering a curated list of mentors for to the selected startups, with budgets provided for the stratups to contract training sessions. If you are interested in becoming one of these mentors and being added to the list of experts available for contracts then apply here. If you are interested in starting to invest in the Digital or Deep Tech sectors, we are also providing workshops led by experts in the field! They will help guide you through the differences between investing in deep tech compared to other sectors, the main pitfalls to avoid and much more! If you’re interested in joining then contact us at info@eban.org. Join the Ready2Scale Infoday webinar! Join us for the Ready2Scale Open Call Infoday on April 18, 2024, at 11:00 AM! This online webinar is your gateway to discovering the Ready2Scale program’s offerings, including funding opportunities, the Acceleration Programme, and Academies. We’ll guide you through the application process, clarify requirements, and answer your questions in a dedicated Q&A session. Don’t miss this chance to unlock the resources and support you need to accelerate your startup’s growth journey! Register here.

Introducing a fresh episode on angel investing, where Ulla Sommerfelt, CEO of Mother Hen Ventures, shares her candid experiences and invaluable insights in the latest episode of Lessons Learned by EBAN. Discover how Ulla transformed from a seasoned entrepreneur into the “tiger in the desert” of angel investing, navigating uncharted territories with resilience and determination. In this captivating podcast episode, Ulla delves into her experiences with investments, shedding light on the challenges of disengaging from them. She emphasizes the significance of trusting one’s instincts throughout the investment journey. Additionally, she addresses the complexities of being the sole woman on a board, highlighting the occasions where asserting oneself as a woman to male investors becomes necessary. Ulla explores the unpredictable nature of startup trajectories and the lack of control over them for non-board members. Furthermore, she shares insights on handling failed investments and confronting them head-on to mitigate emotional impact. Listen to the full podcast episode on Spotify here. Don’t miss out her new book launching soon: Firesoul Leadership, An entrepreneur’s blueprint for igniting creativity, fueling growth, and crafting a culture of compassion. Send an email to book@motherhen.ventures in order to get notified when out.

About Angels for Women Angels for Women is the first mostly-women Business Angels Network focused on investing in female-led startups. Founded in 2018 by AXA Italy and Impact Hub Benefit Corporation, the Network has grown to include over 70 Business Angels, + 90% of whom are women,  and has channeled over 800,000 euros into investments. Its portfolio features 14 startups spread across five diverse sectors.   Why Angels for Women We firmly believe that diversity is a factor of growth and development and want to be at the forefront of reducing the gender gap in the field of innovation and business. Motivated by this strong belief, we are committed to reducing the gender gap by urging mostly  women, but also men, to support other women. This effort aims to reduce the gender gap both in the business angel ecosystem and in the entrepreneurship sector, contributing to economic vitality. Indeed, female business angels, though in minority, tend to outperform, and the same is true for women-majority startups: despite constituting only 14% of the total in Italy, they achieve better results both in terms of revenue and the likelihood of rapid growth.   What we do Angels for Women primarily conducts investment activities, first scouting, screening and due diligence, but also provides training and actively participates in recruitment and dissemination by attending and promoting events, conferences, workshops, and seminars focused on angel investing and women’s entrepreneurship.   Investment process The investment process unfolds through several stages, starting with the scouting of entrepreneurial projects, followed by an initial pre-screening phase, and leading up to the selection stage, where our committee selects the startups to be presented to our members during the four annual meetings. At each meeting, 3 startups and all its founders present their projects to A4W members, who can express a €5k minimum soft commitment. With €50k of cumulative interest  reached we proceed with the identification of a Deal Champion who will lead the Due Diligence. If the results of the Due Diligence are positive, those who expressed a Soft Commitment translate it into Hard Commitment and proceed with the investment, usually through an entirely digital trust. After the investment is completed, the startups are requested to produce a quarterly report and a call every six months to update the investors. Each year, we assess over 150 women-led startups and since 2019, our database has expanded to include more than 600 startups and founders. As of now, we have invested more than €840.000 in 14 startups. Education Our goal is to ensure that all our members can acquire the needed knowledge to fully participate to Angels for Women‘s social life. Our training sessions are led by experienced members of our team, partners or external professionals with a strong experience in angel investing. For this purpose, with Impact Hub Benefit Corporation we developed the executive courses “How to Become a Business Angel” and “How to Become a Deal Champion.” The former is organized twice a year over 5 weeks and encompasses topics from what it means to become a business angel to how to evaluate startups to recent trends in the market. The latter is organized once a year and includes sessions related to the Due Diligence and the exit. Beyond these executive offerings, we provide our members with the “Lunch & Learn” webinars, which are targeted learning sessions on specific topics. These are live-streamed during lunch hours, allowing participants to engage deeply with a broad spectrum of subjects. Topics covered range from navigating investment trends in web3 and A4W’s tools and services effectively, leveraging our partner EBAN’s platform, and exploring opportunities for female entrepreneurship provided by Invitalia.   Recruiting, scouting and dissemination activities For us, supporting female leadership within startups and companies means increasing the number of women embarking on a journey in angel investing and, with them and the many national networks, keeping the conversation alive. For this reason, in the last two years, we have participated in over 50 events, conferences, workshops, and seminars.  We are also continuously dedicated to scouting female-led startups and ensuring a rich and valuable deal flow. This is achieved by serving as judges in key national and international competitions targeting startups, as well as participating in demo days and informal events of many organizations.   Our partners Angels for Women has access to an extensive network of partners that includes key players on both a national and international level across four strategic categories: investments, women empowerment, startups, and innovation networks. Together, we are committed to creating a more equitable and diverse ecosystem.   Business Angels: Why Joining Angels for Women Joining Angels for Women empowers you to actively drive the change. Our members enjoy a broad spectrum of services and opportunities. Highlights include participation in our four annual pitch events, access to a database featuring over 600 female-led startups, educational programs, discounted event fees, and preferential rates for financial services. Furthermore, A4W members can enhance their visibility through our extensive communication channels, including those of our partners, and by serving as A4W spokespersons at various events, conferences, and workshops.   Startups: When and How to Apply Angels for Women takes into consideration applications from companies that are run by women or that mainly focused on female customers. These companies must have at least one woman in an operational role at the managerial level, in particular female governance must be able to influence the strategic choices of the company through their corporate role or through participation in the share capital. Submissions are open all year round and for each plenary meeting the screening committee selects 3 startups to be presented. For more detailed information about the submission and screening procedures, as well as the 2024 calendar, please visit our website.   Let’s connect Email address: info@angels4women.com Web site: https://angels4women.com/ Linkedin: https://www.linkedin.com/company/angels4women/  

top women angels list by EBAN

Authors: Nanna Liebregt, Content Manager at NLC Health Ventures , Lars Olthof, Investment Manager at at NLC Health Ventures Bridging the healthtech funding gap: The crucial role of collective angel investments in early-stage healthtech innovation The world of healthtech innovation is pulsating with potential, offering transformative solutions to longstanding healthcare challenges. Yet, most scientific inventions do not reach medical specialists and their patients, even though we know that they could positively impact patients’ lives. The difficulty with securing financing is especially prevalent among healthtech startups, as investors often struggle with the fact that deep sector knowledge and expertise are needed to understand whether an investment is potentially worthwhile. In addition, venture capitalists and private equity firms often favor later-stage investments with larger ticket sizes, unintentionally exacerbating the funding crisis in healthtech’s infancy. As a result, many startups are left stranded in the well-known ‘valley of death’, leading to an impoverishment of the European innovation landscape. Angel investors: the early-stage pioneers in healthtech innovation This is where collective angel investment comes into play. The appetite among angel investors for early-stage investments certainly exists as one of the most attractive aspects of investing in healthtech startups at an early stage is the potential for high returns. Not only are investment multiples highest during the first phases of a company’s development, but healthtech startups often target large markets with substantial unmet needs. Investing at an early stage allows angel investors to support ventures that have identified critical gaps in the healthcare landscape, positioning them to address pressing issues and capture untapped market opportunities. Further, beyond financial gains, healthtech investments allow angel investors to make a meaningful impact on healthcare outcomes. Supporting ventures that address critical healthcare needs allows angel investors to nurture groundbreaking innovations from their infancy but also reap substantial returns as these ventures mature into industry leaders. However, investing in healthtech startups is also risky, especially for those lacking medical expertise. Investing in medical technology demands a nuanced understanding of the complex healthcare and regulatory landscape, and many angel investors find it challenging to evaluate the scientific and clinical merits of a medical invention, hindering their ability to identify the most promising healthtech startups. While individual angel investors may lack the specialized knowledge to thoroughly evaluate a healthtech startup, a collective approach, in which several (angel) investors invest collectively and independently invest in multiple healthtech startups, might be part of the solution to overcoming the early-stage funding gap in healthtech. A portfolio approach to mitigate risk Recognizing the funding gap in the early-stage healthtech landscape, NLC Health Ventures is trying to be part of the solution by making early-stage investment accessible to investors. As Europe’s largest healthtech venture builder, NLC identifies top-notch early-stage healthcare inventions, provides extensive support to grow the venture, and brings them to market. NLC’s current portfolio consists of over 100 ventures within medtech, biotech, and digital health, and so far NLC ventures have collectively raised over €122 million and impacted more than 120.000 patients. Through initiatives like the NLC Health Impact Fund, investors gain access to a diversified portfolio of impactful healthtech ventures. With one single investment, investors spread their risk across various healthtech startups. As such, NLC’s portfolio approach acknowledges the uncertainty in the early-stage healthtech landscape, increasing the likelihood of nurturing groundbreaking innovations from their infancy but also to potential substantial returns as these ventures mature into industry leaders. Interested in becoming a part of the solution? The Health Impact Fund is currently open for investment. For more information, have a look here.

EBAN hosted a high level side-event during the 4YFN in Barcelona on 27-28 February that gathered European and Latin American investor and startup ecosystem players to launch the European-Latin American Investor Network (EULAC). This initiative aims to foster collaboration and facilitate access to opportunities in both regions by providing startups and investors with valuable knowledge and connections in European and Latin American markets. The EULAC Digital Accelerator is a place for startups and investors seeking to expand their reach into either the Latin American or European markets. By joining the EULAC network, members gain access to a wealth of resources, including mentorship, networking events, and market insights tailored to their specific needs and interests. “The EULAC Investor Network is the pathway for cross-border investment between Latin America and Europe. At EBAN, we’ve been doing this for a long time. We aim to bring the same success we’ve had in Africa with ABAN to Europe, connecting people and opportunities for mutual benefit.” says Abel Fernández, EU Projects Director at EBAN. Moreover, the EULAC community is supported by the EU Commission, underscoring its strategic importance in bridging the gap between European and Latin American startup and investor communities. Through this partnership, the initiative aims to drive innovation, facilitate investment, and promote cross-border collaboration to unlock the full potential of both regions’ entrepreneurial ecosystems. EBAN Director Jacopo Losso stated “We’re excited to be working with our partners at (list at least the main ones like wayra, IDB, IESE,) on connecting startups, investors and corporates between latam and Europe. Starting today and during the next 4 years we will be connecting investor communities and startups backed by angels with corporates for venture client cooperations, partnerships and joint ventures. We believe this project will have an important impact on investors’ portfolio companies, which we aspire to help grow and put on a path towards a trade sale exit. Sign up to the newsletter and submit your startups for the EU-LAC program here”.  For startups and investors eager to tap into the vast opportunities offered by the European-Latin American collaboration, we invite you to join the EULAC network and be part of this transformative journey. Connect with like-minded individuals, access valuable resources, and explore new avenues for growth and expansion by following this link: https://eulacdigitalaccelerator-platform.b2match.io/. To see more of our events, join us at ChangeNOW 2024 in Paris, one of the largest event dedicated to solutions for our planet, for free! Over three days, this summit unites innovative solutions and impactful change makers from around the globe to address our most pressing challenges. Contact ismar@eban.org to get your free ticket if you are an EBAN member!

In our latest Lessons Learned episode, Marcia Dawood, a seasoned angel investor, shares candid reflections on navigating investments that didn’t meet expectations. Drawing from her experience as Chair Emeritus of ACA and a member of the Advisory Committee to SEC, Marcia offers valuable insights for fellow investors. Throughout the episode, Marcia highlights the importance of careful evaluation when considering investments. She discusses the allure of flashy presentations and the lessons learned from investments that ultimately faltered. Marcia also addresses the emotional challenges of failed investments, emphasizing the need for collaboration among investors to document lessons learned and foster continuous improvement. As she prepares to launch her upcoming book, “Do Good While Doing Well,” Marcia invites investors to explore the dual imperatives of financial success and societal impact in angel investing. Tune in to the full podcast episode for an insightful conversation with Marcia Dawood, offering a glimpse into the dynamic world of angel investing and the lessons learned along the way. If you’re intrigued by Marcia’s insights, secure your copy of ‘Do Good While Doing Well’ here to delve deeper into the world of angel investing. You can also listen to Marcia’s episode in our Spotify channel here.

  From EBAN we want to share with you exciting news from the world of angel investing in Sweden! With the backing of many supporters, including our very own Christine Bjärkby, an esteemed member of the EBAN board, we’re thrilled to share with you the announcement of the establishment of SWEBAN (Swedish Business Angel Network). This non-profit association is specifically designed to empower and fortify the ecosystem for business angel groups (BANs) across Sweden. At its core, SWEBAN aims to streamline collaboration and resource-sharing among angel investors within Sweden. Drawing inspiration from successful angel networks across the Nordic region, such as NorBAN, DanBAN, FiBAN, EstBAN, and our very own EBAN, we’re excited to facilitate a unified platform for deal flow, expertise exchange, and community-building. “We all together have pushed and inspired the Swedish ecosystem to have one simple channel to connect in Sweden to find collaboration, deal flow sharing, and great competences for portfolio companies and, of course, share experiences.” says Christine. While we recognize the fantastic work already being done by various angel groups and initiatives in Sweden, SWEBAN will serve as an amazing network for greater visibility and impact. Through targeted lobbying efforts, we’re committed to fostering a more conducive investment climate for early-stage ventures, spanning from pre-seed all the way to A-rounds and beyond. Moreover, SWEBAN seeks to elevate the profile of angel investors in the equity market, highlighting the significant risks they undertake with their personal funds. This recognition extends not only to individual investors but also to angel funds, SPVs, and investment companies, all of whom play a crucial role in fueling innovation and entrepreneurship. By strengthening ties between angel groups and venture capitalists, SWEBAN aims to create a more interconnected and vibrant investment ecosystem in Sweden. This exciting initiative was born out of discussions at the GoWest – Nordic Venture Capital Forum supported by EBAN, reflecting our collective commitment to driving positive change and fostering innovation within the Swedish angel investment community.

Are you a startup looking to secure funding and network with some of the best angel investors in the world? Look no further than the EBAN Annual Congress co-hosted by EBAN and EstBAN in Tallinn on May 20-22. Apply by April 15th to pitch your startup to top international angels and gain access to all workshops, sessions, and networking opportunities that the EBAN Congress has to offer. Make your startup the next big success story! Who can apply?  Early-stage companies from all industries and sectors Companies with active funding rounds of €150K – €2M Startups based or doing business in any EU country Is this you? Then apply today! Please follow the Startup Application Instructions very carefully and send us your application before April 15th!

Estonia, a small Baltic sea region nation known for its mystical language, picturesque landscapes and rich history, has emerged as a powerhouse in the global startup ecosystem. Over the past two decades, Estonia has witnessed a remarkable transformation, from an occupied Soviet state to a New Nordic hotbed of innovation and entrepreneurship. Estonia has become into the spotlight as the “Unicorn Nation,” boasting the highest number of unicorn companies per capita in the world. The emergence of the new capital and experience has also given rise to the business angel network and angel investments. There are now over three hundred members in the Estonian Business Angel Network and several VC funds eagerly looking to invest into new ventures.   The Pioneering Spark: Skype   Estonia’s journey towards becoming a unicorn country can be traced back to the early 2000s when a group of Estonian engineers, led by Ahti Heinla, Priit Kasesalu, and Jaan Tallinn, co-founded a revolutionary peer-to-peer communication platform called Skype. Launched in 2003, Skype quickly gained worldwide popularity, revolutionizing the way people communicated across borders. In 2005, eBay acquired Skype for $2.6 billion, marking a historic moment for the Estonian startup scene. Skype’s success served as a catalyst, inspiring a new generation of entrepreneurs and igniting the spark of innovation in Estonia. It demonstrated that even a small, relatively unknown country could produce a global tech giant.   Estonia’s Startup Ecosystem Takes Root   In the aftermath of Skype’s success, Estonia’s government, in collaboration with the private sector, worked diligently to create an environment conducive to startups. Several key factors contributed to the growth of Estonia’s startup ecosystem: Digital Infrastructure: Estonia’s advanced digital infrastructure, including a secure digital ID system and widespread internet access, provided a strong foundation for technology startups to flourish. Supportive Policies: The government introduced favorable policies such as e-residency programs and tax incentives for startups, making it easier for entrepreneurs to start and grow their businesses. Access to Funding: Estonia attracted venture capital and angel investors, both locally and internationally, by providing a supportive environment for investment and access to EU funds. A Culture of Innovation: The country’s education system fostered a culture of innovation and entrepreneurship, encouraging young talent to pursue ambitious ideas. The Unicorn Boom Over the past two decades, Estonia has seen a surge in startups across various industries. Many of these companies have achieved unicorn status, signifying a valuation of over $1 billion. Some of Estonia’s notable unicorn companies include: TransferWise (now Wise): Founded by Taavet Hinrikus and Kristo Käärmann, Wise revolutionized the way people send money internationally, offering transparent and cost-effective currency exchange services. It became a unicorn in 2015 and has continued to grow globally. Bolt: Formerly known as Taxify, Bolt was founded by Markus Villig and is a ride-hailing and scooter-sharing platform. Bolt achieved unicorn status in 2018 and has expanded its services to numerous countries. Playtech: Although founded in 1999, Playtech became one of Estonia’s earliest unicorns. It is a leading developer of online gaming software and services. Estonia’s achievement of having the most unicorn companies per capita in the world can be attributed to its combination of factors. Its small population (approximately 1.3 million) and strong focus on technology and innovation have created a unique environment that fosters rapid growth for startups.   Welcome to experience Estonia and see the startup scene and investment opportunities this May   Estonia is always promoting a startup-friendly ecosystem and its remarkable journey from the birth of Skype to becoming the “Unicorn Country” serves as an inspiring success story in the global startup landscape. The combination of visionary entrepreneurs, supportive government policies, and a culture of innovation has propelled Estonia to the forefront of the technology world. As it continues to nurture and attract talent and investment, Estonia is poised to maintain its status as a beacon of entrepreneurial success for years to come. Successful exits, great technologies and smart talents and great have led the rise of angel investors and venture capital to find its way to new innovative startups.   If you are keen to hear more, see you in 20-22 May in Tallinn.   Link to tickets: https://fienta.com/eban2024 See more: https://ebancongress.com/  

We are excited to share the remarkable outcomes of the SUPERNOVAS Business Angels Training Programme, an initiative to foster gender diversity in angel investing, developed by the EIT Community with the support of EBAN. EBAN helped design the course content and selected the expert trainers. Supernovas Business Angel Academy has successfully equipped female participants with the skills needed to excel as angel investors and has given rise to a vibrant community that transcends borders.   The SUPERNOVAS Initiative: A catalyst for change The SUPERNOVAS Business Angels Training Programme is a key component of the Supernovas Women Investment Network, an EIT Community initiative. This network serves as a hub for female investors, providing opportunities to learn, grow, access investments in female-led startups, and expand professional networks within the vast EIT innovation ecosystem.   Courses tailored to your needs Designed with the unique needs of female investors in mind, the program offered two courses catering to varying experience levels: the Beginner’s Course for junior business angels with 0-5 investments and the Expert’s Course for senior business angels with 6 or more investments. The courses covered a range of topics, including understanding the startup lifecycle, valuing startups, due diligence, deal structuring, legal aspects, and portfolio strategies.   Our statistics tell the story! The success of the SUPERNOVAS initiative is reflected in the numbers: Certifications: A total of 70 female business angels completed successfully the rigorous training, emerging as certified angel investors ready to make impactful contributions to the entrepreneurial world. Global Reach: Over 160 attendees participated in the live sessions, representing more than 22 different countries. This diverse and global engagement speaks to the program’s success to transcend geographical boundaries. Content Creation: The program delivered an extensive 20 hours of content, spread across 12 hours for our seniors and 8 for juniors. This wealth of knowledge empowers participants to make strategic investment decisions and excel in their roles as angel investors. Engagement and Interaction: Each class featured a 10-question questionnaire, totalling over 100 thought-provoking questions. This interactive approach ensured active participation and a deeper understanding of the material.   Networking opportunities ahead! The programme also provided participants with the unique opportunity to connect with successful angel investors, engage in case studies, and in some instances, meet entrepreneurs for firsthand exchanges. This practical exposure enhances the learning experience and prepares participants for the dynamic world of angel investing. The SUPERNOVAS Business Angels Training Programmes have not just trained individuals; they’ve created a global community of empowered and certified angel investors, ready to make a lasting impact on the entrepreneurial landscape. As we celebrate the success of this initiative, we look forward to witnessing the positive change these women will bring to the world of angel investing.  In light of the success of this initiative, we are pleased to announce that as there has been a lot of demand for participation and we are currently exploring the possibility of launching a second season.

In the latest Lessons Learned episode, Ulla Heurlin, experienced business angel, reflects on a crucial case where she learned the importance of making decisions promptly, especially when facing issues with fellow investors and concerns about a product’s scalability. Ulla opens up about the complexities of collaborating with investors, highlighting the need to carefully choose partners for smoother decision-making. Instead of falling for technology, she candidly discusses falling for the people behind the venture, stressing the balance between intuition and logic.  Ulla shares the emotional challenges of leaving an investment, considering financial factors and family well-being in her decisions. Through her experiences, she advises fellow investors to ask questions openly, embrace curiosity, and appreciate the learning curve without regrets. Tune in for a down-to-earth conversation packed with insights from the dynamic world of angel investing. You can also listen to the full podcast on our Spotify account here.

What better way to start the year than with a calendar of 15 must-attend angel events? But before you start buying (discounted if you’re an EBAN member 😉) tickets and booking flights, here are the 3 events you absolutely can’t miss in 2024: EBAN’S 2024 MEMBER update session online on February 7 EBAN Congress 2024 in Tallinn on May 20-22 European Angel Investment Summit 2024 in Brussels on October 15-16 EBAN’S MEMBER benefiits webinar on February 7 Sign up now for an exclusive EBAN’S Member benefits webinar on February 7th! Join us for engaging discussions on key topics, including all your member discounts and offers, the introduction of the EBAN Weekends, our brand new Membership Platform, EBAN support for your startups, and much more. If you’re a member and interested in participating, contact us at ismar@eban.org. The egg Investor Day in Athens on February 16 Mark your calendars for The egg Investor Day on February 16th, one of the largest investor events where more than 40 startup and scaleup companies have the opportunity to interact with 100+ representatives from VCs, Family Offices and Crowd Funding platforms as well as individual Business Angels, from Greece, Central & Eastern Europe, Israel, USA, Canada and the UK. If you’re a member and interested in participating, contact us at ismar@eban.org and meet us in Athens!  4YFN Event in Barcelona on February 26-29 4YFN powers startup journeys with contacts, exposure, and investments, serving as the event partner for MWC Barcelona on 26-29 February. As a strategic collaborator, it connects startups with key stakeholders, investors, and corporate innovators, ensuring a remarkable launch into the competitive business landscape. You can choose your perfect pass and get more info here. EBAN Members can contact ismar@eban.org for free tickets. LEAP 2024 in Riyadh on March 4-7 LEAP is a global tech event that invites you to take a leap into new worlds with some of the greatest minds in tech. This year, LEAP  is collocated with DeepFest, the event’s dedicated AI stream and the premier meeting place for the global Artificial Intelligence ecosystem of thought-leaders, change-makers, big tech, data scientists, innovators, entrepreneurs leading innovation across businesses. If you’re a member and interested in participating, contact us at ismar@eban.org. ChangeNOW 2024 in Paris on March 25-27 ChangeNOW is a summit that brings together the most innovative solutions and impactful change-makers tackling our planet’s biggest challenges, to take action, together for a more sustainable world. This event builds bridges between the entrepreneurs, business leaders and policy-makers to accelerate change. Get more information about the event here and contact ismar@eban.org for our exclusive deal!  Scale Up with Wolves and European CVC Awards in Berlin on March 29 Scale Up with Wolves connects growing companies with their next stage of Investors (those that are funding post-Seed or Series A rounds). Therefore, this event is for growing companies that already have a proven business-model, initial clients, growing revenues, and have moved into expansion mode. To get your 25% off EBAN discount, email ismar@eban.org! Tahko Ski Lift Pitch in Kuopio on April 3-4 Join us at the annual Tahko Ski Lift Pitch, a unique startup event in Eastern Finland that connects entrepreneurs with investors amidst the slopes of Tahko Ski Resort. This energising business and networking experience is uniting professionals, investors, academics, and civic leaders. Your ticket covers both days, a networking dinner, daily lunch, and a ski pass.  EBAN Members can benefit from a 40%, contact ismar@eban.org. ACA 2024 – The Summit of Angel Investing in Ohio on May 13-15 EBAN members can participate in the ACA Summit, the flagship angel investing event hosted by the Angel Capital Association. The event supports professional development of new and experienced angel investors and ecosystem leaders exploring critical topics facing the angel investing community.  EBAN members enjoy a $200 discount. Contact ismar@eban.org. Podim in Maribor on May 13- 15 Podim is creating real value by bringing together and connecting renowned international investors, established corporations, and startups & scaleups from the Alps-Adriatic and Western Balkans regions. For maximum quality of learning and networking, the event made a strategic decision not to accept more than 1,000 participants, just the right size event to offer you easy access to personally meet top-notch people. Find out more info here and contact ismar@eban.org for your deal! EBAN Congress 2024 in Tallinn on May 20-22   The 2024 EBAN Annual Congress in Tallinn, Estonia will bring together 500+ angel investors, entrepreneurs, and industry experts from around the globe to explore the latest trends, opportunities, and challenges in the startup ecosystem. Have it all: from insightful sessions and workshops to engaging keynotes, cultural activities, and of course the EBAN Awards! EBAN members receive special discounts for the 2024 EBAN Annual Congress – find them here! GITEX Africa 2024 in Marrakech on May 29-31 The tech scene in Africa is rapidly advancing and changing at an exceptional rate. GITEX Africa 2024 is unveiling three new sectors aimed at propelling the advancement of various technological innovations throughout the continent: Digital Health, Smart Manufacturing, and Agritech. This highlights the increasing significance of Africa in the worldwide technology arena. Learn more about the event here and contact ismar@eban.org to participate for free!  Vienna UP’24 The Startup Festival in Vienna on June 6-9 Don’t miss Vienna UP’24 the Startup Festival, from June 3-9, 2024, in Vienna. With 10,000+ participants, 50 events, and endless networking, it’s a unique experience for startups, investors, tech enthusiasts, creatives, and visionaries. Join us in the heart of Europe for an interconnected celebration that propels you into the global startup ecosystem.  For your deal as an EBAN member contact ismar@eban.org. Jyvaskyla rally Findland in Jyväskylä on August 1-4  EBAN is once again participating in the Jyväskylä Business Rally hosted by the City of Jyväskylä/Business Jyväskylä, a cross border startup-investor networking event in the heart of Finland during the official Rally Finland week in Jyväskylä. The Business Rally includes investor networking events and pitching competitions with trackside seats to watch the races. Join us for pitches, rally races, and networking, as well as insights from experienced investors and major industry players! If you are interested in participating in this by-invite only event contact ismar@eban.org. European Angel Investment Summit 2024 in Brussels on October 15-16 The European Angel Investment Summit is the annual conference where early stage investors, entrepreneurs and change-makers get together to fuel Europe’s growth. This event is a must-attend for business angels,

      

Read full press release here:   

Introduction With the first Armenia-born unicorn Picsart, a unicorn founded by Armenian founders ServiceTitan in the United States and many other startups either born in Armenia or founded by Armenians help to shape Armenia’s unique place on the world’s innovation map. Armenia inherited a strong high-tech ecosystem from the Soviet era, encompassing a technical educational system, software development talent, and international connections. These factors enabled the development of Armenia’s Information and Communication Technologies sector. Since the early 2000s the sector has been steadily growing and currently there are over 1000 software development companies providing software development services globally. Leading transnational companies such as Synopsys, VMWare, Siemens, Adobe, NVIDIA, AMD have large R&D centers established in Armenia. Third, that brings Armenia one of its greatest strengths is a Diaspora. Armenians have strong positions in the global startup hubs such as Silicon Valley, Boston, New York, London, Paris. Armenians keep strong ties with their homeland and they are willing to support Armenia. While Armenia establishes its strong position on the global innovation map and ties with the Armenian Diaspora are strengthening, this enables a strategic opportunity to transform Armenia into a regional startup hub seamlessly bridged with the global value chains through its Diaspora. All this means the Armenian startup ecosystem development is just starting and with its decentralized diaspora, Armenia has a unique opportunity to become a door opener and accelerator for regional startups. Science & Technology Angels Network (STAN) spin off STAN was established in February 2018 at the initiative of the Foundation for Armenian Science & Technology with a vision to bring together prominent Diaspora Armenians to join their financial capital, network and entrepreneurial talent and help engraving best tech entrepreneurship knowledge in Armenia. Within 5 years, STAN grew from a group of 18 founding angels into a group of around 40 angels from 6 countries who made over 700 000 USD in investments in 15 startups. Being operated by FAST as an informal group of angel investors for 5 years, STAN has accumulated strong expertise in startup sourcing, working on deal structuring, maintaining the relations with angels, startup ecosystem and a broader community of supporters in Diaspora and Worldwide. STAN, having matured over the past five years, has reached a point where it can operate independently and sustainably. STAN officially spun out of FAST to continue its mission as a not-for-profit Foundation. “STAN’s remarkable growth reflects the shared commitment to nurturing the Armenian startup ecosystem. This is a remarkable milestone, and we owe this success to the unwavering support of our angels, partners, and the inspiring startups that have been an integral part of our journey”,  says Armen Orujyan, a Founding CEO of FAST and a Founding Angel of STAN. Armen Orujyan, a Founding CEO of FAST and a Founding Angel of STAN. Watch a recap of STAN’s past 5 years! Empowering Armenian Startup Ecosystem STAN marked its 5th anniversary by announcing its official spin-off from FAST and organizing a startup ecosystem meetup in Yerevan, Armenia. The Empowering Armenian Startup Ecosystem Meetup by STAN brought together 50+ angel investors, entrepreneurs, and industry experts to address the challenges faced by the ecosystem and explore ways to better the situation. Through a collaborative effort, the meet-up participants shaped the following actions to foster startup development in Armenia: Private-public partnership for strategy development. Enhanced positioning of Armenian on the global market. Structured information portal on the startup ecosystem and opportunities. Bridge programs implemented by ecosystem players. Bring more international experience: accelerators, R&D labs, etc. Invest in human capital with a focus on innovation and product discovery. Support local entrepreneurs to achieve success locally and then scale internationally. Notably, the minister of High-Tech Industry and representatives of the Armenian government participated in the meetup emphasizing the importance of the community and contributing their vision in shaping the community’s joint effort in shaping Armenia’s unique place in the global innovation map. See the photos of the event here. Vision of further development Success of Diaspora Armenians such as one of the STAN’s founding angels Noubar Afeyan (Founder & CEO of Flagship Pioneering, Co-Founder and Chairman at Moderna Therapeutics), Alexis Ohanian (founder of Reddit), Vahe Kuzoyan and Ara Mahdessian (founders of ServiceTitan), Hovhannes Avoyan (co-founder and CEO of Picsart), Nina Achadjian (partner at Index Ventures), and many others demonstrate that if put in an effective economic ecosystem Armenian talent thrives and achieves unlimited success potential. That said, STAN shares the vision that the Armenian startup ecosystem should be focused on consolidating community and through collaborative effort between the ecosystem and the Government transform Armenia into a well established economy, embracing talent and creating opportunities for global success through strong ties of the Armenian diaspora. “STAN, as a network of angel investors, will focus on expanding our investor base, increasing the scale and volume of our investments, and nurturing startups through the seed stage. We will establish our dedicated team, specializing in investment analysis, startup coordination, project discovery, and investor engagement,” outlines Ruben Osipyan, as he presents STAN’s future plans. Ruben Osipyan, STAN CEO STAN Angels and the STAN team are motivated to continue their journey in growing the network’s impact on the innovation landscape in Armenia and strengthening Armenia’s positioning on the global startup stage. Invest in Armenia, Transform the Future! Join STAN as an angel investor or supporter and contribute your unique knowledge in shaping Armenia’s ambition of becoming a regional startup hub accelerating access of the startups to the global markets through Armenian Diaspora connections.

Written by Ricardo Luz for LinktoLeaders (Portugal) on the 28th of December 2023.  Recently, for the second time, I was in the Dubai Airshow, together with delegates from almost 100 countries and more than 120,000 visitors, in one of the most important events in the aerospace industry. I had the honor of being part of the Vista Investor Committee, contributing to the reflection and support of the organization, in defining and carrying out actions aimed at the continuous improvement of VISTA (The East-West Startup Hub), the Airshow’s startup showcase. So that more and more innovative companies can present themselves to investors, testing limits and the future of aviation, in its trends and latest technological innovations. Airshow, since its founding in 1989, has focused on the conventional aerospace and defense industry. But since 2021, when Amazon Web Services joined the Mohammed Bin Rashid Space Center to hold a space startup competition at VISTA, space and startups have gradually moved into the spotlight, and are now considered very seriously. If in 2021 VISTA was a little “hidden” in a corner of the huge exhibition hall, and its size was even reduced, in this 2023 edition, having moved to the center of the pavilion with a prominent central stage and large posters, , it became a must! “Aerospace” startups from various geographies joined investors from all over the world for 4 days, to whom they presented their products, services and innovative ideas. Located in the Airshow, VISTA is already, and will increasingly be, a strong platform for startups and scaleups for entrepreneurs, investors, partners and aerospace customers. In these days of the event, we attended discussion panels and inspiring challenges, we participated in mentoring clinics, and in my case also in almost two dozen of hundreds of meetings between investors and entrepreneurs. All this resulting in valuable networking, through direct contact between the industry and Business Angels and VCs, many of whom are investors specializing in the aerospace sector. There were competitions, where startups – Aerospace, Drones and UAVs, Robotics, Logistics, Virtual Reality, Augmented Reality, Cyber Security, Defense, Travel and Tourism, Hospitality, Sustainability, Blockchain, Cargo, E-commerce, AI, AAM, Software and Space – they were able to connect with potential customers and partners, participate in exclusive networking events and present their solutions to technology leaders, investors and corporate entities in the aerospace ecosystem. VISTA aims to promote collaboration between actors in the aerospace sector, with the hope that this will result in the creation of lasting partnerships. Space exploration and science are high on the agenda, and emphasis is placed on advancing the technologies that drive the space industry. As expected, special attention was given in the debates to the role of Artificial Intelligence and also to the decisive issue of cybersecurity and its challenges, on land and in space. Fortunately, startups, experts and investors today recognize the enormous importance of finding the best solutions in all these themes. Looking ahead, space initiatives are expected to take center stage in many of the world’s geographies, urging global technology companies to develop innovative and sustainable technologies. I met dozens of startups, and some scaleups, from all over the world, including Beyond Vision, a company from my Portugal, supported by Nvidia and which produces drones for various purposes, from agriculture to image collection, equipped with 4G and 5G communications, multispectral cameras and Artificial Intelligence algorithms. Not that I still had any doubts, but I (re)affirmed my belief in the importance of technologically innovative startups and their impact on the present and future of humanity, on earth and in space. It was also pleasant to participate in the Airshow Gala Dinner at Atlantis The Palm, “served” with excellent music from Maroon 5, and it will be with great pleasure to me continue to contribute with my five cents, together with the excellent team of hosts, to the planning of VISTA, as part of the Dubai Airshow´25. As I have been doing for many years, within the scope of my activity at Invicta Angels and EBAN, in this and other initiatives, in Portugal and internationally, I will do my best to continue to contribute the best I know to strengthening the early investment ecosystem stage in the North of Portugal and Europe. Happy New Year of 2024!   Adapted from an article written by the author at LinktoLeaders.

Have you been wondering what we have been doing this year at EBAN? Before the final countdown begins, let’s hit pause and relive the standout moments that made 2023 a year we won’t forget:   EBAN Gender: This year we launched the EBAN Gender community, following the EBAN manifesto for a gender balanced angel investment ecosystem, where EBAN commits to triple the representation of women in our ecosystem addressing gender bias in angel investing. We kept our promises this year on the gender diversity front through the production of multiple  gender related webinars, articles, as well as sessions at the EBAN events, representation of EBAN at events focused on gender issues such as the UN Women Expo, the UNESCO Regional forum, a collaboration with UN Women Europe and Central Asia, and the SUPERNOVAS series for women angels – but to find out more about these you will have to keep reading!    The Galactica Final Event and our first ever EBAN Impact Summit took place jointly with a resounding success on 16-17 February 2023 at the World Trade Center in Barcelona, Spain. This two-in-one summit brought together over 30 countries, showcasing impactful discussions on innovation, investing in DeepTech, and pioneering projects with the potential to shape the future with the support of the EU project Galactica that came to an end in February of this year. Stay tuned to discover when and where the 2024 Impact Summit will take place!   The 2023 EBAN Annual Congress in Thessaloniki brought together 500+ angel investors, entrepreneurs, and industry experts from around the globe to explore the latest trends, opportunities, and challenges in the startup ecosystem, but also to discover the Greek ecosystem. We proudly announce 2023’s EBAN Awards winners and introduced the prestigious PhD Award. Attendees were also treated to the Explorer Program, offering a unique experience with visits to the museum and tombs in Vergina. The 2024 Congress will take place in Tallinn, Estonia.     EBAN and EIT Digital Joined Forces: A strategic alliance with EIT Digital to foster entrepreneurship across Europe, empowering the next generation of startups and innovators. The collaboration, showcased at the EBAN Congress where the signing ceremony took place, accelerated early-stage investments in startups, sharing best practices and contributing to the continent’s competitiveness on a global scale. Together, EIT Digital and EBAN are making strides in creating a competitive, inclusive, and sustainable force in the digital era.   Collaboration with UN Women: The cooperation between EBAN and UN Women will contribute to women’s economic empowerment, underlined as one of the four thematic areas in UN Women’s 2022- 2025 Strategy Paper in line with Sustainable Development Goal No. 5- Achieving gender equality and empowering all women and girls.     #EAIS23 Recap: The European Angel Investment Summit united innovators, investors, VCs, and policy makers, showcasing the power of collaboration in driving entrepreneurship forward in Europe. The 2023 Summit took place in Brussels and placed a strong emphasis on gender diversity, advocating for the resolution of biases and collaborating with UN Women for gender-balanced investment. It highlighted the accessibility of SpaceTech investing, Africa’s burgeoning role as a global investment hub, and the transformative impact of the EU AI Act on ethical AI in Europe. See you next year for more Brussels based fun!     EBAN Supernovas Training Programme: Culminating the year, along with the EIT Community we created the Supernovas Business Angels Training Programme — an empowering training initiative for women angel investors. With two levels (one course for experienced and one for new women angels), 10 classes in total, and 8 mentors , this training programme inspired 150+ women to start investing as angels. Big thanks to all our participants and to the EIT Community for the excellent collaboration!   EBAN Annual Statistics Compendium 2022: We presented the 2022 Annual Statistics Compendium – Europe’s most extensive research on business angel and network activity. Covering 38 countries, the report offered valuable insights into past early-stage investment trends, drawing from diverse sources and providing a nuanced perspective on the entrepreneurial landscape.    Launching Lessons (L)earned: This year, we introduced our podcast, Lessons (L)earned, reflecting the belief that learning from others’ business angels’ mistakes is as valuable as learning from their successes. The podcast delves into the realities of angel investments that didn’t go as planned, offering candid insights into the world of angel investing failures. The first two episodes are already out and feature EBAN President Emeritus Peter Cowley and ACA founding member Charles Sidman. Now available on Spotify!   New EU projects: In 2023, the EBAN initiated impactful projects, notably the EULAC Digital Accelerator fostering digital transformation across Europe, Latin America, and the Caribbean. Connect2Scale brought together Baltic Business Angel networks to fuel European startup growth, emphasising knowledge transfer and cross-border investment opportunities. Ready2Scale focused on fortifying digital and deep tech startup ecosystems, enabling international scalability. In a commitment to diversity, WomenTechEU emerged as a targeted programme supporting female founders leading deep tech startups in Europe. This initiative not only nurtures future female tech leaders but also positions women at the forefront of deep tech innovation. EBAN’s 2023 projects signify a concerted effort to bridge global entrepreneurial landscapes, empower startups, and promote diversity in the tech sector. See you next year for even more amazing EBAN moments!

Smart people learn from their mistakes. But the real sharp ones learn from the mistakes of others. That is why EBAN is launching Lessons (L)earned, the podcast on angel investments that did not quite go as planned – or to be quite blunt, our podcast on angel investing failures In the second episode of “Lessons Learned”, we are hosting Charles Sidman, a member of SBA and EBAN, a founding member of ACA, and the founder and managing partner at ECS Capital Partners Known for his diverse career starting in IT, moving on to biomedical research, and, ultimately, becoming an angel investor, Charles opens up about the failures he encountered in his pursuit of supporting innovative startups. Drawing from his experiences, he shares with us 6 failed investment stories spanning from the technology not working all the way to investment fraud and his “lessons learned”. Listen to the second episode on Spotify here!

Originally posted by LabsofLatvia here. The Ministry of Economics (ME) hopes to double government support for startups in 2024 to €400,000. In return, the startup ecosystem promises specific, measurable results which will boost overall economic development. Olga Barreto Goncalves, head of the Latvian startup association Startin.lv, explains that state support for implementing joint activities is currently distributed to six organisations in the startup sphere: Startin.lv; the largest technology and startup event organiser, TechChill; the Latvian Business Angel Network (LatBAN); the Latvian Private Equity and Venture Capital Association (LVCA); Riga Technical University (RTU); and startup support organisation TechHub Riga. “We are the organisations which oversee all aspects of the industry. We work together to ensure that students catch the innovation bug. We work towards the development and visibility of existing startups, as well as attracting investors. And this requires financing. Furthermore, we don’t just ask for money; on our part, there is enormous focus on maximum returns and financial benefits to the Latvian economy,” emphasises Barreto Goncalves. In 2022, Latvian startups attracted €93 million in investments and provided more than 3,200 jobs. In 2023, the six startup organisations have received €200,000 in state support to promote startups both in Latvia and abroad, as well as to promote the further development of the startup environment in Latvia in general. On a development wave The Strategy for Startup Ecosystem Development for 2022-2025 stipulates that total investment in startups should increase by €300 million by the end of 2025, while the number of people employed by startups should increase by 1,500. Trends show that these figures are achievable: LV, LatBAN and LVCA, who receive state funding, have record-high membership levels; the TechChill conference, which brings overseas investors and media to Latvia, also recorded a record number of participants; the RTU Science and Innovation Centre has asserted itself as the heart of the science and science-based startup ecosystem this year; TechHub Riga is on the finishing straight with its Startup House; this year’s Latvian Startup Awards, which will now be organised annually, attracted unexpectedly large interest in Latvian startups from investors and the public. State support is used to organise these kinds of international-scale events, investor involvement sessions, startup training and similar activities. Support is a significant prerequisite for economic growth Minister of Economics Viktors Valainis is pleased to have successfully increased financing for the startup sector — which improves Latvia’s business culture by skillfully adapting to consumer needs and concentrating on sustainable business models, the circular and digital economy, industrial innovations and climate change goals — by 50%. “Startups play an important role in the overall innovation ecosystem, both by bringing new business ideas into the local market and by skillfully demonstrating their ambitions on a global scale. This is why government support is such a crucial prerequisite of this economic growth, helping us to manufacture more products and services for export and recruiting high-level professionals from around the world, at the same time increasing the professional skills, competitiveness and income level of Latvians,” emphasises Valainis. Financing available through various programmes An additional €400,000 has been earmarked for startup support from next year’s state budget, reported Labs of Latvia. The 2025 and 2026 budgets will also require equivalent financing. The ME promises additional support over the next few years through various programmes allowing the businesses themselves to receive financing. “Support programmes have been developed and confirmed for the 2021–2027 European Union fund planning period. Through these programmes, businesses including startups will be able to receive support. For example, to encourage the creation and development of new, innovative businesses with high growth and productivity potential in Latvia and promote new investment, a programme for venture capital investment in business has been approved. Total financing available through the programme is €93 million,” says Raimonds Lapiņš, Deputy State Secretary of the Ministry of Economics, as he reveals current support opportunities and future plans. Applications will also open in November 2023 for a support programme for small and medium enterprises with the aim of providing access to financing for the implementation of business ideas through business incubators in order to develop entrepreneurship in Latvia, thus increasing exports for the supported businesses. €73.38 million will be available for this programme. “In addition the the aforementioned programmes, more than €100 million in support is currently available for the digital transformation of businesses, including startups: the purchase of new equipment, digitalising the business process, and training,” adds Lapiņš.   About the writer:  Written by Cyril Golub, a tech entrepreneur and venture capitalist awarded as the Latvian Business Angel of the Year 2022, who is known for his dedication to the development of Latvia’s startup ecosystem. He is the Chairman of the Latvian Business Angel Network (LatBAN) and a founding member at Lithuanian Business Angel Network (LitBAN) and Angels Band international network. In addition to his role at LatBAN, Cyril is also an e-commerce sector expert at PeakSpan Capital, a venture fund based in New York, USA. He leverages his deep industry knowledge to identify promising software tech startups and provide strategic guidance to help them scale. Cyril’s entrepreneurial journey began with Aheadworks, a software company he co-founded and led as CEO, until its successful exit in 2019. He has since dedicated himself to supporting the next generation of entrepreneurs through his involvement in various business angel associations, including LitBAN (Lithuania), EstBAN (Estonia), and Angels Band. Cyril has been working hard to promote the startup community in Latvia and other Baltic States, facilitate innovation, and promote the growth of the Latvian economy. With his extensive network, industry expertise, and entrepreneurial spirit, Cyril is a sought-after speaker and mentor for aspiring founders and investors. He brings a wealth of knowledge and experience to every conversation, inspiring others to pursue their dreams and positively impact the world.  

BANA Angels recently hosted the 6th Angel Conference in collaboration with EBAN at the Komitas Museum-Institute hall. Distinguished guests included Janne Jormalainen, President of EBAN, and Anna-Kaarina Lipsanen, former VP of FiBAN. The event kicked off with a cultural tour at the museum, followed by enlightening keynote speeches from Jormalainen and Lipsanen. A dynamic panel discussion, “Creating Value Together,” featured industry leaders discussing the future of angel investing. EBAN is proud to have supported this event with the presence of our president, Janne Jormalainen. Congratulations to BANA Angels for fostering innovation and collaboration in Armenia!  Read full press release here:   

EBAN presents the EBAN Annual Statistics Compendium for 2022, Europe’s most extensive annual research on the activity of business angels and business angel networks. The Compendium offers comprehensive insight into the overall early-stage market, shedding light on the operational dynamics of business angel networks and providing valuable insights into their investment attitudes. Drawing from a wealth of sources, including European business angel networks, Federations of BANs, and data from prominent platforms such as Dealroom.co, Crunchbase, PitchBook, and the European Commission, the report offers a nuanced perspective on the entrepreneurial landscape. This report covers 38 countries on the European continent, the figures presented in the report, while not representative of the entire European market, provide valuable insights into the trends and developments shaping the early-stage investment landscape. Fill the form below to subscribe and download the report Email* When you submit the form, check your inbox to confirm your subscription Name* Surname* Organization* Privacy* I´m authorizing EBAN (The European Trade Association for Business Angels, Seed Funds and Early Stage Market Players, located in Brussels, 1040 BE) to save and use my personal data according to the General Data Protection Regulation (GDPR). This information is used by EBAN exclusively for sending newsletters and other email campaigns about the latest developments in the global entrepreneurial, innovation, and early-stage ecosystem. Subscribe and Download {{ vc_btn:title=Download+Statistics+Infographic&style=flat&color=danger&align=center&link=url%3Ahttps%253A%252F%252Fwww.eban.org%252Fwp-content%252Fuploads%252F2023%252F12%252FInfographic-Updated-post-summit-27.11.23-1.png%7C%7Ctarget%3A%2520_blank%7C }} {{ vc_btn:title=Download+EBAN%27s+Statistics+Compendium+2022&style=flat&color=danger&align=center&link=url%3Ahttps%253A%252F%252Fdrive.google.com%252Ffile%252Fd%252F1Ej66IXC5lUNjyaIqyKvfQaBRs_2ukWSv%252Fview%253Fusp%253Dsharing%7Ctitle%3ADownload%2520EBAN%27s%2520Statistics%2520Compendium%25202022%7Ctarget%3A%2520_blank%7C }}

  Smart people learn from their mistakes. But the real sharp ones learn from the mistakes of others. That is why EBAN is launching Lessons (L)earned, the podcast on angel investments that did not quite go as planned – or to be quite blunt, our podcast on angel investing failures! For the first episode we are glad and honoured to be joined by EBAN president emeritus, Peter Cowley (he/him), whose book, the Invested Investor served as the inspiration for this format! Peter Cowley is not only our own President Emeritus but also chair of Cambridge Angels and Board Member of GBAN and a renowned entrepreneur, investor, and author known for his significant contributions to the startup and investment ecosystem. In this first episode, part of our “Lessons (L)earned” edition, Peter discusses with EBAN the mistakes made in angel investing and the lessons he (l)earned thanks to/ because of these angel investing failures. He also shares with us his personal journey that will be further explored in his upcoming book “Public Success, Private Grief” (https://www.ps-pg.com/) where Peter will disclose his many fights over the course of his life and how they’ve forged him to become the positive and giving person he is today.

The concept of ENTREPRENEDU is focused on closing the innovation and educational gap between different regions of the EU, causing unbalanced business activity and fewer job opportunities in less developed entrepreneurial ecosystems. HackTheBusiness is an entrepreneurship challenge for young minds to learn, explore and discover the secrets of Space! The challenge is to pitch an innovative business idea, with the aim of bringing a real revolution to the space sector in Greece. HackTheBusiness second edition has reunited young entrepreneurs and startups at Corallia (Athens, Greece) for a day, where they had the opportunity to pitch their innovative business idea and compete for a place in the Mentoring & Coaching Programme delivered by ENTREPRENEDU project. Read full press release here:   

The third edition of the UN Regional Women’s Entrepreneurship EXPO 2023 on the 17 November 2023 was an enlightening session with our very own Vice President, Selma Prodanovic, discussing ‘Being a Woman in the Start-up World.’ In this session, Selma underscored the critical role we play – recognizing gender equality not only as a challenge but as a pivotal solution. She also mentioned the power of understanding and navigating challenges when embarking an entrepreneurial adventure, leaning on support for a smoother entrepreneurial ride. Selma urged women to embrace their unique role in the startup world. Rather than viewing perceived weaknesses as hindrances, she encouraged turning them into strengths, recognizing the exceptional value they bring. These are some of the key highlights of the amazing event: -Gender Equality as a Solution: Selma emphasised that gender equality is both a problem and a solution. She urged the audience to recognize their role in addressing this issue. -The Startup Journey: She likened the startup journey to driving a bumpy road in the dark. It’s challenging, especially in innovative spaces, but as more people join (co-founders, investors, etc.), the journey becomes smoother. -Exceptional Women in Startups: She acknowledged that being a woman in the startup world, especially in male-dominated fields, makes you an exception. She encouraged women to see themselves as role models and to turn perceived weaknesses into strengths. -Investing in Women-led Startups: Selma presented compelling statistics on the performance of female-only startups, emphasising higher returns and revenue. She highlighted the importance of changing the perception of women as investors and encouraged women to perceive themselves as investors. -Changing the Narrative: At the end of the session, Selma stressed the need to change the narrative around women in entrepreneurship, moving from discussing challenges to focusing on solutions. She urged women to be visible, dare to dream big, and become role models for the next generation. Selma’s Mission – The Selma Effect: Selma expressed her mission to change the way women are perceived and spoke about the importance of empowering women to create a better future. She invited the audience to connect with her on LinkedIn for opportunities and workshops. It was a great session and we look forward to future collaborations with UN Women! You can see the MoU between EBAN and UN Women here. The event was organized by the UN Women Regional Office for Europe and Central Asia, in partnership with European Bank for Reconstruction and Development (EBRD) and Yıldız Holding as part of the Women’s Entrepreneurship Accelerator supported by Mary Kay Inc

Inspiring developments unfolded at the recent UNESCO Regional Forum on “Angel Investing: The Missing Link towards an Innovation Economy in the Arab Region.” EBAN, represented by board member Dr. Nicolas Rouhana, had a chance to enter the discussions that centred on the crucial role of business angel investors and the challenges faced by women entrepreneurs in the Arab region and globally. Key Takeaways from the Forum: Recognition of Challenges: The forum, opened by Dr. Nuria Sanz of UNESCO Cairo, set the stage for acknowledging the challenges women entrepreneurs face. Dr. Nazar Hassan, Dr. Raghu Surya, and Dr. Nicolas Rouhana led insightful working sessions that identified barriers such as the glass ceiling, cultural norms, and a lack of support for women at the beginning of their entrepreneurial journey. EBAN’s Strategic Approach: Nicolas Rouhana, a board member of EBAN, outlined EBAN’s strategy for achieving a Gender-Balanced Angel Investing Ecosystem by 2030 as described in our manifesto. This includes the establishment of the EBAN Gender Community, publications, webinars, the SUPERNOVAS course in collaboration with EIT,  and the collaboration with UN Women. Spotlight on LWAF Success: Nicolas presented the success story of the Lebanese Women Angel Fund (LWAF), demonstrating the positive impact of women-only programs in entrepreneurship. The LWAF model, designed to support women entrepreneurs in Lebanon, serves as a beacon of success and a potential template for similar initiatives. Launching AWABA: Following two days of collaborative discussions, the Arab Women Association for Business Angels (AWABA) was established. This marks a significant step toward fostering a collaborative regional ecosystem that supports women entrepreneurs in finding financial resources and mentorship. Looking Ahead: EBAN is committed to supporting AWABA’s objectives, connecting with stakeholders, providing mentoring and capacity-building programs, raising awareness, and leveraging collective efforts for regional impact. Stay tuned for more updates as we continue our journey toward a future where women entrepreneurs in the MENA region thrive, innovate, and lead.    

Our Vice-President Selma Prodanovic represented EBAN and delved into the pressing issue of gender inequality in financial markets during a compelling webinar hosted by the European Economic and Social Committee. The EESC’s Section for Economic and Monetary Union and Economic and Social Cohesion (ECO) held a debate on 15 November addressing gender disparities in access to financial markets. Studies highlight these gaps, sparking ongoing debates as to their causes. Women-led EU businesses receive only 2% of venture capital, apply for fewer loans and invest cautiously. The talks explored how these disparities affected society and the economy and searched for policy solutions. Addressing the gender gap in financial markets access isn’t solely about fairness; it’s also about seizing substantial economic prospects in Europe, declared the chairwoman, EESC ECO Section member Elena Calistru, launching the debate. DG Growth’s Agnieszka Wojdyr presented alarming statistics demonstrating the persistent disparity in venture capital (VC) funding between men and women. Factors such as fewer women in self-employment, smaller financing requests, biased evaluations favouring male-presented pitches, and a predominantly male presence in VC decision-making roles contributed to this problem. Studies also revealed that gender diverse teams tended to invest in sustainable areas and often outperformed their male counterparts. The European Commission (EC) representative outlined the EC’s strategy for 2020-2025, combining gender mainstreaming with targeted actions, such as equalising procurement opportunities between men and women. David Halabisky, from the Organisation for Economic Co-operation and Development (OECD), identified the gender gap’s pervasive nature globally, citing social expectations that perpetuated the salary gap and demonstrated the need to challenge these norms. Policy solutions proposed by the OECD included microfinance, direct funding instruments for growth-oriented women entrepreneurs, and the need for better gender-disaggregated data to inform policy. The private sector’s perspective from European Business Angel Network (EBAN) highlighted the repercussions of unequal access to finance, such as missed investment opportunities, reduced diversity in decision-making, and slower economic growth. The organisation’s Vice-President, Selma Prodanovic, stressed the need to create a gender-balanced ecosystem, focusing on competence rather than gender, and transforming perceptions about women’s capabilities. Closing the gap isn’t about removing men from specific roles in companies and organisations. It’s about expanding the pool of economic opportunities. In 2022, EBAN committed itself in a manifesto to promoting gender equality in the world of angel investing, where private investors focused on financing small business ventures in exchange for equity. Overall, the conference at the EESC emphasised seeing women in business as a solution, urging a change in perception to unlock economic opportunities for everyone.

Growceanu Angel Investment, the leading angel investing network in Romania, hosted the first edition of Invest in Moonicorns, a two-day event dedicated to angel investors in Central and Eastern Europe (CEE). The event took place at the Faber centre in Timisoara, Romania, on 27 & 28 October 2023, and featured speakers from seven cities around the globe, including Seattle, London, Paris, and Riga. One of EBAN Board members, Nina Dremelj, participated and represented EBAN in Timisoara.  The first day of the event was a day of relevant content. Miruna Girtu, Venture Partner at Syndicate Room and Tutor at Oxford University’s Saïd Business School, opened the conference with a keynote on the lessons learned from 100+ superangels. Then attendees, who are currently investing in early stage startups or considering it, also learned from several panels that followed.  The first panel looked at portfolio diversification on different asset classes according to risk. This gave the early stage startup asset class a clear positioning in a high net worth individual’s portfolio. From then on, the conference focused on the different stages of angel investing: finding good start-ups, evaluating them and making good investment decisions, the meaning of ‘winning’ in this context and how to get there. The topic of support from regional and national authorities was followed by some wonderful success stories from angels and founders: two examples of successful startups that are continuing to grow (Bright Spaces and Rayscape) as well as an example of a successful exit (SmartBill’s acquisition by Visma). The second day was dedicated to experiences, where the participants visited the Constantin Brancusi exhibition, the Timisoara Art Museum, and the Turn Signals design exhibition, as well as the city’s historical centre.  “We are keen to strengthen relationships between investors in the CEE region, to fund more brilliant founders, and to have a more prosperous ecosystem. We see a lot of fragmentation in Europe regarding early stage investments and our aim is to connect people and leverage resources together” said Ciprian Man, Growceanu co-founder.  “Business angels are instrumental to startups’ success and such a gathering of great business angels is key to improving the region’s dealflow. The grit and resilience the region has is fundamental to the success that founders with (Eastern) European DNA experience – these founders will emerge as builders of the companies of the future and their backers will partake in their success.” Alex Agatinei, How to Web “The event offered in itself a great platform for networking and knowledge sharing between relevant key players, a really great tool to enhance the good spirit and communication between investors, start-ups –  and all other professionals. A big thank you to the team who managed to put together such a great first edition of Invest in Moonicorns. The bar was set very high at this inaugural edition, I wish you many more great ones!” Ileana Glodeanu, Attorney at Wolf Theiss. —————– Growceanu is an investment platform founded in 2018. Through Growceanu, investments have been facilitated in Bright Spaces, Rayscape, EmailTree AI, Kinderpedia, Sitter, Milluu, Oncochain, Metabeta, Telios, Upgrade Academy, Sypher, Streams Live, Ulpia, The Data Analysis Bureau, Artivive, Codewell, Medinav, Licenseware, Aqurate, Procesio.  The Growceanu platform targets in particular start-ups in the PropTech, EdTech, SmartCity, Enterprise, Marketplaces, FinTech and MedTech fields, based on approaches in the technology areas: Artificial Intelligence, SaaS, Data Science, Digital Mapping, IoT.

EBAN is very pleased to announce that EBAN’s President Emeritus, Candace Johnson, was received by EU Commission President von der Leyen this past Tuesday, 07 November. During the meeting, von der Leyen paid tribute to her work as a founding member of the Global Board Ready Women (GBRW), advancing the “Women on Boards” initiative, which subsequently became European law on 22 November 2022. The official press release follows below: EU Commission President Ursula von der Leyen pays tribute to women pioneers who supported the Women on Boards directive Brussels, Tuesday 07 November 2023:  President von der Leyen paid tribute today to the work done by the Global Board Ready Women (GBRW) Task Force which came into being in 2012 to support the directive to apply 40 % Gender Diversity Quotas for all publicly listed corporations in Europe proposed by former EC Vice President Viviane Reding during her third mandate from 2010 – 2014  as Commissioner for European Commissioner for Justice, Fundamental Rights and Citizenship The GBRW Task Force brought together executive women leaders from the private, academic, and public sectors who refused to let stand the remark frequently made at the time that “there were not enough qualified women to fill the Board Positions”.  By enlisting top European Business Schools with their alumnae lists of C-level executives, corporate governance professors and Boards of Governors, filled with industry captains from around the world, they created a data base of more than 8000 Board Ready women, thus dispelling the myth that there were not enough women to fill the board positions.  They also created the first global criteria for Independent Board Members, regardless of gender and applied these criteria in vetting the board ready women candidates presented for consideration by the European publicly listed corporations. Besides the Business Schools, the GBRW worked tirelessly with professional women associations, the Association of Executive Search Consultants, and the Forte Foundation to promote the “Women on Boards” Directive which came into law ten years after the GBRW began their work on 22 November 2022. The tribute took place on the eve of the “Global Board Ready Women Leadership Conference” organized by Forté Foundation and Phoenix Executive in Brussels on 08 November to analyze the progress made by the initiative and to prepare the next generation of women corporate leaders.  

Ulla Sommerfelt, a seasoned business angel with over seven years of experience, recently stepped up her angel investing game and met with startups and global business angels. In her latest article, she shares five crucial insights for early-stage startups pitching to angel investors: 1️. Angels Are Eager to Help: It’s not just about money; angels want to give back and offer their experience, networks, and advice to help your startup succeed. 2️. Inspire with Purpose: Angel investors are captivated by startups with a clear purpose and a focus on solving real problems for their audience and the world. 3️. Co-Investment Matters: Ulla emphasizes the importance of engaging with multiple angels and facilitating connections among them. Co-investing reduces risk, and forming syndicates is advantageous for your cap table. 4️. Believe in Your Team: At the early stage, it’s the team that matters most. Showcase your team’s strengths and coachability, and remember that a great team can work magic. 5️. Business Angels Can’t Fly: While angels can’t fly, they are here to support and believe in your journey. Ulla Sommerfelt is a member of Danish Business Angels – DanBAN and EBAN – European Business Angel Network. You can read the full article here: https://www.linkedin.com/pulse/business-angels-cant-fly-4-other-truths-ulla-sommerfelt-fge0f%3FtrackingId=0szjqQT%252BTXKwwOf%252FkWvaRA%253D%253D/?trackingId=0szjqQT%2BTXKwwOf%2FkWvaRA%3D%3D  

Creating a Strong Angel Community and Humanising Angel Investing: Insights from Sara Bentsen Meet Sara Bentsen, a dynamic force in angel investing, tirelessly working to humanise investor relations with VC funds and business angel clubs. Her mission is to foster long lasting relationships among investors and engaged communities with a focus on expertise, transparent communication, and enriching events that make investing enjoyable and educational. A Journey of Discovery Her career in angel investing began unexpectedly. Initially on a diplomatic path, her background in transcultural communication and international relations landed her a UN job in external relations with UNIDO. But a desire for a more dynamic, entrepreneurial path led her to a life-changing pitch event in Vienna. Two months later, she founded her own company and has since made waves in the industry. Humanising Investment: Sara’s Mission Sara’s unique approach values the “human return on investment” alongside the financial aspect. She believes in preserving the human element in early-stage investment, emphasising relationships, mentorship, and shared experiences as key to success. Challenges in Building Investor Communities She highlights challenges faced by investor community managers, particularly in a tech-driven landscape. Automation streamlines processes but risks sidelining human relationships. Striking a balance is crucial: use automation for administrative tasks, but keep the core of investor relationships personal and human. Strategies for Building Strong Investor Communities Sara’s insights for community building: Ask Questions: Understand how involved your members want to be and what they enjoy doing. Communicate Setbacks and Failures: Fosters trust, transparency and collective problem-solving. Regular Meetings: Know what everyone else is up to and keep the conversation open. Sara’s Advice for Newcomers For New Fund Managers: Balance technology with relationship-building. For New Angels: Continuously learn from every interaction. For New Entrepreneurs: Choose angels wisely, seeking the Angel with the right expertise and network. A New Project: Human-Centric Investment Sara dedicates a set amount of time to each BA club, focusing on relationship management, community creation, and enhancing the angel investment experience. Her goal is to make investor clubs more engaged and dynamic. Final Thoughts In a tech-driven world, Sara’s mission to humanise angel investing is refreshing. Her journey demonstrates the power of human connections and mentorship in early-stage investments. Remember, it’s the people behind the investments that matter most. Your entrepreneur is human, your investor is human, and the end costumer is also human. Sara’s insights offer a valuable perspective on the importance of relationships, mentorship, and community-building in angel investing, emphasising the significance of human connections and open communication in creating successful investor communities. Watch the Full Interview here: 

By Caroline Sai, Angels Santé (Angels4health) Director & EBAN Board Member Are you ready to embark on a rewarding journey as a Business Angel? How exciting to give your resources, time, and expertise back to the community. Your entry into the world of angel investing promises to be a thrilling adventure. However, before you take the plunge, remember a crucial piece of advice: always approach it with your exit strategy in mind. In this article, we will explore the art of constructing a diversified angel portfolio to maximise your chances of success. First, let’s set the stage. Business Angels are the very first, after fools and families, to invest in very young yet innovative startups. Necessary for the emergence of innovation but risky business indeed ! These startups are most often pre-revenue, with just a proof of concept and a micro team!. It’s essential to note that only a modest 10 to 20% of these ventures will endure in the long run. With this level of risk, the last thing you want to do is put all your hard-earned eggs (money) into one or two baskets. The global Angels Community widely concurs on a fundamental principle: diversification is your best ally. A well-rounded angel portfolio should ideally comprise around 20 ( if not more ) carefully chosen companies. When asked about his investment strategy, G.P.A, a very successful international Business Angels, tells us “My strategy in my business angel investment relies on dynamic, exponential, differentiated concentrated diversification or more simply concentrated diversification.” Here’s why diversification is the key to success. Risk Mitigation Through Diversification Diversifying your investments means spreading your risk. Even if a few startups in your portfolio don’t make it, the successes can more than make up for all those souls lost along the way. This risk mitigation strategy is crucial to protecting your capital. 1. Diversify Within Industries If you possess substantial expertise in a particular industry, don’t limit your investments to just one niche, such as medical devices for heart monitoring. Explore other monitoring devices or delve into digital health solutions. Broadening your focus within your area of expertise can provide valuable opportunities. 2. Diversify Across Geographies We know that only 10% of European angels venture into cross-border investments but as I once wrote, startups are not like vegetables i.e local is not always better. Explore the business angel scene in different countries or even continents which will increase your ESG impact. If you feel uncomfortable with going international than look at opportunities closer to home. Some regions offer favorable non-dilutive solutions and environments for nurturing startups. 3. Diversify in Business Models Diversifying across different sectors or sub-sectors will introduce variations in business models, market trends, and potential revenue streams. Consider various business models, as it is a vital element (along many other factors) for the growth of the company, 4. Diversify by Stage of Development The earlier the stage of development, the riskier the investment. So check out companies that may have a higher valuation but are also better demonstrating market viability, effective solutions, and potential sources of revenue. 5. Mix Direct and Indirect Investments For high-net-worth individuals with ample resources, consider both direct investments (with your name on the cap table) and indirect investments (becoming a Limited Partner in a fund). This approach can also be mixed with different investment tools – crowdfunding , SPVs etc enabling you to invest varying amounts and participate in different size rounds. 6. Rational vs. Sentimental Investments While rational decisions are essential, if you come across an exciting project in a niche market with no visible venture capital presence and limited exit prospects, you can follow your heart, but be prepared to accept the possibility of losing your investment. This is what we refer to as a sentimental investment. 7. Join a Network Joining an angel investor network, whether specialized or agnostic, grants you access to a broader dealflow, collective pre-screening of high-quality opportunities, expert due diligence support, portfolio management assistance, and access to training courses on the due diligence process and its potential pitfalls. 8. Get Actively Involved Many successful Business Angels have reported that their greatest successes were with companies they were actively engaged with. This takes us back to point 1: by investing in a sector you know well not only will you be able to identity the right investments but you will also be so much more impactful to those companies. Maintaining a close relationship with the CEO and monitoring their development can be key to your investments’ success. As our guest GPA underlines :  “ The more start-ups in a given sector, the more you can make the whole more powerful than the sum of the parts, the more you can get start-ups to partner together and help each other in cross-selling, outsourcing complementary services, investor introduction,etc..” 9. Think Exit Strategy Stay informed about industry trends, regulations, key industry players, and the performance of your portfolio. Ensure that your investments not only prosper within a scalable market but also offer viable exit strategies, allowing you to reinvest in the ecosystem and continue fostering innovation. This is all about maintaining the virtuous circle of early-stage investment. In conclusion, building a diversified angel portfolio is an art, one that requires thoughtful planning and strategic decision-making. As Peter Thiel once said “Successful people find value in unexpected places” so by embracing dynamic diversification, staying involved, and keeping your exit strategy in mind, you can contribute to both your success as an angel investor and the innovation ecosystem at large.   About the Contributor Caroline Sai is the Head of  Angels Santé (Angels4health) & EBAN Board Member. The European Health Investor Network is a European network of healthcare investors dedicated to supporting healthcare startups in their fundraising journey. It is a fundraising programme managed by Angels Santé. To learn more about how to join our program as an investor or a startup, click here.

We are glad to announce that yet another very successful edition of the European Angel Investment Summit was concluded on the 10th and 11th of October 2023 gathering more than 500 attendees from all over Europe and beyond!  Key Takeaways: As always, the Summit was a glimpse into the future of angel investing and here you can read the main takeaways from the 2023 edition: Promoting Gender Diversity: EAIS23 placed a strong emphasis on the urgent need to address gender biases within the investment landscape and promote gender diversity. Janneke Niessen delivered a keynote that underscored the paramount importance of diverse teams in the investment landscape. She highlighted the proven fact that diverse teams consistently outperform their non-diverse counterparts, emphasising that addressing unconscious bias is essential for optimising team dynamics. Gender-diverse teams, in particular, have been shown to excel in various aspects, including decision-making, innovation, and financial returns. The event also saw the signing of a significant memorandum of understanding with UN Women to tackle the gender gap.The collaboration between UN Women and EBAN signifies a pivotal moment in advancing gender-balanced investment, aiming to create a more equitable and sustainable future for women entrepreneurs and investors. This partnership is a resounding call to action, stressing the importance of breaking down barriers and championing gender diversity in the investment landscape. Throughout multiple parallel sessions, the topic of creating more opportunities for women in angel investing took centre stage. One highlight was Selma Prodanovic, who leads the EBAN Gender Community and played a pivotal role in crafting the EBAN Manifesto at EAIS22. This manifesto continues to guide our actions, ensuring that we uphold its principles in our daily endeavours.  New Space Investing:  Being an early-stage investor in SpaceTech has never been more accessible. This puts #EASI23 attendees at the forefront of an industry that is primed for takeoff. The New Space track at the Summit provided valuable insights into the future of space exploration and innovation. The sessions showcased remarkable achievements, including a day aboard the International Space Station (ISS) by keynote speaker Christer Fuglesang while the startup pitches highlighted the entrepreneurial spirit driving the new space industry, with a nod to the CASSINI Initiative and ESA’s involvement in supporting innovative startups. The future of space exploration holds immense promise, with ample opportunities for private investments and you are there just at the right time to get involved! African Investment Opportunities: The Summit underscored Africa’s unique identity and its emerging role as a global investment destination that’s closer than we might think for EU angels. Africa’s investment market is on the cusp of taking off, presenting a prime opportunity to get in early. Notably, there has been substantial growth in the African startup ecosystem, including a significant rise in women-led projects. The event stressed the importance of bridging the gap between international investors and local stakeholders to navigate Africa’s diverse and dynamic investment landscape thanks to speakers such as Tomi Davies and Fadilah Tchoumba of ABAN among others. However, one of the most significant takeaways from the Africa track was the emphasis on not investing alone but rather with trusted individuals. These connections can be established through events like those hosted by EBAN, making the African investment journey even more promising and inclusive. The AEDIBNET project also played a significant role in shedding light on the opportunities and challenges in African investments, reinforcing the idea that the time to jump into this market is now. AI and EU AI Act: AI experts Gabriele Mazzini, Head of the European AI Act, and Angelo Dali, underscored the transformative influence of the EU AI Act on the European AI landscape. This act propels startups and investors towards ethical AI in alignment with human values and regulatory compliance. Notably, it challenges the ecosystem to evolve, thereby converting adherence to regulations into a competitive advantage. This transformation is instrumental in shaping a reliable AI-driven economy within Europe. The significance of understanding the AI Act is paramount, as it equips investors with the ability to identify potential risks when supporting AI startups, similar to any other legal framework. This comprehension serves as a safeguard, preventing investment in unethical or problematic ventures that may ultimately face prohibition within the EU, all in the interest of safeguarding citizens. Given the complexity inherent to AI, it has the potential to generate challenges for citizens. As a result, angel investors, in the process of due diligence, are compelled to scrutinise how companies align with the new AI Act, drawing parallels to the significance of GDPR legislation compliance. Cross-Border Investment: A significant portion of the event revolved around the importance of syndication and cross-border deals. The discussion aimed to simplify these transactions, tackling the regulatory, technical, and human issues that have been impeding progress in the field of angel investments. Participants recognized that an array of regulatory issues, particularly within the European Union, was making angel investments expensive and complex. Conversations also centred on the adoption of emerging syndication models and structures, providing valuable insights into what to embrace and exercise caution with. Trust-based collaborations emerged as the linchpin for success in cross-border angel investments, highlighting the paramount importance of nurturing robust relationships. The overarching objective was to make these investments more accessible and rewarding. By focusing on building quality, trustworthy relationships, angels could take the first simple step in breaking down the regulatory, technological, and human barriers that have been impeding cross-border deals. Meet this year’s big winners!  We would also like to congratulate the five winning startups that stood out among the 30+ companies that pitched at the Summit: 🏆 Intuitivo – João Guimarães 🏆 Xtremely Medical – Camille O’Malley 🏆 Nitrogen Sensing Solutions – Dr. Gabriel Almeida 🏆 Mantis Photonics AB – Jan Alexander 🏆The Carbon Games – Nikhil Mandrekar These startups have shown exceptional promise, and their recognition further underscores the innovation and potential that EAIS23 embodies. Congratulations! What is coming next for EBAN? As the European Angel Investment Summit 2023 in Brussels draws to a close, our

The “Gender Bias in Angel Investing” Webinar, organised by the EBAN Gender Community, captivated international audiences. This event, held in preparation for the European Angel Investment Summit, provided a forum to discuss a critical issue in the world of investment: gender bias. With an emphasis on actionable strategies, this webinar aimed to unveil the “how” behind mitigating gender bias in angel investing. Let’s delve into the main learnings and takeaways from this insightful session: 1. A Shift from “Why” to “How”:  The webinar’s distinctive focus on “how” to combat gender bias distinguished it from previous discussions that had primarily explored the “why.” Selma Prodanovic, Vice President of EBAN, underscored the importance of advancing gender equity within angel investing. The event also marked the launch of the EBAN Manifesto for a Gender-Balanced Angel Investing Ecosystem, advocating the manifold benefits of having women co-investors and investing in female-led startups. 2. Insights from the Speakers:    – Gabriele Tatzberger (Head of Startup Services at Vienna Business Agency): Gabriela expounded on her role as the Director of Startup Services at the Vienna Business Agency, which is committed to supporting local and international startups through grants, real estate, and services. Importantly, the agency places diversity and inclusivity at the heart of its mission.    – David Fogel (Co-founder of Alma Angels): David shared the mission of Alma Angels, focusing on tech-driven and IP-driven startups with ambitious women at the helm. Alma Angels operates as a community where individual angels make investment decisions, with a strong emphasis on sharing deal flow to broaden investor access.    – Cécile Sevrain (Co-founder & Head of Impact Measurement and Management, TIIME): Cécile highlighted the work of TIIME, an impact catalyst specialising in impact investing with a focus on Justice, Equity, Diversity, and Inclusion (JEDI). She underscored the significance of recognizing and addressing personal biases and the need for diversity among investors.   3. Tools and Initiatives to Overcome Gender Bias:    – Unconscious Bias Training: Gabriela discussed the Vienna Business Agency’s use of an unconscious bias tool to raise awareness among team members and jury members about biases that may influence their decision-making processes.    – The Role of Empathy: Cécile introduced immersive experiences that facilitate individuals’ ability to empathise with the challenges faced by others, particularly those tied to gender diversity.    – Transparency and Data: David emphasised the crucial role of transparent data related to gender diversity within startups and investment firms. He recommended resources such as Suzanne Beagle’s work, which maps investment funds focusing on women-led startups.    – Educational Programmes: The webinar introduced the SUPERNOVAS Business Angel Training program, set to launch in October. This program offers investors a valuable opportunity to enhance their knowledge and skills.   4. Challenges and Future Directions:    – Transparent Data and Action-Oriented Initiatives: Addressing gender bias necessitates transparent data, action-oriented initiatives, and systemic changes. The challenge lies in driving comprehensive change in an environment marked by deeply ingrained biases.    – The Complexity of Gender Bias: While progress is being made, addressing gender bias in angel investing remains complex. Initiatives to promote inclusivity and diversity should extend beyond just investing in women; they should include all underrepresented groups.   The “Gender Bias in Angel Investing” webinar provided a global stage for a crucial conversation about gender bias in angel investing. By focusing on actionable strategies and insights, it offered a deeper understanding of how to combat this issue effectively. As the world of angel investing evolves, these lessons serve as a beacon, guiding the way toward a more equitable and diverse investment landscape. While challenges persist, the commitment to inclusivity and diversity in angel investing is stronger than ever.

An interview with Fadilah Tchoumba, Head of ABAN, conducted by Link to Leaders – original publication here. What is the role of ABAN in the entrepreneurship that is done on the African continent? African Business Angel Network (ABAN) is the largest pan-African organization of Angel investors in Africa. Established in 2015, ABAN represents the growing number of business angel groups in the African early-stage ecosystems’ future, providing vital human and financial capital to African startup companies creating jobs across the continent. The African continent is home to a rapidly growing startup ecosystem, with an increasing number of entrepreneurs seeking funding for their innovative ideas. This need is being met in part by the growing number of local African business angels who are now investing professionally and consistently in these startups by providing mentorship, advice, funding, and business connections to entrepreneurs in the early stages of their startup development. Last year, startups on the continent raised a disclosed amount of $ 5 billion out of which $400,000 million was a direct contribution from local business angels. It is real and it is happening. African Business angels are playing an important role in the African startup ecosystem. With the success stories such as Andela, Paystack, Flatterwave, Chipper, Wave, and more recent Tunisia-based AI InstaDeep exiting at $684million – the notion of business angel investing is becoming more popular among African professionals, successful entrepreneurs, and founders. This group of individuals – who have the means, skills, and risk appetite – are eager to support the next generation of entrepreneurs and invest in African start-ups to help accelerate Africa’s economic development. Since 2015, the year ABAN was created, what are the network’s biggest wins so far? To date, there are over 5,000 active business angels in Africa compared to a only few dozen in 2012. Along with the increase in individual business angels, we have also seen a sharp increase in the number of business angel groups and syndicates that are created to spread risk amongst members and improve investment performance, from just 5 pioneering angel network groups in 2012 to over 150 business angel groups across 54 African countries today. The visibility and accessibility of angel investing in Africa have led to greater diversity in the profile of business angels on the continent. We have witnessed the emergence of female representation led by pioneering female business angel groups such as Rising Tide Africa, based in Nigeria, Dazzle Angels in South Africa, Female Future Angels in Mauritius, and DRC Impact Angels in the Democratic Republic of Congo. The growth in the number of business angel networks reflects the achievement of ABAN’s strategic goal of developing the Angel Investment ecosystem in Africa. At ABAN we are committed to unlocking the participation of local investment in the African start-up ecosystem. In partnership with Afrilabs, we created and launched Catalytic Africa in 2021, an innovative investment model involving Business Angels and Innovation Hubs. By backing these African business angels with matching grants for each successful equity investment made in a participating start-up, Catalytic-Africa seeks to reduce the risk of investing and facilitate growth opportunities throughout the continent – kicking off projects that are powered by business angels’ funds and grant money alike! Through Catalytic Africa, start-ups have the chance to actualize their potential with innovative co-investment opportunities. If a venture passes an application review by the Programme Committee, it will receive matching funds from this unique instrument of investment in African ventures, offering powerful innovation and development for early-stage businesses on the continent. How is Catalytic Africa positioned? Catalytic Africa has been a groundbreaking platform for African entrepreneurs, connecting 520 hubs and 373 startups to 68 ABAN’s affiliated angel networks with over 1000 individual investors. We have concluded 18 investments made in 12 countries so far – covering Cameroon, Botswana, Nigeria, Tunisia, Kenya, South Africa, DRC, Mauritius, Zambia, Tanzania, Cote D’Ivoire and Senegal. In our effort to continue to equip business angels with relevant investment toolkits and spread business angel impact, ABAN developed the first copy of investment legal documentation templates for start-ups in Lusophone African countries in Spanish and Portuguese and OHADA African countries, The aim is to support investment and deal-making processes for business and ensure that all transactions are compliant with prevailing local laws. Because of this achievement, 17 OHADA African countries are able to execute all start-up investments – just like their peers in English-speaking or Arabic-speaking Africa. ABAN has launched its Thematic Angel networks aimed at facilitating investment into 4 key sectors we believe would be key in the coming decade. The launch of these thematic networks is supported by the European Union through its AEDIB NET project to drive investment into climate-smart agriculture, clean technology, smart cities, and Digital trade ventures on the continent. In which markets is ABAN present, how many members do you have and how much has it invested? To date, ABAN has a presence across all 54 African countries on the continent with established Angel groups in 33 of those countries. We are spread through 68-member networks with over 1400 individual Angel Investors. Looking at the African continent as a whole, what do you think is the emerging country in terms of entrepreneurship? The one who has the conditions to surprise the world with his innovation? Nigeria, South Africa, Egypt, and Kenya have been at the forefront of the African startup ecosystem, particularly in the fintech and health tech sectors. Nigeria’s tech scene in cities like Lagos is especially vibrant, driven by a large, youthful population and a growing middle class. South Africa, Kenya, and Egypt also have strong tech hubs in Johannesburg, Cape Town, Nairobi, and Cairo. However, smaller countries like Rwanda and Ghana are also gaining traction. Rwanda, for instance, has made significant strides in creating a business-friendly environment and has focused on sectors like technology and healthcare. In terms of financial capital, Africa has seen growing interest from both local and international investors. The African tech ecosystem raised billions in investment in recent

 This article was drafted by EBAN and originally featured on the Bionanopolys newsletter.    Welcome to the world of EBAN events, where nailing the perfect pitch goes beyond mere skill – it’s an intricate craft. Three plus Three Minutes ⏲ At EBAN events, time is of the essence. You have precisely three minutes to weave your narrative and leave an indelible mark. After your presentation, it is the expert jury’s turn to step in. Comprising of EBAN members and Business Angels, they have their own three-minute window to ask questions and seek clarifications. It is important to note that there will be a hard stop at the end of each three-minute segment, and no exceptions will be granted. Crafting Your Perfect Pitch 🛠 Crafting a winning pitch is a blend of structure and creativity. While there’s no one-size-fits-all format, there are nine core elements to consider. Consider these as the foundational elements of your presentation, each playing a significant role in the narrative you’re about to unveil. The Problem: Dive into the world of your client, highlighting the need you’re addressing.  The Solution: What’s your innovation? Share its benefits, its stage of development, and any unique credentials. The Market: Paint a vivid picture of your clientele and market landscape. Numbers speak volumes, so back your vision with data. The Competition: Embrace your rivals, but illuminate what sets you apart. Uniqueness is an essential part of your project. The Sales Strategy: How will your business thrive financially? Explain your revenue model, market penetration, and strategy. The Milestones: Outline your journey thus far and your aspirations ahead. Successes, recognitions, and future objectives, show your trajectory. The Leadership: Introduce your key players, their skills, expertise, and connections. Mentors, partners, and a growth plan signal strength. The Financials: Take a dive into projected incomes, margins, and cash flow. Past accomplishments and future ambitions complete the financial puzzle. The Funding: How much do you need? What’s your plan? Investors seek clarity on the journey ahead. The Dual Nature of Pitch Decks ⚙ For your pitch to resonate, consider the platform you are on. On stage, simplicity holds the utmost importance. Big fonts, minimal text, and no more than three elements per slide are thus highly recommended. There’s no slide count limit, only a time constraint. Off-stage, during evaluations you should aim to provide more depth. Thus, we would recommend preparing a second presentation which contains additional information, without sacrificing simplicity and efficiency. Rehearse Rehearse until your pitch flows effortlessly. Stay on track, on time, and deliver with conviction. Beyond Words Audiovisuals are your allies. Videos, graphics, and other multimedia can amplify your message, adding depth to your narrative. The Ticking Clock: Punctuality Matters Respect the schedule. Your delay will paint a negative and unreliable picture of you to the investors. Your punctuality reflects professionalism and dedication.  Capturing Attention in a Blink Your goal is not to explain every detail, but to capture interest. Investors intrigued by your pitch will connect later, giving you ample time to delve into the complex intricacies of your project. The Power of Simplicity Use clear, concise language. Complexity doesn’t always impress. Speak professionally, but don’t get lost in technical jargon. Building Trust Through Presentation A clear, composed presentation builds trust. Manage your tone, be concise, and listen attentively. Your clarity mirrors your credibility. Be a good listener, being on stage does not imply you should have a monopoly on speaking. The Art of Holding Back You are not obligated to share all your trade secrets. Focus on what makes your venture special without divulging every detail. Investors admire honesty: everybody knows the concept behind Google and what a Ferrari is made of, what makes them special is how they make it happen. Lasting Impression: The Contact Details As your pitch concludes, leave a trail for interested investors. Share your contact details, inviting them to reach out. The Evaluation Process 🔎 Investors are not there to buy your products, but rather to decide if it is worth it to invest their time, knowledge, network, and money to help you grow your business. They invest in companies, not products.  Your pitch is therefore not a sales pitch; it is an invitation to a partnership. They evaluate based on: Value Proposition: Your business idea’s allure. Market Potential: The impact and scalability in the market. Execution Prowess: Your team’s capability to turn plans into reality. Financial Standing: Projections, past income, and financial strategy. Team Strength: Your team’s expertise and strategic alliances. The Three Pillars of Success 📊 The “idea” is just one component of your company, so be sure not to leave out the other 2 key pillars of your business! Success is built on: The Idea: A solution to a real problem. The Team: A dedicated team turning ideas into reality. Execution: Making the idea and team thrive amidst competition. Minimizing Risk, Maximizing Honesty 📉📈 Embrace your vulnerabilities. Address weaknesses and propose solutions to showcase your diligence and preparation. Investors will get alarmed if they notice you hiding sensitive parts. Honesty appeals to investors, but evading it does not. Crafting a compelling pitch is not just about the words you say. It’s about weaving a story that resonates, backed by a solid foundation of strategy and preparation.  At EBAN events, the stage is your canvas, and your pitch is your masterpiece.  About Bionanopolys Bionanopolys has received funding from the European Union’s Horizon 2020 Research and Innovation programme to develop an Open Innovation Test Bed (OITB) environment. The aim is to manufacture innovative bionanocomposites from sustainably sourced feedstocks in Europe as well as bio-based nano-products for packaging, textile, agriculture, cosmetics, pharma or food.

Startup founder pitching at FiBAN’s Pitch Finland at Elo offices. Image: Wasim Al-Nasser, FiBAN ry.   FiBAN’s June startup survey results collected answers from 90 startups that have sought funding through FiBAN. According to the results, networks, and expertise in internationalization and growth strategy are seen as valuable perks of including an angel in a startup’s funding round. Attention to improving diversity is called upon by both startups and angel investors.   Angel investors’ networks are seen as valuable, particularly for internationalization, growth strategy, and commercialization. While the majority of feedback was positive, startup entrepreneurs expressed a desire for increased focus on enhancing diversity, transparency of the evaluation process, and clearer guidance for funding applications.  “Developing the startup experience will be one of FiBAN’s key areas of focus,” says CEO Tiina Laisi-Puheloinen. FiBAN’s data shows that most startup teams seeking angel investment are still mostly all-male teams, though the proportion of mixed teams and female teams has increased.  Male-dominated teams still prevail: among startup teams seeking angel investment, only 6% are composed solely of women, while 49% are composed solely of men. 45% of the applying teams are mixed teams with all genders as founders.   Attention to diversity is requested by both angels and startups Among teams that have progressed to the investment negotiation phase, 52% of teams consist only of men. 41% of these teams are composed of individuals of different genders, and 7% are composed solely of women. The negotiation phase is where companies and investors perform due diligence and agree on the terms of investment. Diversity of teams and ideas are requested by angels too. “More diverse teams also predict better success for startups,” says Laisi-Puheloinen. “FiBAN’s role is not only to find suitable investment opportunities for angels but also to help startup companies find funding. It’s positive to see that the applicants increasingly represent more international and diverse teams,” Laisi-Puheloinen says.   Validate your business before seeking an investment However, according to FiBAN’s application data, companies often paint a rosier picture of their situation. Most of the respondents assessed their companies to be in the product’s initial version (MVP/seed), product-market fit, or rapid growth stage (scaling). Only a small fraction considered themselves to be in the ideation phase among the respondents.  A significant portion of companies seeking funding from FiBAN are not yet ready for an investment – the product and idea may be great, but credible numbers are still lacking. “As an entrepreneur, it’s good to assess your company from the perspective of whether you would invest in it yourself if you were looking at it from an outsider’s point of view,” Laisi-Puheloinen says. “It’s important that the business has been validated to some extent before investors join in. Angels as well as other investors want evidence of the viability, scalability, and demand. ” Laisi-Puheloinen emphasizes. Having been a startup entrepreneur herself, she understands the challenges of seeking funding. “Applying is a tough job for every entrepreneur, but I’d encourage you not to give up. Though submitting an application doesn’t guarantee funding, you can always reapply for funding from FiBAN when your business is a bit further”, she adds. FiBAN is one of the largest angel investor networks in Europe with 670 members from 20+ countries. Approximately 12% of FiBAN members are women. More Information Milja Inkeri Mäkelä, Communications Manager milja.makela@fiban.org FiBAN ry (phone only for editorial use) +35840 538 5418   Tiina Laisi-Puheloinen, CEO tiina.laisi-puheloinen@fiban.org  FiBAN ry

In anticipation of the European Angel Investment Summit 2023 (#EAIS23), we had the privilege of sitting down with astronaut and keynote speaker Christer Fuglesang. As the first Swedish citizen in space, a physicist, and an advocate for space exploration and investment, Fuglesang shared insights into his remarkable journey and the exciting opportunities in the world of angel investing within the space tech sector. A Journey from Particle Physics to Space Christer Fuglesang’s career trajectory is nothing short of extraordinary. He began as an experimental particle physicist at CERN in the late ’80s and early ’90s. However, his life took a cosmic turn when he saw an ad in the newspaper from the European Space Agency (ESA) looking for astronauts. This opportunity proved irresistible, leading to Fuglesang’s selection as one of only 6 new astronauts in 1992. After years of rigorous training in Germany, Russia, and the United States, Fuglesang finally realized his dream of space travel in 2006. Subsequently, in 2009, he embarked on a mission aboard the Space Shuttle Discovery to the International Space Station (ISS), where he participated in additional spacewalks, reaching 5 in total, to assemble and maintain the station. Fuglesang’s unique journey from particle physics to space illustrates the diverse backgrounds that can contribute to the space industry.   The Changing Landscape of Space Investment Fuglesang also highlighted the evolving landscape of space investment. Traditionally, space exploration was dominated by large government projects, but the game is changing. Private companies are increasingly entering the sector, offering services such as satellite launches and communication infrastructure. This shift from government-centric to a more commercial space industry is creating exciting opportunities for startups and angel investors alike. Moreover, government procurement practices have evolved. Agencies like NASA are now interested in procuring services rather than developing everything in-house. This change opens doors for smaller players in the space tech arena. Fuglesang emphasized that the decreasing cost of launching satellites, coupled with advancements in satellite technology, is further catalyzing growth in the industry.   Space Tech Ventures: Where to Invest? When asked about specific areas for space tech investment, Fuglesang pointed out several promising avenues: Satellite Development: Building small, capable satellites is a lucrative venture. Examples like Planet Labs, which deploys small satellites for Earth observation, demonstrate the potential for generating income in this sector. Data Analysis: Fuglesang stressed the importance of extracting intelligence from space data and developing products that leverage this information. Space-derived data can be applied in various industries, much like app development for smartphones. Moon and Asteroids: A visionary frontier, the moon and asteroids offer significant potential for future activities. Private companies are already exploring opportunities such as lunar landings and establishing communication networks.   Balancing Investment and Development One of the critical challenges for space tech entrepreneurs is striking a balance between securing investment and advancing their technologies. Fuglesang advised taking a step-by-step approach, whenever possible, to showcase progress to potential investors. Demonstrating trustworthiness and the ability to generate income incrementally can attract more substantial investments as the company grows.   The Role of Education Centers As an educator at the Institute of Technology in Sweden, Fuglesang believes universities and research centers should facilitate the growth of space tech entrepreneurs. These institutions should provide incubation facilities, funding opportunities, and mentorship programs to support budding space tech startups. Furthermore, Fuglesang stressed the importance of incorporating space-related topics into various educational programs. Understanding how space technology can benefit different sectors, such as architecture, agriculture, and infrastructure, is vital for preparing the next generation of entrepreneurs and professionals.   The Future of Space Tech In discussing the future of space tech, Fuglesang predicted several groundbreaking technologies: Enhanced Satellite Technology: Satellites with onboard machine learning capabilities will enable faster data analysis and local decision-making, reducing the reliance on ground stations. Affordable Space Launches: The continued reduction in launch costs, spearheaded by companies like SpaceX, will make space more accessible to a broader range of entrepreneurs. Space-Based Solar Arrays: Large solar arrays in space that convert sunlight into microwave or laser beams for Earth-based power generation could revolutionize our energy supply systems.   Climate Change Mitigation Through Space Fuglesang’s keynote at #EAIS23 will delve into the innovative concept of using space technology to address climate change. He proposed deploying sunshades at Lagrange Point 1, which could moderate Earth’s temperature by blocking a fraction of sunlight. This technology serves as an insurance policy to combat climate change if conventional efforts fall short. Join us at the Summit to hear it from the man himself: https://europeanangelsummit.com/tickets/  Christer Fuglesang’s journey from particle physics to space and his dedication to promoting space exploration and investment inspire us to embrace the limitless possibilities of the space tech industry. As startups and entrepreneurs flock to this burgeoning sector, the European Angel Investment Summit 2023 promises to be a platform for exploring these opportunities and shaping the future of space technology. Watch the full interview: Christer Interview Video by EBAN

The landscape of angel investment has experienced a remarkable evolution over time, and at the heart of this transformation lies the insightful journey of Anthony Clarke. Clarke’s experiences offer a profound understanding of the factors that have shaped this dynamic ecosystem. In a recent conversation with EBAN, he shared his perspectives on the intricate interplay of government incentives, regulatory balance, co-investment initiatives for both angel investors and VC investors and sector-specific investments that have contributed to the ever-evolving realm of angel investing. One of the defining aspects of Clarke’s journey is his early involvement in the UK’s angel investment scene during the late 1990s. His initial foray into the world of angel investing was rooted in the local business ecosystem of London. During these nascent days, the practice was predominantly confined to local investments. Investors with a financial and business background like Clarke identified opportunities to provide their practical expertise and capital to startups that had the potential for sustained growth. As the angel investing community burgeoned, so did the necessity for collaboration and expansion with fellow angel investors as well as early stage VC’s Clarke’s journey took a significant turn when he joined London Business Angels, which facilitated networking and deal-sharing and marked Clarke’s transition from being an individual investor to a manager and advocate for the broader community. Government incentives emerged as a transformative force during this era. The UK government’s decision to incentivise angel investments in the late 90’s marked a turning point. The introduction of tax incentive schemes served as a catalyst, enticing individuals to undertake calculated risks in early-stage ventures. These tax breaks bolstered investor confidence and spurred an influx of participation and significant capital infusion into startups. Clarke’s journey extended beyond individual investments as he took on the mantle of managing London Business Angels. His dual role as an investor and a manager exemplified the delicate equilibrium required to navigate potential conflicts of interest. During his tenure, the group secured £4.7million from the British government in 2002 to establish the UK’s first n angel co-investment fund, an initiative that marked a departure from traditional very localised investments. This endeavour paved the way for increased collaboration and funding opportunities, ushering in a new era of scalability and visibility. The establishment of co-investment funds heralded a transformation in the angel investing landscape. Backed by private capital and government support, these funds enabled syndication on a larger scale as well as the possibility of also co investing with early stage VC Funds. This shift empowered and professionalised early-stage startups with combined resources and expertise, significantly enhancing their prospects of success. Furthermore, Clarke’s journey intertwined with the broader European context through his role as president of the European Business Angels Network (EBAN) from 2005-2009. This period coincided with his role as Chairman of British Business Angels Association (now UKBAA) until 2012 As EBAN President he diligently advocated for the recognition and support of angel investing at the European Commission level whilst in the UK his main focus was growing the Angel Communities links with the British Venture Capital Association and the UK’s Policy Makers whilst encouraging light touch government regulation for angel investing. Looking beyond the borders of the UK, Anthony Clarke’s insights draw parallels with global models of angel investing. He points to the successes of the United States where comprehensive angel investment and co-investment initiatives including VC investment have thrived.. In the United States, for instance, the formation of Angel Capital Association (ACA) encouraged the formation and growth of strong angel groups who havea played a pivotal role in fostering their early-stage ecosystem. These groups through syndication of angel investments provide funding and offer mentorship and guidance, fuelling the growth of startups across various industries. Additionally, Clarke’s observations extend to Finland, a country that has carved a niche in the tech startup scene. Finland’s robust support for technology businesses and a conducive regulatory environment have propelled it into a hub of innovation. By fostering collaboration between academia, entrepreneurs, and investors, Finland has demonstrated the power of creating a holistic ecosystem that nurtures startups from ideation to execution. Clarke’s insights highlight the need for the EU to strike a balance between providing supportive frameworks and avoiding overregulation that could hamper the growth of the angel investment ecosystem. “By promoting cross-border collaboration and awareness, the EU can harness the collective strength of its member states to drive innovation and economic development on a continental scale.” Furthermore, Clarke’s involvement in co-founding the Seraphim Space Fund in 2016 offers a fascinating glimpse into the realm of sector-specific early stage VC investments. The fund’s collaboration with the European Space Agency and large corporate investors showcases how partnerships can unlock the potential of niche sectors. As demonstrated by Seraphim, this collaborative approach paves the way for startups in specialised fields to access capital, valuable industry knowledge, and networks crucial for their success. Anthony Clarke’s discussion on the role of technology in the angel investment landscape underscores its transformative power. He recognises technology as a pivotal enabler that has reshaped how investors identify, evaluate, and support startups. With the advent of digital platforms, the process of discovering promising ventures and conducting due diligence has become more efficient and accessible. Clarke’s insights shed light on how technology has democratised access to investment opportunities, allowing a broader range of investors to participate in early-stage funding. His mention of sector-specific investments, such as the Seraphim Space Fund, showcases how technology-focused funds can create a targeted approach to nurturing innovation in specialised domains. In retrospect, Anthony Clarke’s journey encapsulates the transformative narrative of angel investing—from its localised origins to its current global prominence. Government incentives, the establishment of co-investment funds, and collaborative efforts across the European context have collectively woven the vibrant tapestry of today’s angel investment landscape. As new generations of investors enter this ecosystem, Anthony Clarke’s experiences stand as an invaluable guide, illuminating the past, present, and the promising future of angel investing. The insights from his own journey which after 25 years is

Brussels, 31st August 2023   BAE System and  EBAN Space Innovation Day bring together cutting-edge new space firms at BAE Systems AI Labs, the historic former home of the Marconi Research Centre. AIKO, Aquark, Lumi Space, Remos Space, ReOrbit, and SmartIR were selected to present their technologies, respectively, in unique analytics and data fusion capability, Quantum, Laser-based Space Situational Awareness, Software-defined Ground Systems and Satellite manufacturing, and infrared thermal radiation control for space and defence applications. 05 July, Chelmsford UK / Brussels Belgium:   BAE Systems, UK’s leading aerospace and defence company, joined together with EBAN Space, Europe’s largest gathering of private angel and early-stage investors in space and space-tech on 21 June to bring together some of Europe’s most promising Space and SpaceTech firms with BAE Systems Space business.  The day delivered in-depth exchanges on the state of deep-tech topics, including quantum, space-situational awareness, optical communications and more, as they relate to the Next Generation of Space technology that BAE Systems is building. Richly productive Snapshot of New Space Paradigm: The six firms were selected out of 24 companies presented to BAE Systems by EBAN Space’s members, including Seraphim Space, ESA, and EUSPA, as well as its cadre of serial space entrepreneurs and angel investors.  As such, it brought together an entire eco-system of entrepreneurs, incubators and accelerators, private investors and corporations for a unique and richly productive snapshot of not only what individual entrepreneurial companies are doing but also a picture of the totally new paradigm emerging for space and space-related industries and services in the world as well. “This Space Innovation Day gave us the opportunity to meet with dynamic space entrepreneurs from around Europe in informal, one-on-one discussions to freely exchange with them about what we at BAE Systems are looking for to complete our product range and what they can bring us,” commented Elizabeth Seward , Head of Space Strategy & Future Business at BAE Systems.  “At the same time, we also identified some areas where we can help these young companies advance quicker and better by offering them some of our technologies and services.” said John Young, Head of International Business Development – Space at BAE Systems.  “This is true ‘Open Innovation’ at its best,” concluded Seward. “The fact that the companies presented had been not only through world class incubators and accelerators as the ESA BICs and Seraphim Space Camp, but had also been invested in by members of the EBAN Space Community, thus showing market traction with real clients, revenues, and a potential for return on investment was reflected in the maturity of the individual companies and was a huge validation for us, making it a very worthwhile event”, commented Nick Appleyard, ESA Head of Applications and Solutions Department CIC-A. All of the six entrepreneurial companies noted that “the direct and in-depth conversations with BAE Systems senior-level technical and business executives gave us a real insight into what large corporations are specifically looking for in their potential cooperation with New Space entrepreneurs and how this can concretely translate into a win-win situation as well as how they can potentially help us achieve our goals quicker, easier, and cheaper in collaboration with them”.  The “space entrepreneurs” also commented on the “valuable exchanges with the other New Space companies within the Innovation Showcase, where they identified and discovered possible synergies among themselves”. “The private investor members of EBAN Space, be they Angel Groups such as UK Space Tech Angels, Rymdkapital, EstBAN (EE), DNA Cascais (PT), Cobin Angels (PL), Sophia Business Angels (FR), Angelus Funding (USA); be they Early Stage Venture Capitalists such as Seraphim Space Capital, SpaceTec Capital, Triangle Ventures— who have come together to invest in the new emerging space sector are pleased to see their portfolio companies inciting interest at the corporate level,” commented Ted Elvhage, EBAN Space Chair,   “The BAE Systems/EBAN Space Innovation Day shows that real benefit can be drawn from providing an information exchange platform at an early stage which may then lead to transformational deals for all stakeholders”.   The names and websites of the six companies chosen to present at this first Innovation Showcase are: AIKO – AIKO Space is a Deep-Tech Software company developing pioneering AI Technology for the Automation of Space Missions. Aquark – The company specialises in miniaturised systems for quantum technology and is building the world’s smallest cold atom system. Lumi Space – Commercial satellite laser ranging for the highest precision orbit determination available. Remos Space – Remos delivers software-defined baseband solutions for satellite ground operations (FI) ReOrbit – Manufacturer of autonomous & inter-networking satellites for data flow needs in space. SmartIR – Multispectral radiation control for space and defence applications.   For more information, please contact: Abel Fernandez abel@eban.org  

Rev up your engines and fasten your seatbelts because last week, in the heart of Jyväskylä, Finland, the Jyväskylä Business Rally – Investor Day, organised by Business Jyväskylä that has been the member of EBAN since 2018, took off like a high-speed race to innovation! Entrepreneurs, angel investors, and all kinds of early-stage trailblazers gathered for an event that was hotter than a scorching rally track, exploring the potential of AI, health, early stage funding and featuring promising startups. The opening keynote speaker, Charles Sidman, an SBA member and seasoned investor with a rich background in computer science and biomedical research, shared his valuable insights on “Potentials and Ethical Choices for Investing in AI and Health”. Sidman analysed the strengths, weaknesses, opportunities, and threats (SWOT) associated with this technology. His wealth of experience in the field, dating back to its early days, brought a unique perspective to the discourse. He highlighted the strengths of AI, such as automation, tireless performance, and its ability to process vast amounts of data at unprecedented speeds. Yet, he candidly addressed the inherent weaknesses of AI, including the challenge of incomplete data and the need to discern correlation from causation. He encouraged entrepreneurs and investors to look beyond average values and embrace the potential of exploring the innovative ends of the distribution curve. In the context of health, Charles revealed a pit stop – while AI may be the flashy racer, humans are the pit crew keeping the machine in check, emphasising that human intervention and decision-making remain essential, particularly in critical healthcare scenarios. The Investor Day stars were the startup pitches! Each entrepreneur had the opportunity to present their innovative ideas to a discerning jury composed by Annukka Mickelsson, Jean-Claude Goldenstein, Charles Sidman, Audra Shallal, and Jussi Heinila. The jury members provided feedback and guidance to the companies.  The startups that pitched and claimed the opportunity to join EBAN at the European Angel Investment Summit were: Sparky  Precision Phage Neuwo ImpactOS by AskKauko  ACT Head Impact Tracker by NSII  ONIT Sport  EAS Project  Evogenom  You will have to keep reading who the winner was though!  And while the jury left for some much needed deliberation, Jonas Lundberg, the CEO of Liquido VC, took the stage and delivered an enlightening keynote on “Funding Is Good, but Architecture Is Key”. Lundberg was the ultimate rally guide, drawing parallels between business and rally driving. CEOs were the rally stars, but just like a rally driver’s trusty co-driver, they had their COOs by their side, navigating the hairpin turns of the business world. Lundberg’s pit crew lesson: you need the right equipment for the race! Rally cars have gears and gadgets, and businesses need the resources and tools to conquer the business track. And what’s a race without sponsors? Just like rally drivers need those sponsors, businesses need that financial fuel to rev up their engines. Time for a pit stop hack – be as resourceful as a co-driver fixing the engine mid-race by sitting on the car hood! That’s the kind of creativity that makes business engines roar. And if you hit a speed bump, don’t panic – a minor crash won’t stop the race. Lundberg reminded us that setbacks are just part of the racecourse, and successful businesses are the ones that pick up speed again.   As the engines roared and the tires squealed, Neuwo was named the pitch competition winner that will be joining EBAN for #EAIS23! Amongst the insightful (and sometimes a little provocative) keynotes, the pitches, the many networking opportunities, but also a visit to the rally site, and a behind the scenes tour of the rally broadcast,  the Jyväskylä Business Rally – Investor Day lived up to its reputation as a fusion of innovation and high-speed thrills.    See you next year Jyväskylä!  

  In an exclusive interview with Janneke Niessen, a founding partner at CapitalT, a serial entrepreneur, and a passionate advocate for diversity, we delved into her remarkable career path. As a keynote speaker at EAIS23 (European Angel Invest Summit 2023), Janneke’s insights promise to inspire and empower aspiring innovators and investors alike. The Journey into Angel Investing Janneke Niessen’s passion for angel investing stems from her own experiences as an entrepreneur. Having experienced the value of receiving that crucial first check to bring her own ideas to life, Janneke was inspired to provide the same support to other aspiring innovators. She firmly believes in the power of a dedicated team that shares the same vision for a company, and this remains a key factor she considers when evaluating startups for investment. The Influence of Recognition As a recipient of prestigious awards such as Harper’s Bazaar Woman of the Year and EY Entrepreneur of the Year, Janneke acknowledges that these accolades have positively impacted how others perceive her. The recognition has opened doors to more speaking engagements, interviews, and increased deal flow.  Driving Positive Change in Venture Capital Janneke sees her position in venture capital as an opportunity to advocate for change and level the playing field. She actively speaks up about biases in the industry and strives to promote policies that foster diversity. Janneke firmly believes that investing in more diverse founders raises the bar and enhances the overall quality of investments. She also emphasises that investing in the best founders naturally results in a diverse portfolio. Recognising that people often invest within their networks, Janneke encourages looking beyond these networks to ensure a more inclusive and diverse pool of entrepreneurs. “People mainly invest into their own networks, and your networks are often a reflection of yourself.” By removing barriers like the need for warm intros, they aim to provide opportunities to the most talented founders, regardless of background or gender. Inspiring Girls in Tech As an advocate for inspiring girls in tech, Janneke highlights the importance of storytelling and representation.  “I think in general that more diversity in tech is necessary to create more inclusive products and services and have a more inclusive world we live in.” She believes that by showcasing successful female tech leaders, more girls will be encouraged to pursue careers in technology. Additionally, Janneke supports the implementation of quotas to challenge biases and ensure fair representation in tech startups and companies. Advice for Startups and Scale-ups For startups and scale-ups seeking funding at events like EAIS23, Janneke emphasises the importance of preparation. Identifying potential investors who align with the company’s stage and focus is crucial. Targeted conversations with compatible investors can lead to more meaningful connections and better opportunities for securing funding. See you at #EAIS23! Janneke Niessen’s remarkable journey from successful entrepreneur to prominent angel investor exemplifies the impact of supporting innovation and fostering diversity in the tech startup scene. We look forward to hearing more about her insights and experiences and the valuable lessons she has learned throughout her career at EAIS23! Watch the full interview here: ccccc We look forward to seeing Lev again at #EAIS23 or the EBAN Congress in Tallinn, and we deeply thank him for having served on

Brussels, 26th July 2023 The partnership between EIT Digital and EBAN signifies a powerful collaboration to foster innovation and drive growth within Europe’s tech ecosystem. By combining the strengths of EIT Digital’s expertise in digital innovation and open-innovation ecosystem with EBAN’s extensive network and representation of the early-stage investor community, the partnership aims to accelerate early-stage investments in startups and share best practices. By nurturing digital ventures, supporting technology scale-up, and providing growth support, the partnership aspires to bolster Europe’s competitiveness on a global scale, creating wealth and jobs and further establishing Europe as a competitive, inclusive, and sustainable force in the digital era. “The partnership between EBAN and EIT Digital is a testament to the commitment of both organisations to nurture and grow the tech ecosystem in Europe, accelerating early-stage investments in startups and sharing best practices. Our combined strengths will allow us to have a significant impact on the European deep tech and digital entrepreneurial landscape and go as far as bolstering Europe’s competitiveness on a global scale.” said Diva Tommei, Chief Innovation, Education and Marketing Officer.  “EIT Digital is a catalyst for digital innovation and entrepreneurship in Europe, forging collaborations and driving meaningful change. Their integrated approach to education, research, and business equips individuals with the skills to shape the future. By addressing societal challenges and fostering innovation, EIT Digital is a vital force for economic growth and progress in Europe.” said Jacopo Losso, EBAN General Director. EBAN, the European Business Angels Network, is the pan-European representative for the early-stage investor community gathering over 100 member organisations in more than 50 countries today. Established in 1999 by a group of pioneer angel networks in Europe with the collaboration of the European Commission and EURADA, EBAN represents a sector estimated to invest 11.4 billion Euros a year and play a vital role in Europe’s future, notably in the funding of SMEs. EBAN fuels Europe’s growth through the creation of wealth and jobs. EIT Digital is working for a competitive digital Europe that is inclusive, fair and sustainable. EIT Digital embodies the future of innovation by mobilizing a pan-European multi-stakeholder open-innovation ecosystem of top European corporations, SMEs, startups, universities and research institutes, where students, researchers, engineers, business developers and investors address the technology, talent, skills, business and capital needs of digital entrepreneurship. They build the next generation of digital ventures, digital products and services and breed digital entrepreneurial talent, helping businesses and entrepreneurs to be at the frontier of digital innovation by providing them with technology, talent, and growth support. EIT Digital answers specific innovation needs by, for example, finding the right partners to bring technology to the market, supporting the scale-up of digital technology ventures, attracting talent and developing their digital knowledge and skills.

By Caroline Sai, Head of Angels Santé & EBAN Board Member   Like any industry, the startup investment world has its very own lexicon that one must master to appear as a seasoned CEO, even if you’re not. As equity fundraising will be a common, regular staple in the life of all emerging entrepreneurs,  so might as well get the hang of naming your rounds correctly to avoid confusion. As we are specialized in early-stage healthcare fundraising, we’ll focus specifically on healthcare startups raising their first rounds.  Pre- Seed, Seed +, bridge, pre-series A, series A, B, C. Confusing as it may be, these labels do correspond to a universal understanding of where you stand in your development stage and potentially in terms of range and valuation. This labelling does give an initial indication to your prospective investors as they themselves fall into one or the other category. If I’m a business Angel and you are raising a Series B of €40 M, obviously, my capacity to invest ( a few thousand to a couple of hundred thousand ) will be ridiculously small compared to your needs and your pre-money Valuation so high that I’ll be buying a bread crumb at the price of a gold nugget. So no need to waste time; we are not a match. Rounds are really considered to start at the seed stage, as a pre-seed will be financed mostly by Fools and Family, yourself, maybe public grants to support R&D early on and some odd angel who loves your idea and is ready to lose his investments for your smile. Seed stage:  Considered the riskiest stage of an investment Equity Investors: Angels, Networks of Angels, early-stage VCs, family offices In 2022, Europe’s healthcare seed range went from € 10 000 to €44 M!!!. So is it a question of the amount being raised? Somewhat!   Standard seed rounds go from € 200 K€ to € 2 M with a median deal size of € 1.2 M and a Pre-Money Valuation of € 4.6 M. The subsector of healthcare, stage of development and geographical location will have an incidence on where you stand. Series A:  This is the stage I call the crossing of the desert as only 20 to 30 % of seeded companies reach that Series A stage that should see their bank account injected with a few million to really move forward. Unfortunately, only the most resilient, imaginative CEO reach those green pastures. Indeed, this is the stage where investors have so many reasons to say NO while giving you that spark of hope that keeps you going: “ interesting – come back later” ( we even wrote a whole article on these multiple reasons for rejection). As such, those resilient entrepreneurs sometimes have no other choice than to raise a bridge round / Pre-Series A which is an intermediary round to help them get to the next incremental point (CE mark /FDA, IND etc ) that will make them more attractive and put them in a stronger position to negotiate a better valuation. It is usually a smaller, faster round with the initial investors and a couple of new ones and can potentially avoid upcoming down rounds. This bridge round is nevertheless still risky and is usually presented at a discount to convince the hesitant investors. It can also be a good time to introduce convertible notes. Remember that having your initial investors in this round is always a positive proof of confidence and a strong signal to the ecosystem. Several months later and back to our series A: Equity Investors: your primo-investors, early-stage VCs, family offices, CVC. In 2022, Europe’s healthcare declared Series A range went from € 10 k to €62 M. Standard European Series A rounds in healthcare go from € 1M€ to € 15 M with a median deal size of € 8.2M and a Pre-Money Valuation of € 16 M. The subsector of healthcare, stage of development and geographical location again will have an incidence on where you stand. Keep an eye on these figures when considering your Pre-Money Valuation, and know that these 2022 figures are coming down in 2023, so don’t be too hungry when presenting your PMV** as the objective is to get over the finish line.   About the Contributor Caroline Sai is the Head of  Angels Santé (Angels4health) & EBAN Board Member. The European Health Investor Network is a European network of healthcare investors dedicated to supporting healthcare startups in their fundraising journey. It is a fundraising programme managed by Angels Santé. To learn more about how to join our program as an investor or a startup, click here

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ENTREPRENEDU, a project dedicated to supporting young entrepreneurs in transforming their ideas into successful businesses, is organizing a series of 3 business competitions named HackTheBusiness. The first event took place from 15 to 17 June at We Make Future in Rimini, Italy, and was aimed at 30 teams, including students, new start-ups and researchers who want to acquire entrepreneurial skills and explore their business potential. The competition was an opportunity for collaboration, learning, and growth. EBAN is delighted to have collaborated in organizing the first HackTheBusiness competition. We are proud to have created an environment where young entrepreneurs could showcase their groundbreaking ideas and receive valuable guidance and mentorship. Through our collaboration with ENTREPRENEDU, we reaffirm our commitment to nurturing and empowering the next generation of entrepreneurs across Europe. During the 3-day event, teams were presented with a challenge: pitch groundbreaking problem-solving ideas in SpaceTech, ClimateTech, or FoodTech. With the constant guidance of ENTREPRENEDU mentors, participants refined their ideation concepts over 72 hours. The pitches were evaluated based on criteria such as innovation, feasibility, market scalability, and social impact. ENTREPRENEDU is pleased to announce the winners of the first HackTheBusiness competition and their innovative DeepTech ideas: Winner #1: BACKWARDS BACKWARDS aims to tackle the issue of packaging waste by creating reusable packaging and logistics infrastructure. Winner #2: SHADES OF BLUE SHADES OF BLUE aspires to establish a certification system and consultancy services for sustainable water resource management, helping companies monitor, improve, and communicate their impact on rivers and water. Winner #3: AS YOU LIKE AS YOU LIKE seeks to transform the dining experience through a mobile app that enables users to customize meals, access real-time nutrition information using Visual-AI, and discover restaurants aligned with their dietary needs. Winner #4: BOBIS BOBIS aims to reduce CO2 emissions caused by last-mile logistics by developing a platform that encourages local consumption and facilitates the search for products and services within a three-kilometre radius. These visionary young entrepreneurs have demonstrated their ability to “hack the business” by developing groundbreaking ideas that have the potential to revolutionize their respective industries. As winners, they have been awarded business prizes and granted access to dedicated ENTREPRENEDU mentoring courses, enabling them to transform their ideas into successful businesses. HackTheBusiness was organized by Fondazione E. Amaldi, Corallia, Cleantech Bulgaria and F6S, and Luiss Guido Carli, Fraunhofer IPK, the European Business Angels Network and the University of Thessaly. About ENTREPRENEDU Project: ENTREPRENEDU is an initiative funded under the Horizon Europe program, bringing together innovation stakeholders and educational entities from six different European countries: Italy, Bulgaria, Greece, Belgium, Germany, and Ireland. The project aims to enhance European entrepreneurial ecosystems for education. Read more here!

    European Innovation Scoreboard (EIS) Overview The European Innovation Scoreboard (EIS) serves as a valuable tool for comparative assessment of the research and innovation performance of EU Member States, European countries, and regional neighbors. Its purpose is to enable countries to evaluate the relative strengths and weaknesses of their national innovation systems and identify areas that require attention and improvement. On July 6, 2023, the European Innovation Scoreboard 2023 was released, providing updated insights into the innovation landscape. Key Findings of the European Innovation Scoreboard 2023 The performance of EU countries on the scoreboard categorizes them into four distinct groups: Innovation Leaders, Strong Innovators, Moderate Innovators, and Emerging Innovators. Denmark has emerged as the new top innovator in the EU, surpassing Sweden, which had held the leading position for several years. The other countries within the Innovation Leaders group include Sweden, Finland, the Netherlands, and Belgium. Strong innovators encompass Austria, Germany, Luxembourg, Ireland, Cyprus, and France, all performing above the EU average. Moderate innovators consist of Estonia, Slovenia, Czechia, Italy, Spain, Malta, Portugal, Lithuania, Greece, and Hungary. Meanwhile, Emerging Innovators include Croatia, Slovakia, Poland, Latvia, Bulgaria, and Romania. It is noteworthy that the distribution of Member States across performance groups remains largely unchanged from the previous year. However, Hungary has made significant strides, advancing to the Moderate Innovator group. On the other hand, France and Luxembourg experienced a slight decrease in performance relative to the EU eight years ago, indicating the necessity for continuous efforts to enhance innovation capabilities in these regions. Moreover, the European Innovation Scoreboard highlights the narrowing of performance differences among Member States between 2016 and 2023, particularly within the Strong Innovators and Moderate Innovators groups. Nevertheless, a geographic concentration of innovation persists, with Northern and Western Europe being home to the majority of Innovation Leaders and Strong Innovators, while Southern and Eastern Europe host the majority of Moderate and Emerging Innovators. Regarding global positioning, the EU’s performance has remained relatively stable compared to the previous year. The EU has made progress in closing the performance gap with Australia, while China’s performance level is now comparable to that of the EU. Methodology The European Innovation Scoreboard 2023 adopts the same indicator framework as the 2021 edition. This framework comprises 32 indicators grouped under 12 dimensions, including attractive research systems, firm investment in research and development, and utilization of information technologies. Read more here!

After two exciting years in academia, RiEcoLab has “graduated” as the project ends today, June 30th! We wish to congratulate this ambitious graduate on its amazing university journey and shed light on some of its great achievements.  But what achievements? What has RiEcoLab been doing this whole time?  Well, we’re glad you asked! This project has been a diligent student, working to revolutionise the way research and development are conducted in universities. During its academic journey, RiEcoLab has been developing a novel way of performing research and development, nurturing innovation and entrepreneurialism. The project has been studying and building a robust operational framework known as the Ecosystem Integration Labs (EILs). These labs, developed and implemented by participating universities, rely on existing infrastructures such as research support offices and technology transfer offices. Like a student tailoring their studies to their interests and strengths, each EIL is tailored to the specific needs and smart specialisation areas of the university, governing the focus of the envisioned spin-offs. Ok, ok but what has RiEcoLab actually done? Let’s see the report card! Theory is good, but practice is necessary and RiEcoLab’s academic journey had plenty of both! On the practical front, this scholarly project has successfully engaged top management and faculty members, integrating different guidelines and principles into the strategies of various units within the organisations. Additionally, the project team has been collaborating with external stakeholders, putting into practice the ideas and activities developed during the project. It’s a testament to the project’s real-world impact and its ability to forge meaningful connections beyond the academic realm. One Ecosystem Integration Lab that passes with flying colours is the AgTech-EIL, established by RiEcoLab partner Yaşar Üniversitesi, that aims to become the most active innovation and entrepreneurship centre in the Aegean Region, focusing on agritech. It’s a success story that demonstrates the potential and effectiveness of the EILs in driving innovation in specific fields. But RiEcoLab is a straight-A student and has more achievements to share: The TEKMER National Accelerator Program, co-founded by one of the Ecosystem Integration Labs also made the grade. This program has recently received a grant from the Turkish government, further validating the impact and recognition that RiEcoLab has garnered. So what now? No more RiEcoLab ? As the project comes to its final lecture, we can’t help but draw upon the university experience to describe RiEcoLab’s remarkable journey. It has been the most diligent of students, equipping universities and higher education institutions with the necessary tools, knowledge, and resources to elevate research impact and commercialisation.  The project will live on through its crowning achievement, the creation of the Ecosystem Integration Labs!  After having aced every single subject, the project is ready to spin-off: RiEcoLab’s long term vision is  to establish a framework that ensures research outcomes are swiftly commercialised while engaging internal stakeholders like a study group on caffeine the night before the exam. We can’t possibly see how this overachiever of a project, that has graduated with honours, could ever get anything less than an A+ on this homework too. So, as RiEcoLab prepares to toss its cap in the air and bid farewell to the hallowed halls of academia, we stand up and give it a standing ovation, ready to party like it’s graduation day!  We wish to thank all of RiEcoLab’s “professors” (our project partners) for their expertise, knowledge, and dedication that made this project into the star student it was:  ACEEU Helix-Connect SNSPA UCD Uni Lodz Wageningen Yasar    RiEcoLab is funded under the EIT HEI Initiative Innovation Capacity Building for Higher Education. This website was created and maintained with the financial support of the European Union. Its contents are the sole responsibility of the project partners and do not necessarily reflect the views of the European Union. .ccc

  In an exclusive interview with Lev Dolgatsjov, a  former board member of EBAN, we delve into his personal journey as an angel investor as well as his involvement with EstBAN and also EBAN. Lev shares his insights on the importance of organisations like EBAN that connect business angels across Europe and beyond. He also discusses his proudest achievements during his tenure on the board and highlights the challenges faced. Furthermore, Lev offers valuable perspectives on areas for improvement and initiatives that can generate a greater impact on the early-stage sector. Lastly, he shares personal lessons learned and how they have shaped his approach to supporting startups. From Curiosity to Impact: Lev Dolgatsjov’s Journey as an Angel Investor Lev Dolgatsjov embarked on his angel investing journey with a curiosity about the world of startup investments. Fascinated by the news of startups receiving substantial funding despite burning money rapidly, Lev decided to explore further. This led him to crowdfunding, where he began investing in what he thought were startups. However, he soon realised that not all of them fit the criteria he sought. Subsequently, Lev joined EstBAN which proved to be a transformative decision. Through EstBAN, he met numerous experienced and interesting individuals, fostering connections that would prove invaluable as an investor and enriching his personal life. Eventually, his investment thesis evolved to prioritise impact startups, leading him to establish Syda Ventures, a micro VC company dedicated to supporting such ventures. EBAN: Empowering Angel Investors and Enabling Cross-Border Connections When asked about the importance of organisations such as EBAN, Lev Dolgatsjov states that EBAN plays a crucial role in connecting business angels across Europe and beyond, as local networks often operate within a limited geographical range. When startups from these networks seek to expand and scale into new markets, angel investors may lack the necessary connections. EBAN fills this gap by facilitating cross-border networking, enabling angels to connect with each other and support startups in unfamiliar markets. Lev also highlights the value of sharing best practices among angel networks and the positive impact it has on the entire ecosystem. Reflecting on his time on the board, Lev expresses pride in witnessing the continual growth of EBAN. With new countries and networks joining each year, the organisation’s reach and influence expand, further solidifying its position as a leading angel investment network. He acknowledges the challenges of maintaining dynamic development and avoiding stagnation, particularly for a mature organisation like EBAN.  As to how to make EBAN even better, Lev proposes the establishment of an up-to-date database of legal practices in different countries concerning startup investments. This database would provide valuable information on legal and tax perspectives, fostering cross-border investments within the EBAN network. Lev also advocates for the creation of a database of trustworthy and validated legal partners, which would be more accessible to angel investors. Estonia’s Angel Investment Ecosystem and the #EBANCongress 2024 Concerning regions with untapped potential for angel investors, Lev emphasises Estonia’s ecosystem that we will get to discover during #EBANCongress 2024. Dolgatsjov expressed his satisfaction in achieving the goal of bringing the EBAN Congress to Estonia in 2024, which he considered a not-so-secret mission since joining the board. He expects the event to be excellent, featuring a strong lineup of speakers from Estonia and across Europe. Lev encourages anyone considering attending to come, assuring them they won’t regret it. Although he acknowledges his patriotic bias, he cites the need for angels from other countries to invest in Estonian startups and believes that the Estonian ecosystem will greatly benefit from hosting the Congress.  Lev’s Advice for Success in Angel Investing  Throughout his angel investing journey, Lev has gained valuable insights and lessons that have shaped his approach to supporting startups. He stresses the importance of due diligence and thoroughly understanding the investment opportunity, including the market, the team, and the potential risks involved. Lev also emphasises the significance of building a strong network of like-minded investors, mentors, and entrepreneurs who can provide support and expertise. He also has a spicy take on the usefulness (or not) of co-investing through syndicates when you are first starting out saying that these are startup investments but not angel investments! But if you want to hear that as well as everything else in this article from the man himself, you can watch the full interview here: ccccc We look forward to seeing Lev again at #EAIS23 or the EBAN Congress in Tallinn, and we deeply thank him for having served on We look forward to seeing Lev again at #EAIS23 or the EBAN Congress in Tallinn, and we deeply thank him for having served on our Board and making it better!

  The EBAN Congress 2023 hosted three sessions powered by Bionanopolys, focusing on investment readiness, public and private initiatives supporting research to become innovative, and the collaboration between research centres, corporates, and open innovation. The sessions featured renowned experts, panel discussions, and inspiring pitches from innovative companies.  Session 1: Annukka Mickelsson: “Investment Readiness” (Powered by Bionanopolys) Annukka Mickelsson emphasised the crucial role of timing in the startup landscape, shedding light on the stark contrast between the limited number of startup ideas in Finland and the vast pool of graduating doctorates. She highlighted that while doctorates may possess brilliant ideas, these ideas often require extensive development before they are market-ready, which could take up to 20 years. Mickelsson stressed that those with exceptional ideas should not wait too long to enter the market, as competitors may emerge during the waiting period. In the early stages of a startup, Mickelsson highlighted the significance of the “3 F’s”: Family, Friends, and Fools. Friends and family may invest in a startup due to personal relationships or to support the entrepreneur, while “fools” represent the believers who are willing to take a chance on innovative ideas. Angels are first believers as well. She outlined the criteria angel investors consider when evaluating potential investments. They typically avoid investing in “slideware” startups that have impressive presentations but lack substance behind them. Furthermore, angel investors may be reluctant to invest in family businesses or companies with scattered ownership, as well as ventures with excessively high valuations. The angels are there for only 3-7 years, not for the company’s whole life.  Mickelsson provided practical advice for entrepreneurs dealing with angel investors. She stressed that when you are in the angel stage, you don’t have customers and channels to point out and don’t have cash flow. You must show that you understand the market you are addressing to value your company; additionally, the team is the most tangible asset startups have.  “You should prove that a team is capable of transforming the idea stage.”  She also pointed out that entrepreneurs must communicate the offering clearly—whether it is equity, convertible loans, or other forms of investment; also, communicate the funding level and how it affects the balance sheet – “keep a clean balance sheet”.  Annukka concluded the session by encouraging entrepreneurs to think creatively about how investors could support the company beyond providing capital, such as serving as board members or advisors.  “Once you have decided, don’t change it between people in one round.” Session 2: Public and Private Initiatives Supporting Research to Become Innovation (Powered by Bionanopolys) It was discussed during the panel the dynamics between research and innovation and the factors that facilitate their successful integration. The panellists present were Peter Cowley from Cambridge Angels, Vivian Sophou from EIT Manufacturing, Hector Torres from ITENE, Toka Eri from the Technology Transfer Office at Aristotle University of Thessaloniki, Katerina Pramatari from Uni.Fund, and Livia Marcantonio from EBN.  The panel began by contemplating a statement by Roberto Saracco:  “Research is a lever that provided with money will generate knowledge, whilst innovation is a lever that provided with knowledge will generate money.”  The panellists acknowledged that innovation requires financial resources and a capable team to have a real impact.  “Innovation produces real impact; money is just a means; research is just science.” Throughout the discussion, the panellists shed light on the challenges of bridging the gap between research and innovation; and offered insights into how their respective organisations can help overcome these obstacles. One crucial point raised was the need for academic leaders in commercialisation within Tech Transfer Offices. Researchers often lack entrepreneurial drive and would benefit from training and support from salespersons and mentors to effectively translate their research into marketable innovations. Collaboration was emphasised as a key factor in driving innovation. The panellists stressed the importance of breaking down silos between research and innovation and promoting interdisciplinary collaboration, particularly in challenging sectors such as Agri and FoodTech and regulatory compliance. Organisations like EBN and EIT Manufacturing were praised for fostering stakeholder connections, facilitating collaboration, and providing comprehensive training through programs like the EU|BIC certification for business support organisations. Integrating industry professionals in academia was another crucial aspect of successful innovation. “By aligning research with industry demands and leveraging practical expertise, academia can better contribute to developing innovative solutions. ” The panellists highlighted the importance of engaging industry professionals in academia and emphasised the role of programs initiated by entities like EIT in facilitating this collaboration. Lastly, the discussion addressed the need for new Key Performance Indicators (KPIs) for Tech Transfer Offices. The current focus on funding, patents, and spinoffs must be deemed insufficient. Instead, the panellists proposed adopting metrics similar to accelerators to more accurately measure the effectiveness of Tech Transfer Offices in driving innovation. In addition to the panel discussion, the session provided a platform for nine companies to present their pitches. These companies included ALGAESYS SL, Allegene Pharmalabs Hellas LTD, ECORBIO, ENCAPSULAE, Futurechromes, S.L., MAGNOSTICS, GALLA MAISON, Nanomicron Ltd., and Rohstoffe Loudaya UG. Each company pitched unique offerings, ranging from environmentally sustainable waste treatment solutions to advanced nanotechnologies and medical innovations. Session 3: Research Centers – Corporates – Open Innovation (Powered by Bionanopolys) This session delved into the relationship between research centres, corporates, and open innovation and explored ways to bridge the gap between academia and industry. The panellists present were Costas Tramantzas, General Manager of Thessaloniki Innovation Zone; Nikos Efthymiadis, Chairman & CEO of Thessaloniki Innovation & Technology Center (Thess INTEC); Litsa Panayotopoulos, President of the Innovation, Education, Entrepreneurship Committee of the American-Hellenic Chamber of Commerce; Dr. Dimitrios Tzovaras, Director of Central Directorate and Chairman of the Board of Directors of CERTH; Kiran Trehan, Pro-Vice Chancellor Partnerships and Engagement, Professor of Entrepreneurship at the University of York; Spyros Arsenis, Head of Business Innovation Development Unit at NBG Business Seeds Greece; and the session was moderated by Panayiotis H. Ketikidis, President of the Board of Directors of Thessaloniki Innovation Zone (TIZ), Co-Founder of the Hellenic Business Angels Network

EBAN (The European Business Angels Network), through the EBAN Impact Investing Committee, invites Investors to participate in the 3rd ANNUAL EUROPEAN IMPACT INVESTING SURVEY 2022 (#EIIS2022). If you are a Business Angel, Investment Vehicle, or Organization actively investing in Seed and Early Stage companies across Europe with a dual objective of generating a measurable positive impact on society and the environment alongside a financial return, your participation in this survey is crucial. By devoting just a few minutes of your time, you can significantly contribute to shaping the future of impact investing in Europe. The survey is open until the 31st of July, 2023. Impact investing has gained significant traction recently as investors increasingly recognise the importance of integrating social and environmental considerations into their investment decisions. With a growing interest in aligning financial goals with sustainable outcomes, impact investing has emerged as a powerful force for positive change. The 3rd Annual European Impact Investing Survey will provide critical insights into European impact investing activity, investment opportunities, impact investing strategies, portfolio management and remaining challenges. The insights from the survey will be used to generate a comprehensive report, which will be made available to participants and the wider impact investing community. This report will serve as a valuable resource, offering a deep dive into the latest industry trends, innovative approaches, and emerging opportunities in impact investing. The findings will empower investors, policymakers, and stakeholders to make informed decisions, develop effective strategies, and drive positive change within the European impact investing landscape. Your contribution will play a crucial role in shaping the future of impact investing in Europe, driving positive change, and unlocking new opportunities for both financial returns and societal impact. Let us seize this opportunity to strengthen the impact investing ecosystem, foster collaboration, and accelerate the transition towards a more sustainable and equitable Europe.  Fill out the EIIS2022 Survey today and be part of the movement shaping the future of finance for good.

The EBAN Annual Congress 2023 featured a series of insightful sessions powered by Spread2Inno, a project funded by the European Union that aims to spread the global potential of developing innovation ecosystems to strengthen innovation in regional and local businesses. Esteemed experts and industry leaders gathered during the congress to share their wealth of knowledge and experiences, delivering invaluable insights into the realms of entrepreneurship and early-stage investments. In this article, we delve into three remarkable sessions held during the event, capturing their essence and presenting the key takeaways that emerged. Session 1: Eileen Modral – Presenting your risks as an opportunity to Early stage investors (Powered by Spread2Inno) Eileen Modral, a renowned expert in early-stage investments, provided valuable insights on presenting risks as opportunities to early-stage investors. Modral emphasized the importance of validating the product or service by actively engaging with clients and sales channels. By seeking client feedback and actively mitigating risks, entrepreneurs can gain valuable insights, refine their offerings, and adjust their strategies accordingly. Another key takeaway from the session was the notion that investors should bring more than just financial support to the table. Modral stressed that valuation alone should not be the sole determining factor for entrepreneurs when considering investors. Instead, entrepreneurs should conduct due diligence to ensure compatibility and alignment of visions with potential investors. By selecting investors who share their values and goals, entrepreneurs can benefit from a more holistic and mutually beneficial relationship. Furthermore, Modral highlighted the significance of pitching the entire business rather than solely focusing on the product. By simplifying the presentation while maintaining genuine conviction and enthusiasm about the product, entrepreneurs can effectively address investor scepticism and convey the broader potential and value of their business. This approach helps investors to see the comprehensive vision and potential growth opportunities beyond just the product itself. The session led by Eileen Modral provided attendees with actionable strategies and valuable insights into approaching early-stage investors. The emphasis on validating the product, seeking compatible investors, and pitching the entire business offered entrepreneurs practical guidance to navigate the challenging landscape of early-stage investments with confidence and maximize their chances of success. Session 2: How to Enable a Thriving Startup and Investment Ecosystem (Powered by Spread2Inno) During this session, keynote speakers such as Michael Dritsas from Elevate Greece, Annukka Mickelsson from FiBAN, Angelos Manglis from Atlantis Consulting SA, Roy Zwebner from Innovation BaseCamp, Ami Dagan from Random Forest VC, Lorenzo Scatena from Fondazione E. Amaldi, Nikolaos Tsoniotis from Ideas Forward, Alfredo Coppola from the US Market Access Center, Sam Gardner from the University of York City College, and Marta Huidobro from AEBAN, provided valuable insights into startup and investment ecosystem in different countries.  The discussion covered various topics, starting with Annukka Mickelsson highlighting how Finland has a robust and collaborative ecosystem but still needs more training for startups on approaching business angels.  Nikolaos Tsoniotis shed light on Greece’s ecosystem  “Greece faces a big challenge in getting exposure and support from the corporate world for pilots and proof of concepts.” Ami Dagan shared insights from Israel’s innovation hub, emphasizing how it became successful thanks to the involvement of investors and the government in creating a conducive environment for startups. He suggested that the EU should learn from the Israel model and foster more cooperation among stakeholders. Roy Zwebner stressed the importance of collectivity and physical proximity for creating a vibrant ecosystem. He shared how Israel has a culture of learning from failure and celebrating success. He also advised startups to be honest and transparent with their investors.  Marta Huidobro discussed Spain’s recent developments, where the government has launched a startup nation strategy and a startup law to overcome the barriers and challenges entrepreneurs face. She also stressed the ecosystem’s need for more female founders and investors. The session also delved into investment insights, offering valuable perspectives on supporting young talent, university-industry collaboration, and international market access. Lorenzo Scatena shared his VC fund’s focus on supporting young and inexperienced students with innovative ideas, while Elli highlighted the role of universities in technology transfer and fostering talent.  Alfredo Coppola shared his experience helping startups access the US market through his organization, US Market Access Center “The main challenge is not money, but mindset!” He also mentioned his Innovation Academy initiative, which aims to ignite young minds and stimulate both ends of the ecosystem.  Overall, the session provided a wealth of knowledge and actionable strategies for cultivating thriving startup and investment ecosystems. It underscored the significance of collaboration, transparency, and continuous learning in creating sustainable environments for startups to thrive.  Session 3: Entrepreneur Workshop – Scaling up your startup (Powered by Spread2Inno)  During the Entrepreneur Workshop, Julian Costley, Professional chairman/NED and angel investor, emphasized the need for excitement, instability, and disruption in the entrepreneurial journey. He shared his top 10 factors for growth and success in building a startup. Julian’s insights covered a range of crucial aspects, such as the importance of achieving impactful success and having clarity of purpose, where the brand represents the combination of personality and promise.  He highlighted the significance of gaining insight into customer lifetime value and acquisition costs to navigate the market effectively. He encouraged entrepreneurs to seek to define moments and engage investors by sharing an exciting journey. Controlling risk, nurturing shareholder value, exhibiting strong leadership skills, planning for an early exit, and seeking mentorship were among the valuable advice he mentioned. Julian also emphasized the importance of maintaining a healthy work-life balance and fostering personal growth and development. His practical and thought-provoking tips gave attendees valuable guidance and a fresh perspective on scaling up their startups. The session left participants inspired and equipped with actionable strategies to drive growth and success in their entrepreneurial endeavours. The sessions powered by Spread2Inno at the EBAN Annual Congress 2023 delivered valuable insights and practical guidance for entrepreneurs and investors. From presenting risks as opportunities to fostering a thriving startup ecosystem and scaling up a business, these sessions covered essential aspects of entrepreneurship. For

The EBAN Annual Congress 2023 served as a global gathering for investors, entrepreneurs, and industry professionals, providing a platform for meaningful discussions and exchanges. Among the diverse range of topics explored, addressing the gender disparity within the entrepreneurial landscape was a central theme in the Congress as we featured sessions “The Path to a Sustainable Environment for Investors and Startups – Women on Board” and “Building Gender Inclusive Investor Networks,” but also it emerged in keynotes speeches such as Lars Rasmussen, Marcia Dawood, and Selma Prodanovic. Throughout this article, we will explore the key insights and discussions from these sessions, shedding light on the efforts to enhance representation and opportunities for women in entrepreneurship. Lars Rasmussen, an experienced entrepreneur and investor,  highlighted the unpredictable nature of entrepreneurship, recounting both the highs and lows he encountered. Throughout his speech, Lars emphasized the importance of supporting and investing in entrepreneurs, particularly women-led startups. Notably, he highlighted the remarkable success of his investments in women-led companies, with over 90% of unrealized gains in his portfolio attributed to such ventures. Marcia Dawood from the Angel Capital Association, revealed her exclusive focus on investing in women entrepreneurs. She stressed the urgent need to dispel the misconception that women require more resources than men to compete for the same opportunities. Marcia also emphasized the value of investing in sustainable businesses to attract women investors who prioritize companies with a deeper purpose. Selma Prodanovic, Vice President at EBAN, drew attention to the higher return on investment associated with female founders and the advantages of gender diversity. She emphasized that diverse teams bring forth a wider range of mindsets and ideas, ultimately creating a win-win situation for all stakeholders involved. The panellists collectively recognized the progress made in recent years, with the percentage of women in the startup population increasing from 6-7% a decade ago to 27% in the previous year. “Statistics prove that ongoing efforts to promote gender equality are yielding positive results” She also mentioned that EBAN had taken proactive measures to address gender equality in entrepreneurship, exemplified by the creation of the Gender Manifesto. This initiative aims to collaborate with Business Angel Networks across Europe to achieve an average of 30% women network members by 2030. In addition to advocating for gender equality, the panellists stressed the importance of supporting entrepreneurship and motherhood. They recognized the need to provide resources and flexibility that enable women to balance their personal and professional lives effectively. The significance of partnership based on merit rather than gender was highlighted, acknowledging the challenges women face in participating in business due to family responsibilities. The discussions emphasized the importance of support flowing in both directions. The participants further underscored the need to facilitate women’s entry into entrepreneurship. They mentioned initiatives like the Investor Academy at AAIA, which has successfully tailored its programs to meet the specific needs of women and subsequently witnessed increased participation. They also emphasised the value of introducing entrepreneurship skills to girls in schools at an early stage. “Empower young girls to pursue their entrepreneurial aspirations and help shape a more inclusive culture” The panellists also referenced research and statistics demonstrating the benefits of a diverse business angels community. They highlighted the outperformance of female-founded startups compared to their male counterparts and the increased profitability of teams with diverse backgrounds. Selma Prodanovic emphasized the risk awareness and higher returns typically associated with women’s involvement in entrepreneurship. The panellists identified unconscious biases, traditional networks, and the need for more visible female role models as key challenges that must be overcome. In conclusion, the EBAN Annual Congress 2023 strongly emphasized gender equality in entrepreneurship. The event’s discussions and insights highlighted the need for increased representation, support, and opportunities for women in the early-stage sector. While progress has been made, it is clear that more work is required to create an inclusive environment where women can thrive and contribute to the entrepreneurial landscape on an equal footing with their male counterparts. By continuing to address gender disparities and promoting diversity, the Congress aimed to foster a more equitable and prosperous future for all entrepreneurs.

The 2023 EBAN Annual Congress in Thessaloniki brought together 500+ angel investors, entrepreneurs, and industry experts from around the globe to explore the latest trends, opportunities, and challenges in the startup ecosystem. From insightful sessions and workshops to engaging keynotes and cultural activities, the Congress had it all! Key Takeaways from the 2023 EBAN Annual Congress: Gender Inclusivity in Investing: The Congress placed a strong emphasis on the urgent need to address gender biases within the investment landscape. Throughout multiple sessions, speeches, and panel discussions, the topic of creating more opportunities for women in angel investing took centre stage. Gender-diverse teams outperform homogeneous teams in various aspects, including decision-making, innovation, and financial returns. Lars Rasmussen, the co-founder of Google Maps, shared his insight during the Congress, highlighting an interesting correlation in his portfolio. He observed that when teams were solely composed of one gender, the performance was weaker compared to diverse teams. This correlation raises the question: is it merely a coincidence? By actively addressing the gender gap, the event aimed to cultivate an investment ecosystem that not only promotes fairness and social justice but also harnesses the power of diverse perspectives and talents. The integration of gender equality in investing not only drives innovation but also fuels sustainable economic growth, benefiting both individuals and the wider society. Soft Skills Count – Empowering Entrepreneurs: By presenting risks as opportunities and emphasising the importance of soft skills such as determination, tenacity, and drive, the #EBANCongress sessions and workshops aimed to empower entrepreneurs with the tools and knowledge needed to navigate the early stages of their ventures and attract investment. This emphasis on soft skills acknowledged their crucial role in building relationships, inspiring confidence, and fostering the growth and success of startups. Invest in your Network: The event highlighted that investing in your network is a strategic move that can yield significant benefits in both personal and professional spheres. Building and nurturing meaningful connections with diverse individuals can open doors to new opportunities, collaborations, and invaluable support. Networking allows you to exchange knowledge, gain fresh perspectives, and stay updated on industry trends. In today’s interconnected world, recognising the value of investing in your network is a powerful step towards unlocking a wealth of opportunities and achieving long-term success. Cross-Border Investing: The Congress highlighted the immense potential for angel investors in the CEE (Central and Eastern Europe) and SEE (Southeastern Europe)  regions and also brought attention to the vast opportunities for angel investors in the Middle East and North Africa (MENA) region, focusing on fostering cross-border investments and collaborations. In addition to highlighting success stories and sharing strategies, the event provided a global perspective by incorporating trends and views from influential investors and experts in the United States. This global outlook emphasised the importance of expanding investment horizons beyond traditional markets and exploring emerging economies. The Congress aimed to create a more interconnected and dynamic investment landscape that leverages the potential of diverse regions and drives innovation on a global scale. Innovation and Sustainability: Multiple sessions delved into the importance of fostering innovation and sustainability within the startup ecosystem. Discussions centred around EU programs for startups and angels and public and private initiatives supporting research and development. These conversations emphasised the role of responsible startups in driving positive change. Congratulations to the EBAN Award Winners     The EBAN Gala and Awards Dinner was a unique occasion filled with networking, inspiration, and the recognition of the remarkable individuals who are the heroes of our community! We proudly announce this year’s EBAN Awards winners, who have demonstrated exceptional achievements and contributions to the angel investing ecosystem. Join us in congratulating: 🏆 Best new EBAN Member: Axel – Georgian Business Angel Network in Georgia received by Iro Tsagareishvili 🏆 Best performing member – Danish Business Angels – DanBAN in Denmark received by Jesper Jarlbæk 🏆 Best European angel of the year – Rene de Jong, from AEBAN – Asociación Española Business Angels Networks in Spain. 🏆 Special recognition award: Prof. Panayiotis KETIKIDIS, BSc, MSc, Ph.D. from HeBAN – Hellenic Business Angels Network (Association) for being a gamechanger for Greece’s angel and startup community This year, we also introduced a new category of awards to acknowledge the valuable research conducted to advance angel investing. We are delighted to recognise the following winners for their exceptional contributions: 🏆 Best PhD Business Angel Thesis: Nicola Carta – The Interplay between Angel Finance and Other Sources of Funding for Entrepreneurial Companies 🏆 Best Master Business Angel Thesis: Jordy Burggraaf – Business Angel Perception: a Quantitative Analysis of the Effect of Syndication on the Match Between Entrepreneur, Venture and Business Angel 🏆 We also recognised all the companies that won our pitching competitions during the event. Check out the #EBANCongress winners and give them a round of applause: Athletopia Terra Robotics Astrolight Agronnect EBAN Syndicate is now launched! We are delighted to announce that a syndicate of cross-border angel investors is forming to invest in one or more of the best companies that came to our congress. To find out more and join this opportunity, please contact us at info@eban.org.  And the Next Destination of the EBAN Congress is… As the curtains fall on the Thessaloniki edition of the EBAN Congress, we eagerly anticipate the next Congress destination: Tallinn, Estonia. In partnership with EstBAN, the 2024 EBAN Congress promises to continue the excellence, knowledge-sharing, and networking tradition. Tallinn, a city known for its vibrant startup scene and digital innovation, will provide a fertile ground for attendees to explore the latest trends in angel investing and connect with like-minded professionals. From angel investor workshops to captivating keynotes, the Congress will offer a platform for learning, collaboration, and exchanging ideas. Mark your calendars and join us for the 2024 EBAN Congress in Tallinn as we continue to push the boundaries of angel investing, support startups, and shape the future of the global startup ecosystem. But if you can’t wait until then, catch us later this year in Brussels on 10-11 October

Interview conducted by El. Alexiadou – Article originally published in Greek on the ANA-MPA website The Finnish serial entrepreneur and investor Janne Jormalainen, president of the European Business Angels Network (EBAN), plans to make his first investment in a Greek start-up, perhaps in the next few weeks, as he announced in an interview with APE-MPA. “I am definitely looking at my first Greek investment, along with my Greek colleagues here in Greece, and there is a possibility that it will become a reality in the next few weeks hopefully,” he noted, adding that “this way I will have a valid excuse to be able to come to Greece and Thessaloniki, which pleasantly surprised me. Thessaloniki has this unique advantage that attracts big companies precisely for this. It has a lot of talent and students, and the cost of living is also attractive for an investor, which is still at a reasonable level compared to other regions in the world.” And he may not want to reveal the field in which he will choose to make his investment debut in Greece, but he pointed out that one sector that is promising in Greece is that of tourism and travel and hospitality. Of course, his own favorite area for investment is that of green transition, especially in green energy and its conservation and storage. The chairman of EBAN, he has invested in more than 30 high-tech and education companies and currently chairs the board of four highly successful start-ups. Asked to advise and/or guide start uppers regarding the field in which they choose to operate, Mr. Jormalainen, noted that one can find opportunities anywhere, even in traditional industries. Especially for the tourism industry in Greece, he expressed his view that it offers many opportunities because it is about to become more digital and with the dynamic advent of artificial intelligence, “start ups I believe will find a wide and bright field of action for innovation.” Addressing Greek entrepreneurs, the EBAN president noted that in terms of their characteristics they are no different from others in Europe. However, he urged them to become bolder in communicating their ideas abroad and not to hesitate to open the door of their board to foreigners as members, since, as he said, “they are sure to support them strongly. This is an area for growth.”  Speaking of business angels, Jormalainen said that of the ten investments they make in start-ups, seven fail, and of the three that will return some money, perhaps only one will make a profit. In this context he pointed out that it is of major importance for an entrepreneurial angel to have a diverse portfolio. The president of EBAN spoke to APE-MPA after the end of the organization’s annual conference, which was held this year for the first time in Thessaloniki (every year in a different EU city), following an initiative and proposal of the Hellenic Network of Business Angels (HEBAN) and co-organized by EBAN, InvestEU and Enterprise Greece.  

  Angel Gambino is a renowned entrepreneur, investor, and keynote speaker who is set to take the stage at the highly anticipated EBAN Congress 2023. With an impressive career trajectory spanning diverse industries such as entertainment, sports, media, music, and gaming, Gambino has developed a unique approach to entrepreneurship that transcends traditional boundaries. Her ability to navigate multiple sectors and bring a fresh perspective to problem-solving has been instrumental in her success as both an entrepreneur and investor. One of Gambino’s notable entrepreneurial ventures is the co-founding of Sensai, an AI-powered content-generating app that has revolutionised social media marketing and engagement. Sensai empowers creators, influencers, and businesses to effortlessly create engaging and brand-aligned social media posts. The inspiration for Sensai stemmed from discussions with her co-founder, Saman, within their venture studio called Co-created. They recognised the tremendous work required to create social media content that cuts through the noise and achieves sustainable growth. Sensai leverages AI to help users identify real-time, on-brand topics to post about, easing the burden of content creation. With access to existing media libraries and insights from social feeds, Sensai pre-populates posts that users can easily edit, eliminating the need to start from scratch. Gambino’s belief in the transformative power of AI and its role in communication and content creation has made her a sought-after thought leader in the industry. Beyond her interest in AI, Gambino finds great excitement in technology trends that foster community-driven experiences and advancements in mental health. She passionately embraces technologies that improve well-being, elevate human consciousness, and promote joy. Her investment thesis centres around making the world healthier and happier, and she actively seeks opportunities to invest in companies that align with this mission. Having worked extensively in sports, media, music, gaming, and entertainment, Gambino profoundly understands the value chain, user behaviour, and effective monetisation strategies. This invaluable knowledge allows her to guide and support the teams she invests in, helping them navigate competitive landscapes and scale their businesses adeptly. As a seasoned investor, Gambino holds an optimistic view of the Greek ecosystem for angel investment. She sees immense potential for growth and development in Greece, recognising the country’s appeal to global talent and the opportunity for local and international collaboration. Gambino believes that Greek entrepreneurs will play a vital role in driving economic growth and emphasises the attractive investment opportunities in the current climate. She notes that investors are increasingly open to cross-border investments, which can help founders secure funding even during challenging economic times. Gambino’s insightful perspectives and experiences make her a compelling speaker for the upcoming EBAN Congress 2023. Her keynote address promises to provide invaluable guidance for founders seeking funding and will shed light on technology trends shaping the future of business and society. Attendees can expect to gain a deeper understanding of the transformative potential of generative AI, community-driven technologies, and advancements in mental health. Gambino’s unwavering commitment to positively impacting the world will undoubtedly inspire and motivate aspiring entrepreneurs. Don’t miss the opportunity to hear from Angel Gambino at the EBAN Congress 2023. Her entrepreneurial journey, experiences, and insights will unlock a world of possibilities for attendees. Register now to secure your place at this highly anticipated event and embark on a transformative entrepreneurial journey alongside a visionary entrepreneur and investor. Visit the official EBAN Congress 2023 website to reserve your spot and be part of a truly inspiring experience. Interview Questions How have your diverse career experiences shaped your entrepreneurship approach, such as working as an executive in the entertainment industry and sports? I am innately curious and love learning. Working across various sectors has allowed me to bring a fresh approach to problems unencumbered with the baggage of legacy that can block obvious solutions and more creative ways to innovate. As an entrepreneur and investor, having experience in multiple sectors has given me insights and an edge in identifying opportunities for growth and a network that allows me to build bigger faster. My investment thesis is focused on making the world healthier and happier, so having led global teams in sports, media, music, gaming, and entertainment allows me to bring more than just capital to the teams I invest in. Teams I advise and work with say they know my deep domain expertise and understanding of the value chain, users and audiences, and how to monetise them helps them navigate competitive landscapes more deftly while scaling. Emerging web3 companies are an exciting confluence of all of these sectors, so I’m excited to see how things evolve and help to make a positive impact. Can you tell us about your founder experience with Sensai and what inspired you to create an AI-powered content-generating app? The inspiration for Sensai came from discussions with Saman, the co-founder of ro in our venture studio called Co-created. There is an incredible amount of work that goes into creating social media posts and engagement that cuts through the noise and grows fast and also sustainably over time. Organic content marketing was shifting when social platforms were moving into more algorithmic monetisation, making it even more difficult for individuals and businesses to get attention on social media, even though social media was their primary channel for marketing and advertising. We knew we needed to help creators, small business owners, influencers, athletes, musicians, celebrities, and others find easier ways to identify in real time what to post about that would be on brand and convert. With access to their existing media libraries and insights from their social feeds, we could pre-populate posts so they could simply edit rather than try to keep up from a cold start. AI wasn’t where it is now, so it was much more complicated then. I’m intrigued by how generative AI will continue transforming how we communicate, curate, create, share, consume, and monetise content.   What technology trends do you find most exciting, and how do you see them shaping the future of business and society? I am excited by community-driven technologies and experiences, as well as

“The metaverse has emerged as a dynamic hub of innovation and investment, disrupting multiple industries such as gaming, entertainment, social media, e-commerce, and education,” stated Jess Ford, CEO and Chairman of ArrivalMeta. This disruptive potential goes beyond reshaping industries, as the metaverse also carries profound social and cultural implications, transforming how we interact and collaborate. Its development is driven by remarkable advancements in virtual reality, augmented reality, artificial intelligence, blockchain, and cloud computing.    “At the core of Web3, there lies an immense opportunity for creation, which history has shown to be a significant economic force multiplier,” Jess Ford continued. “With decentralized transparency and ironclad security, Web3 presents limitless possibilities, surging forward at the speed of innovation and illuminating every industry with awe-inspiring potential. ArrivalMeta is committed to turning those possibilities into reality.”   In the context of the metaverse, ensuring safety, security, regulations, and education are crucial factors that drive the widespread adoption of Web3 technologies. As the metaverse expands, safeguarding users’ data, privacy, and digital assets becomes paramount. Vandana Taxali, Art-Tech Entrepreneur and Intellectual Property Lawyer, CEO and Founder of Artcryption.com, emphasized this need, stating, “Web3 adoption requires a focus on safety, security, regulations, and education. Supporting and growing web3 companies aimed at addressing these are key to growing the evolution of the internet.” By actively supporting and investing in web3 companies, we collectively contribute to the development of a metaverse that upholds the highest standards of safety and security while empowering users with the necessary knowledge and skills to navigate this new digital landscape.     Axel – Georgian Business Angel Network also shares the enthusiasm for supporting Web3 and recognises the incredible opportunities it brings for transformation, “Web3 startups provide incredible opportunities for transformation. Our team firmly believes in the immense value and positive impact that Web3 can have. We’re excited to explore the possibilities it holds for angel investors. By embracing Web3, we can open up new doors for innovation and bring about significant change across a range of industries.” Amidst this transformative landscape, it becomes essential to closely monitor the investment potential within the metaverse. While early-stage investors have shown interest and support in metaverse startups, the true long-term potential is yet to be fully realized. It is crucial to acknowledge that the metaverse is still evolving, and its future impact will unfold over time. To explore this evolving landscape, EBAN, Spatial, Arrival, and Axel are organizing an exclusive event titled “Discovering Web3: Must-Know Insights for Angels!” on June 20th at 2:00 PM CEST. This immersive event will take place on the Metaverse, specifically within the Spatial platform. It presents a unique opportunity for business angels to explore the world of Web3 and its potential impact on our lives, work, and investment strategies. By attending this event, participants can learn from industry experts and connect with like-minded investors from around the world.   The agenda includes three keynote speeches by prominent individuals in the early-stage investing and metaverse industries. Dusan Stojanovic, Founding Partner and Director at True Global Ventures 4 Plus, will share valuable insights into investment strategies, emerging opportunities, and the future direction of the metaverse. David Rose, Founder & CEO at USREM and Founding General Partner at True Global Ventures 4 Plus, will delve into the transformative power of the metaverse and its implications across various sectors. Petri Rajahalme, Partner at FOV Ventures, will provide his perspective on investing in emerging technologies within the metaverse landscape.   Secure your spot and join us for “Discovering Web3: Must-Know Insights for Angels!”   

In an exclusive interview, Mark Schneider, a seasoned entrepreneur, angel investor, and Keynote Speaker at the EBAN Annual Congress in Thessaloniki this May, shares valuable insights on team building, leadership, and the European ecosystem. With a rich entrepreneurial background, Mark’s journey has been marked by determination, adaptability, and a commitment to innovation. “I became an entrepreneur because it was in my blood.” Raised in an environment where entrepreneurship was celebrated, Mark witnessed the success of his father, who built a chain of stores that eventually became a thriving public company. This upbringing instilled in Mark a strong desire to forge his path and transform his technical innovations into prosperous businesses. Armed with undergraduate and graduate degrees in engineering, he furthered his education in business, envisioning a future where he could merge his technical expertise with entrepreneurial understanding.  Mark’s career initially led him to a prominent company, Pepsi, where he sought to gain marketing knowledge not learned in technical education. However, the rigid structure of the corporate environment only reinforced his preference for autonomy and the freedom to pursue his ideas. This realisation solidified his identity as an entrepreneur and propelled him to establish his own companies. Like many entrepreneurs, Mark encountered numerous challenges throughout his career, particularly during the early stages. Financial constraints and cash crises tested his resilience, but he emerged stronger, armed with valuable lessons and insights.   “You have to give your team enough rope to hang themselves…and forgive them when they do.” Drawing from his experiences as a CEO, Mark has developed a unique perspective on team building and leadership. He believes in empowering teams by allowing them to develop and implement solutions. While there is an inherent risk in fostering a culture of ownership, creativity, and collaboration, it ultimately pays off. While empowering the team is crucial, Mark also emphasises the need for attentiveness to details to prevent the team from going too far off the path. Mark’s leadership style strives to promote accountability and continuous improvement within the organisation.  “Build teams that are not like yourself.  I need a team to tell me I’m doing the wrong thing. I’ll listen, but that doesn’t necessarily mean I’ll agree. Some of my most enlightening days as an entrepreneur were when I had a room full of people whose judgement I trusted, all recommending different paths.” One notable aspect of Mark’s leadership philosophy is his appreciation for diverse perspectives. Rather than seeking validation, he values team members who challenge his ideas and offer different viewpoints. Mark believes that diverse thought leads to better decision-making and robust solutions. “Make your mistakes and learn at someone else’s company.” Mark shares invaluable advice for the most inexperienced individuals starting their entrepreneurial journey. He advises working for someone else to gain experience and insights from experienced professionals. He highlights the importance of learning from others’ mistakes. “Plan your business and understand that every assumption you make will probably be wrong.” Entrepreneurs should recognise the inevitability of making their own mistakes and  embrace the concept of “failing fast, but small.” He encourages aspiring entrepreneurs to recognise that failure, especially when it is not fatal,  is a valuable learning opportunity. “Making the right hires is  99% of the challenge.” Additionally, Mark emphasises the significance of hiring and motivating a high-performing team. He urges entrepreneurs to prioritise recruiting top-tier talent, even if it initially seems unaffordable. By avoiding the mistakes of hastily hiring ill-suited individuals, entrepreneurs can build strong teams that drive long-term success. “If you don’t have a big enough portfolio, it is a roll of the dice without enough chances.” In terms of investing, Mark emphasises the importance of understanding the economics of companies and the dynamics of investment portfolios. He advises investors to develop a diversified portfolio of at least 20 to 40 companies, ensuring a distribution of small and large exits. Mark also stresses the need for investors to comprehend the intricacies of the cap table and the waterfall, as these factors significantly impact the potential investment returns. When discussing the European ecosystem, Mark acknowledges that it differs from its American counterpart. He attributes this difference to various factors, such as the nature of the European Union and cultural boundaries that hinder cross-border collaboration. He remains optimistic and excited about his upcoming participation as a speaker at the EBAN Annual Congress in Thessaloniki. He anticipates fruitful discussions and the opportunity to witness the progress of the Mediterranean and South-Eastern European ecosystems firsthand. To get more insights from Mark and other amazing speakers (https://ebancongress.com/speakers-2023/), join us this May for the largest and most recognised angel investing event in Europe: #EBANCongress – get your ticket on: https://ebancongress.com/tickets/.

Interview conducted by Alexandra Gouta – Article originally published in Greek on the ANA-MPA website  In an interview with the Finnish serial entrepreneur and investor Janne Jormalainen, president of the European Trade Association for Business Angels, Seed Funds and Early Stage Market Players (EBAN), says that “Greece has some unique advantages in the global start-up scene”. Greece has reasonable salary levels for highly skilled people and also the availability of highly skilled engineers. This is very important for developing high technology products in a cost-effective way. I also think that the lifestyle that people enjoy in Greece can make it an excellent attraction for international high-tech professionals,” explained Jormalainen, who will soon be in Thessaloniki for a week on the occasion of the annual conference (24-26 May 2023) of EBAN, a Brussels-based European body created in 1999 by pioneering investors. Asked what advice he would give to Greek entrepreneurs to become more visible and more “convincing” to investors and attract more capital, especially the so-called “smart money”, he answers: “The advice I would give to any founder is to build a good network of advisors who can introduce him/her to investors and potential clients and partners around the world. This helps a lot in connecting with “smart money” investors. The other advice I would give them is to focus early on getting feedback (feedback) from the market and selling their product or service. Product development is, of course, important, but nothing beats talking to their (potential) customers early on. This will give the necessary credibility in the eyes of potential investors and the necessary verification in the R&D done in the company.” What do you think are the sectors with the greatest potential for Greek companies? “I have always said that the sectors with the greatest potential are those that have a large domestic market (hence the need for innovation) or a large knowledge base in the country or region (hence know-how). One sector that would be obvious when talking about Greece is travel and hospitality. But of course we shouldn’t forget that we live in a global economy and any world-changing innovation can come from anywhere – so let’s not limit our thinking either,” he says. Artificial intelligence, fintech and the big opportunity for Europe Business angels are usually the ones who invest first in any nascent venture and this makes them extremely important for early-stage start-ups. What’s more, they don’t just offer money, but much more. So to the question of why business angels are important to an entrepreneurial ecosystem and what they offer that other investors do not contribute, Jormalainen’s answer is perfectly clear: “by investing in early-stage businesses, angels are taking a very high risk. According to many statistics, two-thirds of their investments fail. Business angels invest money, but more importantly they invest their personal time, in the sense that they offer coaching to the founders and bring their contacts and expertise to the company. And that, in many cases, is much more important than money,” he points out. The risk is therefore very high for business angels and the failure rates are high. How many people in Europe take up this challenge? Based on EBAN estimates there are 40,000 business angels in Europe who have invested, again according to EBAN statistics, €1.5 billion in early stage companies (2021). However, as Jormalainen clarifies, not all investments are recorded in the statistics, so the total amount of invested capital is actually significantly higher. “Also, we should not forget that this is money invested very early in a company and the impact that these business angel investments create is much greater for economies than the growth of companies per se,” he adds.As for the sectors of the economy that attract the most angel capital, he discloses that based on the available statistics these were financial technology, health and business software. At the same time, an important growing trend is so-called impact investing. Simply put, this means that business angels are increasingly investing in businesses that create a positive impact on society. “Good examples are green transition technologies and healthcare. More and more business angels want to create a positive impact with their capital and expertise and participate in solving the problems we all face today,” explains the EBAN president. The growth of sectors such as Artificial Intelligence (AI) and fintech (financial technology) is exponential. Are business angels financially involved in such ventures in cutting-edge sectors? “It is clear that there is very high and immediate potential in financial technology, as EBAN’s statistics show. And the use of AI across industries is clearly a huge topic of discussion at the moment. I think the opportunities that AI creates in many traditional industry sectors are huge and will open up many opportunities for radical innovation. I myself have a few companies in my portfolio that are developing AI technology or AI-based products. I can see for myself how these technologies will very quickly change the way we do business or run and manage our societies. In my opinion and the green transition is also a very big opportunity for Europe and we could really lead the world in these systems and technologies. The last year and a half has shown us how important it is not to be complacent in the energy sector and really opened our eyes to change,” he underlines. What key characteristics make a startup worthy of attracting investment? Janne Jormalainen has himself invested in more than 30 high-tech and education companies and is currently chairman of the board in four highly successful startups. What would you say are the key characteristics that make a startup worthy of attracting investment? “It may be a cliché, but I have seen time and time again that the founding team plays the most important role in the success of the company. Balanced, experienced and hungry for success founding team will succeed even if the initial ideas don’t work. I always look for great teams and everything else is secondary.

The representation of women in business angel networks (BANs) is disproportionately low at currently about 10% across Europe.The European Business Angel Network established the EBAN Gender community to address this issue, promote gender equity and achieve gender balance and equality in BANs and. While gender equality means giving everyone the same opportunities, gender equity requires adapting to specific needs to achieve equality in the end. During a recent panel discussion featuring Brigitte Baumann, EBAN President Emeritus; Marta Huidobro, AEBAN Vice President; Guri Koiava, Co-Founder at Axel, Sona Veziryan, Director at BANA Angels, and Selma Prodanovic, EBAN VP, several key strategies were identified to increase women’s participation in BANs.  Awareness Building There needs to be greater awareness of angel investing, particularly among women who may not have heard of this investment opportunity. Additionally, it is important to raise awareness that angel investing can be started with a smaller investment  of time, money, or knowledge. Joining a network Networking is crucial, as it allows for the sharing of risks, responsibilities, and knowledge. Investors   should contribute with what they know. They  do not need to know everything, as someone else from the network can support them. Furthermore, networks allow for smaller co-investments, which can help build confidence in women investors who may be starting out. Diversification of investments across multiple businesses can also help reduce risk. Conscious Investing Investing in sustainable businesses can be a good strategy to attract women investors who are often more interested in investing in companies with a deeper purpose. Flexibility of time is  essential, as women (still) may spend  more time taking care of their families. It is important to note that 6 pm to 8 pm is the worst time for women to participate in BANs, while morning might be a good solution. Capacity building Education programs can be effective in attracting women to angel investing, as women tend to invest when they are educated and knowledgeable on the topic. Learning communities that provide a safe space for new investors to ask questions without fear of being viewed as ignorant can also help build confidence. Diversity benefits us all To increase women’s participation, it is essential to let the whole network see the benefits of having women on board. Women-only groups can be an effective starting point for new female angels to learn and grow their confidence before investing in mixed-gender networks.  Cross border investment and exchange Finally, collaboration between networks in the same region can be useful, with dual membership being a possible strategy. In conclusion, achieving gender balance in BANs is essential to ensure gender equality in the business world. By increasing women’s participation in angel investing, there is more money for everyone. To achieve this goal, greater awareness of angel investing is needed, along with networking opportunities, education programs, and flexibility in time. Creating safe spaces for women to learn and grow their confidence can also be an effective strategy. Gender equity requires adapting to specific needs, which can help achieve gender equality in the end. You can rewatch the entire session below:    

by Sona Mirzoyan, Head of Communications at BANA Angels With the disruptive and impressive growth of the tech ecosystem in Armenia, new startups suggesting innovative and cutting-edge solutions have started to emerge. The process was also supported by many 1st generation exited entrepreneurs, corporations and the strong Armenian talent pool. Armenia has always had what it takes for tech to thrive. The first computer in the USSR was developed in Armenia. Currently, 582 Armath laboratories provide free engineering education to 15,000 school students aged 10-18, and chess is a mandatory curriculum in all public schools. There are 9 Tumo Centers in the country that provide free tech and design education to 20.000 students aged 12-18. Since 2006 tech industry output has grown 20-25% per year.  Global Innovation Index 2019 ranked Armenia as the first among the upper-middle income countries in terms of innovation performance- ahead of China, Romania and Belarus. Besides, a number of  international tech giants, including Synopsys, Epam, TeamViewer, Adobe, Cisco, Siemens, DataArt, etc, moved their R&D and engineering to Armenia.  Armenia’s strong educational system, with a particular focus on science and engineering, has also played a key role in the development of the tech industry. The country has a high number of skilled engineers and developers, and the government has invested heavily in STEM education and research. In these circumstances, there was a clear need to develop angel investing as an important source of early-stage funding for startups to support innovation, contribute to the development of the labour market, and drive economic growth. In 2017 the first Armenian angel network was founded, BANA Angels.  BANA Angels is a network of angel investors with strong tech backgrounds, including successful founders and entrepreneurs from Armenia and abroad. Besides capital, the members bring their expertise, experience and network to influence the success of the startups we invest in. BANA Angels puts effort into creating value both for investors and entrepreneurs by uniting accomplished business angels from around the world and connecting them to promising startups. The investors do not simply get an opportunity for financial return. Our team is doing an initial due diligence on startups and working with them to make sure they are properly presenting their product at our pitching sessions. The deals we give access to are well-researched, and members of our network have a wide range of expertise from different fields, which makes the overall process advantageous. Currently our portfolio includes 25 startups, including Docus, Prelaunch.com, Himnark, AimStack, EasyDmarc, Lucky Carrot, Expper Technologies, doodooc, Cauldron, Zoomerang, Mythril, PlayEngine, WildLearner, Regnest, CoinStats,  Grovf, Docus, Manot, 4u.am, Birstly, eShot Labs, Wolterman, ViralMango, Armbionics. From the list provided, there are several notable investments that BANA Angels has exclusive rights to as the only angel network that invested in them. In total, BANA Angels has invested $3 million or more. Since 2017, we have organised several projects and programs aimed at developing the startup ecosystem and tech industry in Armenia. These include the ‘Neruzh – 2019‘ interactive five-day bootcamp for entrepreneurs of Armenian descent, the Beeline Startup Incubator in partnership with Veon Armenia, the SAP Startup Factory in partnership with SAP and EU4Business, and the #TalkAround events. BANA Angels has also organised several SME mentorship programs like BuildUp Lori, “Koriz” idea competition and Tourism Innovation Academy for businesses in industries such as tourism, agriculture, and manufacturing operating in the regions. All aforementioned projects and programs led us to establish The Factory, BANA’s innovation hub, where bright ideas are born and developed. At The Factory, we focus on empowering young entrepreneurs and creating an all-encompassing space for sharing ideas, networking, and collaborating, which can hugely contribute to the further development of the Armenian tech community. We hope that BANA’s contribution to the Armenian tech ecosystem will further contribute to the development of angel investing culture and the startup movement.  

By Caroline Sai, Head of Angels Santé & EBAN Board Member Just a castaway, an island lost at sea, oh Another lonely day, with no one here but me, The lyrics to one of my favourite songs Message in a Bottle from Police translate well what startups feel like when fundraising. In one of my previous posts, I motivated fundraising entrepreneurs to rejoice when an investor gave an answer (negative or positive) as “there is nothing worse than being completely ignored and being stuck in limbo” The strange phenomenon where investors need deal flow, entrepreneurs need cash and yet the communication channels are obstructed by …. Guilt, annoyance, anxiety, and rejection? Our inboxes are like a petulant 3-year-old that you can’t ignore, but you so wish you could. Though you know that you should limit your access to your inbox to 4 times a day for maximum efficiency, it seems that our emails are forever an extension of our fingers. Remember this morning when you were waiting for that answer, and you were constantly refreshing your browser? Did you give a thought to that other guy (or gal) also refreshing his/her browser in an attempt not to face the reality of being completely rejected after that simple attempt to get your attention? Important reminders to all those that have had the kindness of reading till this paragraph: Psychologist Alice Boyes Tells us that Avoiding coping leads to increased Anxiety. Did she mean just the one not answering the email? We should probably warn her that anxiety on the receiving end is very high as well. It increases the sense of rejection, self-doubt or overall confusion: have they seen my email, did it go to the spam box, should I wait to follow up? It’s almost like knocking at a door, knowing the person is inside and leaving with a sense of unjustified dismissal when silence and a closed door are the only response to your friendly knock. Even worse, it’s like holding a hand out to introduce yourself, and that person leaves you with your hand hanging in the air. I’ve experienced it, and believe me when I say it stings! I may be old school, but answering an entrepreneur who has taken the time to do their homework seems like common courtesy, even more so when we’ve looked at their deck or had a call with them. We may feel in a dominant position as investors, but we make a living from investing in the best companies. So, let’s not shoot ourselves in the foot. We advertise our search for qualified deal flow, and yet we so easily ignore entrepreneurs when the time if off for us or simply when that sparkle of discovery is no longer there. How long does it actually take to type “thanks but no thanks “? I’ve timed it: 6.48 seconds exactly. We know that unmet expectations lead to frustration, and here is a funny video* that illustrates what our non-response may result in. Watch it, enjoy it and let’s remind ourselves that behind typed words is a person with expectations and hope …. Just like us.   *Was it a date The New Yorker https://youtu.be/cZARdRcbh_E About the Contributor Caroline Sai is the Head of  Angels Santé (Angels4health) & EBAN Board Member. The EIT Health Investor Network is a European network of healthcare investors dedicated to supporting healthcare startups in their fundraising journey. It is a network managed by Angels Santé and co-financed by EIT Health. To learn more about how to join our program as an investor or a startup, click here

EBAN and HRP hosted a pitching session on March 30th 2023, aimed at driving investment in the cleantech sector and facilitating connections between entrepreneurs and angels. The event was a success, building on the partnership between the two organisations that was started through the previous year’s event. Our jury and mentors, including Tina Dreimann (Founder of Better Ventures), Ukko Kilpinen (Startup M&A manager at Fortum), Nicolas Kulakowski (President of SID Network), Rita Sakus (Board Member at LitBAN), Alexandra Nitzlader (Regional Manager Austria & Transaction Manager at FASE), and Helmuts Lejnieks (Board Member at EBAN), selected the six showcased companies: W-Energy, BOLDR, WAISENSE, OCO, Scrufy, and BIPV.world.     They ensured that only the best and most promising entrepreneurs made it to the (virtual) stage. These entrepreneurs have received grant funding, making their companies the perfect choice for angel investors looking to de-risk from a technological point of view and invest in promising companies focused on commercialising their products. To prepare the entrepreneurs for their pitches, EBAN organised mentoring sessions that included a “How to Craft a Killer Pitch” workshop led by Audra Shallal, Partner at Corenvest and EBAN Board member. The workshop gave the participants some of the best practices and tips for pitching their startups. Additionally, pitch dry runs were conducted where entrepreneurs could practice their pitch in front of a panel of investor mentors, who gave specific feedback on improving their pitch and/or presentation. The event was well-organized, featuring a structured format that allowed each entrepreneur to showcase their product in a 7-minute pitch, followed by a 7-minute Q&A session with an expert jury. After completing all the pitches, the audience and the jury voted for their favourite.  BOLDR, an energy efficiency as a service platform with a focus on home climate, emerged as the clear winner, securing both awards. As a reward for their outstanding performance, BOLDR has been granted the opportunity to pitch at EAIS 2023, providing a platform to showcase their innovative products to a broader audience. EBAN and HRP are committed to supporting entrepreneurs and investors in cleantech; the event was an example. In addition to the pitch session, both organisations facilitated introductions between entrepreneurs and investors interested in backing the next big thing. With the event recording available on the event website, anyone can get a chance to watch the pitches and learn more about the companies involved. In conclusion, the pitching session was successful, with entrepreneurs showcasing some of the cleantech sector’s most promising technologies and products. The event allowed investors to identify startups and entrepreneurs to connect with potential backers, creating a win-win situation for everyone involved. Additionally, we are pleased to announce that we are assisting companies in communicating with investors, and meetings are being organised. If you are interested in meeting with any of the startups, please contact us. We look forward to continuing to facilitate connections and support innovation in the cleantech industry.

Lars Rasmussen, co-founder of Google Maps and angel investor in Canva as well as EBAN Congress 2023 keynote speaker, recently sat down with EBAN for an interview ahead of his appearance as a speaker at the upcoming EBAN Congress in Thessaloniki.   “Difficult times create strong people and strong people create great startups” The Danish software engineer, entrepreneur, and angel investor discussed his background as an entrepreneur and investor and how he and his brother were inspired to create Google Maps. He shared how they were both laid off during the dotcom bubble burst and decided to pursue one of his brother’s many startup ideas: to improve online mapping with bigger, prettier, and faster maps. The two of them built the platform with no money while living in a room in a shared house and maxing out their credit cards. However, they were introduced to Google, which eventually acquired their company and turned their prototype into Google Maps. His next venture, Google Wave, attempted to modernise email by making it more collaborative and efficient but was discontinued in 2012. Rasmussen spoke about the challenges of being an entrepreneur, including the highs and lows of launching something that becomes a blow-away success and the lows of failing in public. Lars also compares the experience as an entrepreneur to being on a roller coaster ride.  “When you’re trying to be an entrepreneur, it is a roller coaster, right? But when you’re an angel investor, you are riding ten roller coasters in parallel.” As an angel investor, he invests in many different start-ups, so his mental state is generally more stable than that of a founder who is fully committed to one company. He mentions that the pandemic has affected some of his investments, with some start-ups struggling to survive while others have seen accelerated growth. Overall, he finds angel investing to be a more stable and less intense career than being a founder, and he enjoys giving back to the entrepreneurial ecosystem by supporting the next generation of start-ups. As to his experience with Canva, his most successful angel investment to this day, Lars recalls he invested in Canva only after working with them for a year and being impressed with their vision, their tenacity, and their potential to be a $40 billion startup – in short that they had what it took! He also liked the vision because of his personal relationship with design and his brother’s design skills that had helped Google Maps become successful. Despite Canva having faced many challenges, Lars knew the founders were determined and believed they could execute their vision. Unlike Zoom or Peloton, which experienced explosive growth during the pandemic only to see a decline after it ended, Canva’s growth trajectory has been consistent and sustainable. Even as the pandemic recedes and the economy faces challenges, Canva’s growth has not been impacted and continues to thrive. “I’m 100% convinced that five years out, Greece will be one of Europe’s most important startup centres, if not the world.” The #EBANCongress speaker talks about the significant growth in the Greek innovation ecosystem since 2012, which is due to hundreds of startups, active local VCs, and government support with new laws and tax incentives. He believes that if this growth continues, Greece will become one of the most important startup centres in Europe, if not the world, in the next five years. Lars mentions that half of their investments now are in Greek startups; he and his wife are trying to help keep this growth going. He also highlights the need to push marketing efforts to promote Greece’s tech ecosystem to the world, citing that the product is way above the market. Lars mentions the unique position of Greece for growth, and he attributes it partly to the crisis, saying that difficult times create strong people who create great startups. Lars also talks about the government’s efforts to improve the ecosystem, such as the digital ministry’s effort to digitise the bureaucracy of Greece and the new visa laws being debated that will make it easier for techies, entrepreneurs, and investors to come to Greece. Additionally, the government allocated a big block of abandoned factories in Piraeus to turn into an innovation district, a central gathering point for all the startups with cheap office space, a funky modern industrial vibe, and a place for continual events. Lars also talks about the advantage of living and working in Greece, such as the islands and the great work-life balance. According to Lars, his investments focus on sectors where it can add value, such as healthcare, fertility, and education. The team of the invested companies is a crucial factor, and the team members must have tenacity and an unwillingness to give up. The company also looks for visionary women entrepreneurs, and investments that have at least one woman founder have proven to have better unrealized gains. Lars advises entrepreneurs considering starting a business to try and talk themselves out of it. They should only become an entrepreneur if they feel they can’t help themselves and are unable to stop thinking about the idea. Lars also advises entrepreneurs to be aware of their competitors and to not underestimate their capabilities. Lastly, Lars stresses the importance of a work-life balance, mentioning that it is essential to do work that you love, and to create a work schedule that allows for leisure time. You can watch the full interview below  ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc To get more insights from Lars and other amazing speakers (https://ebancongress.com/speakers-2023/), join us this May for the largest and most recognised angel investing event in Europe: #EBANCongress – get your ticket while early bird prices are still on: https://ebancongress.com/tickets/.

  Ahoy mateys! Set sail with EBAN on the EU-LAC Digital Accelerator ship! Have ye heard of it? EU-LAC Digital Accelerator is a treasure of a project that aims to promote innovation and digital transformation in the Latin American and Caribbean (LAC) region.   The EU-LAC Digital Accelerator initiative is a project that brings together private sector stakeholders and beyond to accelerate digital transformation in two ways. First, by promoting engagement on digital issues between the EU and LAC. And second, by reinforcing the EU’s role as a key partner and player in the digital area of LAC.   Now, business angels are the key to unlocking the treasure chest of digitalisation in the LAC region, and that’s where EBAN comes in! The digitalisation of businesses can make them more efficient, productive, and competitive, expanding their reach by targeting new customers and markets. It helps them stay ahead of the competition by adapting to changes in the market and responding to customers’ needs. By supporting digitalisation in the LAC region, business angels can contribute to a more vibrant and dynamic business environment that benefits everyone involved – businesses and customers.   EBAN and our treasured project partners must chart a course and identify high-potential digital areas to collaborate with partners from the EU Member States and LAC. They will develop entrepreneurial projects that leverage the cooperation of EU and LAC partners in these areas, providing tailored acceleration services to support the collaboration and development of sound business cases. They’ll also hoist the sails, bring digital projects to an investor-ready level, and connect them with relevant public and private investors to enable businesses financially.   To find the X that marks the spot in this project, we must navigate the choppy waters of stakeholder management. We will develop a stakeholder map by identifying key stakeholders such as partners, incubators, accelerators, investors, and other organisations involved in the project and conduct a needs assessment to focus on areas where the project can make the most impact and ensure that resources are used effectively. And to attract potential participants, including start-ups and other organisations that can benefit from the project’s acceleration services, we will need to cast a wide net and advertise an open call for acceleration.   So hoist the mainsail and join us on our quest for digital treasure in Latin America and the Caribbean! We’ll make a crew of scallywags and landlubbers into savvy sailors and turn their businesses into digital gold. Arrr!   Project Partners   Tecnalia ( project coordinator): Research centre | Technological development | Tecnalia Tecnalia Ventures: TECNALIA Ventures | Tecnalia IESE: IESE Business School: World Leader in MBAs & Executive Education WAYRA: Wayra España: Escalamos startups  EBN: EBN | EU|BIC Innovation Community – Community of certified EU|BICs, the European Business and Innovation Centre Network Expertise France: Accueil – Expertise France  Caribbean Export: Home | Caribbean Export (carib-export.com) IDB Lab: home | BID LAB Tecnalia Colombia: Centro de investigación | Desarrollo tecnológico | Tecnalia (tecnaliacolombia.org) ……   This project is funded by the European Commission NDICI LA 2022 439-102 Grant Contract  

This is part II of EBAN’s interview with #EBANCongress keynote speaker Marcia Dawood of ACA. To catch up the part I of the interview,  click here! And to  get more insights from Marcia and other amazing speakers (https://ebancongress.com/speakers-2023/), join us this May for the largest and most recognised angel investing event in Europe:  the EBAN Annual Congress – get your ticket now: https://ebancongress.com/tickets/ EBAN:  Thank you so much for being here, Marcia, and thank you for agreeing to do this interview with us to prepare for the upcoming EBAN Annual Congress in Thessaloniki this May. We know you have extensive experience in the early-stage sector, and we want to know the biggest lesson you have learned since becoming an angel investor. Marcia: The biggest lesson is that it takes a lot of time and is tough. Sometimes, angels will participate for a while and then move on to something else. So it’s essential, during the investing process, to know that we’re in it for the long haul. We should have people surrounding the company, even if we can’t physically do it ourselves because we have other investments. But at least we know what the company needs, and we can make introductions or give them some of the support that they could use. EBAN: Which sectors should we watch as an investor in 2023? Marcia: So much is happening right now in AI and machine learning. We’ve seen a lot of that lately, but it’s still very early to say. We’ll see many things come and go, and some things improve. I’ve also seen more innovation than ever in healthcare. Especially right now, women’s health is getting a lot more attention. That’s exciting. We’re always going to see technology of all kinds continue to evolve, and it keeps evolving faster and faster. It will be interesting to see where things are a year from now. EBAN:  What do you consider a significant challenge in the investor and startup relationship?  Marcia:  One thing that gets challenging for all angels, no matter where you are, is whether or not angels will follow on and continue to invest in the same company. That’s where many companies get into trouble because they need the funding after the angels get involved. Sometimes they either don’t communicate how much they’ve accomplished or maybe they have yet to hit the milestones they wanted to or they’re spending money too fast, or whatever the story is. And then they go back to the angels to follow on. Either the angels aren’t that excited about them anymore, or maybe they weren’t paying attention to that particular company enough. It happens all the time. I think it’s just important that we keep thinking about that. Companies need to get information back to investors on a consistent basis. At least quarterly. If companies only communicate when they want money, that’s not good. EBAN: As mentioned in the beginning, you’re coming to the EBAN Annual Congress in Thessaloniki this may, which we’re excited about. We would like you to give us your opinion about the European Angel ecosystem. Marcia: I’m not an investor in companies outside of the US because it gets complicated with our tax system here in the US, which is different from others. But last year, when I came for a conference, seeing so many incredible brands and how many different companies Europe has was amazing. It was fantastic to see how the countries cooperate. Specifically in Greece, there’s so much happening there right now, and I don’t think people realize that. It’s important to keep talking about it and highlighting this. I’m excited to come back again this year and see it from an even bigger perspective because last year I came for HIBAS, which was a smaller event, but this year, it is even bigger, so that’s fun. EBAN: What are your insights for the Mediterranean ecosystem, Southeastern Europe and Balkan ecosystem from what you got from that event? Marcia: The ecosystem is vibrant and diverse, and I’ve seen more than just early-stage companies. These companies are now gaining a lot of traction throughout Europe, not just from countries in the region. It was cool to see the wide range of companies that have emerged and gained more visibility in recent years. EBAN: Are there any specific trends emerging among both entrepreneurs to be able to find investments, such as co-investment from other countries or any trends amongst angels to be able to keep investing despite the atmosphere? Marcia: I’ve seen more angel groups putting funds together within their own group. It’s becoming more popular because it allows for diversification of portfolios, lessens risk, and provides more people to help that particular company move forward. EBAN: You mentioned some cases where you are unsure about a company, but it turns out to be really good. Do you have an example to share with us? Marcia:  I invested in a pharmaceutical company a couple of years ago, which is a challenging sector, and some angels would never invest in it. But the company is doing super well now, and our valuation has increased three times. The drug is still not on the market yet, so we still have a little ways to go. But it’s different from what I had thought when I invested. I liked the company and the founder and knew it would take a while. EBAN: Are there any closing words you want to leave us with? Marcia: I’m excited to come to the Congress, and I have a new rap battle that I’m working on about the price of equity and convertible notes. See you in Thessaloniki! EBAN: Can you tease the topic? Marcia: Yes, it’ll be about the price of equity and convertible notes. It is a rap battle again! EBAN: We’re looking forward to having you as well, and we’re really looking forward to the event in general. Thank you so much for doing this interview with us and being our keynote

By Janne Jormalainen, EBAN President and FiBAN Chair Emeritus In recent years, there has been a growing focus on gender diversity in the investment world, both in the venture capital and angel investment spaces. As the President of EBAN, I am proud to say that we have made gender diversity a priority in our organization, and we have seen the benefits of doing so.  There is a growing body of research that shows that having gender-balanced investment teams leads to better business opportunities and higher profits. Forbes recently published an article that highlighted the profits that can be generated by investing in gender-balanced teams. According to the article, having at least one female founder in a founding team leads to 63% higher business value. This means that investing in female-led or co-founded companies is not only the right thing to do, but it also makes good business sense.  Unfortunately, there is still a significant gender imbalance in the investment world, with 85% of VC partners in Europe being male and only 15% female. The angel investment world is similarly imbalanced, with about 90% male investors and only 10% female investors. According to the European women in VC report, less than 10% of venture capital investments went to women-led or co-founded companies, indicating a significant imbalance. This structural issue needs to be addressed, and we believe that diversity is the key to unlocking more profits.  However, small actions can bring about a bigger change, such as ensuring investment teams or syndicates are diverse and that success stories of female-led and co-founded companies are publicized. Business angel networks can advance gender balance by having gender-balanced board seats and inviting female investors to participate. I always advise female investors to seek out mentors and consider female-focused funds or investors when entering the male-dominated industry, and suggest that success stories of female investors and entrepreneurs should be highlighted as I have myself invested in multiple successful female-led companies since the very start of my career as an angel. At EBAN, we have taken several steps to ensure that women and other underrepresented groups have equal opportunities to become angel investors. One of our recent initiatives was the Manifesto for a Gender Balanced Angel Investing Ecosystem, where we pledged to triple the number of female investors in our ecosystem. Setting ambitious goals is crucial to achieving results, and we have already seen positive movement in the market as a result of this initiative. Personally, I am inspired by the numbers that speak for themselves. Investing in female-led companies has been shown to lead to better exits for venture capital companies, and it’s impossible to build successful global companies without diversity. It’s not just about gender diversity, but also diversity in ethnicity and other factors. In conclusion, we believe that gender diversity is not only the right thing to do, but it also makes good business sense. We will continue to prioritize gender diversity in our organization and work towards creating equal opportunities for underrepresented groups.  I am excited to be speaking at the EBAN Annual Congress 2023, where we will be further exploring women’s issues in angel investing and entrepreneurship. This is an incredible opportunity to learn from and connect with other investors who share my passion for supporting women entrepreneurs and investors. I encourage anyone who is interested in early-stage investing or who wants to learn more about supporting women-led startups to join us. Early bird tickets are still available at https://ebancongress.com/tickets/. I hope to see you there!

    EBAN:  Thank you so much for being here, Marcia, and thank you for agreeing to do this interview! Our first question for you is why you got involved in angel investing.   Marcia: I was invited to a meeting ten years ago or a little longer, and I didn’t know what angel investing was, and I didn’t know what kind of impact it had or anything about it. So I went to the meeting and was fascinated by the types of innovation and different companies I saw. After this, I got more involved, and then I quickly discovered how little funding goes to women and people of colour. And then I just kept getting more involved as time passed.   EBAN:  We know you came from a sales, marketing and operation career and then moved to entrepreneurship. Which learnings from the past did you apply in the angel investment process?   Marcia: Any skill you have from previous work will help you in angel investing. Some people think that just because they don’t know a lot about angel investing, they can not contribute to it, and that’s not true.  All those past experiences with operations and sales help me nowadays.   EBAN: How are you seeing angel investing in the US right now, and what would be your strategies for 2023?   Marcia: Right now, it’s very tough. 2021 was an excellent year for founders to get funding because there was a lot of money flowing around, people were willing to invest, and the US stock market was doing very well. And then, in 2022, the US stock market started to do much worse, and angels pulled back quite a bit from what they were usually doing just because they got nervous. In the past months, at least eight or ten companies I’ve seen raising money are doing this on the same terms they raised in their last round, even if they hit milestones to increase their valuation. So it is tough right now to raise money. People are going out, they need money, and the good companies realise that they need the money pretty fast, so to incentivise the investors to continue to support them or to get new investors,  they’re going out and making their terms equal to what they were before instead of raising their valuation.   EBAN: Are there any specific trends emerging among both entrepreneurs to be able to find investments, such as co-investment from other countries or any trends amongst angels to be able to keep investing despite the atmosphere?   Marcia: I’ve seen more angel groups putting funds together within their group. It’s unlike a traditional venture capital fund with one fund manager, and then together, they decide what they invest in. That’s becoming popular because you can diversify your portfolio and lessen your risk.   EBAN: Which sectors should investors watch out for in 2023?   Marcia: Well, so much is happening right now in AI and machine learning. We’ve seen a lot of that lately. A lot has happened, but it’s still very early to say precisely. Furthermore, I’ve seen more innovation than ever in health care. Right now, especially, Women’s Health is getting a lot more attention. That’s exciting!  We’ll always see technology evolve faster and faster, and it will be interesting to see where things are a year from now.   EBAN: Since it is women’s day on the day of our interview, let’s ask a tricky question: Less than 2% of venture funding goes to women-led businesses, and more than half of female founders experience gender bias in the fundraising process. Furthermore, women only comprise 14% of the angel community. What is your take on increasing women’s participation in angel investing and entrepreneurship?    Marcia: Well, that’s my passion: to help educate women to feel more comfortable in this asset class. As women, we try to know all the information and gather as much information as possible before making a final decision, which is excellent. Still, we need to ensure that we also utilise the other people’s expertise in the room. For example, I’m not a scientist,  so I won’t be able to evaluate a science company, a medical device company, or something like that the same way as somebody with that level of expertise.  So, we must keep educating and giving women opportunities to participate and ramp up. Nowadays, there are so many things you can do with just a little bit of money, and you can kind of ease your way into it so that you learn, and you feel like the amount of risk that you’re taking is kind of matching the amount of knowledge that you’re learning as you’re going. That’s super important to help everyone, not just women but everyone who feels more comfortable participating at all levels. And if we do that, we will help more people who want to participate in the asset class. So it won’t just be one group of people that is getting support. Everybody is getting support because everybody feels more comfortable participating in the asset class.   EBAN:  Which way would you say is the best to help women participate more? Some female angels say women angels should only invest in women founders. Last year in Athens, we talked about allowing women to invest very small or rather small amounts at first, and as they get used to it, they can invest more and more. Where do you stand on all of them?   Marcia: Well, all those things can be excellent and helpful. Diversity within the team is essential. Women need to get equal time and an equal playing field. I don’t want to swing to the one side where we’re excluding people, so we need to make it so that there’s more inclusivity at all levels. And as I said, that means diversity of the different types of people, their backgrounds, where they went to school, where they grew up, and

The global financial crisis continues to impact the world, causing central banks to raise interest rates to combat inflation. The COVID-19 pandemic and the Russia-Ukraine war have also resulted in disruptions to shipping and supply chains, leading to shortages and changes in consumer behavior.  This economic recession caused many investors to become more risk-averse, and as a result, the venture capital industry around the world faced a challenging financial landscape in 2022. For example, high-tech company investments fell by 40% in Silicon Valley, and the number of rounds decreased by around one-third. Despite Israel’s reputation as a strong economy with a thriving start-up ecosystem and a large number of successful tech companies, it is not immune to the crisis and showed a similar trend in 2022.  Israel was no exception to the remarkable activity in the global technology sector in 2021, with a historic USD 27 billion invested in Israeli tech start-ups. 2022 was less phenomenal, with the cumulative investment amount dropping to about USD 15 billion, but still marking the second-highest yearly investment amount in Israel’s history. The number of investment rounds decreased from 1,103 in 2021 to 826 in 2022. The decline in high-tech investments in 2022 can be attributed to the financial market downturn, which is not unexpected. However, seed investments in Israeli start-ups – a high-risk asset class in tech – experienced a 22% increase compared to the previous year. This tendency is particularly surprising when considering the drop in the number of start-ups. The main reason for the increase in seed rounds was largely due to late-stage investors moving to earlier stages, as extremely high (and not always justifiable) valuations in later rounds after the prosperous 2021 made seed investments a priority. Supposedly, investing in seed-stage companies can provide venture capital investors with higher security during times of financial crisis. This is because seed companies typically have a longer runway to reach their anticipated exit event, affording more time for the crisis to abate and for valuations to improve. In addition, the average number of investors in early-stage rounds, particularly seed rounds, has increased notably in recent years, with the greatest rise observed in 2022. Similarly, we, at ExitValley are witnessing a heightened interest in seed investments from our investor community, along with a rise in the number of companies in these stages, that are welcoming the public to become their shareholders. ExitValley was founded in 2015 to address the gap in early-stage capital raising for start-ups. Back then, investing in the Israeli hi-tech industry was exclusively accessible to a very small group, mainly comprised of venture capital funds, incubators, and a handful of angels. On the other hand, a lot of exceptional technological companies were facing major fundraising challenges at the beginning of their journey.  ExitValley enabled private start-ups to raise capital directly from the public through its online investment platform and today it is the leading equity-based crowd-investing platform in Israel: almost $70 million have been invested through ExitValley in over 100 Israeli start-up companies, across various industries and stages of growth.  We are proud to say, that among the companies in ExitValley’s portfolio are a large number of technology companies that, since their fundraising rounds on the platform at an early stage, have reached the point where they have an impact in Israel and around the world, for example HeraMed – a medical company quoted on the Australian Stock Exchange, which has developed a pregnancy monitoring system that enables continuous home monitoring of the health of the fetus, enabling responses to the early identification of possible complications, and is now helping save the lives of moms and babies of Ukrainian women, affected by the Russia-Ukraine war; SolCold – an exciting climatech company that has developed  a  groundbreaking solution to global warming, through a nanotechnological material that cools as a result of exposure to sunlight, and is intended for a variety of uses ranging from housing to transportation; and XRHealth – the first company in the world to use VR systems as an approved rehabilitation medical product. XRHealth raised funds through the ExitValley platform at the concept stage, and today its technology is used by a variety of medical facilities around the world. ExitValley currently offers three investment options that differ from each other in terms of the minimum investment amount, the maturity level of the fundraising companies, and, as a result, the level of investment risk and return potential, while developing several additional innovative investment products and constantly improving the technological components of the platform itself. Contact person for ExitValley: Eden Pozin, Business Development Manager   *The information in this article is based on the statistical data, provided by Israel’s Start-Up Nation Policy Institute.

By our member FiBAN (originally published here) What can startups learn from applying for seed funding? In this article we continue discovering the learnings from our last article “5 tips for getting an angel investor onboard”, where we shared the lessons from the last batch of startups that applied for seed and pre-seed funding through the Finnish Business Angels Network. These findings are based on our previous screening session, where FiBAN evaluated 84 startup applications. On average, 9 angel investors take part in evaluating dozens of startup applications on each screening board.The screening board members base their decisions typically on long industry experience as entrepreneurs and/or angel investors as well as their personal interests.But what were the core reasons why this time startup funding applications were rejected? Let’s find out.As many as 79% of startups neglected their go-to-market strategyCompared to the previous batch, even a larger share of startups forgot to think about their Go-to-market strategy after the Christmas break. The number of startups neglecting this grew from 60% to as high as 79%. Luckily, it is not all downhill as there was an improvement with other evaluation criteria, such as startup teams. 79% had an unclear go-to-market strategy This still remains the most common reason why startups get rejected by angel investors! A startup’s growth engine should be defined whether it’s sales-led, product-led, or other. It should also include how a startup is planning to take over the chosen market. 60% has too high a valuation compared to the stage of the company Valuation being too high together with capital seeking makes the angel investors wonder if this is investable. A valuation too high also means higher expectations for traction from investors. There will be negotiations about the valuation during investment conversations, but it still should be in the correct range to make it this far. 58% of startups had their competitor analysis unclear or unrealistic Competitor analysis should always be included but it should also be credible. There is always some type of competition for every startup! 50% had their competitive advantage unclear The application should make it clear what gives the startup a unique advantage over those trying to compete with a similar solution. Try to think of your competitive advantage from the buyer’s perspective: why would they choose your product over the competition? 48% had estimated their market size unclearly It is important to evaluate the potential of the market and it should be concise about the specific market you are targeting, not the whole market in the world. Let’s say that very rarely a startup can directly jump from early revenue to worldwide scaling. You need to explain what happens in between before you get there. In order to get started in this you can use TOM (Total Addressable Market), SAM (Serviceable Addressable Market), and SOM (Serviceable Obtainable Market) together with future growth estimates for the markets. The positive side: great teams that improve through feedback On a positive note, there were also pleasant findings in this new batch. The accepted teams who got through screenings all the way to FiBAN’s Pitch Finland had good coachable teams that have what it takes to grow their companies. They also stood out by constantly improving their deck and application, and with their ability to take feedback. Even when it hurts, learning to take feedback is important and it’s an inevitable part of entrepreneurship, as feedback eventually either comes from customers, the board, or investors. If you’re unsure what your pitch deck or application should include, the FiBAN team has just compiled this free startup checklist for applying for angel funding. Is your startup ready for investment? Do you have the above-mentioned in order? Apply for seed and pre-seed funding here. Read more about FiBAN’s deal flow process. Join a screening session? FiBAN Member – would you like to join the FiBAN Investor Screening Board? Register for the next screening board here. More information: Topi Laakso Deal Flow Manager topi@fiban.org

Finnish Business Angels Network (FiBAN) has appointed a new CEO, Tiina Laisi-Puheloinen, who’s not afraid to be a pioneer and drives a vintage Beetle she purchased “at a price of a Cognac bottle.” In May, Tiina Laisi-Puheloinen will step into the shoes of the CEO of FiBAN, the largest angel investor network in Europe. She saw the opportunity at FiBAN to develop the startup field and make the role of angel investors more visible in society. “Angels play a key role in the growth of startups before they receive follow-on funding, and it is a prerequisite for the survival of many startups,” she says.   Visionary thinking and professionalism   Tiina Laisi-Puheloinen describes herself as positive and energetic, which fits well in the startup field. “I have lived and breathed the startup world and seen first-hand how to look for funding. When the position of CEO of FiBAN came up, I thought I could have something to contribute to that role. Angel investing in your homeland is a patriotic act,” she adds.   Laisi-Puheloinen’s understanding of the startup field, strong expertise, and visionary thinking also impressed the FiBAN board. “In the recruitment process, we were looking for a candidate who would bring new perspectives to the development of FiBAN. We were fortunate to have several high-quality applicants apply. We decided to go with a person with essential experience as a startup entrepreneur and strong leadership skills. Additionally, she had excellent credentials as a supervisor,” chair of the board Kim Väisänen and board member Eljas Repo say.   From the Finnish Defense Forces to leadership and startup pitching   Laisi-Puheloinen has bravely taken new turns in her career. Previously, she worked in the Finnish Defense Forces and held leadership positions in several well-known Finnish companies. “I began my career in the defense forces and moved to the commercial side in 2005. My career path took me from leading Monster and Sanoma Digital‘s business and various other digital businesses, all the way to international leadership positions in the furniture company Isku, until my path led me to the startup company Priceff,” she continues.    She was supposed to join Priceff “just to help a little bit for a short time.”  Five years later, she realized that the startup world had taken over, and her path merged with FiBAN’s. “Suddenly, I was a shareholder and chairman of the board of Priceff, and in the next turn, I was pitching to FiBAN investors as CEO. Two of Priceff’s investors were found through FiBAN,” she describes.   Perspectives from the entrepreneur background: “Everyone should try startup entrepreneurship”   Laisi-Puheloinen has extensive experience in multiple types of startup roles. Working in a startup requires an unwavering attitude and versatile skills, she states: “In a small company, you have to be able to do everything,” she says.    “I claim that startup entrepreneurship is the toughest game in the world. Those who think that startups make money easily should try starting from scratch. It would be good for everyone to try startup entrepreneurship sometime to learn what it takes to make money. It’s far from lazing around,” she points out.   She describes her core values as openness, honesty, and positivity. When she’s not hunting or exercising in her free time, she spends her summers cruising around with her red 1972 Beetle, the same car she learned to drive with.    “I bought the Beetle from my father for the price of a bottle of cognac. I have since restored it, and it certainly wasn’t a financially sound investment. But some investments are best when made without thinking of the cost too much,” she says.   More information: Milja Inkeri Mäkelä Communications Manager, FiBAN ry milja.makela@fiban.org + 358 40 538 5418   Tiina Laisi-Puheloinen CEO, Finnish Business Angels Network (Starting on May 1st, 2023) Finnish Business Angels Network (FiBAN)   The Finnish Business Angels Network (FiBAN) is a nonprofit association of angel investors that has 670 members from more than 20 nationalities. FiBAN matches private capital with start-ups seeking funding and educates angel investors at all stages of the investor journey.    FiBAN is one of the largest and most active angel investor associations in Europe. In 2021, FiBAN members invested a total of 52.3 million euros in 626 companies. The data from 2022 will be released on March 28.

CASSINI Business Accelerator is a six-month acceleration programme offering top-level business and investment coaching, training, events, and more that brings together 20 of the top space startups in Europe. The accelerator is tailored to meet the needs of space companies in their growth stage that already have a product on the market and have achieved sales or pre-commercial success, and that want to sustain their commercial growth by developing new market opportunities. Apply Now Looking For: European startups and scaleups Highly-ambitious and versatile founding teams Proven commercial traction and product-market-fit Looking to increase sales The Programme Benefits International growth oriented, focus on sales, and investment Access to key stakeholders across Europe Unique collaboration between 58 pan-european accelerator locations Highly-qualified mentors for dedicated 1:1 sessions Cross-industry synergies between space and non-space industries E-learning training and peer-learning. Monthly deep dive sessions & expert webinars. Fundraising support and a 75,000€ voucher for startups who successfully complete the programme The Programme Timeline Open Call February 1 – March 31 Applications for the first batch, from May-November, are open now. Apply before March 31, 2023. Startup Selection April The programme team will assess all applications and select 20 participating companies per batch. Batch Kick-off May In person batch meetup to kickoff the programme activities. All participating companies, lead coaches and accelerator teams will participate. 6 month programme May – November Focus on business and investment coaching, training, events & more. An accelerator tailored to meet the needs of your company. Demo Day – Programme end November Marks the end of the programme, graduation of batch startups, through a networking event with investors. CASSINI Business Accelerator The CASSINI Space Entrepreneurship Initiative is a European Commission entrepreneurial support mechanism that cuts across all components of EU Space Programme. It offers actions targeted at the full entrepreneurial lifecycle – from idea generation to market entry and growth – and covers both the upstream and downstream sectors. The CASSINI Business Accelerator is part of the CASSINI initiative. Launched in January 2023, the CASSINI Business Accelerator is the biggest space startup accelerator in Europe. CASSINI includes a seed and growth fund, as well as hackathons and mentoring, prizes, a business accelerator, partnering and matchmaking. Launched in January 2023, the CASSINI Business Accelerator is the biggest space startup accelerator in Europe.  

Orginisally published here Innovative go-getters are asked to develop concepts, products, or services to strengthen the EU defence industry and security capabilities. The global security environment is becoming more contested, complex, and interconnected. As armed conflicts and civil wars re-emerge in the EU’s neighbourhood, new and unconventional security threats have emerged or grown stronger, in an increasingly interconnected world. In the face of increased global instability, the EU needs to take more responsibility for its security and increase its capacity to act autonomously. In the 5th edition of the CASSINI Hackathons, innovative go-getters are invited to develop new concepts, products, or services that positively impact the European defence and security sector. Space data, information, and signals can enable novel and unique solutions for cross-terrain mobility and logistics, maritime threat intelligence, and infrastructure network resiliency. We challenge participants to innovate with earth observation data from Copernicus and satellite positioning and navigation services from Galileo & EGNOS. On top of that, we encourage participants to develop solutions with cybersecurity in mind from the start. #EUSpace to strengthen Europe’s defence and security Cross-Terrain mobility This challenge is looking for trailblazers to develop innovative concepts or design new products and services that enable cross-terrain mobility for defence forces, emergency response team and humanitarian aid forces in a variety of weather conditions. Making the seas more secure Tomorrow’s innovators are tasked with developing innovative concepts and designing new products or services to strengthen maritime intelligence against direct security threats and organised and environmental crime. Watch this: EU Space Programme synergies for maritime emergencies Protecting our critical infrastructure This challenge calls on participants to develop novel solutions that assess the risk of disruption to critical infrastructure and plan mitigation and recovery scenarios. It’s time to show off your originality by developing viable solutions that will enhance the competencies of the EU’s defence and security. The hackathon is open to anyone interested in entrepreneurship, the defence industry, and EU Space technologies. The 5th CASSINI Hackathon will take place simultaneously across 10 different locations on 24-26 March 2023. Click here for more information. Media note: This feature can be republished without charge provided the European Union Agency for the Space Programme (EUSPA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the EUSPA website (http://www.euspa.europa.eu).

by President of Business Angels of Slovenia & EBAN Board Member, Nina Dremelj Business Angels of Slovenia is a 15-year-old organization located in Ljubljana, the capital of Slovenia. Our organization collects the best from entrepreneurs to people, from the Alps, Pannonian landscape, Karst to the Adriatic Sea, all in one place. We believe that being small can also be an advantage. Our BAN is the first and exclusive club in Slovenia, accepting only 60 members annually and investing in sector-agnostic industries with a focus on European startups. Our specialties include integrity, VC level due diligence, our own VC fund, and multiplying our investments for at least 3x directly at entry. And this is not all. Slovenia has a bustling startup ecosystem with everything in one place, from incubators to technology parks. All of these work together to create a great platform for startups to jump into different international markets. A recent Dealroom report shows that CEE startups are resilient and the most efficient value creators in Europe. Slovenian web3 startups amount to 427M EUR in enterprise value, the second-largest after Estonia with 1.3B EUR. Ljubljana was also mentioned as one of the emerging hubs, with Salesqueze, Quantifly, Birdbuddy, Juicy Marbles, Leanpay, Grashka, Salesqueze, Yourflare, and others rocking the space. The number of startups in Ljubljana is 600+, representing an enterprise value of 2.1B EUR, and they raised 71M EUR in 2022. Companies representing 0.7B EUR of enterprise value remain based there, while 1.4B EUR worth of companies have relocated elsewhere. Startups are actively hiring, creating more than 50 jobs for every million EUR raised. Our BAN is led by an enthusiastic team of three people: Nina, Maja, and Marcel, with a strong supervisory, advisory, and management board. As the president, my team and I are eager to provide the necessary support to early-stage and growing businesses, providing the right support to become investment-ready, close the investment, and grow internationally. The vibes are positive and result-oriented, but the international component needs to become stronger. Therefore, we strongly connect with different stakeholders within Europe and beyond, trying to establish new connections. We believe that cross-border investments are key to leveraging angel investment in the future. We are proud to be at the top of the investment pyramid in Slovenia with a strong network of angel investors and supporting ecosystem in Slovenia, from incubators to technology parks, with strong terms of engagement, awareness, and contribution from all investors to support startup companies to succeed. But from a process point of view, we are not yet easily able to onboard foreign investors into Slovenian company structures. Therefore, we established the first Slovenian startup and scale-up association under the authority of the Slovenian Chamber of Commerce in December 2022 to have another vehicle to achieve better and more lean processes for investors in Slovenia. There are still a few hurdles we need to change in the investment process to allow more money to flow into Slovenian startups to help them grow and internationalize. Being part of the EBAN board will undoubtedly bring much more value and exposure to decision-makers in Slovenia and outside, making investments into Slovenian companies more freeing. Year 2022 seemed to be another successful year for startups in Slovenia, and we expect more VC funds to be established in 2023, making a case for further growth of the space.   About the Author Nina Dremelj serves as the president of Business Angels of Slovenia and is dedicated to assisting entrepreneurs in transforming their ideas into successful ventures. Over the past five years, she has invested in more than 17 companies, with an average investment multiple of 7.71x. Nina also devotes her time and expertise to Alita Capital, an investment firm that provides funding and guidance to early-stage startups and founding teams focused on innovative projects. Previously, she co-owned and managed the Swiss seed fund, AlpVent AG. In 2021, she helped establish the first daFUND venture capital fund, supported by business angels, and invested in it. Nina holds a Master of Science degree in European policies from the University of Ljubljana.

by EBAN member bunch.capital Supporting entrepreneurs in their early stages is a meaningful and rewarding endeavor. Nonetheless, each investment opportunity requires a significant commitment of capital, time and risk. As a result, syndication is becoming a more popular way for angel investors to act together. The Joys and Pains of Joining Forces By pooling resources with peers, investors can gain access to a wider range of investment opportunities and benefit from the collective knowledge and experience of the group while at the same time diversifying their portfolio.  Conversely, syndication gives entrepreneurs access to a larger pool of capital and a diverse group of investors with different perspectives and networks. This can be incredibly valuable when it comes to scaling a business and navigating the challenges of early-stage company building. However, syndication also means taking on additional administrative responsibilities. This can be overwhelming, especially as deal frequency increases and the size of the portfolio grows: Structuring and legal work: Drafting and reviewing limited partnership agreements, obtaining power of attorneys, registering the company, preparing and filing additional paperwork, dealing with banking & KYC – the time and effort required to set-up co-investment entities is often too demanding for semi-professional investors and de-focuses from their actual investment activities. Accounting and tax: Building a relationship with accountants and tax advisors for ongoing bookkeeping, financial statements, tax returns, and disclosures can be time-consuming and costly. Performance monitoring and shareholder management: Tracking financial performance and relevant KPIs of the portfolio companies on a regular basis as well as shareholder resolutions – often still done manually via spreadsheets, calls and emails. Smoothing the Way with bunch At bunch we are streamlining the process of syndicating investment opportunities with our Club Deal product allowing digital entity creation and banking, seamless investor onboarding, deal creation and co-investor management, portfolio performance tracking, online shareholder voting and the setup of data-rooms. We are excited to join EBAN and share our journey of building the operating system for private market investors. Our goal is to eliminate friction in the private markets, freeing up time for fund managers, business angels, and founders to focus on tackling the challenges of tomorrow. With over 500 investors and over €200M assets under administration, join bunch and run your syndicate now.   If you are an EBAN member Bunch will offer you 5% annually on your Club Deals. Contact us for the special discount code!

Ladies and gentlemen, the Galactica Final Event and EBAN Impact Summit have officially concluded with a bang! The energy was palpable at the stunning World Trade Center in Barcelona, Spain, where a two-in-one event took place on February 16-17. With attendees from over 30 countries, the #Networking buzzword truly describes this international gathering of European angels and VCs dedicated to impact investing. 16th February Kicking off the day was an information session about Galactica’s impact, best practices, and funding opportunities across various industries. The event boasted a lineup of brilliant speakers, such as Josep Casamada Ribot, Océane Le Bot, Giulia Francioni, Virginie Perron, Julia Vercher Alemany and specifically focused on the Aerospace Sector, Javier Leiva Rojo, Árisz Kecskés, Mario Vesco and Fabrice Testa. But the excitement didn’t stop there! The event followed with keynote speeches that delved into fascinating topics such as investing in DeepTech, the intersection of sectors in innovation, and building the world we love with SpaceTech. After a networking break, the five selected orbital projects took the stage, presenting their pitches and answering questions from the jury members Fabrice Testa, Annukka Mickelsson and  Albert Colomer I Espinet. The projects- Ampere (Dr Sara Correyero Plaza); Iroony (Anne Reboux); MVRPT (Vasilapostolos Ouranis), NOC-STRUT (Matthias Krödel) and SolarCybe (Alessia Gloder) – had the potential to shape the future and were a part of the first Galactica beneficiaries batch. After lunch, Lluís Juncà, the Director General for Innovation, Digital Economy and Entrepreneurship at Generalitat de Catalunya explained how the Catalonia region drives impact entrepreneurship and investment.   In the afternoon, Lutz Walter (ETP)  presented about Innovation trends in the textile industry and participated in a round table of 5 textile experts around Sustainability and circularity in the textile industry. To cap off the day, the five selected Pioneer projects –  ABEP Kreios Space (Adrián Senar Tejedor); BiomX (Karin Fleck); CertBLOC (Frank Kottler); Impact protection using green composites (Nélson Oliveira) and RCF (Marina G) – presented their pitches, with the jury team composed of Fabrice Testa, Annukka Mickelsson and Marco Nannini. But what about the awards, you ask? GALACTICA distributed €74k in prizes for the best pitches and posters presented at the final event. The EBAN team congratulates the projects for their excellent work:  Poster runner up aerospace: IDD (Pedro C.);  Poster runner up textile: Circular Functional Cleantech Textiles (Jo-Anne Godden);  Poster winner: Robocork (Ramon Escobar Galindo);  Pioneer pitch runner up aerospace: ABEP Kreios Space (Adrián Senar Tejedor);  Pioneer pitch runner up textile: rCF (Marina G.).;  Pioneer pitch winner: Impact protection using green composites (Nélson Oliveira);  Orbital pitch runner up aerospace: Ampere (Dr Sara Correyero Plaza);  Orbital pitch runner up textile: Iroony (Anne Reboux) and  Orbital pitch winner: SolarCube (Alessia Gloder). To wrap up this first day in style, the CEO of Tech Barcelona, Miquel Marti, extended a warm welcome to EBAN’s team for an unforgettable and electrifying cocktail party at Pier 01 Barcelona Tech City!     17th February We kicked off Day 2 with some inspiring welcome speeches from Michael Donaldson and Juan Alvarez de Lara. But that was just the beginning – the theme for the day was “Impact Investing in Europe, the Business Angels perspective”, and the speakers lineup was nothing short of amazing! Lisa Hehenberger, Annukka Mickelsson, Marco Nannini, Alex Farcet took the stage, moderated by Juan Alvarez de Lara himself, to discuss the ins and outs of impact investing in Europe. And if that wasn’t enough, we were treated to an enlightening talk by the Former Minister of the Environment of Finland, Sirpa Pietikainen, on how the new taxonomy is changing green finance.  After a refreshing networking break, we dove into the world of “Impact Investing: VC in Europe” with some fantastic speakers, including Jaume Iglesies, Vera Elizabeth, Elena Rico, Teresa Guardans, and moderator Eva Hernandez. We learned that Europe still has some work to do to build a strong impact on the investor-VC community, but progress is being made. Increasing the number of impact-VCs will also encourage more business angels to invest in impact startups. But wait, there’s more!  We also had a “Corporates committed with Impact Investing” session featuring Clara Navarro, Marta Oller, and Ramón Lopez Roldan. This session delivered an important message that corporations are ready and willing to innovate their products, services, and business models by partnering with impact startups. However, there’s still a need for more education on how to make these collaborations work for everyone involved. To top it all off, we were honoured to have Sir Ronald Cohen grace the stage with his speech on “Impact trends: future of sustainable finance after cop27”. It was the perfect conclusion to an unforgettable day filled with insights, ideas, and inspiration. The EBAN events are a must-attend for anyone interested in the content, networking, and top-notch knowledge sharing. Don’t miss out on the next EBAN event – pre-register today here and join us in shaping the future! The above video was produced and edited by our project partner POLE EMC2. Event partners:  ACCIÓ  Seed&Click Project Partners: ASSOCIACIO AGRUPACIO D’EMPRESES INNOVADORES TEXTILS ASOCIACION DE EMPRESARIOS TEXTILES DE LA REGION VALENCIANA NEXT TECHNOLOGY TECNOTESSILE SOCIETA NAZIONALE DI RICERCA WACHSTUMSINITIATIVE SUDERELBE AKTIENGESELLSCHAFT Corallia POLE EMC2 FUNDACION CORPORACION TECNOLOGICA DE ANDALUCIA European Business Angel Network  Science Park Graz GmbH PRODUTECH-ASSOCIACAO PARA AS TECNOLOGIAS DE PRODUCAO   About GALACTICA GALACTICA stimulates the creation of new industrial value chains across the advanced manufacturing, textile and aerospace industries. Entrepreneurs will learn about the opportunities and innovation potential of cross-fertilization and win a total of €4 000 000 in grant capital. This project has received funding from the  European Commission under grant agreement No 872336. More information about the project can be found here: Galactica | Project (galacticaproject.eu)  

At the gathering of EBAN members from the Nordic countries, held at GOWEST on February 8th, 2023, EBAN President Janne Jormalinen emphasized the importance of the Swedish Venture Capital Association (SVCA) and other Nordic BANs in the Swedish investor ecosystem. With insights from Annukka Mickelsson and Peter Sandberg, Board Member of FIBAN and Member of DANBAN respectively, it was clear to see the initiatives and effort that have been taken to strengthen Nordic BANs. Claes Mikko Nilsen, former chairman of the now defunct NORDIC BAN, shared his experience in the discussion. Subsequent conversation then shifted to the Swedish investor ecosystem, with Magnus Ericsson from STOAF, Andreas Grape of Nordic Angels, and Joanna Törngren Redebrant, founder of Nyfikna Inversterare, offering their knowledge. The conversation was constructive and inspiring, with the members of EBAN discussing ways to collaborate to build a stronger investor ecosystem that promotes cross-border investments. The discussion highlighted the need for better coordination among Swedish angels. By working together, the Nordic countries can create an environment that works in favor of investors and spurs economic growth and prosperity in the region. Notably, diversity was a key focus of the meeting. EBAN members proposed measures to extend the scope of SVCA to include smaller investors, such as students and self-funded investors, while also supporting women investors. The importance of an open and encouraging atmosphere that promotes collaboration between the Nordic countries was also highlighted. In the end, the meeting concluded with a shared commitment to collective effort to ensure the success of the investor ecosystem in the Nordic countries. Through collaboration and cooperation, the EBAN members aim to create a more prosperous and secure environment that is beneficial for both investors and the Nordic countries. The future looks bright for the investor ecosystem in the region.

Julia Elliott Brown, founder of Enter The Arena and author of RAISE, considers one possible solution to address the funding gap for women founders. The dial is still not moving on the gender funding gap. Still, less than 2% of venture funding goes to women-led businesses, and more than half of female founders experience gender bias in the fundraising process. In the current economic climate, investors are pulling back or redirecting capital into their existing portfolio or later stage less risky deals, and angel investment has dropped by 32% compared to this time last year. The impact on female founders starting to come through at seed stage is likely to be felt acutely. There is often talk of how at the current rate of progress, it will take 100 years before we close the gender funding gap. However, there is a danger that the dial for female founds might go backwards. We must act. Investors tend to have a bias towards backing businesses and founders they understand and relate to. Male investors are half as likely as their female counterparts to invest in start-ups with a woman on the senior team, and three times less likely to invest in those with a female CEO. We clearly need more women investing. The impact of female angels Alison Rose, CEO of NatWest who led the seminal Rose Review of Female Entrepreneurship in the UK, and Jenny Tooth OBE, Executive Chair of the UK Business Angels Association, are just two of the women in the industry who are striving to make serious change. One of the spinouts of the Rose Review is the Women Angel Investment Task Force which Jenny leads. I’m a fan of their Women Backing Women campaign, running a series of events across the UK to encourage more women to invest.  However, women still only make up 14% of the angel community, and less than 0.5% of that community have built a portfolio of at least 10 investments. A recent study from the UKBAA and industry data experts Beauhurst on The Impact of Female Angel Investment In The UK reveals that over 1,000 female led business have been backed by women angel investors in the last 10 years, injecting £2.34bn of capital into those start-ups. However, these numbers are still small compared to the overall industry statistics. Looking at the report in detail, the absolute amount of equity investment with female angel participation has actually gone down in the last couple of years, both in terms of number and value, from £304m to £266m, and 571 to 409 respectively, whilst data from Beauhurst’s The Deal 2021 showed that investments from the angel community as a whole were growing and the UK venture capital industry almost doubled. Women backing women So, with all this information in mind, should female angel investors, still in the minority, focus on deploying their funds into female founders? In my view, it’s a resounding ‘yes’. Changing an industry is hard. Shifting your own behaviour is much easier. In the past decade, almost 25% of all companies backed by female angels were female-founded, higher than the average of 19%. I’d like to see that number at 100%. Male founders don’t need female angel investors’ support. They already have the privilege that gives them much better access to funding. Female founders deliver significantly better outcomes for investors than their male counter parts, performing 63% better than those of their male peers in delivering value for their investors, significantly less likely to fail, and generating 10 per cent more revenue, and delivering double the return on investment. From a rational decision-making process alone, it’s a total no brainer.  The more female founders that we back, who go onto scale and exit their business, the more these women will put back into female-led start-ups themselves as angel investors. It’s circular. The Crowdfunding Effect The definition of Female Angel Investors within the aforementioned report from the UKBAA and Beauhurst is “those individuals who have shareholding(s) in at least two different companies, excluding those which have received crowdfunding”. We should consider changing this because many women, myself included, invest exclusively via crowdfunding. Anecdotally, the leading crowdfunding platforms tell me that 25% of crowdfunding investors are women. Worth noting too that funding amounts through crowdfunding have only dropped by 7% in the last year (against the industry average of 33%) and is the second most important route to investment for women. And it’s great for female founders, who have a 75% success rate compared to 55% by male founders. 24% of crowdfunding deals go to female founders. I’m not a big-time angel investor by any stretch of the imagination. But when I have available funds to do so, I make a commitment to exclusively, and regularly, backing female founders raising investment. I do this via crowdfunding platforms, because it’s relatively easy, I can invest small sums and therefore spread my risk. Over the last few years, I’ve backed 14 female founders, 1 sold at parity, 3 folded but 10 are still growing fast. It’s a long-term play, but I’m comfortable that if none of the women I’ve backed get to successful exit I can write that money off at least knowing I’ve played my part and supported them in creating employment and making a difference along the way. So where next? Despite the ongoing work in the angel ecosystem to raise awareness of the gender funding gap, encourage more diversity of investors, better measure and track diversity in funding opportunities and outcomes, and provide more comprehensive support for female founders, there is still clearly a very long way to go before we have a level playing field. Personally, I would love to see a bold follow up campaign for Women Backing Women that encourages female angels to put 100% of their venture investments into women-led start-ups. Let’s get crowdfunding investors (at a certain investment level) to be included in the industry statistics for Angel Investment and recognise the importance of this route to funding for female founders. And each of us should continue to do whatever we can to give female founders exposure within the investment community, through our networks, email communications and social media

The EBAN Board extends its sincere sympathies to all impacted by the devastating earthquake in Türkiye and Syria. We are deeply concerned about the destruction caused by these earthquakes, and our support goes out to the families who have lost their loved ones, homes, and possessions. For many years, we have been honoured to have Galata Business Angels as a member of our network and, through them, to get to know the fantastic Turkish people and country. EBAN has expressed our heartfelt sympathies and support to the members of Galata Business Angels. Furthermore, we want to express our gratitude to our colleagues at the ICC (International Chamber of Commerce), who have created an Emergency Recovery Fund with The Union of Chambers and Commodity Exchanges of Türkiye to further contribute to recovery efforts and to provide aid and comfort to those affected by this disaster. Please donate small or large to this fund which assures that the donations go directly to the aid workers in the region. At its core, EBAN is about international collaboration; we are committed to playing its part in supporting the people of Türkiye and Syria during this challenging time. We will explore various options, including funding relief efforts, together with our partner organizations to help those who need to succeed in this sensitive and tragic moment. In deepest sympathy and solidarity, The EBAN Board of Directors and the EBAN Director General and Team

by  Co-Founder of the Hellenic Business Angels Network (HeBAN),  Chairman of the South East European Research Center (SEERC), Vice President for Research and Innovation of CITY College & EBAN Board Member, Panos Ketikidis This May 24-26, the EBAN Congress 2023 is headed to Thessaloniki, Greece, a city that’s been making waves in the innovation and angel investing scene in South Eastern Europe. With its bustling metropolitan area, home to over 1.1 million people, Thessaloniki is the place to be for companies looking for a slice of the innovation pie. Thessaloniki has become the target for major technology investments by multinational companies. The companies that have invested in Thessaloniki so far include Pfizer (with two development centers), Deloitte, CISCO (DT&S), Deutsche Telecom, Infoteam and Accenture, making the city a hotbed for tech talent. But Thessaloniki isn’t just a city for the big players, it’s also a haven for students. With four universities and three major colleges in the metropolitan area, the city is brimming with brainpower. And if you’re looking for a research powerhouse, CERTH – the biggest research institute in the country – is located here. One of the things that really sets Thessaloniki apart is its location. Sitting on the Mediterranean, it’s just a stone’s throw from Asia, the Middle East, and Africa. And with an international airport and a port, Thessaloniki is a major transportation hub, making it the perfect spot for companies looking to tap into the growing markets of Southeast Europe and beyond. However, it’s not just the location that makes Thessaloniki a great place to do business. The city is home to a number of initiatives aimed at promoting innovation and entrepreneurship, such as the Alexander Innovation Zone (AZK), a public-private partnership that provides access to funding, facilities and mentoring for startups and entrepreneurs. Thessaloniki’s startup ecosystem has also caught the attention of angel investors, and it’s easy to see why. With incubators and accelerators helping to nurture and grow new and innovative companies, Thessaloniki is a breeding ground for the next big thing. And let’s not forget the Thessaloniki International Trade Fair, the most important business event in Greece. With companies and investors from all over the world in attendance, it’s a great opportunity to network and discover new business opportunities.  But we all know you are looking for a city that’s buzzing with startup activity. Thessaloniki is the place to be, with a thriving ecosystem that’s helping to grow and nurture new and innovative companies. The city is home to four major incubators and two pre-incubators, all located in the Thessaloniki Metropolitan area, that provide support and resources to new businesses. And if that’s not enough, there’s also a mega project in the works called ThessINTECH, which will be one of Europe’s largest Science and Technology Parks and is set to attract around 500 Million Euros of investments over the next five to ten years. But it’s not just incubators and accelerators that are helping Thessaloniki’s startups. Venture Capitalists, business angels, and private equity firms are also taking notice and have invested in a number of successful exits and acquisitions in recent years. With the help of organizations like the Hellenic Business Angel Network (HeBAN), which provides funding and support to startups all over Greece, Thessaloniki is quickly becoming a hub for innovation and angel investing in South Eastern Europe. And if you’re still not convinced, just check out the success stories of Schoox, Bio2CHP, Athletopia, AidPlex, K-invent – all local startups that have received angel investment and venture capital. Thessaloniki is not just a business destination though, it’s also a vacation hotspot. The city is packed with history and culture, from the White Tower to the Rotunda, museums, traditional markets, and more. Plus, Thessaloniki’s food scene is out of this world – from traditional Greek dishes to international cuisine, your taste buds will be in heaven. And when the sun goes down, the city comes alive with bars, clubs and tavernas that keep the party going till the wee hours. But that’s not all, Thessaloniki is also the perfect base for exploring the surrounding area. Take a day trip to the nearby towns and villages, or head out to the famous Chalkidiki peninsula for sandy beaches and crystal clear waters. You will even be around the corner from the home of the gods, Mount Olympus. If it was good enough for Zeus, we bet you are going to love it!  However, we left the best for last: perhaps the best thing about Thessaloniki is its people. As a multicultural, multi-ethnic metropolis, Thessaloniki is a melting pot of different cultures and backgrounds. And with a vibrant business community that’s well receptive to external establishments, Thessaloniki is a city where everyone feels welcome. Don’t believe us? All you have to do is come to the Congress to find out!  So join us for the Thessaloniki EBAN Congress 2023, and discover a city that’s got it all: innovation, talent, location, a glorious history of 2400 years, and a cosmopolitan modern feel. About the Author Panos is Executive Board member of the European Trade Association for Business Angels(EBAN) and Co-Founder of the Hellenic Business Angels Network (HeBAN) . Professor Ketikidis is also the Chairman of the South East European Research Centre (SEERC) and the Vice President for Research and Innovation of CITY College, University of York Europe Campus. He has over 30 years of experience in management, education, innovation, research, and competitive research funding with various networks established as a result of this experience. Prof. Ketikidis is a Board member in several profit and non-profit professional associations supporting and mobilizing the knowledge triangle (research, business and education) to facilitate innovation.  

Significant economic, social and environmental impact of HDB financial schemes in the Greek Economy, according to WifOR Institute’s study. For a second year in a row, WifOR Institute has conducted a study on the loan support activity of the Hellenic Development Bank – HDB. The study assessed the impact of HDB funding schemes for the period 2019 – 2021 on two economic indicators (GVA and Employment), while additional environmental (Greenhouse Gas (GHG) Emissions) and social indicators were added for the first time (quality of wages, QW). As the study records: The Hellenic Development Bank-HDB contributed €7.7 billion to GDP and supported 306,000 jobs. Regarding the new environmental impact indicator measured for the first time in a corresponding survey, it is observed that the businesses receiving loans directly as part of HDB’s financial schemes as well as their Greek suppliers are emitting less greenhouse gases (GHG) per unit of GDP contribution value, i.e., Gross Value Added, than the businesses’  foreign suppliers globally (covering Europe and the rest of the world).  This is extremely important. HDB’s interventions aim to support environmentally friendly investments in Greece, not only from Greek but also from international investment organizations and companies. Additionally, in the new quality of wages index which assesses whether employees’ wages have a positive or negative impact on their quality of life, the Greek businesses receiving loans from HDB’s financial schemes are have  a positive impact on the quality of wages directly within  Greece valued at €280 million. Furthermore, the value of the quality of wages’ impact per unit of GDP contribution is positive and higher in Greece compared to the businesses’  foreign suppliers globally (covering Europe and the rest of the world).  This is also extremely important. HDB’s interventions aim to support investments in Greece that increase the quality of living, not only from Greek but also from international investment organizations and companies.   The main conclusions of the study:

2022 was a milestone year for the European Innovation Council (EIC) Fund, with the announcement of its first 71 investment decisions. The EIC Accelerator, which is part of the fund, also saw continued high demand for blended finance in 2023. The EIC Fund, which is managed by the European Commission, provides funding and support for innovative small and medium-sized enterprises (SMEs) and research projects. In 2022, the fund made its first investment decisions, allocating €1.3 billion to companies and research projects across Europe. The investments were focused on areas such as advanced manufacturing, biotechnology, and clean energy. Part of the EIC Fund, the EIC Accelerator also saw high demand in 2023. The program provides funding, mentoring, and networking opportunities to SMEs and start-ups with innovative ideas. In addition, it also offers blended finance, which combines funding from the public and private sectors to support the development of new technologies and products. According to the European Commission, the EIC Accelerator has received over 4,000 applications since its launch in 2018, with an acceptance rate of around 5%. This high demand for blended finance is a sign of the growing interest in the program and the need for support for innovative SMEs and start-ups. Overall, the EIC Fund and Accelerator are playing a crucial role in supporting innovation and growth in Europe. The successful investment decisions in 2022 and continued high demand for blended finance in 2023 demonstrate the need for and impact of this type of support for SMEs and research projects. Sources:  https://eic.ec.europa.eu/news/2022-was-milestone-year-eic-fund-announcements-its-first-71-investment-decisions-2023-01-18_en https://eic.ec.europa.eu/news/first-eic-accelerator-2023-cut-continued-high-demand-blended-finance-2023-01-20_en

Interstellar Lab, a female-led company that’s taking farming to new heights by combining agri- and space-tech, secured a €228,700 investment  through a special purpose vehicle (SPV) at our 2022 European Angel Investment Summit! The company was named the “Scaleup of the Month” at the Summit and attracted investors from Belgium, Spain, Georgia, Sweden, France, and the United States in an investment round lead by the EBAN Space Community.  The European Angel Investment Summit is one of the most sought-after events in the angel investing community, where startups and scaleups come together with potential investors. It’s known for its high-quality investment opportunities and the diverse group of investors it brings together. Interstellar Lab specialises in developing and commercialising advanced technologies such as agritech, robotics, and biotechnology. The company’s mission is to create a sustainable future with the help of environmentally-controlled modules and its vision is to grow life anywhere, on earth or in space. The company’s team is passionate about its work and is determined to make a real impact on the world.  But how did Interstellar Lab make its way to EAIS 2022? On 25 June 2021, our member, Sophia Business Angels, held its first International Venture Academy on “Green Tech” in cooperation with the Shanghai Green Technology Bank.  It was a hybrid event, but several of the presenting entrepreneurs came in person, including Barbara Belvisi of Interstellar Lab.  An SBA Member, Sylvain Theveniaud had already invested in the company and proposed it for the IVA. Interstellar Lab successfully won the IVA award and as part of the prize, was given the opportunity to present to the SBA Members at one of their regular investment meetings for investable companies. The presentation, conducted by Barbara Belvisi, resulted in additional investment from SBA Members who were impressed with the company. This led to a recommendation for Interstellar Lab to participate in the EAIS “Scaleup of the Month” Competition in Brussels. There again, Interstellar Lab won, and thoroughly captivated the Angel Investors at the Summit. Ted Elvhage from Rymdkapital and also an EBAN Space Executive Committee Member offered to establish the EBAN Space SPV at no cost for the EBAN Member Community, ensuring that all funds would be directed towards Interstellar Lab. One of the main investors and EBAN President Emeritus Candace Johnson said “What made us all invest in Interstellar Lab?  Barbara Belvisi is a remarkable entrepreneur.  She is putting together a sustainable “pod” for life on earth and in space.  She already has contracts from ESA and NASA for her pods in space and many perfume, agricultural, and plant-based companies for her pods on earth.  The business plan is ambitious but doable.  The vision of “Growing Life Anywhere” is compelling and she is hitting her revenue and production targets.  What more could you want?” In conclusion, Interstellar Lab’s success at the EBAN European Angel Investment Summit 2022 is a true testament to the company’s innovative approach, growth potential and its ability to make an impact on the world. With this investment, Interstellar Lab is set to soar to new heights and make a real difference in the world with the help of technology.

by Co-Founder at Axel & Startup Büro, Co-Director at Founder Institute Georgia & EBAN Board Member, Guri Koiava If you Google searched “Angel Investing” in Georgian about a year and a half ago, do you know what would happen? Nothing. You would barely find anything. Angel investing was almost non-existent in the country.  Every single search result today dates from the past 18 months. This is when Axel was founded. Axel is the first Georgian Business Angel Network. We founded it with the aim to accelerate the development of Georgia’s tech startup ecosystem by facilitating Smart Money investments in the most promising local entrepreneurs. Georgia is a small country. Rich in beauty – but not in natural resources. We have always believed that the most realistic way to its bright future is creating a cutting edge technology-driven economy that will foster more innovation and progress. This combined with the country’s low corruption rate and the ease of doing business, it is safe to say that Georgia is one of the best places in the region to start a business in.  But it’s not always easy to start your own business if you don’t have someone who believes in you and supports you from the very beginning. That’s exactly what business angels are for. Angel investing is generally understood as the practice of individuals investing their own time and money in early-stage startups with the goal of profiting from their long-term growth. Taking the largest niche between investments made by friends and family and the point at which companies could realistically obtain financing from venture capitalists. Angels typically have both business and personal interests, including: Opportunities to: generate revenue, diversify their investment portfolio, invest in promising startups, and engage in cross-border investments; Desires to: be involved with an innovative company, give back to the community, and support the economic growth of their own country; Possibilities to: guide startups by highly experienced professional members. We started promoting angel investing in Georgia by: Giving our members the opportunity to meet entrepreneurs face to face at our monthly investment sessions, get to know other investors, and start investing; Create forums for the broader Georgian audience to network and meet with members of Business Angel Networks from other countries; Scouting, handpicking, screening, and preparing Georgian tech startups to pitch in front of angel investors at our investment sessions; Partnering with foreign Business Angel Networks to bring their expertise, resources, and guidance to support our members develop effective angel investing strategies. A year and a half since its start, Axel already has 70 individual and 6 corporate members and has successfully closed 6 deals with a total invested amount of over $400K. This feels like a dream come true.  But this is just the beginning. I believe that after joining the EBAN board, I will be in a better position to further promote and develop angel investing in Georgia and integrate Axel with the European business angel networks, their dealflows, policies, and experience sharing programs. This is a great opportunity to put a spotlight on my country in the European early-stage investor community and I’m delighted to intensify building bridges between Georgia and the rest of EBAN members in Europe and beyond.    About the Author   I am a passionate entrepreneur, startup mentor, and public speaker with a strong desire to make a positive impact on the startup community. With years of experience in the corporate industry and a background in organizational development and management in the non-profit, government, and private sectors, I have developed an end-to-end understanding of the inner workings of a successful organization. Currently, I am the co-director/co-founder of Founder Institute – Georgia Chapter, Startup Büro and Axel. In late 2022, I was also honored to be elected as a Board Member of the European Business Angels Network (EBAN). So far, I have carried out 39 distinctive programs, co-organized over 200 startup events, and engaged 60,000 citizens and residents of Georgia. Prior to my current role, I was part of the Georgian National Tourism Administration, where I played a part in increasing the influx of international visitors to Georgia by 21% and organizing music festivals in Anaklia and Poti, including KaZantip Republic, Georgian Electronic Music Festival, and Swing Festival. I am dedicated to helping people realize their dreams through the startup process and take great joy in startup community building, angel investing, and seeing the direct impact of my actions. I am always looking for new opportunities to grow and learn, and I am excited to connect with other professionals on LinkedIn. I have some other passions too: hiking, dj~ing, business networking and giving back. Feel free to reach out to me if you have any questions or would like to connect!

GALACTICA is an EU funded project that is reaching for the stars! It aims to support the creation of new industrial value chains around textile and aerospace based on advanced manufacturing to infinity and beyond… AHEM, we meant across the EU. The vision is to launch cross-sectoral innovation, to boost new out-of-this-world market opportunities, and have revenue and productivity shoot for the moon. Over 2 million people in Europe have gravitated toward the textile and aerospace sectors as their employment. But both sectors face very similar challenges in incorporating advanced manufacturing technologies as the rising star for digitalization. That is why we are over the moon to know that Galactica is helping them concur that final frontier!  For three trips around the Sun GALACTICA has served this mission but now the project has completed its rotation. To celebrate the end of this adventure in space and time, we are organising a final event to share the skies with all of our event partners, beneficiaries, and maybe you!  If you want to be among the starry eyed attendees that will participate in the “EBAN Impact Summit and Galactica Final Event” happening next month in Barcelona, you can take off with us here. In the event you can meet the real stars of the project, the beneficiaries, as well as learn everything under the Sun about impact investing! The agenda of the event will orbit around networking and best practice sharing about impact investing across the textile, aerospace technologies, and advanced manufacturing industries. You will be starstruck with our beaming speakers such as Sirpa Pietikainen,Finnish Member of the European Parliament, Sir Ronald Cohen, Chair at The Global Steering Group for Impact Investment (GSG), Vera Elizabeth Baker, Venture Partner at Unconventional Ventures, Fernando Sandoval, Manager Innovation Hub Europe at Enel, and many more!  Become a passenger upon the  “EBAN Impact Summit and Galactica Final Event” mission by signing up here – it’s not rocket science!  We thank our lucky stars for our brilliant project partners: ASSOCIACIO AGRUPACIO D’EMPRESES INNOVADORES TEXTILS ASOCIACION DE EMPRESARIOS TEXTILES DE LA REGION VALENCIANA NEXT TECHNOLOGY TECNOTESSILE SOCIETA NAZIONALE DI RICERCA WACHSTUMSINITIATIVE SUDERELBE AKTIENGESELLSCHAFT ATHINA-EREVNITIKO KENTRO KAINOTOMIAS STIS TECHNOLOGIES TIS PLIROFORIAS POLE EMC2 FUNDACION CORPORACION TECNOLOGICA DE ANDALUCIA European Business Angel Network  Science Park Graz GmbH PRODUTECH-ASSOCIACAO PARA AS TECNOLOGIAS DE PRODUCAO SUSTENTAVEL   About GALACTICA GALACTICA stimulates the creation of new industrial value chains across the advanced manufacturing, textile and aerospace industries. Entrepreneurs will learn about the opportunities and innovation potential of cross-fertilization and win a total of €4 000 000 in grant capital. This project has received funding from the  European Commission under grant agreement No 872336. More information about the project can be found here: Galactica | Project (galacticaproject.eu)  

A week ago, we bid farewell to AgTech7, an EU project that has been a part of the EBAN history for the past three years. To finalise this fantastic project, we gathered in Piraeus (Greece) with the rest of our incredible partners. Our biggest thanks go out to: University of Novi Sad, Biosense Institute , Maastricht University , South East European Research Centre- SEERC, Neuropublic SA, Yasar University , Camli Yem Besicilik San. Ve Tic. A.Ş. We really appreciate these three years of cooperation and we hope to work together again in the future! But what was Agtech7 all about? You can find out by reading our in-depth article ‘’There is an AgTech7 in my Salad – How did it get there?’’ to find out how this project ended up on your plate and why that is a good thing! But in case you just want a quick refresh, here it is: in order to address a significant gap in the agri-tech market—the absence of interdisciplinary knowledge—AgTech7 was conceptualised in 2019 by a consortium of academic and corporate partners from throughout Europe. In actuality, engineers frequently overlook business and agricultural expertise, just as businesspeople frequently overlook engineering innovation and agricultural expertise and agriculture specialists frequently overlook engineering innovation and business expertise. What has AgTech7 achieved so far?  Since 2020, the consortium and its network of specialists (including professors, investors, business owners, incubator managers, and public officials) have established the course curriculum, tested it at special local gatherings (Deep Dive workshops), created the modules, taught them, and published them online on the Sakai Platform. We are very glad to say that our course has reached the lucky number 777 in terms of students active on the platform! We were also positively surprised by the number of self-evaluations that surpassed 2K! If you are interested in becoming part of the AgTech7 story, you can still participate in the classes, take the self-evaluation courses, and get your certificate – the courses were so successful that they will be kept on the platform! On top of the classes we at EBAN along with our consortium partners organised multiple events in order to raise awareness about agritech amongst angel investors. The series of events organised by EBAN  was called “Investing in agrifood” and was composed of 1 in person event during the 2022 EAIS, 1 webinar and 1 pitching event. The speakers at our live event at the European Angel Investment Summit 2022 agreed that modern food systems need to change to address societal problems like population growth and poor nutrition as well as environmental problems like food waste, water shortages, and greenhouse gas emissions (few startups, high failure rate for market mismatch). Several innovations are being implemented in the domains of alternative proteins, crop inputs and ag-biotech, robotics and farm automation, novel farms and are just waiting for investments. Additionally, it was revealed at the webinar “Why You Should Be Investing in AgriFood” that investors avoid the sector because entrepreneurs demand investments too soon, while investors lack the essential technological skills. Organising webinars to educate investors about agrifood (the AgTech7 curriculum may be a nice place to start) could be one method to encourage early stage investments in this industry. After that, one could establish a partnership with corporates from the start and begin co-investing with them. Our final AgTech7 event, a startup showcase, demonstrated that there are numerous issues facing the agri-food industry that can be solved in various ways, that there are workable solutions in Europe, and that entrepreneurs need to be pushed to sharpen their presentations and become more investment-ready. Thank you AgTech7!  Based on the results of our events and the feedback we got from the course participants, we estimate that AgTech7 is a great tool for entrepreneurs and investors that are engaging in the agritech market. We are proud of having participated in its creation and we are so excited to see how many agritech entrepreneurs and investors it can aid in their journeys. If you want to attend the MOOC created by AgTech7, take the self-evaluation tests, and get your certificate, you can still do it by going here.  However, we do not think our work here is done: As useful as Agetch7 is, it cannot be the only one tool for entrepreneurs and investors. It needs to be accompanied by more focused sessions for investors and entrepreneurs separately. On top of this, a space for agrifood investors and entrepreneurs to meet each other needs to be created. We look forward to seeing these things happen to advance the agritech sector (and maybe participate in creating them). 😉 About AgTech7: AgTech7 is a European project co-funded by the Erasmus+ Programme of the European Union that stimulates innovation along the entire farm-to-fork food-chain by developing a multidisciplinary course covering technical and business subjects such as Earth Observation and IoT, Data Analytics, Financial Innovation and Lean Startup models.

By the EBAN Board Another year is nearing its end and typically this is the time when we reflect on the previous 12 months in order to formulate some conclusions and forecasts for 2023. Since the start of the Angel Observer, a year ago (yes the AO is now 1 year old), this publication has monitored and reported on European angel investing. Let’s examine how our community did in 2022 and what to keep in mind for our next trip around the sun: 2022 has proven to be an extremely challenging year. All of Europe is affected by war, rising living expenses, the consequences of climate change, political unrest, and other unfortunate issues that may be added to this depressing list. The Russian invasion of Ukraine caused a dismal start to 2022 that could not leave the angel community indifferent. EBAN immediately responded by denouncing Russia’s actions, and we moved to establish the ‘’EBAN Stands with Ukraine’’ page as a hub for the angel investing community to unite and offer support where it was needed. We were pleased to see the overall response from the EU startup and angel communities. According to industry reports by EIF, Crunchbase, and AFME, this circumstance, along with the post-pandemic recovery, is beginning to slow down angel activity. More recently, Atomico presented its ”State of European Tech” report, where it affirmed that interest rates, inflation, geopolitics, and the sentiment of the equity market have all emerged as defining characteristics of this year.  The unprecedented level of investment activity in 2021 (up by 90% as noted in the EBAN Statistics Compendium 2021) continued into 2022. At the conclusion of the first quarter, investment levels were actually tracking about 52% higher than in 2021. Even at the end of the first half of the year in June, the total capital invested was still around 4% more than it was at the same time previous year. The 18-month-long investment frenzy, however, started to calm down in July. Monthly investment levels have decreased to levels last seen in 2018, or approximately $3 to $5 billion, each month since August and September, when the real collapse began. As a result, total investment in the third quarter of 2022 was less than 40% lower than it was in the corresponding quarter of 2021, in accordance with the ”State of European Tech”’ report results. We anticipate that business angel investment activity overall will experience a modest decline through the year 2022. The good news is that the situation can only get better from here with such severe challenges for the angel community. The current situation prompts us to think of the expression ”when times are tough, the tough get going”. Due to the current economic climate, several of the most innovative and disruptive companies will emerge in the upcoming months. Therefore, as an angel, now is the time to invest, and being an angel investor in the coming years will be very profitable and rewarding.  The angel community in Europe is currently working on important matters including deep-tech and technology transfer, impact investing, cross-border investment, and women’s involvement in angel investing. These appear to be the important issues that EU business angels will focus on during 2023 as well. EBAN is committed to addressing unresolved problems, such as advancing impact investing through research and our upcoming EBAN Impact Summit, promoting gender equality in the startup and investment ecosystem with our manifesto, and fostering cross-border investment via events in numerous European cities, such as the next edition of Annual Congress in Greece, the 2023 EAIS in Brussels, and many others.  Enjoy the holiday season and savor your winter break. See you again next year for more angel investing news! 

By Elena Nikolova, Community Manager of CEO Angels Club and co-founder of ESCREO  Earlier this year I represented the CEO Angels Club during EBAN’s last Summit in Brussels. In the article below, I would like to share my reflections on the trends of angel investing in Europe discussed during the European Business Angels Network Summit 2022. This article was originally written for therecursive.com    3 Trends in European Angel Investing You Should Follow in 2023 Brussels, the capital of Europe, has been a focal point for policymakers and trendsetters to discuss issues of global importance and launch initiatives with the potential to impact the whole world for the better. It’s not a coincidence, the entity connecting angel networks around Europe European Business Angels Network (EBAN) – is based in Belgium. In October, Brussels was once again the place where 500 people from around the world met to discuss the development of the ecosystem of Europe angel investors ‘ in both national and international contexts. The European angels’ community got together for a 2-day conference. Below are the key 3 takeaways of the conference for me. #1 Angels play a fundamental role in advancing innovation Commissioner for the Economy Paolo Gentiloni stated: “Business Angels are crucial in nurturing startups in their earliest and most vulnerable stages. They provide a unique package of finance, mentorship, and networks.” European angel investment increased by 89.9% from 2020 to 2021, setting a new record with 1,456 Million Euros of investments made last year based on EBAN Statistics Compendium 2021. Business angel investment represents the biggest share of the early-stage market with an estimated 1.45 Billion Euros of annual investments, equal to approximately 49% of the total market. The number of Europe angel investors has increased by 22% to 39,410 with investments in three key sectors: fintech, health, and enterprise software. Fintech has been traditionally recognized as one of the most exciting industries to invest in risk investors such as venture capital and angel investors. For the second year in a row, it’s leading in the statistics of the most exciting industry to invest in by angels across Europe. The potential for scaling and numerous opportunities for exit are just some of the reasons fintech is an attractive sector to invest in (Payhawk, the 1st Bulgarian unicorn is also a fintech company). The companies with the highest valuation are fintech (ex. the Swedish Klarna was valued at $ 45.6 billion in 2021, and Revolut – at $ 33 billion). Following the Covid-19 pandemic, health tech has also become an attractive investment opportunity to explore. Innovative solutions in the field of telemedicine connecting patients and doctors online are booming (ex. One of the CEO Angels Club investments is a health tech – Healthyco). As always, global crises have presented opportunities for entrepreneurs to create products and services to address the challenges in a novel way empowered by technology. In the CEE region, Serbia and the Czech Republic saw very strong increases in angel investment activity and new investment activity records set #2 Women Investors are in the focus, with CEE leading the way Despite ongoing efforts, the percentage of women in Europe within the angel investment asset class has been stagnant at about 10% over the last decade. Despite the demonstrated higher success rate of women-led startups, these still represent around 1% of the overall capital invested. Diversity and inclusion are essential in the startup and investment ecosystem and that is why EBAN commits to triple the representation of women in the ecosystem by launching a Manifesto For a Gender Balanced Angel Investing Ecosystem. Interestingly enough CEE is showing the highest ratio of women investing as business angels (about 30%). In Western Europe, women angel investors still represent a small fraction of the angel community and account for about 11% of the population. “You have a lot of women that are acting as mentors – they do what the business angels do, they support the startup, they give them the network, they give them the knowledge, sometimes they give them the money, but they call It mentoring. And that needs to change. We need to establish a professional relationship and it is important for both sides” – Selma Prodanovic, Vice President, Capacity Building Committee Chair, Austrian Angel Investors Association, AUSTRIA. As a female entrepreneur myself, I have been passionate about female entrepreneurship for quite some time (Co-founder of FEB, co-host of FEB community stories, and co-writer of an illustrative e-book to inspire more girls to pursue a career in entrepreneurship). Some shocking numbers are that all-women founding teams have secured just 0.4% of European venture capital so far in 2022. One of the reasons is that women don’t have equal access to capital and it’s because the venture capital world is usually a men’s world. Only 10-15% of partners in funds are women. In CEO Angels Club the number is the same. The lack of enough role models to inspire more women to become entrepreneurs is another deficit I witness in Bulgaria. Due to historical, economic, and social reasons, I believe women entrepreneurs in the countries in our geography still face old-fashioned and prejudiced attitudes from society. Media, which is supposed to play a significant role in setting the stage for equality and diversity has practically lost its function. #3 Investing with Impact Impact investing is here to stay. The impact is not just a sexy word you add to a sentence, impact is becoming a core ingredient of every investment. And it’s not only enough to align your investment strategy with the SDGs – the next challenge is how you measure and monitor it and speak the same language with the other stakeholders involved. The Upright Project, for example, is the world’s first open-access impact data platform which enables smarter decision-making for investors, companies, and governments by quantifying the net impact of companies.  Europe is still lagging behind North America, but nurturing investor and startup networks across Europe, embracing collaboration and the “let’s do it together” culture, harmonizing legislative frameworks across Member States, bringing down the barriers to starting new businesses, using

by IM Fndng CEO & EBAN Board Member, Nicolas Rouhana Economic growth in Lebanon has been slow to rebound since the beginning of the Arab Spring in 2010, averaging less than 2% per year. This slow recovery has been compounded by large numbers of job seekers entering inefficient labor markets. Much of the available capital in the region, including Lebanon, is directed to low-risk options or to larger companies with direct ties to government or an ability to draw on their own capital. Smaller companies and new business startups have difficulty accessing commercial finance, and access to investment capital has been almost non-existent.   Uncertainty and instability have also affected financial resource flows into the country and constrained private investment, especially after the economic crisis that hit Lebanon in October 2019, following the uprising of the population against a corrupted governing system. Devaluation of the local currency, capital controls and lack of liquidity in banks plunged the country into financial chaos. As a result, the whole Lebanese entrepreneurial eco-system collapsed, VCs and angels’ activities disappeared, as well as a whole load of support programs and accelerators. As Chairman and CEO of IM Fndng, grouping IM Capital & IM Ventures funds with $60M under management, my team and I are endeavoring to provide needed support to early-stage and growth-stage businesses in order to create and sustain jobs, and encourage increased equity investment, contributing to the goal of providing availability of equity capital and revenue capital for new, innovative, growth-stage start-ups and existing small and medium businesses.  IM Fndng provides Matching Capital, Equity Guarantee and Technical Assistance to businesses and investors in Lebanon, and with these investment components, we were able to contribute to the development of the Lebanese investment eco-system by launching several new initiatives. As such, we co-created the first Seed accelerator in Lebanon “SpEED@BDD” that graduated more than 35 startups, created and managed 5 business angel groups “Seeders & LWAF” comprising of more than 135 angel investors (one of which women-only investing in women-led startups), trained more than 65 mentors on MIT VMS methodology, co-invested in more than 45 startups, leveraged more than $40M from private capital, and created and maintained more than 800 jobs, with more than 40% women inclusion. The investment sectors covered are quite diverse: SaaS, Internet Platforms & Marketplaces, EdTech, Hardware & IOT, Arts Fashion & Design, Entertainment, Agro-food, Textile and Chemicals. I am very proud to have contributed to a very strong early-stage investing eco-system in Lebanon from angels and VCs, with stellar metrics in terms of gender, engagement, portfolio building for angels, to building bridges to the early-stage VCs that I am managing. I can share a lot of that experience to the other members of EBAN, especially that I am now on the board, and I am so stimulated that I’ll be able to apply those innovations on a much bigger scale now that’s all of Europe.  Me being part of EBAN board will also help us developing our current outlook, which is to attract the Angel community to invest in Lebanon, starting with the Lebanese diaspora and European investors, and giving more visibility to the Lebanese scene and opportunities.   About the Author Dr. Nicolas Rouhana (PhD) is currently the Chairman and CEO of IM Fndng, grouping IM Capital & IM Ventures with $60M funds under management, providing Matching Capital, Equity Guarantee and Technical Assistance to startups, investors, business angels, incubators and accelerators in Lebanon. Between 2002 & 2015, Nicolas was the Executive Director of Berytech, a leading Technology Business Innovation & Incubation Center in Lebanon. He is also currently President of the Internet Society-Lebanon Chapter and the Chairman of Speed@BDD accelerator, a board member of Berytech and several Lebanese technology companies. Nicolas has a Telecommunications Engineering degree from Saint-Joseph University in Beirut, a PhD in Networking Systems from Université Pierre et Marie Curie in Paris, and an EDP graduate from INSEAD, France.

By Brigitte Baumann EBAN President Emeritus who is also the Founder of efino and GoBeyond When I created my first angel group, GoBeyond, in 2008, my aim was to democratize and professionalize angel investing so that more people could not only build portfolios but also reinvest. Syndicates were a critical component in achieving this goal. 12 years and 300+ syndicates later, I am still a great defender of angel syndicates. At the same time, I have come to appreciate their complexity, especially when it comes to regulation, follow-on rounds, changes in deal and angel network leadership, exits, and economics.  Just so we are all on the same page, an angel syndicate for me is when a group of investors agrees to invest together in a particular project and appear as one on the invested company’s cap table.  Here are some of the strategies I have adopted that may be useful to you as an initiator and manager of an angel syndicate:      Decide to syndicate or not:  The first thing I do whenever I am considering forming a syndicate is to ask myself a few questions to determine whether syndication actually makes sense. Questions include: Is everyone involved clear on what syndication will mean for them including the costs?  Are they aligned and committed for the life of the investment?  Is it feasible given where the startup to be invested in is located, the location/nationalities/types of investors, and the source/location of the funds? Does the ratio of expected syndication costs to investment amount work?     Create the syndicate: Once it is decided that a syndicate is desired and viable, there are a couple of important steps: The investors need to decide what they want their rights and responsibilities in the syndicate to be. The legal aspect is important here. Many of the syndication platforms provide legal document templates. Next, one needs to determine who will do what, who will own what, and who will be liable for what and execute the setup. Generally speaking, there are four roles in a syndicate: the vehicle/platform, the syndicate manager, the investor representative, and the investors (the syndicate members).  There are generally 3 types of syndication vehicles/platforms: Agreement between the investors: each is on the cap table and has a “Power of Attorney”  usually given to one of them Trustee/Fiduciary gets instructions from each investor and collectively buys and holds shares on behalf of each investor Legal company structure – often called Special Purpose Vehicles (SPVs) Investors are shareholders of an entity. That entity purchases and holds the shares   All may not be feasible/available for your situation. Each has its pros and cons and has various regulatory aspects to it. There are a number of service providers for each type and some now operate across borders. In most cases, KYC/AML due diligence will be required for each member of the syndicate upfront and on an annual basis. If you choose a solution where you will need to find a bank, be aware that this can be a challenging task especially if you have members in your syndicate from certain countries.   The syndicate manager is often the Business Angel Network.  The investor representative  is one of the investors in the syndicate, usually, the person who has the most knowledge of the investment and may be on its board.        Manage the syndicate over the life of the investment – ensure flexibility and watch out for cost creepage: I find it useful to do the follow-on rounds of an investment using the same syndicate structure as for the first investment. It enables new investors to enter and others if they wish to exit. To facilitate that, it is good to have a “cap table” of the shares listing the shares bought and sold by a person for each round of financing and between rounds. The economics of syndicates have a number of components and can be a challenge as there are several parties involved: the members of the syndicate prefer to pay all costs upfront, some at exit if needed, and will look at net returns on the investment; the investor representative will often get paid a carry at exit – the exit may have earn outs over 5 years; the syndicate manager needs to be compensated for the work she does over the life of the investment and compensated if investment takes longer to exit and upfront costs are not enough. This is especially true if performed by an angel network whose economies are often very tight. The syndication vehicle/platform has a set of economics it needs to meet to stay sustainable over the life of the investment.  There are a few situations that can arise during the 5-10 year life of a syndicated investment. Some can be a challenge due to clauses in shareholder agreements, regulatory rules, and the complexity of the task. Examples of these are as follows: a change of syndication platform, syndicate manager and/or investor representative, syndicate members deciding they no longer want to be together, and/or an individual wanting to exit the investment. Having a plan on how these will be managed and who will pay for related costs is important to have, ideally while creating the syndicate.   Conclusion Angel syndicates are critical and offer lots of advantages to angel investors and entrepreneurs alike. They will be even more so in the future. They are also time-consuming, and their governance and economics are complex; they are long-term commitments. Therefore, I strongly suggest that one gets educated (stay abreast of changes) before starting one, work with experienced partners and enjoy the journey of democratizing and professionalizing angel investing. About the Author Brigitte Baumann is a serial entrepreneur, award winning European Angel investor, early stage financing global thought leader and trainer. Brigitte founded GoBeyond Investing and efino. She has 20 years of angel investing and startup board experience. As an intrapreneur, Brigitte brought new technologies to market in the US and Europe. She was Senior

The fifth edition of the competition for the best business angels just started. The contest is organised by COBIN Angels – the largest Business Angels Club in Poland. The best private investors who support startups on the Polish market will be awarded at annual Gala event. Investors, founders and the entire startup ecosystem have the opportunity to nominate candidates for the competition, in one of six categories. You can nominate yourself, your angel or your VC Investor. Depending on the category, prizes are awarded on the basis of the votes of the Competition Chapter or the result of a public vote. This year's Business Angel of the Year will award 6 winners: 1. Business Angel of the Year – for the most outstanding angel investor in 2022. 2. The Debutant of the Year – for the best debuting investor (first investments in 2022). 3. The Ecosystem Award – for the most committed business angels who serve as mentors and build the whole market. 4. Venture Award by VCLeaders – recognising a VC fund for co-investment with business angels and ecosystem-building activities 5. Impact Investor of the Year – a new category in 2022, for an investor who has particularly distinguished themselves by investing in startups from the Impact Investing area 6. The Best Foreign Investor – a new category in 2022, for the best foreign investor, for activities in the Polish startup market and cross-border investments Make an application for your Candidate and in this way recognise the commitment of the best Investors and Investors to the development of the startup ecosystem in Poland. Fill in the simple application form, send your nomination. NOMINATE BEST BUSINESS ANGELS For more information about contest see dedicated Competition site.

Brussels, 28th November 2022 EBAN, the European Business Angel Network, and Access Space Alliance (ASA) are starting a collaboration focused on supporting the SpaceTech ecosystem through best practice sharing, networking and capacity building activities. “EBAN has been instrumental in advancing innovation and growth via early-stage investments for European entrepreneurship. This MoU sets up significant actions for common and complementary objectives which will benefit both our members” said Betty Bonnardel, founder and board member at ASA. “ASA has been involved in promoting policies and standards for the benefit of the space ecosystem, including public and private space-related financing. We look forward to building bridges and sharing knowledge with ASA network to further support the business development in Europe” said Fabrice Testa, EBAN Space Chairman. EBAN, established by the European Commission and EURADA in 1999, is the pan-European representative for the early-stage investor community, gathering 153 member organisations in 52 countries today, representing a sector estimated to invest 7,3 billion Euros a year and playing a vital role in Europe’s future, notably in the funding of SMEs and fuelling growth through the creation of wealth, opportunities and jobs. EBAN Space is the SpaceTech community launched by EBAN in December 2016 to promote and advance Europe’s ecosystem for entrepreneurship, innovation, and investment in the SpaceTech sector. EBAN Space is to be the centre of the European space ecosystem, gathering early stage and high-level players within the industry. Access Space Alliance (ASA) is a not-for-profit non-governmental international organization created in 2019. ASA’s mission is to bring together the small satellite sector and stakeholders to create dialogue in the space ecosystem and foster collaboration to promote equal business opportunities. ASA members are non-governmental and governmental organizations engaged in a broad range of space-related activities, including start-ups, SMEs, investors, academic institutions, research and development centres and space agencies, coming from spacefaring and emerging space nations.EBAN Space and Access Space Alliance are joining forces to foster the SpaceTech sector

Slush, one of Europe’s largest tech conferences, was held in Finland earlier this month – read the official wrap-up here! Despite being in a somewhat smaller setting than previous years, Slush remained as lively as ever, presenting excellent speakers and providing its audience with a one-of-a-kind experience. The event drew thousands of people once again, and it was a productive two-day conference for everyone involved. Slush sold out months in advance, so if you don’t want to miss Slush 2023, you may already pre-register! However, we are rather disappointed to note that some controversy has arisen as a result of the events during Slush, as reported by Pitchbook. London-based Immigram, a platform created by Russian-born Anastasia Mirolyubova and Mikhail Sharonov,  won the Slush 100 Pitching Competition at the big European startup conference Slush in Finland. Immigram enables businesses in attracting and retaining foreign talent by assisting them through the whole relocation process. The company was due to receive €1 million after winning Slush 100. Last Monday the organizers of Slush apologised and withdrew the prize money, adding to the controversy surrounding the Ukraine war and the founders’ links to their nation. The decision comes after claims in Ukrainian newspapers AIN.Capital and TechUkraine that Immigram was hiring in Moscow and assisting Russians in migrating to the UK. The announcement prompted outrage among companies, investors, and the tech world. Slush organisers were quoted saying: “In light of new information on the extent of the Slush 100 Pitching Competition winner’s operations in Russia, Slush has decided to revoke their win,” the conference organisers said in a statement. Slush is sorry for this oversight. We should have reviewed all participants’ operations more closely before letting them enter the competition.” Immigram Co-founder Mirolyubova condemned the Russian invasion and called Slush’s decision totally political, not business-related. She argues that the company presently has no employees in Russia and conducts no business there. The startup previously indicated that if it received the Slush 100 investment, it would contribute $100,000 to NGOs that assist Ukrainian immigrants and refugees. She further stated: “We are tied to Russia only with our citizenship and colour of the passport. … We have rightfully won the competition, having passed four levels of screening and an investment committee with the funds. Immigram deserves this win and we will continue both building the business and supporting Ukraine.” How the situation will evolve in the coming weeks remains to be seen and we aim on covering any future significant developments.

by Rita Sakus, co-founder of the Lithuanian Business Angel Network (LitBAN) & board member of the European Business Angel Network (EBAN) There’s a great story called  The Star Thrower, by Loren Eiseley* (1907 – 1977) Once upon a time, there was an old man who used to go to the sea to do his writing. He would take a walk on the beach every morning before he began his work. Early one morning, he was walking along the shore after a big storm had passed and found the beach covered with starfish as far as the eye could see.  Off in the distance, the old man noticed a small boy.  As the boy walked, he paused every so often and as he grew closer, the man could see that he was occasionally bending down to pick up an object and throw it into the sea.  The boy came closer still and the man called out, “Good morning!  May I ask what it is that you are doing?”. The young boy paused, looked up, and replied “Throwing starfish into the ocean. The tide has washed them up onto the beach and they can’t return to the sea by themselves,” the youth replied. “When the sun gets high, they will die, unless I throw them back into the water.” The old man replied, “But there must be tens of thousands of starfish on this beach. I’m afraid you won’t really be able to make much of a difference”. The boy bent down, picked up yet another starfish and threw it as far as he could into the ocean. Then he turned, smiled and said, “It made a difference to that one!” I think if Loren Eiseley was living today, he would likely be a business angel as well.  In his book, The Invisible Pyramid, he said, “Man would not be man if his dreams did not exceed his grasp.” Often, I get asked what a business angel is or what motivates us as business angels.  I co-founded the Lithuanian Business Angel Network with the idea of making a difference and contributing to the dreams that exceed our grasp and bringing them closer within reach.  Innovation makes the world a better place and is keystone to the foundation of modern western economies.  This engine of economic wealth and growth is accelerating at a faster pace than before, thanks, in part, to greater funding available to unleash those dreams and bring them to life.   Depo Ventures states that more than 90% of European early-stage investments came from angel investors’ capital in 2019. The size of the angel investment market is more than EUR 10 billion in Europe and more than USD 26 billion in the US and Canada.  In four short years, our business angel network has made great differences in Lithuania’s innovative ecosystem.  We were recognised this year as top performing business angel network in Europe by EBAN for 2022 at the conference in Cork, Ireland.  Our success comes from growing our network through education, and sharing our reasons why we do it and why business angel investing is vital to our economy and our society.  Since our start, the number of angel investor members and investment amounts have grown 10x and just as innovation today, everything is increasing at an increasing rate.  From 2017 to 2022 Lithuania’s startup ecosystem grew the most in value in Europe at 16.6x.  The World Economic Forum scored Lithuania as the fifth best country in the world for entrepreneurs.   The key, however, to maintain the momentum is to align government, institutions and investors to the fundamental understanding of what is necessary to achieve an even brighter future.   Tax incentives for business angels work.  In 2019, the United Kingdom (UK) was the country with the highest business angel investments through angel networks. Investments reached more than EUR 153 million, according to Statista. Their SEIS tax system to investors is world known and is designed to expand economic growth in the UK. Other European countries have successfully implemented tax incentives and seen huge leaps in angel investment as a result.   Change is in the air from a better environment for women investors as well as founders to efficient tech-transfer from universities to growing educated diverse business angel networks are all imperative to Europe’s long term success.  I’m so proud to be a new board member of EBAN for this term.  We are living in very exciting times. I have so much to learn from you all and I know we will find the right recipe for Europe’s successful tomorrow and together make a difference.     About Rita Sakus  Rita is an experienced investor, co-founder of the Lithuanian Business Angel Network (LitBAN), a board member of the European business angel network (EBAN), and an active mentor in the European startup ecosystem.  She is a Canadian-Lithuanian and has a BA from the University of Toronto and an MBA from Northeastern University in Boston and an executive education certificate from Harvard University all with a sharp focus on innovation and high tech.  Her colourful career led her to great corporations such as Texas Instruments, Nortel Networks, Transcom Worldwide and others.  While working with Venture Capital in Israel twenty years ago, she couldn’t help but notice parallels between there and Lithuania vis a vis innovation and incredibly bright talent.  Shortly thereafter she moved to Lithuania and taught seminars at the International School of Management in her first years in Vilnius on Venture Capital and building innovative startups.  Startups are her passion since the start of her career led by great professors of entrepreneurialism.  She is a certified scuba instructor  and enjoys singing a bit of jazz from time to time. *Loren Eiseley was a special writer, he received thirty-six honorary degrees over a period of twenty years, and was the most honored member of the University of Pennsylvania since Benjamin Franklin. In 1976 he won the Bradford Washburn Award of the Boston Museum of Science for his “outstanding contribution to the public understanding of science” and the Joseph Wood Krutch Medal from the Humane Society of the United States for

This article first appeared on the DEPO Ventures website here. App development for blockchain-based tech is often long and tedious. The founders are often unaware of how exactly to continue with their project in order to make monetary gains from it. Seeing this issue, the developer platform Tatum joined forces with the startup accelerator StartupYard launching the unique Tatum Blockchain Accelerator. The program is built in a way to enable founders to easy development of their company from scratch. What do the founders get out of the service besides that? All-year acceleration includes investment, mentoring from experienced experts, access to the Tatum platform, and contacts from the blockchain and web3 world. Most crypto-accelerators generally focus on technical matters, such as tokenomics and infrastructure. However, they often omit the business side of things. To eliminate this knowledge gap, Tatum, together with StartupYard, created a new acceleration program. The platform makes building a blockchain app easier and less time-consuming. The developers can then use the time saved to build their business plan. “Tatum is being used by more than 70 000 projects worldwide, and many seek means to accelerate efficiently. We aim to enable these projects to connect their ideas with a functioning business strategy. We are looking forward to meeting every one of them, so we can help them as best as we can, utilizing all the professional contacts we possess,” says Jiří Kobelka, founder and CEO of Tatum. Bonuses for up to a million euros Selected startups can enjoy many benefits. The acceleration program encompasses workshops directly aimed at marketing, business, and finance, as well as 30 hours of mentoring from experienced professionals. Besides this, the program offers an annual license to use the TATUM platform, not to mention investment in the project for up to 70k euros. The program also offers a package of benefits evaluated for about a million euros, for instance, licenses for several development platforms. “We made partners among the key players in the global web3 space, such as Binance, Celo, or Polkadot. Thanks to this, accelerated startups gain access to a whole international network of mentors, partners, and investors,” adds Kobelka. The program is going to be operating online during the Central European timezone. However, developers from any part of the world focusing on any crypto area are encouraged to participate. The company does not need to be based on a specific blockchain protocol. However, protocols compatible with the Ethereum Virtual Machine are preferred. One condition for program eligibility is either already using or planning to use Testnet.       StartupYard, the longest-running accelerator in the CEE region, ensures the smooth acceleration of blockchain projects. So far, the company has managed to invest in a total of 21 countries. Ninety-two startups went through their program, funded over 100 million euros, and managed to employ over 1500 people. StartupYard has the financial support of numerous prestigious venture capital funds, namely Credo Ventures, Rockaway Capital, and Purple Ventures. “I look forward to discovering and supporting ambitious entrepreneurs who want to utilize blockchain technology and bring new solutions to the world. Building a company is easier said than done. A model presupposed by accelerators within the last couple of years has proven its effectiveness within the startup world. It is an essential piece of the puzzle for the best-performing projects. Despite this fact, we do not see nearly enough accelerators such as this in the blockchain space,” argues Cedric Maloux, CEO of StartupYard. “We are delighted that Jirka Kobelka, who has participated in the programs of the most prestigious accelerators in the world, made contact with StartupYard. We see the great potential and a prosperous future for blockchain technology, so we did not hesitate. And who knows, maybe we’ll find another Tatum,” claims Jan Staněk, partner at Purple Ventures. The first selection of projects will take place during a hackathon between September and October. The 12-month acceleration program starts a month after that. “The final acceleration program will consist of the best-handpicked projects. Among the criteria considered for getting into the program is, for example, the uniqueness of the presented technology, the potential of the team founder, future market potential, or the possible prospects of investment opportunities,” explains Michal Ciffra, partner at DEPO Ventures. He will participate in the project selection. DEPO Ventures is also invested in the accelerator. Anyone interested can apply for the program directly through StartupYard.com. More about Tatum Tatum is a platform meant for developers of blockchain-based apps. It makes complicated blockchain processes easy, therefore making the whole process of web3 development more efficient. Its unique functions make it possible to cut time spent on development by up to 90 %. Over 70 thousand projects are already built using the Tatum platform, using more than 40 blockchain protocols.

By Caroline Sai, Head of the Investor Network, Angels Santé (Angels4health) Director & EBAN Board Member Drive with open eyes You are the head of a young innovative company and you need to raise cash and fast because paying your researchers, your office, your consultants, your IP … tends to be mighty high and your burn rate seems to create a bigger hole in your sock than you initially anticipated.  Your current cash flow and last EU grant can probably take you up to 5 months down the road but not much more.  If you haven’t read my previous post on the importance of anticipating your fundraising campaign, then indeed It’s time to fundraise without further ado ! so let’s get the show on the road. Your first instinct, after having done the groundwork explained here , is to list all the investors you & Google know,  whether they be Venture Capital funds, Private individuals, Corporates or family offices and send them your deck that is freshly out of the oven.  Promising, you say? Well, you may think otherwise after having sent 150 cold emails and … no cash to be seen on the horizon, while sand is flowing down the hourglass. Not to worry though, as easy fundamental rules can be followed which will lead you onto an easier path. Firstly  Shoot towards the right target A while back, fundraising to the right target was generally straight forward: you would start with your local Business Angels then Family offices and for your series A, you’d contact VCs and Corporate VCs. Today, the scene is a bit murkier with some coming in as early as company creation while others will turn their back to anything earlier than a Series B. Piece of advice, don’t believe everything you read on the websites! Early-Stage:  Like so many things, the definition changes according to the person you ask, so have a look at the kind of deals each investor does. If you raising a small Series A of 3 M, what do you think your changes are to get the attention of an “early-stage “VC that does €70 M + rounds?  My point exactly! Healthcare focus: Seems logical but how many times have I seen, let’s say, MedTech companies contact purely Biotech investors? You may be a great medical device company but if said investor only invests in drug development companies, sorry to say you threw your fishing rod in the wrong lake.   Geographical scope:  I am the first advocate of cross border investments and that unlike vegetables, local is not necessarily better. However, many, too many “European” investors are actually national ones, either because the LPs do not allow it or because they are uncomfortable playing in an area where they have no contacts or partnerships. If you do target a foreign investor, make sure you underline the added value they would bring in terms of market knowledge, partnerships … Cold emailing More often than not it is similar to throwing a rock in a pond. It doesn’t come back to the surface and this for multiple reasons: wrong target, wrong wording or the cold hard truth that investors (excluding Angels) only look at companies sent by their peers or other trusted referrals. When your annual incoming dealflow goes beyond the thousand, you are somewhat wary of a lonely wolf with no connections.  So go out and find connection that you can activate, personalize your message and deck, or even better yet, use fundraising programs that open those doors and windows for you. They’ll be your best emissary until you get your very own investors. Ambassadors One thing is sure, if you choose correctly, your investor will be your best ambassador for future connections and rounds and do you know why? Firstly, let’s suppose that they are still enthralled by you, your team and your project. Most probably it is that, they want to make sure they can see growth for you and an exit for them in that crystal ball you hold. However, for that to happen a bit of preliminary work is necessary.  If you are lucky enough to have the freedom to choose your investors, then try to talk to their portfolio companies and assess their level of commitment post investment.  If you can, think long term when choosing your investors –their numbers on your cap table, internal expertise and strength of their network that will come in handy if you encounter bumps along the road. Always maintain a healthy relationship with your investors, however small their investment may be. Keep them informed of your progress, issues, seek out their advice and when the time comes to get the address book out, they’ll be more than willing to help. I humbly hope that these few simple rules will help you thrive beyond the usual first painful steps of fundraising. Finally, and circling back to the title, drive with open eyes so you can be sure to reach your destination.   You can read Parts I and II of this article here and here respectively! About the Contributor Caroline Sai is the Head of the EIT Health Investor Network and Angels Santé (Angels4health) & EBAN Board Member. The EIT Health Investor Network is a European network of healthcare investors dedicated to supporting healthcare startups in their fundraising journey. It is a network managed by Angels Santé and co-financed by EIT Health . To learn more about how to join our program as an investor or a startup, click here

EUSPA/PR/22/09 Prague, 20 October 2022   The #myEUspace competition seeks innovative commercial solutions leveraging the power of EU Space with the mission: to support entrepreneurs developing innovative commercial applications that leverage data and signals from the EU Space Programme. To get there, it’s put nearly EUR 1 million in prize money on the table. The EU Agency for the Space Programme (EUSPA) announced the launch of its annual #myEUspace competition. Now in its 3rd year, this popular competition challenges innovators to develop gamechanging commercial solutions that leverage EU Space data and signals from Galileo, Europe’s Global Navigation Satellite System (GNSS), and/or Copernicus, the European Earth Observation programme. “Space data is at the heart of the technological revolution currently sweeping Europe, and this competition is another example of how EUSPA supports innovative entrepreneurs, start-ups, SMEs and enterprises from across the EU who are leveraging Copernicus and Galileo data, information and services during the different steps of their evolution cycle,” said EUSPA Executive Director Rodrigo da Costa. “Start-ups and entrepreneurs are particularly enthusiastic about embracing the potential offered by the EU Space Programme and translating it into the innovative solutions that are sure to disrupt a wide range of sectors,” added EUSPA Head of Market, Downstream and Innovation Fiammetta Diani. The #myEUspace competition is open to teams from all Member States plus Switzerland, Norway and Iceland and has a total prize purse of nearly EUR 1 million. In addition to the cash prize, the competition also provides support to entrepreneurs during the entire innovation cycle, from earlystage start-ups to scale-ups. While ideas can range from mobile applications to hardware-based solutions, all must be tied to one of three targeted innovation areas: Space My Life: Consumer solutions like mobile applications, wearables (smart watches, smart glasses, fitness trackers, etc.), drones or robotics that address major societal challenges in focus areas such as health, citizen safety and security, gaming and entertainment, sports and fitness, and tourism. Our Green Planet: Innovative solutions addressing environmental challenges and sustainable life and that contribute to the implementation of the European Green Deal, as well as solutions that aid the green transformation of corporations. The proposed solutions must address major societal challenges in focus areas such as the conservation of ecosystems, green mobility, sustainable agriculture and the management of energy and resources. Dive in Deep Tech: Innovative solutions that combine EU Space data with deep technologies like artificial intelligence (AI), quantum (quantum computing, sensing, simulation, encryption, etc.), blockchain, the metaverse and extended reality (augmented reality [AR], mixed reality [MR], virtual reality [VR]). The proposed solutions must address major societal challenges in focus areas such as biotech, medtech and fintech. Depending on the maturity of the solution at the time of application, entrepreneurs can compete and win in three different prize tracks: EUSPA’s #myEUspace competition is on again Best Ideas: for promising theoretical ideas that leverage EU space data and have a high market potential. The best 15 ideas will receive a cash prize of EUR 10K each. Best Prototypes: for tested prototypes or beta versions ready to be brought to market. The 10 best prototypes will receive a cash prize of EUR 30K each. Best Products: for existing commercial products looking to scale-up. The 5 best products will receive a cash prize of EUR 100K each. Because the competition uses a rolling submission deadline, teams who win in one category can take the same award-winning idea or prototype and apply again in another track to compete and win additional prizes. The deadlines are 30 November 2022 for the Best Ideas track, 10 February 2023 for the Best Prototype track, and 23 April 2023 for the Best Products track. All applications will be assessed based on their innovativeness, market potential, feasibility, relevance to the EU Space Programme and operational capacity. Awarded teams will be invited to showcase their solutions to the public and investors during the Contest Finals, part of next June’s Entrepreneurship Day. More information about the contest and how to register can be found here. The #myEUspace competition is organised by EUSPA as part of the European Commission’s CASSINI – Space Entrepreneurship Initiative. About the European Union Agency for the Space Programme (EUSPA) The European Union Agency for the Space Programme (EUSPA) provides safe and secure European satellite navigation services, promotes the commercialization of Galileo, EGNOS, and Copernicus data and services, coordinates the EU’s forthcoming governmental satellite communications programme GOVSATCOM and is in charge of the Programme’s Space Surveillance and Tracking (SST) Front Desk operations service as of 2023. EUSPA is responsible for the security accreditation of all the EU Space Programme components. By fostering the development of an innovative and competitive space sector and engaging with the entire EU Space community, EUSPA contributes to the European Green Deal and digital transition, the safety and security of the Union and its citizens, while reinforcing its autonomy and resilience. For more information: Marie Ménard EUSPA Communications Officer Marie.Menard@euspa.europa.eu Tel: +420 237 766 627 – Mobile: +420 602 619 77

This year, two EBAN members celebrated significant anniversaries: Sophia Business Angels turned 20 and the Estonian Business Angels Network turned 10! They commemorated the occasions with the Grand SBA 20th Anniversary Celebration and the EstBAN10 Angel Summit, respectively. Let us wish them a happy birthday:  SBA is and has always been a leader in cross-border investing. They have helped to establish and train a number of BANs, including MDBAN, Med Angels (Mediterranean Angel Investors), DAMYA- Women Business Angels Network Tunisia, Galata Business Angels, and many others. They have fostered and are leveraging their highly international community, which has members from 20 different nations, cultures, and backgrounds. We can only applaud the founders and board members of SBA for their commitment to developing angel investing and expanding the network supporting exceptional entrepreneurs. Stay tuned to learn more about their future plans as they further assist the ecosystem expand. Here’s to Sophia Business Angels’ next 20 years! As a result of EstBAN’s strong international connections with nearby and other worldwide networks, it has access to more dealflow outside of Estonia and more co-investors with whom to share transactions. This makes it both globally minded and connected. EstBAN is also characterised by a spirit of cooperation, which is demonstrated by investors and founders alike. They support one another, share information and contacts. Angel investors who are eager to syndicate agreements with later-stage investors and internet platforms. All of this is possible thanks to the commitment that the EstBAN board and team are demonstrating.- their board is very involved and committed to the expansion of angel investment in the country. The teams and CEOs are also dedicated and tirelessly move the company ahead.   Happy birthday to both and best wishes for many more years with success and exits!  

We are glad to announce that yet another very successful edition of the European Angel Investment Summit was concluded on the 11th and 12th of October 2022! As always, the Summit was a glimpse into the future of angel investing and here you can read the main takeaways from the 2022 edition: The fundamental role Business Angels play in advancing innovation. Commissioner for the Economy Paolo Gentiloni stated “Business Angels are crucial in nurturing startups in their earliest and most vulnerable stages. They provide a unique package of finance, mentorship and networks”. Technology as an enabler for angel investor communities to increase their investment activity, including across borders, and allowing more private individuals to enter the startup investment asset class. Europe’s unique advantage compared to the rest of the world when it comes to science driven innovation. Investment in deeptech and science driven startups will generate solutions to the major challenges, such as climate change, which our society faces. The relationship between universities/research centers and private investors must be improved as angel investors are ideal partners to accelerate technology transfer. Nurturing investor and startup networks across Europe as a key factor in the years to come if we wish to see more scaleups and unicorns on our continent. Europe must embrace collaboration and the “let’s do it together” culture. Diversity and inclusion as essential in the startup and investment ecosystem and ways to increase it across Europe. We are especially proud of presenting the EBAN Manifesto For a Gender Balanced Angel Investing Ecosystem. Sign it to support us in our fight for gender equality! The growth of Angel Investment in Europe, with 90% growth of investment y-o-y and 20% growth in terms of the business angel population. For more information, read the EBAN Statistics Compendium 2021. Ways for the EU to bring down the barriers to start new businesses, grow them across borders, and incentivize early-stage investors to support them. Harmonization of legislative frameworks across Member States will be key in achieving this. We would also like to congratulate the two winning startups that stood out among the 31 companies that pitched at the Summit: Swaplanet won the pitching competition “Innovation Showcase” where a total of 15 startups from all over Europe pitched. It is a Greek company invested in by the Hellenic Business Angels Network – HeBAN, EBAN member and #EBANAthens Congress co-organiser. Interstellar Lab was the winner of the “ScaleUp of the Month” competition featuring 6 companies.  For all those interested in investing in Interstellar Lab via the EBAN Space – Interstellar Lab SPV, thank you for expressing your interest to Ted Elvhage, Member of the EBAN Space Executive Committee at ted@rymdkapital.se with EBAN Director of Secretariat, Jacopo Losso, director@eban.org in copy. We are also delighted to announce that the new EBAN Board for the term 2022-2024 was elected during the European Angel Investment Summit. The new Board of Directors will consist of the following organisations: Finnish Business Angel Network, represented by Janne Jormalainen, who will continue as EBAN President Austrian Angel Investors Association, represented by Selma Prodanovic, who will continue as the EBAN Vice President Danish Business Angels, represented by Jesper Jarlbæk, who will continue as Treasurer Angels Santé, represented by Caroline Sai Asociación Española de Business Angels Networks, represented by Marta Huidobro Axel – Georgian Business Angel Network, represented by Guri Koiava BiD Capital Partners, represented by Huseyin R Demirhisar Business Angel Network Catalunya, represented by Albert Colomer Business Angels of Slovenia, represented by Nina Dremelj Cobin Angels, represented by Robert Lugowski Corenvest Oy, represented by Audra Shallal CorkBIC, represented by Michael O’Connor DEPO Ventures, represented by Petr Šíma Estonian Business Angels Network, represented by Lev Dolgatsjov Hellenic Business Angel Network, represented by Panayiotis (Panos) H. Ketikidis IM Capital, represented by Nicolas Rouhana International Investor Organization INVESTORO, represented by Vitaly Polekhin Invicta Angels, represented by Ricardo Luz Latvian Business Angels Network, represented by Helmuts Lejnieks Lithuanian Business Angel Network, represented by Rita Sakus Monte Carlo Capital, represented by Ian Sosso Sophia Business Angels, represented by Marcel Dridje STOAF, represented by Christine Bjärkby You can see great photos from the European Angel Investment Summit and the newly elected EBAN Board of Directors here. See you at the EBAN Athens Annual Congress!

Driving successful and responsible angel investing has been at the heart of EBAN’s identity since 1999, a mission we try to serve with every action. As a core value of our association, we promote diversity within the investment and entrepreneurship ecosystem. The most recent pan European report indicates that, in spite of ongoing efforts, the percentage of women1 in Europe within the angel investment asset class has been stagnant at about 10% over the last decade2. Despite the demonstrated higher success rate of women led startups3, these still represent around 1% of the overall capital invested4. Supported by scientific research which shows the benefits of a more gender inclusive community5 and considering the fact that Gender Equality is one of the 17 United Nations Sustainable Development Goals6, EBAN commits to triple the representation of women in our ecosystem by calling on the angel investment community to act in these three areas: Increasing the number of women angel investors in Europe by 3x We will work with Business Angel Networks across Europe to reach an average of 30% women network members by 2030. We will support, inspire, empower, and educate our networks and members for more inclusivity while also joining forces with existing initiatives to leverage the efforts within the larger community.  Increasing the number of investments in Female Entrepreneurs We encourage individual angels and the entire early-stage investment community to pledge their support to build more gender-balanced, more resilient, and more innovative portfolios by investing at least 30% of their capital into female-led startups7 by 2030. Investing more in women entrepreneurs has the additional benefit of enabling the next generation of women business angels.  Increasing the number of Women on Boards EBAN has a long history of female leadership and an above-average number of women holding board positions. We will continue on this path for our own organisation, empower our members in their commitment to increase inclusion, and inspire our community to increase gender diversity in the boards and strategic committees of their portfolio companies.  With this Manifesto, EBAN is taking the lead in creating a gender inclusive European early-stage investment and innovation ecosystem, thus making it stronger, healthier, more prosperous, more equitable, and more sustainable. We invite organisations within our network and beyond to join this crucial endeavour: Sign this Manifesto here to show your support and pledge to make considerable changes within your own organisation and community to the benefit of us all. JavaScript required We are sorry but without JavaScript enabled, this widget does not work. Please enable JavaScript in your browser”s settings and reload this page. Reload ______________ 1 At the moment there is only research concerning the participation of men and women in angel investing. However we recognise that gender equality goes beyond the binary and we would like to help advance, promote, and participate in research about N/B representation in angel investing in the future. 2.“EU Commission Study: Understanding the Nature and Impact of the business angels in Funding Research and Innovation”, EC (2017) 3. “Women entrepreneurs are our best opportunity”, Czerwinska, Pavlova and Vigliotti (2022) 4. “The European VC Female Founders Dashboard”, Pitchbook (2022) 5. “GENDER LENS INVESTING INITIATIVE”, GIIN (2022) 6. “Do you know all 17 SDGs?”, UN (2022) 7. Female-led startup: a startup where a woman has the lead as founder & CEO. The rest of the founding team can be mixed or one gender.

EBAN Publishes its Annual Statistics Compendium – Reporting on the Activity of Business Angels and Business Angel Networks in Europe Data on the investments made across the 38 different European countries measured in the report indicates that the visible angel investment market on the European continent has grown substantially from the 767 Million Euros invested in 2020, to a record 1,456 Million Euros invested in 2021 (+90% from the previous year). In 2021, angel investors were involved in over 5070 observed funding rounds, consisting in both initial investments and follow-on investments made in European based start-ups. Based on the reports provided by national federations, local angel networks, and national venture capital associations, there are approximately 39400 active business angel investors on the European continent who are part of a local investment network or association. Fill the form below to subscribe and download the report Email* When you submit the form, check your inbox to confirm your subscription Name* Surname* Organization* Privacy* I´m authorizing EBAN (The European Trade Association for Business Angels, Seed Funds and Early Stage Market Players, located in Brussels, 1040 BE) to save and use my personal data according to the General Data Protection Regulation (GDPR). This information is used by EBAN exclusively for sending newsletters and other email campaigns about the latest developments in the global entrepreneurial, innovation, and early-stage ecosystem. Subscribe and Download {{ vc_btn:title=Download+Statistics+Infographic&style=flat&color=danger&align=center&link=url%3Ahttps%253A%252F%252Fwww.eban.org%252Fwp-content%252Fuploads%252F2022%252F10%252F2021-venngage-cropped.png%7C%7Ctarget%3A%2520_blank%7C }} {{ vc_btn:title=Download+EBAN%27s+Statistics+Compendium+2021&style=flat&color=danger&align=center&link=url%3Ahttps%253A%252F%252Fwww.eban.org%252Fwp-content%252Fuploads%252F2022%252F10%252FStatistics-Compendium-2021-FINAL-3.pdf%7Ctitle%3ADownload%2520EBAN%27s%2520Statistics%2520Compendium%25202021%7Ctarget%3A%2520_blank%7C }}

Glimpse into the future, influence the course of tomorrow, make innovations come to life, and connect meaningfully with international investors, entrepreneurs, VCs and more at the European Angel Investment Summit 2022. Let’s take a look at #EAIS2022’s Core Topics:  we’ll be taking a Deep dive into DeepTech and Technology Transfer, Angel Investment Barriers and Opportunities in Scaling, Cross Border Investing and Exiting, Angel Investing and Electronic Funding Platforms and Public Private Co-Investment and Partnerships to Advance Innovation. What’s more, Increasing the Participation of Women in Investment and Entrepreneurship, Investing in HealthTech and the Green Transition will also be very present themes at #EAIS2022. Some of our amazing Keynotes include Almudena Trigo, Chairwoman and Founding Partner at BeAble Capital, who will be leading the first discussion on Seeding and Scaling DeepTech Startups and Nikolaus Bayer, Managing Partner at BeAI & Angel Investor, who will talk about his experiences with his speech “Angel Investing in Uni Spinoffs and my Lessons Learnt”. Paolo Gentiloni, Commissioner for Economy, European Commission, will share his expertise with his talk on Economic Dynamism and Growth in Europe. Following that, keynote Kerstin Jorna, Director General at DG GROW, will be leading a talk on InvestEU Fund and What This Means for Angels and Startups. Lastly, Yoram Wijngaarde, Founder and CEO at Dealroom.co, will cover “Taking the Pulse on the European VC Market “. But what else can you expect? Angels, Startups, Members, BAN Managers and everyone else, #EAIS2022 represents 2 days of enrichment, inspiring innovations of thought and tech, and exclusive must-know tips for the investing world! We are having 3 pitching sessions, the Scaleup of the Month in partnership with , the Innovation Showcase, and the EBAN Space Forum. Here is our star lineup of 30 startups from 10 countries!   But let’s not forget about the fun part…Business is good, but business with beer and chocolate is better. Discover the micro-brewery Beerstorming through a guided visit, the perfect occasion to taste Artisanal Belgian beer, or join us to explore the wonders of Belgian chocolate, learn how to make these tasty treats and even try them with one of the very few chocolate makers based in Brussels! But wait, there’s more! Invest your Evening in our Investor Evening, aka the #EAIS2022 afterparty at “La Tricoterie” the 11th of October in Brussels! Drink, Dance & Discuss with our crowd of Angels flying over from #EAIS2022. Join our Investor Evening, after a long day of business-talk, all you’ll want to do is try Belgian fries and beer! Come join our wonderful breakfast event before the start of the second day of #EAIS2022 for inspiring women angels. EBAN strives to bring forward the brilliant women angels in our community, therefore we’re organizing this session to shed light on these inspiring leaders and give them a space to do what they do best : business! The introductions are made, now the only thing missing is you, come join us and contribute to our amazing atmosphere!

This article was first published on the ACA newsletter and was written by John Harbison, Tech Coast Angels As angels, we often ask ourselves whether returns in one industry are likely to be better than other industries. In recent years, TCA has invested about 35-40% each year in Life Sciences. Since TCA’s founding in 1997, we have invested in more than 500 companies and 123 (32%) of these have been in Life Sciences. Of the total investment, 25% has been in Life Sciences. Therefore, the dataset is large enough to perhaps develop some observations and conclusions comparing Life Sciences to all other verticals combined. A few quick observations/conclusions: Life Sciences companies have a higher % of outcomes that are exits compared to other industry verticals — 54% vs 40%. The IRR is also higher — 27.6% for Life Sciences compared to 25.7% for other verticals. The average years to exit are comparable for Life Sciences — 4.7 vs 4.6 years. But the number of years before shutdown is slightly more — 5.0 vs 4.6 years. This may because it takes longer to validate (or invalidate) the value proposition in clinical trials compared to customer validation through minimum viable products for in other industries. The median multiple realized per exit of 3.1x for Life Sciences is higher than the 2.0x median multiple per exit for all other verticals. However, the average multiple realized on all outcomes is lower — 3.2x for Life Sciences compared to 7.6x for other verticals. Much of this difference in average multiples realized is due to far more “grand slam home runs” in industries other than Life Sciences (at least that is true of TCA’s experience so far). Of TCA’s 15 largest “grand slams,” only two have been in Life Sciences: This skew is evident in the overall distribution of returns, where the “sweet spot” for Life Sciences seems to be a multiple of 3x – 9x: Why this discrepancy between IRR and multiple realized for Life Sciences? For Life Sciences, the total amount of eventual investment needed tends to be higher because the FDA approval process means it takes longer to reach revenue (my hypothesis since I don’t have the data to prove or disprove this) and often that investment comes without large upticks in valuation. Also, many Life Sciences exits are made early on to strategic buyers once the technology is proven (with FDA approval) but before the company achieves significant revenue; this also may mean fewer home runs since strategic buyers have active programs to pick up companies well before they have significant revenues. As such, the market cap of these earlier exits tends to be less (again a hypothesis on my part which I can’t test since I have that info for only a subset of the companies). The biggest TCA exits in “non-Life Sciences” took much longer to develop significant revenue before IPOs (e.g GreenDot, Mindbody and Procore), and that depresses the IRR overall for that group; the two Life Sciences exits in this top 15 group were at 5 and 6 years, compared to 9, 10 and 15 years respectively for Greendot, Mindbody and Procore. If I had data on revenues at the time of exit, my hypothesis is that Life Sciences exits tend to be smaller in $ value because some of the other verticals have companies that have grown to significant revenues by the time they IPO or are acquired. From a public policy perspective, these results suggest that the decision to support Life Sciences (through NIH grants) makes sense. Many Life Sciences start-ups initially are still in a research stage, while non-Life Sciences startups tend to focus their expenditures on applied research/product development instead of basic research. Many of these companies would not have attracted sufficient early funding without this government subsidy for research. This element of non-dilutive funding helps level the playing field allowing Life Sciences investors a return in terms of IRR although not necessarily so in terms of average multiple realized. How do each of the types of Life Sciences companies do? Peeling the onion back one layer, below is the breakout for the four sub-verticals within Life Sciences (Note that we are now dealing with a smaller number of companies within each sub-vertical so the results are skewed a lot by the fact that the two biggest TCA returns within Life Sciences were both coincidentally in medical devices): Key Takeaway: Life Sciences companies seem more likely to reach an exit, although often at lower multiples of investment. With the caveat that homeruns can occur in any industry, and those typically drive portfolio returns, TCA’s experience with 221 outcomes suggests that really large homeruns may be less likely in Life Sciences perhaps because 1) significant follow-on investment without large jumps in valuation dilute early shareholders and 2) strategic acquirers are poised to buy Life Science companies soon after FDA approvals are realized and before significant revenues are achieved. Author: John Harbison, Tech Coast Angels

By Tienko Rasker, CEO & C0-Founder at Leapfunder Leapfunder is the first truly international angel club that’s fully online. It aims to introduce startups to an extensive angel network and help them find financing.   There is enough capital out there for every good idea. By offering the largest angel network in Europe and a standardized investment structure small investments become possible. There is power in syndicating and smaller investors can still bring together a very significant starting capital. An investment typically starts from as little as €5000 per investor. Portfolio management can be handled online. We are committed to making Europe a single market for startups. Our online approach has made it possible for startups to work with investors from across Europe. Our investors may sit in one country, but their portfolios could be anywhere. In the beginning, we weren’t sure whether investments would be possible without face-to-face contact, and we weren’t sure about cultural barriers. All that seems to have melted away, especially over the last few years. International syndicates are now the new normal. An analysis of the returns of our long-term business angels shows that the average return is well above 20% per annum. We’ve created a new class of regular angel investors. They are achieving good returns and fueling innovation. Good returns are not only driven by spectacular success stories, but also by well-executed ordinary startups that still achieve 5-15x return for their early investors. Tienko Rasker is the co-founder and the current CEO of the company. At Leapfunder, he led the structuring of just under 200 seed investment rounds. He was active within the venture capital arm of Philips Electronics for years and was involved in building and divesting a.o. Sapiens Neuro and Shapeways. During this period his focus area included all of Europe and the U.S. He was also a mentor and jury member at the business plan competitions of Stanford, M.I.T. and Cambridge. He got his basic training as a strategy consultant, where he specialized in complex M&A situations. Tienko is Dutch and he holds undergraduate degrees in Physics and Philosophy from the University of Oxford and an MBA from the M.I.T. Sloan School of Management. Website: https://www.leapfunder.com/rounds LinkedIn: https://www.linkedin.com/company/leapfunder Facebook: https://www.facebook.com/Leapfunder/ Twitter: https://twitter.com/Leapfunder YouTube: https://www.youtube.com/c/Leapfunder To subscribe to our newsletter sign up here: https://www.leapfunder.com/  

By Désirée Dosch, Managing Partner & Owner Alvicus AG Who we are and what motivates us to get up every morning Alvicus AG was founded with the aim to support companies in moving their business forward to the next level. We are a team of professionals and passionate entrepreneurs who believe in diversity & inclusion as fundamental requirements for sustainable growth. Our goal is to make the economy and businesses more successful by investing in women which are still one of the demographic groups with the most potential. We do so with our two main services; With our Consulting service, we advise established corporates on the right strategy to achieve sustainable and profitable growth by focusing on the needs of female customers. With our Company Building service, we focus on female-founded startups by helping them to unlock their operational & strategic potential. Get to know us – Désirée & Manuel We are two passionate entrepreneurs with diverse education and professional backgrounds, complementing skill sets, and sharing one common goal. Désirée Dosch is an expert in segment & growth strategies with a conscious focus on the needs of female clients and business founders as well as the clientele of tomorrow. With more than 15 years of international professional experience in segment & growth strategies, business development, marketing, and communication, Désirée makes valuable contributions to female startup founders and recognized corporates throughout Europe and Africa.  Manuel Eppert is an expert in the implementation of complex topics. He is an entrepreneur in various management positions with over 20 years of experience in financial services, regulation & IT. Manuel has a strong focus on growth strategies & decoding complex requirements into concrete tasks to ensure the stability of a company. He has created an impact in multiple startups as well as established companies in Europe, Africa, and South Asia. Interesting facts about us:  We have known each other for +14 years We have founded 3 companies together We have created +20 jobs We have invested CHF +500k We are doing business together in +6 countries A glimpse into what drives us One of our most recent commitments was our contribution to a three-month program organised by Seedstars in support of women entrepreneurs in sub-Saharan Africa. The participants in this program were more than 100 hard-working women with businesses ranging in development from idea to more or less established operations.  Désirée led a workshop as part of the curriculum and she also supported a cluster of the participants as an EiR and mentor for the entire duration of the program and beyond. Our strong focus on supporting and investing in female founders does not stem only from our passion for gender inclusivity and equality. We are also driven by hard facts:  Female-founded companies receive only 1.2% of all European VC investments. For every dollar invested into female-led companies a 2x higher return is being achieved. Firms with strong female management board are more likely to outperform their peers. Some of our success stories Among our brightest success stories so far are GuideCare – a health-tech startup offering expert care consultations fit for the digital future and SmartPurse – a fin-tech startup offering financial education to women. GuideCare uses web-based technology to enable healthcare consultants to connect with care recipients. The matchmaking process is based on a selection of criteria and the combinations offer the highest level of value-added to each consultation.  SmartPurse’s fintech platform helps women to gain extensive financial education and to better understand, plan, and manage their personal finances at every stage of their lives.  Happy to connect  LinkedIn Désirée – https://www.linkedin.com/in/desiree-dosch/ LinkedIn Manuel – https://www.linkedin.com/in/manueleppert/ LinkedIn Alvicus – https://www.linkedin.com/company/alvicus/  Website – https://www.alvicus.com/

By Petr Šíma, partner at DEPO Ventures It’s been a few months since Russian military planes, tanks, armored vehicles, and cannons invaded Ukraine. And many people in Europe have their eyes opened. They began to help the Ukrainians, sending money to buy weapons and other military equipment. The war near us could also awaken venture capital investments in weapons or defense technologies. For example, investing in defense technology now makes more sense than buying other real estate. Central Europe has no choice but to direct funds into these technologies. Although most countries in the region are part of NATO, the Americans cannot be relied upon to help us in any case. With conventional weapons, we will hardly resist Russia – and China – but with the help of more advanced military technology, we have a chance. How to defend against enemies Israel has been on this path for a long time. The country has no choice but to be constantly on the lookout for its neighbors. The Ukrainians seem to have gone in a similar direction before the war. They know that they must help themselves, and they focus on cybersecurity. They have an advantage; Ukrainian programmers are said to be among the world’s best. They also understood this in the Baltic countries, where they perceive the risk of threat from Russia much more strongly than elsewhere in Europe. For example, In Lithuania, they launched the accelerator, incubator, and venture capital fund MILInvest last autumn, which will be financed with money from the local Ministry of Defense. It will focus on young and emerging companies in the field of defense and security. NATO is launching the DIANA innovation accelerator (following the example of the North American Agency for the Development of New Military Technologies DARPA). It is due to be fully operational by 2023 at the latest, but there is nothing to wait for. And the European Union? It has its own European Defense Fund, which aims to support military research and cooperation between EU member states. Last year, it was talked about as controversial. And instead of the originally planned 13 billion euros, its budget for the period 2021 to 2027 has shrunk to 7.9 billion euros due to the pandemic. According to NATO rules, each state should spend at least two percent of GDP on defense, which is met by only a small number of member states (apart from the USA or Greece, however, all three Baltic countries are among them). Some of this amount should also cover research. It makes sense because Silicon Valley was created partly around military contracts. Therefore, the Czech Republic should not fall behind in funding research and only rely on others. We have something to build on. Not only in weapons or other “iron stuff”, such as the passive radars Tamara and Věra. In addition to traditional engineering, we have a great base for the emergence of arms startups, also thanks to a strong focus on cybersecurity, for which we owe the developers of antivirus products such as Avast or AVG. Removal from the blacklist The current conflict not far from our borders is likely to break the reluctance of many investors to support anything related to weapons or defense. It is nonsense to lie that weapons are no longer needed and to consider the two percent of GDP a waste of money. Moreover, this area does not have to remain only on the shoulders of the state, which primarily takes care of defense, it can also be of interest to private angel investors. Originally, military technology has often found use in the civilian sphere. A well-known example is an Internet, which originally began as a military network. Similarly, the GPS was initially used exclusively by soldiers. Support from the state and private investors can contribute to the emergence of new ideas, create a financial background where similar ideas thrive. Of course, if something useful for the defense industry arises, the state will take it under its wings. Or a large company buys it with a decent premium for investors and starts producing it in large quantities. Several opportunities that would be worth supporting in the Czech Republic will arise in many areas. From the before-mentioned cybersecurity, because the fight against Russia today is largely “computerized”, through the development of new materials, nanotechnology, the construction of intelligence or attack drones to guided missiles. These can only be small things, small improvements that will subsequently become part of the weapon or defense system. There are no limits to your imagination and there is something to build on, especially in the Czech Republic. Europe, especially the center and east of the continent, cannot afford to fall behind. The United States is technologically advanced in this area. About DEPO Ventures DEPO Ventures manages hands-on DEPO Angel Funds with 25 portfolio companies and the international syndicate of investors, The DEPO Angels. They back rockstar technology founders from the CEE & Baltic regions and facilitate the investment process for business angels.

AEDIBNET, the EU project that brings together European and African digital innovators, is launching the Digital Innovation Portal, a platform that redefines connection for DIHs in the context of our modern times. A true game changer, this portal has everything you would find in other business apps and sites and then some. Check it out here! The Digital Innovation Portal is offering a multifaceted array of services, this is a real must have “tool” equally for businesses as well as for the working public. Everything from networking and building virtual communities where innovators, investors, and DIHs can connect digitally and effectively, to providing the users with a vast selection of resources from their digital library and access to all available events. The objective is simple, yet not easy: the wish to create a community involving Digital Innovation Hubs (DIHs) and innovation stakeholders, offer an enabling environment for investors and diaspora networking, as well as provide these parties with a virtual space, and finally, connect the users with partners’ online community platforms and tools. By building a digital network across Africa and Europe you can connect with various likeminded stakeholders around a common interest in digital innovation and learn from others’ best practices. The Digital Innovation Portal prioritizes fostering an African-European community and a digital innovation ecosystem, by focusing on relevant themes in society today : Climate Smart Agriculture, Smart Cities, Digital Trade and Clean Tech. To take advantage of all the opportunities that this platform offers, you are invited to join the Digital Innovation Portal by AEDIBNET by going here to register on the website or by downloading the app (for Android or Apple devices) at this link. See you on the platform! You can find out more about AEDIBNET and why this project is important for EBAN and the European angel investing community by reading this article.

Successful startups aren’t RAISE -d to the top only because of their products or services, but rather due connections, action plans and access to important resources. However, not all early stage startups get so lucky….That’s why EBAN is participating in RAISE , the project that will cover the full spectrum of needs that a seed stage startup may require and be their lighthouse throughout the whole process. No more winning the startup lottery! Every startup will have an equal chance at success, with access to top-quality information and training, they’ll be given all the possible tools to grow, and finally link all the players in the EU start-up ecosystem under one umbrella to help them scale up.  RAISE will focus on a 3 steps structure to help companies scale up: Launch a Community of Practice through Creation of An Interconnected Startup Space:  Establish sustainable and in-depth links between the partners and local or regional, or national ecosystems and launch a community of practice that will contribute to an interconnected space and will facilitate the growth of scale-ups in Europe. Common Action Plan Development Supporting New Startup Business Models: Design, refine and further develop a common action plan for supporting new startup business models into solid technical and conceptual frameworks at the EU and global level, from the conceptual, technical, financial, societal, and legal points of view. Common Action Plan Highlighting Best Practices/Policies: Map and promote support activities to startups conducted at the regional level across Europe and mobilise regional efforts to address relevant barriers to startups’ growth, such as harmonisation of policies and regulations, access to talent and to major research infrastructures. RAISE -ing up startups and promoting a healthy ecosystem as well as productive entrepreneurship perfectly aligns with EBAN’s main goals. By helping the European early-stage sector they’re planning to act in the whole spectrum of startup support and growth, it also allows our business angels to find good investment opportunities. These two interconnected reasons allow us to say that we are facilitating the growth of the early stage sector at pan-european level, and actively contributing to the ecosystem’s flourishment. About RAISE  RAISE is a project with the objective of developing a new and sustainable integrated support framework to foster start-up growth and scale-up across Europe in all its dimensions, from initial funding, research support to public incentives and internationalisation. This will result in promoting competitive business models, unconventional collaborations and solutions from all in Europe, and contributing to the establishment of a true EU startup ecosystem, not based on a single city or region, but linking all of them together. RAISE will establish a joint agenda to build an effective collaboration amongst key innovation ecosystem players at the regional, national, and EU level. All of them play a crucial role in the start-ups’ growth lifecycle through upskilling initiatives, research and innovation (R&I) programmes and policies, capacity building, private investment, or access to public funding. PARTNERS: Startup Europe Regions Nextwork EBAN EURADA FUNDECYTPCTX ICORSA The RAISE project is financed by the European Union through the GRANT AGREEMENT concluded with the European Innovation Council and SMEs Executive Agency (EISMEA), under the powers delegated by the European Commission. Project number: 101070749. More information about the project can be found here: https://theraise.eu/ 

TechAngels Group invested 3.3 million EUR for the development of local startups in the first half of 2022 EUR 3.3 million invested in total in S1 2022, up 10% compared to S1 2021 EUR 900,000 investments in Q2, representing 37.5% compared to Q1 2022 35 new startups met in pitches  50% new funding, for 25 startups, the rest of the investments, follow-on rounds Facilitating pitch opportunities for Romanian startups, in the European networks  Open sessions specifically for startups in Ukraine 128 members of TechAngels, the most extensive in Romania  80% of investors are concerned about the local economic environment and how the global market will evolve Bucharest, 11 July 2022 – TechAngels members invested EUR 3,3 million during the first half of 2022. TechAngels is the largest network of private investors, focused on investments in the Romanian tech startup ecosystem, owns over 240 startups in the aggregate portfolio, has 128 members and 9 years of experience on the local market. The amounts invested by TechAngels members in the first semester (S1) of the year are 10% higher than those in the first half of last year and the volume structure per quarter is reversed compared to the corresponding period of 2021. In the second quarter (Q2) of 2022, the amounts allocated by investors were EUR 900,000, 37,5% compared to the first quarter of the same year. In the previous year, investments in the second quarter were double compared to those in the first quarter. On the market as a whole, according to the monitoring of the public data carried out internally, it follows that the amount of the open financing rounds, announced publicly, was about EUR 200 million in the first half, almost double the volume invested in the whole of 2021. Not all the rounds announced as open have been completed, as such, the estimate is gross but confirms the growth of the entire ecosystem, the diversification of types of investors, the participation of new players – funds and investment platforms, as well as the availability of funding resources. “The data aggregated by the TechAngels members survey shows us a level of activity as intense as the one in 2021, a record year, for the Romanian tech community and for the association. In the second quarter, there were signs of increased investor prudence. More than 30% of investors changed their investment strategies, opting either to allocate more resources through VCs, diversify their portfolio with non-tech domains, or to decrease the amounts allocated to investments. About 45% of investors intend to reduce their invested resources”, says Malin-Iulian Ștefănescu, TechAngels president. The percentage of investors concerned  by the current economic context increased from 65% in April 2022 to 80% in June, as a result of the continuation of the war, inflationary pressures and energy market problems. Funding in the second quarter targeted more than 50 startups, half of which benefited from follow-on rounds. In total, TechAngels met 35 local startups, in pitches organized by the association. During this period, TechAngels facilitated the presentation of Romanian startups in European pitch sessions. TechAngels is a Member of the European Business Angels Network, so it used the possibility to recommend the participation of Romanian startups when organizing pitches at the level of European networks of investors. TechAngels also organized a separate section in the working platform of the association, for the participation of tech startups in Ukraine. In terms of amounts invested, 20% of investors allocated amounts up to EUR 20.000, 25% invested between EUR 20.000 and 100.000, and 10% allocated amounts between EUR 100.000 and 500.000. 45% of the group opted not to invest during this period of the year, postponing investment decisions for the second half of the year. The areas covered by startups that participated in the pitches were, as usual, from a very wide range. Automation solutions and those that propose efficient business processes, b2b, and e-commerce, represented almost half of the ideas presented by the startups encountered by TechAngels. The HR, fintech, and automotive fields have especially attracted the attention of the founders. Healthcare solutions accounted for 10% of all pitches. Leisure and leisure solutions and those for managing various aspects of everyday life, from identifying repair personnel, and cleaning, to helping vulnerable people and children, can also be grouped into categories.    “The share of almost 50% of new startups, in the total funding by TechAngels members in Q2, shows that investors’ interest in valuable solutions remains high, despite the general economic environment, which is under pressure. Technology is an important vehicle for cost efficiency and activity in companies as well as simplifying people’s lives, so tech will be a traction field in context. The existence of substantial follow-on rounds demonstrates the trust given to the teams and the serious role played by the angel investor partner. It remains a challenge to recruit new employees, especially for start-ups, whose recruitment resources are smaller than large companies, looking for programmers for internal digitization processes,” said Mălin-Iulian Stefanescu.   About TechAngels TechAngels is an open group of private investors seeking to support the development of Romanian and regional technology startups. The association currently has 128 members. The group’s investors are entrepreneurs or experts with multinational companies, with an extensive experience on the Romanian and global markets, in business planning, product development, market approach, sales, marketing, etc. As angel investors, the group’s members provide mentorship and advice to the selected startups. TechAngels’ portfolio so far includes more than 240 startups.

Strong Opinions, Weakly Held A lifetime of learning by Peter Cowley

Last week EBAN had the chance to co-organise the wonderful Jyväskylä Business Rally, a combination of multiple business and rally events hosted by the City of Jyväskylä during the official Sector Rally Finland week. This Finnish city is well known for its strength in sports, wellbeing and performance – therefore a rally is the perfect fit for the city’s image and activities! It was a pleasure for us to be part of this  experience yet again, and we would like to extend our thanks to our co-organisers and members, City of Jyväskylä and Finnish Business Angels Network (FiBAN).  Our adventure began on 03.08 with the impressive mayor’s dinner. The next day we attended the Business Rally Investor Day, taking place at recently opened Restaurant “Sataman Viilu” overlooking Lake Jyväsjärvi. Mixing business with pleasure, the key word of the day was “networking” between international investors and hand picked startups. From investors inspiring the crowd with expert speeches, to 8 curated startups raising series A rounds competing in the pitch competition, our vast and diverse public of business angels was left in awe. To seal the deal, we had the opportunity to assist Jussi Heinila’s keynote about his angel failures and why they matter.  While the jury was deliberating, which wasn’t an easy deed, we also got the chance to assist to one of the of the famous Fireside Chats with Brella, General Partner Sami Ahvenniemi, Vendep Capital & CEO/Co-Founder Markus Kauppinen, Brella! What an honour to be surrounded by such aspiring young startups and by the co-founder of Brella, who is someone we can all look up to as we look down to his app almost every business day. But we know what you really want to hear, who won the pitching competition? 3…2…1…Drumroll please…although all were spectacular, the one that truly stood out was the finnish Biotech company : Tezted. As  an award its founders, Leona Gilbert and Kunal Garg, will participate in the upcoming European Angel Investment Summit happening this October in Brussels! Nevertheless, since all the companies were very interesting and inspiring, there were new categories put in place right then and there, to reward 2 other companies which exceeded our expectations even though they didn’t win. The South-African company Biocertica, developing liquid biopsy and microbiology services and developing novel technologies, took the Coup de Coeur title and was crowned the jury favourite. Weeefiner also became the lucky owner of the title “Company to watch out for” the pressure is on for them, but what better way to keep up the good work than with the watchful eyes of our angels. After such an inspiring glimpse into the future, everyone went down to the VIP rally area to watch the highlight of the evening, the RALLY RACE! Fast pace, intriguing, twisting and turning, the conversation was as engaging as the race, and probably as beneficial too – as the rally generates 14,5 M€ as direct economical impact to the City and visitors spend more than 20 M€ during the event.  Spirits were high and so were the expectations after such a successful series of events the previous day, but yet again, Jyväskylä Business Rally did not disappoint! The day started off with some knowledgeable keynote speakers, such as Jona Siebel, Managing Director and WRC Promoter GmbH, during the signature “Mayor’s Brunch”, also known as the Special Stage held in the City Hall. It brought together expert presentations, research, refreshments and relaxed networking of 200 impressive titles including ministers, ambassadors, various stakeholders and more. The day ended with an exciting after-party, organised for the first time ever as part of the Jyvaskyla Business Rally, that included live music, dancing, and of course lots of networking.                To finish off this exciting long weekend, everyone rallied in the forest for an encore of the rally. Eyes were left in wonder, business cards were exchanged, friends were made and cars were raced- and this concluded the Jyväskylä Business Rally event! And for this we want to thank our co-organisers and members Jyväskylän kaupunki – City of Jyväskylä for the amazing work they did for yet another year.

EBAN, the European Business Angel Network, and the IT Ukraine Association are starting a collaboration focused on supporting the Ukrainian tech ecosystem throughBest Practice Sharing, Networking and Capacity Building Activities. EBAN and IT Ukraine wish to cooperate closely in order to leverage angel investing, entrepreneurship, and innovation to help advance business development and rebuilding efforts in Ukraine after the end of the devastating war.  “By signing this MoU, we are paving the way to the establishment of a robust working partnership with EBAN. We are looking forward to the development of a mutually beneficial collaboration and resource sharing that will contribute to the further advancements in the global and Ukrainian tech industry” – said Konstantin Vasyuk, Executive Director of IT Ukraine Association.  “EBAN is proud to conclude this agreement with IT Ukraine, it will not only allow us to pursue our common goals in promoting and advancing the Ukrainian tech ecosystem, but also aid in recovery after the war”, said Jacopo Losso, EBAN Director. “We have always been committed to our cause and believe that entrepreneurship and angel investing can help rebuild the country, so we wish to work together to help each other mutually and strive for a common goal for the future of Ukraine and Europe in general” he added.  IT Ukraine Association is the largest national association of IT companies, which represents the interests of more than 82000 IT professionals and over 120 companies. The Association’s mission is to provide favourable conditions for the sustainable development of information technology in the country through 4 main areas of its work: Government Relations, International Relations, Education and CSR, PR and Communications. Since the beginning of war, it contributes to the ongoing development of the industry and provides centralised support to the army and people. EBAN is the pan-European representative for the early stage investor community gathering over 150 member organizations in more than 50 countries today. Established in 1999 by a group of pioneer angel networks in Europe with the collaboration of the European Commission and EURADA, EBAN represents a sector estimated to invest 11.4 billion Euros a year and playing a vital role in Europe’s future, notably in the funding of SMEs. EBAN fuels Europe’s growth through the creation of wealth and jobs.

by Dealum Tips for a Smooth Transition to Dealum Migration to a new platform can feel like a jump into the unknown, but in our experience, it is a straightforward process and well worth the effort to upgrade your tech stack. Read more about our data migration process, tips, and best practices for a successful transition. Migration to a new platform can feel like a jump into the unknown, unsure of what to expect or how to manage the process to ensure there are no hiccups. In our experience, with a little effort, migration can be a straightforward process and it will be worthwhile to upgrade your tech stack. In this post, we will shed a light on our data migration process and share tips and best practices from our experience of migrating many angel groups from various platforms. Continue reading to learn how to make the transition as smooth as possible for your team and members and how to work with our migration team for the best results. Understand the tool One of the main takeaways from our support team has been that the more the customer understands the platform, the easier it will be for them to make decisions during the transition process and for us to migrate the data. The learning process starts well before you have even decided on your tool of choice. Most platforms offer a trial and it’s well worth your time to sign up and take time for hands-on testing. We recommend at least half a day ‘play date’ with each of your shortlisted platforms to understand where things belong. During this, try to enter data manually and compare your existing data against the fields and structure available on the other platform. For angel group management tools, we recommend the following test tasks: Set up your evaluation and syndication process in the funnel Set up member groups with different access levels Log in as a non-admin member and look around Submit a test application as a company Examine data fields on company profiles Examine data fields in the portfolio Share funding round with another (test) group Embrace the change and commit Transitioning to a new platform offers a unique opportunity to review your group’s existing processes and data to streamline, optimise, and re-structure. Take a close look at how your group operates — are there any bottlenecks? How engaged are your members? Any other aspect that could be improved? It’s important to understand if the issue originates from the limitations of the previous tool or is there any other underlying reason for it. For example — with the old tool, your members rarely log in to see the deal flow. Is the funnel overwhelming? How easy is it to quickly locate deals of interest? Is it cumbersome to review and comment on deals? Or are your members simply not used to digital tools? How can you help and incentivize them to use the new platform? It’s often the case that the new tool brings to the table aspects that haven’t been considered before but would help improve how the group operates and as such require discussions and decisions within the group. These conversations should be held and a consensus reached before you start the data migration. If you change your mind during the process, you need to review the data and setup again from scratch and put more time into it. You will need to dedicate sufficient resources for the transition, starting with a team who will be involved from the start to the finish line and includes a person who has been given authority to make the decisions and has the final say. This will help avoid being stuck midway through the process. Onboarding is a time-limited effort — keep your focus and stick to the agreed timeline so you don’t lose momentum. Momentum works in your favour to move things forward with less effort and to get your team and members excited about the new tool. Premium onboarding milestones: Kick-off call Deal room setup finished Data migrated Data reviewed, acceptance confirmed Admin training Application links go live Members invited Members training Don’t let perfect be the enemy Approach the new platform with an open mind. It’s likely that not all functionalities do the thing you want precisely the way you want. There might be an alternative route to reaching the same result which may require you to compromise or reorganize processes. Your goal should be to make maximum use of all functionalities on the new platform — keeping parallel systems running is costly, confusing, and prone to errors. The new platform might not perfectly align with how you used to do things, but another way might be the better way. Change takes time both for you and your members, give it a chance. Similarly, take time to prepare your new space and make it your own, but don’t get lost in an infinite loop of perfecting the setup. You can update settings later at any time. It may be beneficial to let your team and members experience the new tool for a while before updating anything — this way you will understand how they use it and what exactly needs fine-tuning. Maximalism also often gets in the way of efficiency from the data migration perspective. Make sure you only migrate data and files that are important and in active use, frequently viewed and referred to. Massive amounts of data and files will slow down your deal room, make it more difficult to navigate, and the majority are irrelevant to your investor members. Old data you haven’t viewed for months belong to an archive and are better stored elsewhere for records. A funnel management tool is not a replacement for cloud storage nor built to efficiently manage it. If you have many files and a complex folder system in your archive, we recommend uploading it to any of the cloud storage providers (e.g. Dropbox) and adding the link to the deal

by Georgios Filiopoulos, CEO at Enterprise Greece, and Panayiotis H. Ketikidis, Co-Founder & Executive Board Member of HeBAN The First Greek Unicorn ‘Cutting edge technology, unprecedented agility, and in-depth knowledge’ was how Haris Karonis, CEO & co-founder of Viva Wallet described his Athens-based company earlier this year. He made the comments after JP Morgan confirmed they would purchase a 49 percent stake in the company, with reports indicating the US bank was willing to pay close to $1 billion, making Viva Wallet Greece’s first tech unicorn. It was a big story that got noticed by investors around the world, but for those watching closely the emergence of Greece’s first unicorn is emblematic of a bigger development taking place – both in Greece’s startup ecosystem and its economy more broadly. Greek Startup Success Stories For the ‘in-depth knowledge’ you could also talk about Skroutz for example, launched in 2005 and scaled up by its founders without VC funding to become known as the “Greek Amazon”. For ‘cutting edge technology’ you might have been talking about Greek hailing app Taxibeat, bought up by Daimler in 2017. Last year Greek prop-tech startup Blueground, founded  in 2013, proved its agility by raising $140 million, with Bloomberg reporting its value at $750 million. Overall Greek startups raised over half a billion euros last year, triple the previous year. So the question is not ‘will there be another Greek tech unicorn’, it’s not even ‘when’, because it will likely be soon. The real questions are ‘who next’ and ‘how many’, because the upwards pressure from innovative startups in the ecosystem is breaking through. If you need any more proof of this you only need to look at some of the companies pitching at this year’s Hellenic International Business Angels Summit, taking place in Athens as I write this very article. The event pulls together business angels, VC funds, policymakers, entrepreneurs, accelerators, seed funds, and startups from all over Europe and beyond. If you’re lucky enough to be there you might run into the founders of ResNovae PC, an automated, cloud-based ESG management platform, or of car-sharing app Caroo, or Athletopia, providing tech solutions to deliver running events. The Greek Ecosystem The vibrancy of the ecosystem in Greece and the potential of the broader economy have also been noticed by big-tech and other corporations like Amazon, Cisco, Microsoft and Volkswagen. In fact, Foreign Direct Investment in Greece soared in Q1 of 2022 by almost 214 percent compared to the same period in 2021, reaching more than €3 billion in value. Exports also leaped by 31 percent in the same quarter, compared to the previous year, hitting almost €16 billion in value. When Amazon Web Services’ Vice President Michael Punke announced his company’s intention to launch new infrastructure in Greece last year he said it was because of “the change seen in the Greek economy compared to the previous decade”. He was talking about the story of transformation that has seen the country make bold choices to digitise, re-make, and open the economy to create the environment for innovation to thrive. It was not easy. Since the 2008 financial crisis, Greece has had to grow through adversity into the stable, resilient nation with an exciting future that it is today. But marks of that transformation can be seen everywhere. Even amidst the pandemic, Greece has had six consecutive quarters of growth, with output having now returned to its pre-pandemic level, and growth of 8.3 percent in 2021. Earlier this year Greece paid off its entire debt from the financial crisis to the International Monetary Fund two years ahead of schedule, and the EU is in the process of releasing Greece from the financial stabilisers that were placed on the country as a result of the crisis. What the Future Holds Another signpost towards our country’s promising future is the arrival next year of the EBAN Athens Annual Congress 2023, after another successful edition in Cork in 2022. During this year’s event Irish Foreign Minister Simon Coveney called it “one of the most significant business angel opportunities anywhere in the world”. I couldn’t agree more. This most recognized of international business angel events will come to Greece for three days in April, with the brightest and best in tech coming from across the globe. When people arrive in Athens, of course they will find a city with a glorious history of over 3400 years, but alongside that they will also find a cosmopolitan, modern city, full of life, full of promise, and full of opportunity. You can pre-register for the EBAN Athens Annual Congress here!

By Caroline Sai, Head of the EIT Investor Network and Angels Santé (Angels4health) & EBAN Board Member Push or Pull ? It’s Friday afternoon, and the sand has settled after a whirlwind of startups pitches, investor meetings and workshops on this very theme. It is now time to reflect on questions raised and a good opportunity to go back to my tip “Should fundraising be painful” with its very first advice of having a powerful opening. I love reading so allow me to indulge once more in my book analogy. Too many healthcare startups set the scene with a Patient case study that is facing a dire situation to which no obvious medical solution  is available. The tone is dark and sadly one we can all relate to. It is a technique to make you jump with relief into the next scene which will, hopefully, detail how their company will bring sunshine back to those patients.  Is this enough to say that they are solving an unmet medical need that will serve millions? I always have the question Push or Pull ? at the tip of my tongue.  To put it simply, or even a bit sarcastically, did the idea pop up at the dinner table with friends and was followed by excruciating efforts to push it to a market that didn’t really want it or wasn’t ready for it? Or has years of experience in the sector and bullet-proof evidence brought on this innovation that no other competitor has, to solve the intended problem? If such an innovative solution is in your hands, then do push it to the right customer but make sure that you think long term and also include a pull approach to your strategy. So many stakeholders are involved in your journey towards success: the patient, the healthcare system, the payer, the care giver, the regulatory bodies, your manufacturer, distributors, competitors and your investors. None can be forgotten as you build your business. You need to listen to them all, understand their needs and what makes them tick. Though this takes time, people and money, it is ultimately the safest route to ensuring that you have a product market fit, with payers, advocates, adopters, users in a sufficiently large market to excite investors. Can I be bold and add an extra wish? that your great solution is patient and user centric while saving money for our already indebted healthcare systems and time-saving for our overloaded medical staff ? If you can wrap it up in a powerful introduction, I’m convinced ! Your claim is set now let’s move on to the evidence…   Part I of this article came out last month – you can read it here!   About the Contributor Caroline Sai is the Head of the EIT Health Investor Network and Angels Santé (Angels4health) & EBAN Board Member. The EIT Health Investor Network is a European network of healthcare investors dedicated to supporting healthcare startups in their fundraising journey. It is a network managed by Angels Santé and co-financed by EIT Health . To learn more about how to join our program as an investor or a startup, click here

In the last phase of THE NEXT SOCIETY, some of the best startups EBAN could find MENA joined us in events all over Europe: first at the EBAN Annual Congress held in Cork on the 18th and 19th of May, then at the International Investor Forum in Barcelona on the 9th of June, and finally at the Hellenic International Business Angel Summit on the 23rd and 24th of June in Athens. In the six years of the project, TNS has supported over 125 startups, facilitated more than 90 one-to-one meetings between entrepreneurs and investors, and organised 20+ workshops.  EBAN has a long track record of supporting cross border investment and we were excited to explore new ways to make it more efficient for both investors and entrepreneurs. In this article, we will present the best practices for cross-border investments that we discovered through THE NEXT SOCIETY.  Consider reverse pitching “When the investor talks, they speak similarly to other investors and get more credibility.” (Wael Azar, CEO and Co-Founder of IN2) Tarek El Kady, Founder and Chairman of EBAN member Med Angels, came up with the idea of trying reverse pitching at the Hellenic International Business Angel Summit in Athens. Reverse pitching consists of having the local lead investor pitch to other investors on behalf of their supported startup. Afterwards, the entrepreneur can answer the more technical questions. Despite initial doubts on the part of the entrepreneurs, the concept proved to work better than anyone could have expected.  “When we do the regular pitch presenting our slides, we are following what we are used to doing. However, when we talked with other investors, they said that if the investor talks about the startup he/she is mentoring, often he/she speaks with their own words.” (David Riallant, President and Co-Founder of Visitmoov)   Go networking with your lead investor “Networking has been amazing especially in Athens, since we had the chance to have our mentor with us. He knows a lot of people and opens a lot of doors.” (David Riallant, President and Co-Founder of Visitmoov) Angels do not provide only equity, they provide mentorship and network too. They know other angels who trust their judgement and are ready to syndicate with them. Thus, startups could benefit by having their investors act as sponsors.Having a local lead investor sponsoring entrepreneurs is especially important for cross-border investing as the other investors can rely on them. In  fact, often cross-border deals do not take place because the investors are not confident about the legal framework of the other country. Pitch on the first day, network on the second day “I got to meet very interesting people, I got to network a lot, and I have people who I am in contact with.” (Wael Azar, CEO and Co-Founder of IN2) Securing a meeting with an investor can be challenging for cross-border investing due to geographic distance. Even though entrepreneurs might be able to contact investors online, nothing compares to in-person meetings when it comes to closing a deal. Angels seek personal relationships built on trust with their supported entrepreneurs. A best practice for event organisers is therefore to make sure that the pitches are as early as possible so that entrepreneurs can take advantage of the rest of the time to meet with interested investors. Ask another investor to mentor you on your pitch “The meeting with the mentor is going to definitely change the way we are pitching.” (David Riallant, President and Co-Founder of Visitmoov) As mentioned above angels provide mentorship too. Sometimes, though, they can act as mentors only. This may happen if they don’t feel comfortable investing in your company yet, because it could be too early or too risky, or if they are happy with their current investments. In this case, you can ask them to become your mentor and check your pitch, business model and business plan. Sometimes, they can also redirect you to other angels that may be more comfortable in investing. And this mentoring might prove much more beneficial. It can help entrepreneurs understand what information is relevant for other investors and thus to make the business more attractive. Support from an angel as a mentor is also proof of validity for your business. Even if you already have an investor acting as a mentor, try finding a second one to have more diverse feedback.   Another hot tip: Try to participate in pitch dry runs. A pitch dry run is a coaching activity where the participating companies are given the possibility to meet and test their pitches in front of a panel of experienced coaches who deliver hands-on and customised feedback on both their presentation and pitching skills. “The pitch dry run and the meeting with the investor taught us and showed us what a pitch looks like from an investor’s point of view.” (Wael Azar, CEO and Co-Founder of IN2)   About THE NEXT SOCIETY THE NEXT SOCIETY was an open community of changemakers engaged in innovation and economic development. It brought together entrepreneurs, investors, corporates, NGOs, public and private innovation, research and economic development hubs from Europe and the Mediterranean countries. It already gathered a large network of over 300 business & innovation, research and investment organisations, 2,500 international SMEs and entrepreneurs from 30 countries. THE NEXT SOCIETY launched a 6 year action plan (2017-2022), co-funded by the EU up to 90% for a global amount of EUR 7.8 million budget. THE NEXT SOCIETY partners’ community Agence de Promotion de l’Industrie et de l’Innovation (APII) | Agence régionale pour l’innovation et l’internationalisation des Entreprises en Provence Alpes Côte d’Azur (ARII – PACA) | Agence wallonne à l’exportation et aux investissements étrangers (AWEX) | Agencia per a la Competitivitat de l’Empresa – ACCIÓ  |ANIMA Investment Network | Association of European chambers of Commerce and Industry (EUROCHAMBRES) | Berytech Foundation | BigBooster | Centro Este ro per l’Internazionalizzazione (CEIPIEMONTE) |  Confédération des Entreprise Citoyennes de Tunisie (CONECT) | European Business and Innovation Centre network (EBN) | Forum Euroméditerranéen

EBAN, the European Business Angel Network, and EVPA are partnering to strengthen collaboration between their respective networks and build the European impact investing space together. With this partnership, EBAN and EVPA aim to create synergies to ensure impact becomes more embedded in the entrepreneurship ecosystem. We will connect our respective communities to share knowledge and promote best practices. We will also work together to collect and harmonise data on impact investment practices and trends from across Europe, so as to provide a more comprehensive analysis of the market. “Business angels are key when it comes to supporting entrepreneurs and innovative start-ups, and can play a critical role in fostering an impact mindset by adopting investing for impact practices in early stages”, said Roberta Bosurgi, EVPA CEO. “We look forward to building bridges and sharing knowledge with the EBAN network to further enable a thriving European impact ecosystem.” “EBAN is delighted to start this collaboration with EVPA. This new partnership will allow us to pursue our common goals in promoting and advancing impact investment”, said Jacopo Losso, EBAN Director. “We have always been committed to meaningful impact investing, as is evident by our actions, and working together with EVPA will allow us to double down on that commitment” he added.  EVPA, the investing for impact community, is a unique network at the intersection of business and purpose, driven by knowledge and focused on impact. We work to increase prosperity and social progress for all, fix inequalities and injustices and preserve the planet. We rally people, capital, knowledge, and data to catalyse, innovate and scale impact. EVPA brings together a diverse group of capital providers (impact funds, corporations, foundations, private equity, banks, public funders) and social innovators of all sorts – from household names to emerging new players. For more information, contact info@evpa.ngo EBAN is the pan-European representative for the early stage investor community gathering over 150 member organizations in more than 50 countries today. Established in 1999 by a group of pioneer angel networks in Europe with the collaboration of the European Commission and EURADA, EBAN represents a sector estimated to invest 11.4 billion Euros a year and playing a vital role in Europe’s future, notably in the funding of SMEs. EBAN fuels Europe’s growth through the creation of wealth and jobs.

Aries are determined, passionate, active, and optimistic. They enjoy taking on leadership roles and making an impact, while they dislike inactivity, delays, and a work that does not fully utilise one’s talents, and – what’s that? We are talking about the EU Project ARIEES and not the zodiac sign Aries? Huh, that does make more sense. But somehow all of the above is still true!    ARIEES (Alliance for Responsible and Impactful Investment in Eastern Europe) is an Erasmus+ Project meant to empower determined, passionate, active and optimistic people by helping universities improve: it aims to give universities and thus university students the tools to upgrade their entrepreneurship courses. To achieve this, ARIEES plans to infuse universities with crucial impact investing know-how so that the future entrepreneurs attending those universities can then use it in their journey leading their own companies.    The project also has another objective: Enhancing the skills of the professors in universities. That way, the professors will be better equipped to communicate the aforementioned impact investing knowledge to their students in the most efficient, and fast way possible – aries do hate delays after all. In order to successfully reach this goal, ARIEES is  delivering digital education that would enable a supportive virtual class environment. This way the students/ future entrepreneurs can focus on putting all of their passion and talent in their ventures!    However this is EBAN, and everything we do is in the vain of promoting healthy and responsible angel investing in Europe: promoting an ecosystem where enthusiastic entrepreneurs are more educated on impact investing will create more and better investment opportunities for business angels and ARIEES is determined to make that happen. That’s why, at EBAN we are taking the lead in spreading the word about ARIEES!    🤔Maybe there is some truth in zodiac signs after all…   About ARIEES ARIEES is a Erasmus+ project that responds to the efforts of the EU Commission on developing impact investment capabilities into the next generation of entrepreneurs and with a particular focus in Eastern Europe Region. Thriving in the new EU economy poses imminent challenges for entrepreneurs worldwide. Dealing with exponentially growing stocks of digital start-ups (and not only) that fast-pace innovation at unimaginable speeds, entrepreneurs are not faced anymore just with a financial consideration dilemma when receiving or asking for investment. Fast paced innovations are good and needed worldwide indeed and the global start-up ecosystems are exceeding all expectations to this end. But this is not enough. As the entire world is moving towards a more sustainable & fairer business & social ecosystem, so should entrepreneurs otherwise they risk not being able to reach investment. To this end, the concept of impact investment appeared (investment in startups that produce environmental and social benefits) and it is gaining a big momentum in the startup scene.    Project Partners EBAN – European Business Angel Network Belgium Brussels  UNIVERSITATEA DE VEST DIN TIMISOARA HELIXCONNECT EUROPE S.R.L  ISQ e-learning FUNDACJA ROZWOJU PRZEDSIEBIORC ZOSCI   This project has received funding from the  European Commission under grant agreement No KA220-HED-8DBAFE07. More information about the project can be found here: https://ariees.eu/

By Kobi Kalderon, Founder and CEO at Gold Venture Investment As a contributing member of EBAN, I know my way around the angel investing world and have worked with many startups through the years. Therefore, I have decided to share my knowledge and experience in this field with the EBAN community to shed light on the most common mistakes startups make, which set them up for failure, and how to avoid them.   Here are 3 common things to avoid: Supply but no demand In my opinion, the first mistake they could make is to act exclusively out of emotion, they’re excited about the technology created or that their product works, and don’t think their actions through rationally or logically. From the get-go, they adopt a tech perspective which doesn’t align with real market needs : and without demand there is no need for supply. Lack of deep market research Staying on topic, in many cases, the founders don’t actually pay enough attention to deep market research, competitor analysis, and entry barriers : all necessary topics to be looked at in depth by the startup. If these steps aren’t checked off the to-do list, the natural consequence of this unfortunately falls on the user experience of the product, which is compromised, and usually lacking when faced with competitors. Therefore, completing this research is key to the success of your startup. You can begin this process by asking yourself and your company a series of questions :  Who is the target audience to your “solution”? What are their weak points? What to expect from the “solution” or product? and What should be the business model that could fit their expectations? Deep insights about user experience is needed and the GUI (graphical user interface) needs to be taken into account. Undetermined rights & blurred lines Another mistake to be made refers to the legal framework between startups and developers. This miscommunication is the root of the failure of many startups: they wish to attract developers that will aid them in the creation of their product, which they’re unable to produce due to lack of skill or know-how, but don’t sign or write up a formal contract. The developper can then sue the startup for which they worked for and obtain the IP and full rights on the product. Who can help & how can we do it: We at GVI aim to guide you through this perilous process by assisting startups in bridging the gap by doing the required market research, and advising them on how to utilize it during product design and development. As for the investors,  GVI offers second opinions as part of the pre-evaluation process to minimize their risk if the founders are technology-oriented and a broader understanding of the market needs. Finally… I hope these examples of potential mistakes can help open your eyes, and push you to start knitting the safety nets necessary to prevent failures of any kind. You can always turn to GVI, whether startup or investor, to supply you with the essential yarn and tool sets to set you on the right scarf…or path! About the contributor Kobi (Jacob ) Kalderon  is  the founder and CEO of Gold Ventures investment. GVI is a global investment banking company based in Israel and Europe (DACH region) with international partners in 30 countries (Israel, Europe, LATAM, USA, Asia, Africa). GVI”s investors invest in startups companies with a ticket size ranging between $1 million – $10 million and in early-stage companies that are developing MVP to mature companies with $1 million in revenues. 

By Caroline Sai, Head of the EIT Investor Network and Angels Santé (Angels4health) & EBAN Board Member Must fundraising always be painful? It all starts with a great journey As a start-up, raising money was already written in your DNA when the first idea popped into your head. Now that you are registered, your POC is done and your clinical data underway, you are set to start on your path to some serious fundraising. Loads of articles will tell you how to execute a great pitch that will bring you millions. The pitch is of course important but it is just the packaging, the teaser. In reality, it all starts with a compelling story so let’s go back to the basics and reveal the 5 ingredients to a great entrepreneurship story line. We’ll forget to be shy and shoot straight for the stars! What you aim to have is: A powerful opening: you are planning to solve an unmet medical need that will serve millions with an incredible innovation never seen before. Diverse and complementary characters: that would mean building a well-rounded team with scientific, financial, business, regulatory skills. A charismatic founder with a vision that inspires trust and who has surrounded himself with a supporting advisory board, international, relevant KOls and outside consultants when needed. Memorable and unique content: Give depth to your story with data to validate your claims, show us how unique you are with your great science, your IP portfolio, medical publications and positioning versus competition while always balancing the show and tell ingredients. A seamless, logical flow: Your strategy moving forward flows, your roadmap is clear, your understanding of upcoming hurdles as well (regulatory, clinical pathway, market entry). Your financial plan and needs have been carefully elaborated with a comprehensive equity story. In essence, you know where you are going and how you are going to go about doing it. A satisfying conclusion: Being an entrepreneur is a journey and so is being an investor so make sure you foresee a valid exit for your company and your future investors. A great story is certainly hard to find but continue working on it, shaping your drafts so others will want to discover it, believe in it and ultimately invest in you and your company.   Part II of this article is coming next month- stay tuned and subscribe to the Angel Observer to make sure you get it when it comes out!   About the Contributor Caroline Sai is the Head of the EIT Health Investor Network and Angels Santé (Angels4health) & EBAN Board Member. The EIT Health Investor Network is a European network of healthcare investors dedicated to supporting healthcare startups in their fundraising journey. It is a network managed by Angels Santé and co-financed by EIT Health . To learn more about how to join our program as an investor or a startup, click here

Last week, we flew across Europe to Athens, Greece for the exclusive Hellenic International Business Angels Summit, where angel investors from all over the world gathered to drive change. HIBAS was all about quality content, quality people, and quality time. We focused on the latest trends in angel investing from Europe, the Americas, and Africa as well as the booming Greek ecosystem, cross border investment, impact investing, and the role of women angels. 200 distinguished guests with decades of investing experience came from 36 different countries to connect meaningfully during two days of conference sessions, convivial dinners, and a tour of Athens. The event was co-organised by EBAN and two of our Greek members, HeBAN and  Enterprise Greece.  To Summ-it Up The Summit brought together global investors and startups from 50+ organisations from all over Europe and beyond. HIBAS featured innovative panels and workshops and fostered awareness of the Greek entrepreneurial ecosystem through pitches by 20 top local startups. It created opportunities to network, promoted Environmental, Social and corporate Governance criteria for startups, and heavily emphasised the importance of women in angel investing and in entrepreneurship. Overall, it was a great excuse for all of us to get together, connect and discover Athens! The Themes The wonderful speeches from our angel investor speakers left us, well, speechless. Simone Brummelhuis (Europe’s Female Business Angel of the year 2021), Marcia Dawood (Chair of the ACA), and our own Selma Prodanovic (Vice President of EBAN) really shone a light on female angels, serving as real role models for the women of tomorrow. Selma reminded everyone in the audience that mixed teams make MORE money than male-led teams, so it just doesn’t make sense not to invest in women. Adding to that, Dimitris Tsingos, President of HEBAN, claimed that in his experience women-led companies make more money. He added that he is more likely to invest in women since they also make better leaders, especially in times of crisis. This aligns with EBAN’s goals to make the investment field more balanced and accessible to women. That’s why we are shooting for our audience to be 50% women in our next event, EAIS,  happening in Brussels this October. Are you coming?  The event also focused on the fundamental role Business Angels play in the innovation ecosystem from startup to scaleup, the sustainable transition with Impact Investments and how angels can accelerate positive change. As always, cross-border angel investments played an important role: building a portfolio with the world’s best startups and co-Investing with VCs and governments to align interests for more win-win investments were all addressed at HIBAS.  Why Greece? One of the aims of this event was to shine a light onto the Greek startup ecosystem, which is rapidly picking up speed and has thrived over the past few years. Greece is already proving they’re worthy contributors in the innovative field with Viva and PeopleCert, their first unicorns that took flight this year – and with predictions that 10 more will follow in the next few years. Indeed, they stand out even more with hundreds of serious new startups every year and many scaleups, at least a couple of which will be decacorns! It is also projected that deeptech is going to be a major topic among Greek entrepreneurs in 5-10 years. An example of Greek innovation was presented by Kostas Fragogiannis (Deputy Minister for Economic Diplomacy and Openness, Ministry of Foreign Affairs), who introduced us to  Astypalaia, a remote island turned into a smart city with autonomous driving public transport and more.  But why invest in Greece? To summ-it up, you can set up a team with a very narrow culture and language gap from western Europe and northern America but at a fraction of the cost compared to other European countries. The dream team is accessible, communicative and so much cheaper than what we’re used to!  Exploring Athens On top of discovering the Greek startup ecosystem, we decided to also explore Athens: On Saturday morning we had the opportunity to connect while walking around the ancient Agora of Athens. We learnt about the history of this very special place, made connections in a more informal way, explored Athens, and we had one last traditional Greek meal at Monastiraki!  We already miss it…but if you missed out, don’t worry: the EBAN Annual Congress will take place in  Athens on the 24th-26th of April 2023! You can already pre-register for this upcoming experience.  See you there! Pictures, Videos, and More!  Lastly, we would like to once again thank our amazing members HeBAN and Enterprise Greece for making this happen! You can re-watch the full HIBAS event here: Day 1 and Day 2. Read the full press release by our members Enterprise Greece here. To see pictures of this wonderful event you can visit our Flickr!

Ready, Set, Go: Let’s RRIstart!  As the voice of European angel investors we realised the importance of impact investing very early: Almost ten years ago we created the EBAN Impact Community –  a very active group of angels from all over Europe raising awareness about impact investing. Being part of RRIstart allows us to double down on our commitment to keep on pioneering impact investing for entrepreneurs and angels in meaningful ways! Through this EU project, we have helped develop the first-ever startup model for Responsible Research and Innovation, or  RRIstart for short. Ready to RRIstart this journey with us?   Nowadays, startups and angels can not always follow existing RRI principles and indicators. The compatibility of these models with smaller companies is limited since they are tailored mostly for large organizations. This is an obstacle for impact investors as startups occupy an increasingly important role in the investment ecosystem. To deal with this limitation, RRIstart is creating a novel RRI model for startups blended with RRI-based impact investment indicators.   That way impact investing will become accessible not only to large corporations but also to the start-up community, as well as all four major actors in the system of the Quadruple Helix Model of innovation (Industry, Academia, Society, and Policy).   We support the development of this new model as a gold standard to facilitate RRI-based startups. It will create new market opportunities, and make EU startups and investors more RRI-aware. With this project we are also paving the way for more startups using the RRI model that currently might be inaccessible to them. Ten years after the creation of the EBAN Impact Community we are still making good on our promise to advance and promote impact investing! About RRIStart RRIstart is an Horizon2020 Project that responds to the EU efforts to foster impact investment (investment that delivers social, environmental and economic benefits) by developing an innovative RRI-based model for startups, complemented by an RRI-based impact investment indicator list in a multi-stakeholder (beyond quadruple helix) context. Through RRIstart, the consortium aims to demonstrate the value of RRI for the STEM entrepreneurship ecosystem. At the moment, startups and investors do not adopt existing RRI principles and indicators due to the limited compatibility of existing RRI models (tailored mostly for large organizations). Nevertheless, by adopting a lean/agile approach to RRI embedment, RRIstart proposes a novel RRI model for startups blended with novel RRI-based impact investment indicators. RRIstart tests the developed innovation through a translational piloting approach (from lab to market). Three pilots will be organized (on environmentally sustainable startups from Northern Europe, 3D printing & advanced materials in Italy and bioeconomy (agrifood) in Greece). In each pilot, extended quadruple helix actors will be involved in order to assess the feasibility of embedding RRI in startups and to facilitate (public and private) impact investment through the RRI-based indicator set.   Project Partners UNIVERSITA DEGLI STUDI DI ROMA LA SAPIENZA WAGENINGEN UNIVERSITY YET NGO SEERC KNOWLEDGE AND EBAN – European Business Angel Network This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 101005937. More information about the project can be found here: https://rristart.eu/ 

Save the Date for the European Angel Investment Summit! The European Angel Investment Summit is happening live in Brussels on October 11-12 after 2 years of online events! Join hundreds of investors, startups, policy makers, and corporates attending EAIS to make connections, learn from experts and listen to pitches from Europe’s most promising startups. EBAN is partnering with the InvestEU Portal, the European Commission DG GROW and DG ECFIN, as well as the Enterprise Europe Network for the event. We urge you to register early as we expect a huge turnout and our venue has limited capacity. Find Out More! If you are an EBAN member contact us for your discount code for free EAIS tickets! Why Join #EAIS2022? We are delighted to announce Nikolaus Bayer, Managing Partner at BeAI and Germany’s angel of the year 2020, as our first confirmed keynote speaker! You can expect many more speakers and our agenda to be announced over the coming weeks. This year at EAIS you can expect a live two-day conference with Inspiring keynotes from some of Europe’s best early stage investors Insights from the EU Institutions on current and future plans Best practice sharing workshops by leading angels, network managers, and entrepreneurs Inclusive roundtable discussions where you can have your voice heard Pitches from top European startups, raising seed and series A rounds Networking opportunities and good times with new and old friends This year #EIAS2022 is going to focus on: Technology Transfer and Investment in DeepTech Increasing the Participation of Women in Investment and Entrepreneurship Angel Investment Barriers and Opportunities in Scaling, Cross Border Investing and Exiting Public Private Co-Investment and Partnerships to Advance Innovation Grab Your Chance to Pitch! Our startup applications are open! By joining #EAIS2022 you can pitch in front of top investors from all over Europe and beyond and make connections with hundreds of angels, corporates, and more attending the Summit! Who can apply: Early stage companies from all industries and sectors  Actively fundraising for an equity investment of between €50K – €5M Company based or operating in any EU country What we offer: Complimentary European Angel Investment Summit tickets; Pitching slot; Profile listed on Summit website and promotional campaigns; Access to all workshops and sessions; Access to networking area and possibility of 1-1 matchmaking meetings facilitated by the InvestEU Portal. Find Out More! We look forward to seeing you there! About the European Angel Investment Summit The European Angel Investment Summit (EAIS) is the second of EBAN’s flagship events, organised annually in Brussels, Belgium. This year you can join EBAN and hundreds of investors, selected startups, policymakers and corporates at the European Angel Investment Summit, taking place in Brussels on October 11th-12th! The Summit aims to put business angels in the spotlight and highlight how they bring economic dynamism by financing innovation and taking risks early on. EBAN is partnering with the InvestEU Portal, the European Commission DG GROW and DG ECFIN, and the Enterprise Europe Network for the event. We hope to see you there!

European Innovation Council: €20 million support for Ukrainian start-ups The European Commission has launched an ambitious €20 million action to support the Ukrainian innovation community. This action is made possible through a targeted amendment of the 2022 European Innovation Council (EIC) work programme. The new initiative will support at least 200 Ukrainian deep tech start-ups with up to €60,000. In addition, the EIC will offer non-financial support, such as business advisory services and matchmaking. This action will enhance the capacity of Ukrainian innovators to interact with the European innovation ecosystem, enter new markets and benefit from the European financing instruments. Read the Full Article

MANIFESTO For a Clean, Safe, Equitable and Peaceful Space for All Space is the largest resource in the universe. It needs to be protected and made accessible for all. As the digital transformation gains further momentum, more and more countries and citizens around the globe are becoming dependent on space as a resource for their economies, for their societies, for the health and well-being of all life on the planet and for peace in the Universe. The United Nations Sustainable Development Goals (UN SDGs) and the United Nations Declaration of Human Rights must now be extended to space. Without this, the same devastation that has occurred on earth and our oceans will also be encountered in space, thus depriving us of this most valuable resource. Mindless, unintended and intended harm is already endangering the access and ability to operate in space. This includes pollution coming from fossil fuels, debris, and inefficient use or colonisation of frequencies or orbital positions. This is leading to an inequitable use of this invaluable resource. We must take action now to preserve and protect space in order to keep it clean, safe, equitable and peaceful for all. In order to do this, we call on all existing and future operators to apply the UN SDGs and the U.N. Declaration of Human Rights. We as investors will not be able to ensure the financial viability of the ventures we are financing without applying these very principles and guidelines. In addition, we refer to the excellent work being done by UNOOSA / EUSPA on the report covering how space technologies such as GNSS and space data contributes to SDGs1; as well as work being done by The Secure World Foundation and several publications on Ethical and Socially Responsible Investing. All countries and citizens around the globe need access to space for eternity. Let’s make it happen. Humanity deserves a clean, safe, equitable and peaceful space for all. ______________ 1. https://www.unoosa.org/res/oosadoc/data/documents/2018/stspace/stspace71_0_html/st_space_71E.pdf

Congratulations to all the EBAN Gala Awards Recipients! Congratulations to all the EBAN Award recipients! Our President Janne Jormalainen handed out the awards during our Gala Dinner to the following people and organisations: 1. Best Performing New Member: Hellenic Development Bank This award was received on stage by Athina Chatzipetrou, CEO at HDB, on behalf of the Hellenic Development Bank. HDB granted more than 37.5K new loans during 2020-2021, contributing to the creation of more than 18.6K new jobs. What’s more, our best performing new member has designed and is about to launch a ground-breaking financial instrument for innovative Greek SMEs and start-ups. 2. Best Performing Member: LitBAN LitBAN was awarded as the best performing EBAN member for having multiplied their investments by 5 in the past year: the network managed to grow investments made by its members from 2.2M EUR up to an incredible 10.4M EUR in 2020 – 2021. As LitBAN is doing crucial work supporting Ukraine, the award was received by Lev Dolgatsjov, President of EstBAN. 3. Successful Business Financed by Early Stage Investors: James & James Our next award of the night went to Cambridge Angels and GBAN Board Member Peter Cowley: “James & James” received a mere 7.5K GBP investment that led to an impressive 107X return on exit. This was not a conventional angel deal, in that capital was not required, however, the founders realised they needed business advice and experience thus showing us that there is more than one way to be a great angel! 4. Best Early Stage Investor: DanBAN This award was received by DanBAN for their amazing past year with 49 exits in 2021 but also for the consistency over a period of consecutive years with 212 exits since 2015 and a 3x average return on exit. On top of the above, DanBAN members set another all-time high record in 2021 with direct investments of 54.2M EUR, an 11% increase from 2020. Big bravo to Jesper Jarlbæk, Chairman of DanBAN, and Michael Hansen, CEO of DanBAN, and to the rest of the team! Because of the very special circumstances that members from our network are experiencing we decided to give two special recognition awards this year: One to IM Fndng for their relentless commitment to growing the business angel community in Lebanon despite the current economic situation, devaluation of currency, and conflicts in the region, and for being the only entity investing in startups in the country! The award was received by Nicolas Rouhana, Chairman & CEO at IM Fndng! Our final award of the night was given to Inna Ushakova, cybersecurity entrepreneur and CEO of Scalarr, who is using her network and skills to coordinate volunteers in her home city Kharkiv, Ukraine, through helpkharkiv.org in order to provide food and medication to those in need.

By Gabriel Shin, Partnership Lead at VAUBAN   “Building cross-border angel investment is a very useful first step building a more unified EU funding market,” says Robert Mollen, counsel at Fried, Frank, Harris, Shriver & Jacobson LLP. Here at Vauban, we agree. Business angels play a critical role in the entrepreneurial ecosystem, providing the vital capital for many startups at the beginning of their business journey. Based on Pitchbook, capital investments made by Angels in Europe amounted to €8.0bn in 2021 from €4.3bn in 2020, almost double the investment from 2020!!! 2022 continues to remain robust as angel investments in Europe amounted to €1.85bn year-to-date. This growth can be attributed to both foreign and domestic capital as well as the expanding pool of entrepreneurs who successfully built, scaled, and sold companies and now want to invest in early stage start ups themselves. In 2022, Europe has 130 unicorns, 237 soon-icorns, and 46 exited unicorns based on a report from i5invest. The challenges of crossborder angel investing The challenges in crossborder investing for pan-European business angels is not a new topic. When 90 business angels in 11 European countries were surveyed by EBAN, 55% of them said cross-border investment was ‘difficult.’ This is predominantly due to a number of constraints, most notably: Lack of information  Accessibility of cross-border investment opportunities Preference of investing locally Tax incentives Europe represents a fairly fragmented landscape with different languages, laws and regulations, and even customer behaviours. But the world’s a different place to what it was even a couple years ago.  Business angel networks adapting to the new world A survey recently found that business angels prefer the use of networking events, direct approaches from entrepreneurs, and referrals from friends and business associates to find investment opportunities. Due to the impact of COVID and the acceleration of digitalization, business angels also had to adapt on how they invest in Europe. With the rise of various communication platforms such as zoom, slack – business angels are able to connect with other entrepreneurs and investors across the globe. They were welcomed into new online communities around Europe with like minded individuals with the same passion and missions. Technology changed how business angels source opportunities, network, and even compare businesses rather than the merits of the location of a company.   Angel networks can promote cross border investments and are able to easily communicate, share knowledge, capital, and experience to support the top deals in early stage companies in Europe. Based on a research by McKinsey issued a report that researched the top 1,000 European start-ups founded after 2000 in 33 countries,  “The tech champions.” In this study, there were four notable distinct roads to success in companies in Europe.  Network approach Product Approach Deep Tech Approach Scale Approach Atlas – no longer is the success of European companies based on geography! It’s governed by the fundamentals of their business models and strategies such as gaining users, economies of scale, having an outstanding product, and or really focused R&D to commercialize scientific breakthroughs. As an investor – basing investment judgements on these merits hold a lot of weight on being able to generate a return or not.  Facilitate pan-European cross-border investments through a single platform. Vauban helps investment networks promote cross-border opportunities by being able to onboard global investors into a simple, easy to use, and tax transparent SPV. SPVs are set up by angel networks to participate in a fundraising round negotiated with the founder. The typical angel networks on the Vauban platform have 3-5 different nationalities of investor base investing into some of the top leading European tech startups such as Revolut, & Bolt,. The SPV structure is a pass through vehicle allowing any realized gains to be taxed based on the investor’s local tax jurisdiction.  It’s also become extremely popular for angel investing in the DACH region – (Germany (D), Austria (A) and Switzerland (CH) – where there are thriving startups ripe for investment is notoriously complex due to notary requirements. An SPV allows angels to bypass all that hassle at a fraction of the cost. That’s because just one entity signs on behalf of the syndicate, saving huge amounts of time and significant legal fees – and leaving more money available for investing.  Vauban, a platform for setting up SPVs automates the back office from legal documents, investor onboarding, banking, and administration. Leaving the Angel Investment networks to focus on what they are passionate about: finding quality deal flow and building investor relations.  Incentivize your network. Invest together and win together. Vauban platform allows for the possibility to split carried interest to incentivise the network of angels to invest together but also win together. For example, customers may incentivize members who sourced the opportunity a portion of the carried interest or if a group of business angels conduct the due diligence – they receive a portion of the carried interest. You can slice the cake in so many different ways that everyone can win from structuring a deal.  The results are beneficial for all: startups can grow, angels can invest and Europe benefits from innovation and advancement on a global scale. Vauban is a member of the European Business Angels Network (EBAN)

The CASSINI Matchmaking has been recently launched to offer new business opportunities for space-related markets in Europe. The initiative features tailored matchmaking events for EU companies to expand their professional networks and find new partners, customers, and investors. For investors, this represents a unique opportunity to grasp the best performing companies from the space sector and related industries. The CASSINI Matchmaking initiative aims at enabling companies to liaise with corporate partners and find investors, driving the development of Europe’s space businesses.  CASSINI Matchmaking offers different tailored matchmaking opportunities to boost entrepreneurship, corporate innovation and investments in space-related businesses across the EU. Companies benefit from getting connected to key industry players and investors. Participating corporate and institutional organisations are presented with preselected startups, scaleups and SMEs that can help them innovate and achieve their development goals.  In particular, investors benefits from exchanging with fast-growing companies and their potential new customers, while obtaining a deal flow of investment-ready space companies. To make sure these matchmakings are valuable, both companies and investors themselves receive targeted preparation prior to their meetings.  Key element of the two-year initiative are 20 matchmaking events split in two editions and among live and digital meetings. To guarantee the greatest effect and get the best results, each batch is focused on specific topics, meaning companies and their corporate and investor matches will be connected through several industry fields, covering different business areas and addressing different value chains. The first ten matchmaking events in 2022 will focus on four topics. ‘Infrastructure lifecycle support’ targets companies specialising in space services supporting infrastructure such as wind turbines, train tracks, buildings or pipelines. ‘Safety & Security from (and in) Space’ is looking for businesses involved in critical assets for safety and security operations like positioning and navigation or internet communication via satellite. CASSINI Matchmaking addresses topics affecting consumers’ day-to-day lives, such as using satellite data to monitor human health, developing education tools or innovative gaming applications in the topic ‘Space for human well-being, education, and entertainment’. Lastly, ‘Improving access to Space’ covers hardware and software solutions to support launch systems and facilitate the delivery of spacecraft in orbit. In order to participate and engage with future-oriented companies, interested investors can always register to the Cassini Matchmaking website: https://www.cassini.eu/matchmaking/investors Investors will be then invited to attend the Launch event in Paris in mid-June, at the VIVA Technology conference. As of late summer 2022, several ad-hoc live and digital meetings will allow participating investors to stay ahead of the latest space technology advancements and opportunities.

The Sum-Up of #EBANCork! On behalf of EBAN, CorkBIC and InvestEU, we would like to thank all of our wonderful #EBANCork attendees as well as all our event partners and sponsors. Thanks to all of you, the EBAN Cork Annual Congress, the biggest angel gathering in Europe, became a place to reconnect, reimagine, reinvest for investors and entrepreneurs alike. Key Takeaways from the EBAN Cork Annual Congress: Reconnect: The international angel community came together after 2 long years, with 350+ participants from across Europe and beyond in attendance. There were investors, startups, government officials, EU policymakers, and a slew of other stakeholders from the innovation and investment ecosystem present. The EBAN Congress provided attendees with the opportunity to reconnect with old friends or make new ones. Reimagine: We discussed investment with a fresh perspective; in these unpredictable times, entrepreneurs and investors must think and act differently. We considered longer-term views, trends that we believe will persist, and what angels can do to promote positive change and growth in the current challenging macroeconomic situation. Reinvest: We urge investors to intensify their efforts to promote entrepreneurship, innovation, and social and economic well-being. This is the time for both early and later stage investors to rise to the occasion and put their resources, networks, and skills to work for the startup and innovation ecosystem. We also encourage public stakeholders to utilise the startup and early-stage investment communities, forming win-win partnerships that accelerate progress and add value for the society and the environment. And the Next Destination of the EBAN Congress is… Last but certainly not least, we are overjoyed to announce that the next destination of our Annual Congress is Athens! Enterprise Greece and EBAN will co-host the Congress on 24-26 April 2023 alongside HeBAN as an official partner. If you are interested in meeting hundreds of early stage investors from all over the world (and we know you are), pre-register to secure your spot! We look forward to seeing you next year in Athens for another awesome event!

EBAN Impact Investing Survey We are proud to be driving research surrounding impact investing in startups that are dedicated to a societal or environmental cause. This is why we are supporting the EBAN Impact Investing Survey. That way we empower impact investors by giving them the data and the facts to make informed investments. Participate Here {{ vc_btn:title=Download+the+EBAN+Impact+Investing+Report&style=flat&color=danger&align=center&link=url%3Ahttps%253A%252F%252Fwww.eban.org%252Fwp-content%252Fuploads%252F2020%252F12%252FEBANIMPACTINVESTING2020-REPORT-2.pdf%7C%7Ctarget%3A%2520_blank%7C }}

How did it get there? The year is 2033 and you are eating your lunch when you get a glimpse of the sustainably produced no-pesticide bio leafy greens in your plate. You can thank AgTech7 for them! Let’s wind back to today and we will tell you why:  AgTech7 is educating and empowering European HEIs’/Research Institutes’ students, incubator managers, entrepreneurs and business angels to develop and grow agribusinesses through a wide set of agri-tech disruptive farm-to-fork applications in an interdisciplinary way.  To realise this goal AgTech7 has created a 7 week course focusing on different aspects of agritech (from the Internet of things to financing to neuroscience!) and how they can be leveraged to take agribusinesses to the next level. These subjects have never been combined in a course on agritech in the past and this is what is making this course particularly unique. We, as EBAN, have taken it upon ourselves to focus on “Financial Innovation in AgriTech Systems” and each of our partners in this project has shared their knowledge and expertise on a different relevant subject.  This project is expected to disrupt the world of agriculture by educating entrepreneurs and investors on how to make an agribusiness succeed, by inspiring universities and research institutions to study agritech and its real-life applications, by enhancing the knowledge of incubator managers, and by making all of the above aware of the the benefits the adoption of farm-to-fork method. By aiming to include and address both entrepreneurs/ angels and academics/ students, AgTech7 is expected to have a huge impact on agriculture through university research, businesses created and businesses funded thanks to it – businesses whose products will most likely end up on your plate. So you can expect to find “a bit of AgTech” in all your salads in the coming years!  About AgTech7: AgTech7 is a European project co-funded by the Erasmus+ Programme of the European Union that stimulates innovation along the entire farm-to-fork food-chain by developing a multidisciplinary course covering technical and business subjects such as Earth Observation and IoT, Data Analytics, Financial Innovation and Lean Startup models.   AgTech7 Partners: University of Novi Sad Biosense Institute  Maastricht University  European Business Angel Network ASBL  South East European Research Centre- SEERC  Neuropublic SA Yasar University  Camli Yem Besicilik San. Ve Tic. A.Ş  

By Brigitte Baumann EBAN President Emeritus who is also the Founder of efino and GoBeyond Startup Boards are an often underleveraged asset for Business Angels – find out how to fix that. For the first decade of being a business angel I did not pay much attention to the board of a startup, instead focusing solely on the team. I thought I could add the most value as an angel working directly with the entrepreneur. I also did not pay much attention when asked to elect or reelect board members in one of my invested companies. I have since realized that I was wrong and that a well functioning board can be a key asset to a startup. As angels we should use and leverage startup boards, whether we are members of them  or not.   Here are some of the strategies I have adopted that may be useful to you as an angel investor: 1.     Due Diligence: Before I invest in a company, I now get to know the board as well as the team; I ask to meet at least the board chair. I find out what type of board they are – are they hands off and do only what is minimally required or are they very active? Do they operate as a real team or are they a group of individuals? I assess whether their type of governance fits not just the startup’s current stage of development, but also the next set of company milestones. If the startup doesn’t have a board yet, I assess how ready the founders are to share key decisions. One way to find out is to see if they have an advisory board and how well it is functioning. 2.     Post Investment: Once I have invested in the company and if I/we can nominate someone to a board seat, I don’t automatically select the person who has been the lead in the due diligence. Rather, I think about the needs of the board from the perspective of skills, personality and board experience. I encourage the board to suggest, meet and provide feedback about candidates. I have seen time and time again that an effective board is not about having A players but having an A TEAM. Therefore, ensuring that the board nominees fit in well with the board is key. I make sure that I take full advantage of my role as a shareholder. I dismissed this at first because I and the angel syndicates I invest with hold relatively small shares, but I have learned that there are a number of things we can do as shareholders even when small on the cap table. For example, I study the candidates and vote for board members. I attend the annual shareholder meeting and the shareholder updates. I study the information sent and ask questions, especially when it comes to important shareholder decisions. If I want to help the startup, I first approach the board chair rather than going directly to the entrepreneur (if she or he is not the chair) because I have come to see how disruptive it can be. I try to establish clear rules of communication, so as not to destabilize the structure of the company. As angels, our contributions matter, we just have to make sure we are channeling them properly, so they have the greatest impact and get the attention they deserve. If I believe I can contribute to the board and I or the people I endorse are not nominated or elected the first time around, I keep an eye on the next round of elections. There is always another chance:  If you introduce yourself to the other people who can nominate potential board members and show them you have the necessary skills, they might nominate you in the next round. 3.     Board Member: Once I am a board member, here are some guidelines I follow: Communicate regularly with the shareholders and facilitate meetings between them and the CEO. Know the law of the country where the startup is located (compliance, key decisions you need to make) and read all the relevant company docs which refer to the board’s role and responsibilities starting with the shareholder agreement. Contribute while on the board, and do so with the best interest of the company in mind, not just yours as an investor or that of those who nominated you to the position. Be street smart as well as book smart. Think broadly and interconnectedly. Be thorough and pragmatic at the same time. Figure out the company’s leverage points and focus on them. Know how to do back of the envelope assessments when you cannot get a lot of data. Be decisive. A start up needs to be agile and so does its board. These actions are easier said than done and I still catch myself returning to my old habits from time to time. But when I stick to them I know that I am helping the startup achieve great results because a good board can contribute significantly to the company’s success. Three major things that helped me evolve on my journey were to 1. attend a Startup Board Academy program 2. be part of a community of startup board members to share experiences and 3. serve on startup boards. As EBAN members we have the opportunity to lead the way in this important movement of going from good to great startup governance.

Armenia is a landlocked country in South Caucasus with scant natural resources, but with a plan to become an epicentre for scientific and technological advancement. Sharing a strong belief that the country’s prosperity and sustainable future lies in its scientific and technological advancement, 5 years ago the Foundation for Armenian Science and Technology (FAST) was established with a pioneering agenda: an Innovative Armenia taking its seat at the table of top 10 global innovator nations and a top 5 Data Science and Artificial Intelligence innovator by 2041 – its 50th independence anniversary.  The in-house research and strategic outlook developed by the FAST team provided not only the evidentiary basis for FAST’s projections for Armenia’s technological leapfrogging potential but offered a toolkit of interventions designed to set the trajectory for Innovative Armenia 2041. More insights on where Armenia is and what FAST’s vision for the country’s technological leapfrog is can be found here.  To ensure this, FAST carries out a wide range of initiatives aimed at bringing changes based on the following three main pillars of the science ecosystem – Education, Research, and Commercialisation. Since 2017 FAST has implemented over 31 programs that impacted more than 6,000 beneficiaries, including students, researchers, and entrepreneurs.  Boosting entrepreneurship in Armenia is a crucial part of the FAST’s activities. Recognizing the critical need to boost scientific commercialization in Armenia, FAST has placed a heavy focus on creating programs that will help build science-intensive innovation and also ensure pre-seed funding for companies created through this pipeline.  The Foundation has pioneered the establishment of a business angel network in the country by creating the Science and Technology Angels Network (STAN). Founded in 2018 with 18 angels, it now has 37 business angels from 5 countries. STAN has joined the European Business Angels Network (EBAN) in 2018. STAN focuses on science-intensive startups providing special room to startups offering AI solutions. The Network offers not only financing but also coaching and mentorship by sharing their experience and knowledge with young founders. FAST also implements incubation and acceleration programs to help create a pool of science-intensive startups and strengthen the deal sourcing in the country. STAN invested 400K USD in science startups with a focus on AI technologies. In recent years STAN made investments in 7 early-stage science-intensive startups. Some of the startup stories in STAN’s portfolio can be found below. Denovo Sciences is a drug discovery company that uses its end-to-end AI platform to create first-in-class therapeutics against any disease with a known target. The startup has established joint drug discovery projects with world-class laboratories and scientific institutions including Emory University and the University of San Diego. They have generated new antiviral drug candidates against mutant types of influenza and are currently working to publish the results in a peer-reviewed journal. The startup was one of the top 25 finalists of the Entrepreneurship World Cup in 2021 selected from 100,000 applicants and 400 competing startups worldwide.  Grovf, one of the investee companies, develops solutions for application acceleration and network offload using FPGA programmable chips. Since the investment in the startup by the STAN in 2020, it became a leading company in the chip-design industry in the region of CIS thanks to its team having unique domain knowledge and expertise. Currently, the startup is in the M&A deal process with a peer company targeting to go to the next funding round afterward. Dowork.ai, a data-driven AI-powered project estimation platform, designs a project management solution that learns from past projects, takes into account industry benchmarks, and helps its users to get project estimates in a breeze with minimized risk of biased estimates. STAN invested in Dowork in 2020. Now, the startup has more than 1500 users, 50+ paying customers, and good publicity on the platforms like AppSumo and ProductHunt, becoming the #1 Product of the Day on Product Hunt on May 6, 2021. Currently, the team is focused on accelerating the growth of the user base and raising the next round of funding. 2022 marks the 5th anniversary of FAST! As 2022 marks the 5th anniversary of FAST and the organization scales up its programs, STAN is one of the core initiatives that is moving toward expansion. To broaden the community of angels from abroad, FAST has hosted a Meet & Greet in Los Angeles on April 1, 2022. The meeting was held right after FAST’s inaugural Advance Armenia Gala which took place on March 31, 2022, with hundreds of distinguished thought leaders, visionaries, and entrepreneurs in attendance. Through everyone’s contributions, $1.4 million were raised that will benefit the Armenian researchers through FAST’s ADVANCE STEM research grant program. To mark its anniversary the Foundation is planning to host various events throughout the whole year.  In the next 5 years, the Foundation is moving toward scaling its core programs and launching new initiatives that will help Armenia see more unicorns and also join the big race of developing excellence in Artificial Intelligence. Invest in Armenia, Transform the Future.

by Mike Deacon, Board Director of NACFB and GVI Strategic Partner based in the UK Following COP26, the United Nationsʼ conference on climate change hosted in Glasgow last November, the government committed to reducing the UKʼs greenhouse gas emissions to net zero by 2050. Financial institutions will play a key role and NACFB Members are well-placed to help borrowers understand how lenders plan to meet the target. We asked Mike Deacon, NACFB Board Director to explain more and share how the Association will guide its Members along the path to a more sustainable future.   Following COP26, what environmental targets have been set by the UK government? According to the UK government’s ‘Building a Private Finance System for Net Zero’ paper the key is building “a virtuous cycle of innovation and investment for net zero”. This will require modifications to the ways lenders deal with reporting, risk management, returns, and mobilisation (making funds available across a range of sectors through government and public-private partnerships). It’s a lofty set of ambitions which will require much work to bring them into the business and lending world.   Have any of the targets been reflected by financial institutions, and in particular, commercial finance lending activity? Not yet. There is a lot of work to do, and the scale of the task is huge. In the UK, there are some signs that lenders are gearing up for niche lending sectors that are ‘green’, but the actions taken are yet to be co-ordinated strategically. Lenders still appear to be working in silos.   What constitutes a green loan? Is there an actual definition? Currently, there is no standard definition of a green loan, but there is a lending aspiration towards a greener future.   In the world of commercial finance lending, what might be considered ‘greenwashingʼ? Very simply, something that appears to be carbon-reducing but is not carbon-reducing. Governments around the globe have been ‘trading’ carbon credits for decades, i.e., rich countries using poorer countries’ credits in exchange for goods, services, and funding. This is not sustainable. In the UK the Green Technical Advisory Group was established to tackle this issue for a range of investment and other commercial finance funds. Many commercial lenders will need to ensure that their lending meets the government’s criteria which will require radical changes in the way they assess risk and reward.   In the 2021 NACFB survey of brokers, 79% of respondents said that they had not seen any increase in clients seeking green funding solutions. Why do you think this is? Education. Borrower lethargy on green finance will continue until there is a clear government strategy and a common set of guiding principles for financial institutions – including brokers. It could also require legislation.   What can NACFB Members do to make their clients more aware of green funding solutions? Brokers can take the initiative and start to educate themselves about the changes that lie ahead in the commercial finance space.   What role do you believe the NACFB can play in pushing forward the green finance agenda? The NACFB is already seeking to influence government, regulators, and lenders by providing them with insight on the issue from the broker’s perspective. Our fast-growing relationships with these key stakeholders will also ensure that messaging and new developments regarding green finance are shared with our Members. About the Contributor A Board level executive, with over 45 years extensive commercial experience in the financial services at Board level as well as working in the social enterprise and public health sectors.  Mike Deacon is a Strategic Partner of Gold Ventures Investment (GVI) in the UK. Mike owns and runs Asset Based Finance and Leasing Ltd, a business consultancy and commercial finance brokerage business. Lastly Mike is also a Director of the National Association of Commercial Finance Brokers. Mike’s core value proposition in his financial services careers includes: strong business profit and delivery track record, strategic planning and implementation, clear lateral thinker, strong creative and innovator, leadership, advocacy, project management and stakeholder management skills.  Golden Venture Investment’s target is to scout potential innovative solutions based on each markets needs/demands and help Governments, Municipalities, High-Tech parks, global accelerators and Private Sectors to attract the relevant companies to launch their product and establish their entity in the relevant market. Based on GVI’s process and professionalism we improve the conversion rate of startups to successfully achieve fund raising and expand into global commercialization.   Launched in 1992, The National Association of Commercial Finance Brokers (NACFB) is the largest independent trade body for commercial finance brokers. The Association comprises over 2,000 commercial finance brokers covering the whole of the UK. NACFB Members are required to have full FCA authorisation, Professional Indemnity Insurance, a Data Protection Licence, and a strong track record with nationally recognised lenders. Last year, NACFB members helped originate £40.9 billion of borrowing by SMEs, with the average size loan facilitated standing at £458,582, up 17% on the year before, and surpassing 2019’s average loan size of £450,145.

by the European Union Agency for the Space Programme Initially Published on 18 March 2022 here.  The event will be held live at EUSPA’s headquarters in Prague, as well as online. Attendance is free, but registration is required. The best time to invest in space – EUSPA launches info session for fund managers. According to the latest edition of the EUSPA EO and GNSS Market Report, in 2021, the GNSS and Earth Observation downstream market generated over EUR 200 billion in revenue. What’s more, this market is expected to reach nearly half a trillion euros within the next decade. Add this up and what you have is a very lucrative investment opportunity. But to take advantage of this opportunity, you need the right information and the right market intelligence – which is exactly what the Space Investments Capacity Building Programme is set to provide. Organised by the European Union Agency for the Space Programme (EUSPA), in collaboration with the European Commission, European Space Agency (ESA) and European Investment Fund (EIF), this series of five workshops is designed to provide venture capitalists, fund managers and other investors with in-depth information on the space sector, including: Results from the latest European space market and investment studies Advice from the EIF on fund setup, investment strategy and building an investment team A platform to discuss business models and best practices Opportunities to network with other fund managers Details on the European Commission’s EUR 1 billion CASSINI Facility, an InvestEU initiative offering capital for establishing space-focused investment funds The first workshop, scheduled for 28 March 2022 from 14:00 – 17:00 CET, will focus on how EU space technology – including Galileo and Copernicus – can be used to support the construction sector, optimise the green transformation and maintain critical infrastructure. “If you want to become an active investor in this exciting field or simply want to gather more information before deciding to raise a new fund, then this capacity building programme is for you”, says Fiammetta Diani, EUSPA Head of Market Downstream and Innovation. The event will be held live at EUSPA’s headquarters in Prague, as well as online. Attendance is free, but registration is required. For participants able to attend physically in Prague, please send an email to market@euspa.europa.eu to secure your place in the venue. Questions related to the workshop series or requests for additional information can be directed to this email address as well. Mark Your Calendars: Space Investments Capacity Building Programme 2022 Episode 1: Infrastructure lifecycle support from space, EUSPA, Prague, Monday 28 March 2022 Episode 2: Security and defence (in and from space), COM, Brussels, Monday 2 May 2022 Episode 3: Consumer space solutions: well-being, education and entertainment, EUSPA, Prague, Monday 23 May 2022 Episode 4: Access to space (launchers, ground systems, modular technology, etc), ESA, Paris, Tuesday 7 June 2022 Episode 5: Fund setup, investment strategy, investment team, exit strategy, EIF, Luxemburg, Monday 27 June 2022 Media note: This feature can be republished without charge provided the European Union Agency for the Space Programme (EUSPA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the EUSPA website (http://www.euspa.europa.eu).

HDB grants loans up to € 400,000 for companies that fit ESG criteria   Pantelis Tzortzakis at the ESG Athens Symposium 2022: “New financial instrument aiding Innovation that combines guaranteed loans up to € 400,000 and grant subsidies based on Innovation and ESG criteria” The Executive Vice President of the Hellenic Development Bank – HDB Mr. Pantelis Tzortzakis announced during his speech that a new financial instrument “Innovation Loan” will be presented in a few weeks by the Hellenic Development Bank – HDB. Hellenic Development Bank-HDB has designed a new financing product in order to foster innovation also promoting ESG awareness which will combine for the first time an 80% guaranteed bank loan facility coupled with a grant. Companies that have an Innovative investment plan may use this facility to support & increase their competitiveness by applying for loans of €25,000 to €400,000 with a 10 years duration and a max 3 years grace period. In addition to the 80% loan guarantee offered by HDB to the loan holders, a 20% capital rebate is offered automatically – as a grant- repaying part of the loan in the case that some preset Innovation and ESG criteria are met during the Business Plan implementation phase. Meeting the preset Innovation criteria will offer a 15% capital rebate and only then by meeting the respective ESG criteria the loan holder may gain an extra 5% capital rebate, repaying thus in total the loan residual capital by a total of 20% . As a result example, if a company receives a loan of €400,000 the €80,000 euros can be classified as a grant and repay the loan, should the innovation and ESG criteria are met. As explained by Mr. Pantelis Tzortzakis, Executive Vice President of the Hellenic Development Bank, speaking at the ESG Athens Symposium 2022, the launching and distribution of this financial product is at the final stage and a total €140million as an initial loan portfolio will be disbursed. “This is the first time that we link the financing with criteria ESG, turning the loan into a grant if specific criteria are met,” said Mr. Tzortzakis

And what this means for Angels  EBAN has a long track record of supporting cross border investment and has always had strong ties to the MENA region. So when we saw the opportunity to combine these two callings with our core mission, being the voice of business angels in Europe, through “THE NEXT SOCIETY” we jumped on it!    THE NEXT SOCIETY supports South Mediterranean innovators (Algeria, Egypt, Jordan, Lebanon, Morocco, Palestine and Tunisia) who develop local solutions with a global reach or which allow to skip a generation in terms of use or technology. This initiative is co-funded by the EU up to 90% for a global amount of EUR 7.8 million budget.   Countries from the MENA region have a growing entrepreneurship environment, but are facing challenges related to resource management (energy, rapid urban development), food independence and value creation (industrial, social and territorial). However, where others see obstacles, entrepreneurs and investors have traditionally seen opportunities. Through our participation in this project we are improving entrepreneurs’ and startups’ readiness for investment.    The next step is to allow entrepreneurs from the MENA region to expand to Europe successfully and get further investments from European angels. This is why, some of the best startups we could find in the MENA region will join us in events all over Europe (from Cork, Ireland, during our EBAN Cork Annual Congress on May 18-19 to Athens, Greece, during the Hellenic International Business Angel Summit on June 23-24).    We strongly believe that bringing these companies in the spotlight will benefit business angels greatly; The fact that these companies are accompanied by their local lead investor will facilitate European angels in their choice to invest in some of the best startups from an up and coming region with exceptional potential for growth. Therefore, we are confident that after these we shall see many cross-border investment collaborations between our members based in MENA and those in Europe.    About THE NEXT SOCIETY THE NEXT SOCIETY is an open community of changemakers engaged in innovation and economic development. It gathers entrepreneurs, investors, corporates, NGOs, public and private innovation, research and economic development hubs from Europe and the Mediterranean countries. THE NEXT SOCIETY already gathers a large network of over 300 business & innovation, research and investment organisations, 2,500 international SMEs and entrepreneurs from 30 countries. THE NEXT SOCIETY is launching a four year action plan (2017-2020), co-funded by the EU up to 90% for a global amount of EUR 7.8 million budget. http://www.thenextsociety.co    THE NEXT SOCIETY partners’ community Agence de Promotion de l’Industrie et de l’Innovation (APII) | Agence régionale pour l’innovation et l’internationalisation des Entreprises en Provence Alpes Côte d’Azur (ARII – PACA) | Agence wallonne à l’exportation et aux investissements étrangers (AWEX) | Agencia per a la Competitivitat de l’Empresa – ACCIÓ  |ANIMA Investment Network | Association of European chambers of Commerce and Industry (EUROCHAMBRES) | Berytech Foundation | BigBooster | Centro Este ro per l’Internazionalizzazione (CEIPIEMONTE) |  Confédération des Entreprise Citoyennes de Tunisie (CONECT) | European Business and Innovation Centre network (EBN) | Forum Euroméditerranéen des instituts de sciences économiques (FEMISE)  | France Clusters | Higher Council for Innovation and Excellence (HCIE) | IT Industry Development Agency (ITIDA) | International Network for Small and Medium sized Entreprises (INSME) | Kedge Business School | The Mowgli Foundation | PICTI.Start – up | Association Marocaine pour la Recherche et le Développement (R&D Maroc) |  Royal Scientific Society (RSS) | Start up Maroc | The European Trade Association for Business Angels (EBAN)

Press Release by our member HDB: Growing Together gathered 300 entrepreneurs, investors, bankers and representatives of European institutions from 8 European countries in Athens on 4 April.  Athens, April 7th, 2022 – 60 inspiring speakers intervened on the main stage and on four thematic agoras on agribusiness, climate, creative and cultural industries and health, to share their experiences and goals for growth in a stronger Europe. At the same time, 8 pitches by Greek entrepreneurs seeking to raise more than €35 million took place to present themselves to investors and stakeholders organized by the Hellenic Development Bank (HDB) and Bpifrance.   A European cooperation protocol between five national public banks and investment Institutions was announced at this occasion in Zappeion Megaron, with the presence of the Greek Prime Minister, Kyriakos Mitsotakis. This protocol aims at increasing European growth capital funds’ capacity to provide late-stage funding to EU-based technology companies. Over the next 3 to 5 years €3.3 billion will be mobilized as part of this agreement, fostering the development of European global tech leaders. The five partners are: Bpifrance (France), KfW Capital (Germany), Tesi (Finland), Hellenic Development Bank of Investments (Greece) and Vækstfonden (Denmark).   The Hellenic Development Bank for Investments (HDBI) and Bpifrance have also signed a Memorandum of Understanding to accelerate the growth of investment fund managers for the benefit of equity financing of Greek companies.   Furthermore, the Hellenic Development Bank signed two additional Memorandums of Understanding with Sowalfin (Belgium), and with Banco Portugues de Fomento (Portugal), signaling the starting point of joint initiatives that can produce new synergies and opportunities for economic and social development. These MoUs set the objective of enhancing opportunities for growth and seek to strengthen funding arrangements to mobilize investments and support SMEs. Moreover, these MoUs aim to attract equity investments and foster the extroversion and competitiveness of Greek entrepreneurship, including via the established “InnoAgora powered by HDB” platform, which is a Greek community within EuroQuity-Bpifrance, the online matchmaking platform aimed at creating and sustaining a professional and qualified network for the collaboration of investors and entrepreneurs at European level.    At the same time, a very important and strategic agreement between the Hellenic Development Bank and the Public Gas Corporation of Greece (DEPA) was signed related to the” White Dragon” project. This project – an investment which exceeds € 8 billion – concerns the development of an innovative integrated green hydrogen project in Greece which covers the entire hydrogen value chain. Its goal is to will create the new ecosystem of companies in the field of green energy, through the planning of joint support actions and the effective utilization of our financial tools to companies operating in the field of green energy.   These synergies declare in practice the commitment of the development banks to their common goal and vision: to support and promote entrepreneurship in Europe for Growing Together.   Moreover, eight high-potential companies, all members of InnoAgora powered by HDB, participated in the pitch session in front of more than 30 investors on site and online, seeking to raise more than €35 million: BibeCoffee, Brite Solar, Centaur Analytics, InSyBio, Loctio P.C, PaloServices, PD Neurotechnology and RTsafe.   Eight innovative Greek companies exhibited in the context of Agora sessions: Biopix DNA Technology IKE, EV Loader, Eye Radar, Magos, Moptil-Mobile Optical Illusions, SciDrones, OramaVR and PD Neurotechnology.    HE Kyriakos Mitsotakis, the Prime Minister of Greece, honored the event with his presence. Among the institutional participants at “Growing Together” were:   Adonis Georgiadis, Minister of Development and Investments (Greece) Yannis Tsakiris, Deputy Minister for Development and Investments (Greece) Nicolas Dufourcq, CEO, Bpifrance (France) Pascal Lagarde, Executive Director, in charge of International, Strategy, Studies and development Isabelle Bébéar, Director, Head of International & European Affairs Athina Chatzipetrou, CEO and Chairwoman of the Hellenic Development bank (Greece) Pantelis Tzortzakis, Executive Vice-Chairman of the Hellenic Development Bank (Greece) Antigoni Lymperopoulou, CEO of the Hellenic Development Bank of Investments (Greece) Haris Lambropoulos, Chairman of the Hellenic Development Bank of Investments (Greece) Nathalie Berger, Director for Support to Member States’ Reforms, European Commission Beatriz Freitas, CEO, Banco Portugues de Formento (Portugal) Jean-Pierre Di Bartolomeo, President, Solwalfin (Belgium) Gytis Zakevicius, Advisor to the Minister, Ministry of Finance of the Republic (Lithuania) Ioannis Kaltsas, Head of Division, European Investment Bank Anne Mieke Van der Werf, Director Business Development, Invest NL (Netherlands) Jan Sasse, CEO, Tesi (Finland) David Denzer-Speck, Head of EU Affairs, KfW (Germany) Ioannis Bratakos, President, Athens Chamber of Commerce & Industry   And also entrepreneurs and investment funds: Alex Fotakidis, Partner – Head of CVC Greece, CVC Capital Partners Apostolos Tamvakakis, Founder and Managing Partner, EOS Capital Partners Giannis Papadopoulos, Chairman, the Hellenic Venture Capital Association (HVCA) Bertrand Rambaud, Chairman, Siparex Véra Kempf, Co-founder, Singulart Nicolas Fritz, CEO, ContentSquare  Georges Tziralis, Partner, Marathon Venture Capital Antoine Papiernik, Managing Partner, Sofinnova Partners Dimitris Dimitriadis, Chief Innovation Officer, TheFutureCats George Dimopoulos, Partner, VentureFriends   Complete list of speakers here   Media relations :   Bpifrance presse@bpifrance.fr 01 42 47 96 89 HDB press@hdb.gr 2107450400 HBDI media@hdbi.gr 210 3387110   About Bpifrance   Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extrafinancial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export…).  For more information, please visit: www.bpifrance.fr and presse.bpifrance.fr – Follow us on Twitter: @Bpifrance – @BpifrancePresse     About HDB   The Hellenic Development Bank SA (HDB) is the development institution of Greece. It is the 100% state owned financial intermediary in Greece, which is functioning in reciprocity with the Greek banking sector. Established in 2004, HDB contributes to the driving forces of the Greek enterprises as a pillar of growth of the national economy. HDB is the trusted partner of Greek entrepreneurs. In particular, HDB is supporting primarily micro, small and medium enterprises by facilitating their access to finance and support through non-financial tools, to address and cover any market failures and to create an ecosystem that

By Selma Prodanovic, EBAN Vice President  The overall assumption is that investors seek the highest return on investments. If this may sound like common sense, it is certainly not common practice as investors tend to invest in startups who generate half the possible revenue for every dollar raised! Let’s take a closer look: A global study by BCG shows that for every $1 of investment raised, women-led startups generate $0,78 in revenue, compared to $0,31 for male-run startups! First Round Capital found that female-led companies it had funded performed 63% better than the all-male counterparts. The Kaufmann Fellows Report reports that women-led teams generate a 35% higher return on investment than all-male teams.  Combining the assumption that investors are always seeking the best investment opportunities and the above data, one would imagine the majority of VC funding would be allocated to female-led or mixed-team startups. Well, the opposite is the case! According to Crunchbase, female founders received only 2.3% of VC funding in 2020. In Europe, female founders received 0.7% of the total VC funding according to Pitchbook.  This incredible discrepancy is simply illogical in today’s data-driven world.  The next decade will bring a major shift in funding as LPs will no longer accept unawareness, ignorance of facts, or even deliberate misallocation. Considering that in 2020, 83 female (co)-founded unicorns joined The Crunchbase Unicorn Board compared to 18 in 2019, the change is already happening, and it is merely a question of how fast VCs and angel investors will adapt.    Following are four strategies to adjust and perform better in the future:   Diversify your deal sourcing Deal sourcing is obviously directly related to your network. Depending how heterogenous or homogenous your network is, you will have access to more or less diverse startups. No matter how much you would like to invest into female-led startups, you will not be able to find them if you do not make a conscious effort to expand your network. The numerous fantastic initiatives, organizations, and accelerators focusing on female-led startups provide the fastest and most professional access.     Be aware of your “pitching bias”  One of the major factors behind this inconsistency is unconscious bias. According to ILO, unconscious gender bias is defined as unintentional and automatic mental associations based on gender, stemming from traditions, norms, values, culture and/or experience. The unconscious, automatic associations feed into decision-making, enabling a quick assessment of an individual according to gender and gender stereotypes.  According to Harvard Business Review, one study (2014) using identical slides and scripts but voiced by men or women. The researchers concluded, “Investors prefer pitches presented by male entrepreneurs compared with pitches made by female entrepreneurs, even when the content of the pitch is the same.”  In addition, bias is present in how founders are questioned. Research from 2017 found that women are asked different questions than men when pitching to VCs. Across 180 entrepreneurs and 140 VCs at the TechCrunch competition, men were consistently asked more ‘promotion’ questions (highlighting upside and potential gains), while women were asked more ‘preventive’ questions (highlighting potential losses and risk mitigation). Entrepreneurs who addressed promotion questions raised at least six times more money than those asked the prevention questions. There are different methods to diminish this bias, but already awareness creates change in the system. Just remember: you might be missing a fantastic investment opportunity.    Expand across industries   The same lack of experience or even self-doubt which is assigned to many female investors entering highly technical fields, is also true for most male investors entering fields such as for example femtech. This maybe “unknown territory”, but considering there are 4 billion women, potential customers, the upside is evident.     The “Business Angelina effect”  The quick fix yet most sustainable strategy is making sure your investment committee or business angel co-investor group reflects not only complementary expertise but also gender diversity. Keep in mind that women influence over 80% of buying decisions and potentially understand better the needs of female customers. The number of female angel investors and female focused VCs is growing. Last but certainly not least, women now control 32% of the world’s wealth (according to BCG) and this will rise at a compound annual growth rate of 5.7% to USD 97 trillion by 2024.  There are many fantastic networks you can either join as a female investor or to identify female co-investors. To start with, get inspired by the EU-Startups Top 100 Europe’s most influential women in the startup and venture capital space or join EBAN events.  The world is changing at exponential rate. Change will either happen to us or we can shape it. Sources: https://www.embroker.com/blog/female-founders/ https://www.ilo.org/wcmsp5/groups/public/—ed_dialogue/—act_emp/documents/publication/wcms_601276.pdf  https://www.forbes.com/sites/allysonkapin/2019/01/28/10-stats-that-build-the-case-for-investing-in-women-led-startups/ https://kalkinemedia.com/news/world-news/50-cognitive-biases-for-the-young-elon-musk https://www.google.com/search?q=femtech+meaning&rlz=1C1CHZN_deAT930AT931&sxsrf=APq-WBsOo0VbHLIJTLFmSRSMNn3BJyZijA%3A1647872574546&ei=Poo4YrzTIN-Pxc8P0viawAc&ved=0ahUKEwi86sLbs9f2AhXfR_EDHVK8BngQ4dUDCA4&uact=5&oq=femtech+meaning&gs_lcp=Cgdnd3Mtd2l6EAMyBQgAEMsBOgcIIxCwAxAnOgUIABCABDoGCAAQFhAeOggIABAWEAoQHkoECEEYAEoECEYYAFCJBlj3DmCDFGgBcAF4AIABaogBoAaSAQMzLjWYAQCgAQHIAQHAAQE&sclient=gws-wiz  https://www.bcg.com/de-at/publications/2020/managing-next-decade-women-wealth https://www.ubs.com/global/en/wealth-management/our-approach/marketnews/article.1525100.html https://www.ubs.com/global/en/wealth-management/our-approach/marketnews/article.1524749.html#:~:text=Globally%2C%20women’s%20wealth%20has%20shown,USD%2097%20trillion%20by%202024. https://news.crunchbase.com/news/top-women-led-unicorn-companies-startups-2022/?utm_source=cb_daily&utm_medium=email&utm_campaign=20220321&utm_content=intro&utm_term=content&utm_source=cb_daily&utm_medium=email&utm_campaign=20220321 https://www.theventure.city/invest-in-women-now https://www.eu-startups.com/2022/03/top-100-europes-most-influential-women-in-the-startup-and-venture-capital-space/ https://gap.hks.harvard.edu/investors-prefer-entrepreneurial-ventures-pitched-attractive-men  https://hbr.org/2020/01/how-the-vc-pitch-process-is-failing-female-entrepreneurs

The Lithuanian startup ecosystem mobilises support for Ukraine, strengthens focus on miltech investments – watch the recording on EBAN TV. Lithuanian business angels met with the Ukrainian ambassador, local NGOs to extend financial and logistical support for on-ground operations – over a million EUR already committed; LitBAN also incentivised investments into Lithuanian miltech startups to bolster national defence capabilities, including spacetech, unmanned buggy and UAV solutions.   Vilnius | Monday, 21 March 2022:  The Lithuanian startup ecosystem is actively mobilising further support to help Ukraine in the aftermath of the Russian invasion, and rallying investments for the Lithuanian national military technology (miltech) solutions, a sector that has demonstrated rapid national growth over the past years. Justinas Pašys, Managing Director at Lithuanian Business Angel Network (LitBAN), which hosted a thematic event at the Vilnius TV tower last week, says the organisation has a mandate to facilitate member connectivity with Ukrainian relief efforts as well as promising miltech startups: “The Lithuanian startup ecosystem stands in solidarity with Ukraine and has activated multiple support initiatives. As the war enters its fourth week, we must sustain the momentum, zero in on the most pressing needs and centralise our efforts to help. For this, we must maintain a direct dialogue between the business community and the Ukrainian partners and NGOs.” The Ukrainian Ambassador in Lithuania, Petro Beshta, keynoted the event, noting the dire need for ongoing defensive equipment support and pressure on Western businesses to boycott Russia. “LitBAN’s second mandate in these geopolitically challenging times is encouraging investments into most prominent national miltech startups. At the event, we decided to showcase five spacetech and unmanned aerial as well as ground vehicle solutions, in order to signal our growing defence innovation sector, and the resolute will of our ecosystem to respond to existential challenges,” adds Mr Pašys. R&D solutions featured included: Astrolight (laser communication in outer space); AirLift by Adscensus (a cost-efficient warfield delivery drone with 400kg lifting capacity); Krampus by Ostaralab (a robot all-terrain buggy for special forces); DBox by DroneTeam (a maintenance solution for remotely controlled drone operations); BlackSwan Space (satellite control that helps avoid outer space clashes). The event also welcomed NGOs, active on the ground in Ukraine, including: The International Committee of the Red Cross (ICRC) in Lithuania; A national “Stronger Together” initiative, which match-makes Ukrainian refugees with Lithuanians willing to host them at home, as well as initiates informational calls to random Russian numbers to bypass the Kremlin’s informational censorship; “Blue / Yellow” organisation, supporting the Ukrainian armed forces and volunteers. Watch the full event recording on EBAN TV. LitBAN’s Contribution LitBAN members having already donated more than 1M euros to relief efforts for Ukraine are suggesting the bank account details of the embassy of Ukraine and the following charities where you can donate directly: Beneficiary: Embassy of Ukraine in the Republic of Lithuania IBAN: LT887044090102961248 AB SEB Bankas SWIFT: CBVILT2X Currency: EUR /USD Also LitBAN is inviting you to keep supporting Strong together, Blue / Yellow, and Red cross. About LitBAN LitBAN is the national business angel association in Lithuania and one of the largest in the region. LitBAN has been growing at a significant pace, with the number of members increasing from 70 to 201 in 2021, now standing at 230 member angels. Also the early-stage startup investments by its members grew almost five times year on year – from 2.2 million EUR in 2020 up to 10.4 million Eur in 2021.      

By Janne Jormalainen, EBAN President and FiBAN Chair Emeritus “What made FiBAN so successful?” is a question often asked in different forums. Let’s explore the major reasons behind FiBAN’s success. The intention for writing this article is to share learnings among the business angel community and let other angel networks benefit from them.    Finnish Business Angel Network (FiBAN) was established in 2010 and it is home to more than 650 business angels. During 2010-2020 FiBAN members invested 335 M€ in more than 1500 start-ups. FiBAN has been able to gather and unite all Finnish business angels under the same roof. These achievements stand out in a country of 5.5 M people.   Strong foundation Before FiBAN was established governmental organizations Finnvera and Sitra had hosted angel investor activities already for a couple of years. Based on these activities there were already tens of identified angels. This base of angels kickstarted FiBAN’s member growth in the early days. Before FiBAN was even established there was a strong vision to create an organization to cover the whole Finland instead of having smaller geographically split angel groups and potentially federation on top of them. The grand vision was to create a network of 1000 angels. The large membership base has enabled FiBAN to have a strong hired office team of six persons and financial resources for developing its operations.   Giving back mindset, enthusiasm, and strong commitment The 18 founders of FiBAN wanted to give back to the community by supporting startups and entrepreneurs. The strongest example of the giving back mindset was Juha Kurkinen’s cash contribution of 100 000 € to the newly established organization through his company. The core founding team spent endless hours of work on the big topics such as vision and strategy to small details of writing the communication letters. In the early days, all the work was based on enthusiasm, strong personal commitment and hard work.    Clear strategy and tangible member services FiBAN was established to be private, independent, and non-profit; values which it has stayed true since its establishment. Its strategy was to focus on good quality deal flow, training, and networking among angels. Today FiBAN processes an annual deal-flow of over 1000 start-ups, approximately 4% of applicants receive funding. Training is offered from basic angel investing topics to special talks in the interest of most experienced angels. FiBAN’s Pitch Finland gathers typically over 100 members to listen to start-up pitches and network with other angels. Protecting angels’ personal credit records in case she or he is a member of the investee company board, has been a valuable member service. Without his protection, a company bankruptcy will be recorded to board members’ personal credit records in Finland.   Rotation of leadership Even though there were strong angel characters such as Juha Kurkinen and Ari Korhonen among the founders, they soon made room for other members to take over the leadership positions. An unwritten rule was established that the chairperson would only be allowed to stay in power for two years and board members for a maximum of four years. This has led to an organization that is not anybody’s “baby” but has new leaders developing it based on a jointly agreed strategy.   International co-operation and benchmarking.  Networking with angel groups in Europe and globally and adapting the best practices from others was playing an important role in creating the founding principles of FiBAN but has also continued ever since. To make integration to international community easier, it was decided that FiBAN will use only English language in communication and events. FiBAN’s first director and co-founder Claes-Mikko Nilsen made his first business trip to attend the EBAN congress in Sophia Antipolis. Former FiBAN chairmen Ari Korhonen and Riku Asikainen were active in EBAN leadership roles as vice presidents. In addition to being active in EBAN, it has been a tradition for FiBAN leaders to attend the ACA meetings and maintain close ties with the US and Canadian angel groups.    Conclusion Vision of uniting all Finnish angels under one roof and being an independent non-profit organization with clear member benefits has led FiBAN to have both resources and appeal for angels. It was built and continues to be built on the enthusiasm of individual angels and relentless pro-bono work. Hopefully some of these ideas can inspire other angel networks to find their own recipe for success.   Janne Jormalainen is an entrepreneur and angel investor as well as president of EBAN and former chairman of FiBAN. Ari Korhonen, FiBAN co-founder and Claes Mikko Nilsen, first FiBAN director and co-founder have been interviewed for the creation of this article. Without their invaluable contribution the creation of this article would not have been possible. 

Insider, a platform enabling marketers to deliver digital experiences, recently became the first SaaS unicorn in Turkey and led the way to GBA’s very first unicorn!  Insider has raised $121 million in a Series D round led by Qatar Investment Authority, with Sequoia Capital, Riverwood Capital, 212, Wamda, Esas Private Equity, and Endeavor Catalyst participating. Insider is the first woman-founded SaaS startup to achieve unicorn status in Turkey and the Middle East region, with the round valued at $1.22 billion. As with every success story, there are important lessons to be learned, here, in Insider’s success.    1. Trust the Vision of the Entrepreneur Insider was founded in 2012, and GBA first met the team in 2013. When they first came to GBA, the team was only a few people (6 co-founders), and although the business model was not fully understood, the passion and backgrounds of the team was highly valued by the investors and the pre-seed round was oversubscribed. This initial investment was followed by follow-on rounds in 2016 and 2017. When VCs evaluate startups there are multiple factors to take into consideration. The market has to be large enough for the startup to generate lots of revenue. It also has to have an obvious competitive advantage. It could be the underlying technology, it could be staying in one niche or a geographic location, brand image recognition, being the first one to enter the market, etc.  Well, but at the end of the day, actually, all it matters is the team and their vision. Especially in early-stage startups, trends come and go, economy changes, things could go horribly wrong, and during that time, the team has to be resilient enough to create new strategies or pivot at some point. So we are basically pouring money on the team, not the product or anything else.  That’s what happened in the Insider’s case, as well. GBA’s first round of investment to Insider was a very early stage, not much of a traction or revenue, there wasn’t a very solid business model, but solely 6 guys with a burning passion.   2. Provide Smart Money, not just Capital In the next round, GBA investors introduced Insider to a few VCs both in Turkey and globally. While VC’s attended in the next rounds, there were investors within GBA who made follow-up investments in the same rounds.  Providing capital to startups can be life-changing. We all agree that proper financing is highly crucial, but one thing we sometimes tend to forget is the importance of what comes with the money.  Startups, especially in early stages, not only need the money but also the network that comes with it. This is where the “smartness” of money comes into play. The right investors should be willing to share their network with the entrepreneurs, finding other potential investors and customers, providing them with business know-hows, and even sometimes helping them in opening up globally. In our case, some of GBA angels mentored the Insider team through VC negotiations and as a result the valuation of Insider has increased by 20% as compared to VC’s term sheet. When Sequoia Capital invested in Insider (Series B) in 2018, GBA investors partially exited while some investors continued to hold their stake in the company.  Today, Insider has grown to more than 700 employees, across 28 countries and 41 nationalities, aiming this Series D round will contribute to expanding globally, the enhancing of key technologies, and the growth of sales and marketing teams.

The African European Digital Innovation Bridge (AEDIB) has selected twelve consortia which qualified to become Digital Innovation Hubs (DIHs) on the African continent.

The European Innovation Council (EIC) launched today the ninth edition of the EU Prize for Women Innovators. The Prize celebrates the women entrepreneurs behind Europe’s game-changing innovations, to inspire more women to follow their footsteps.

Dealroom.co presents: The Ukrainian women founders to follow in 2022 This International Women’s Day season we’re shining a light on Ukrainian women startup founders, their innovative startups, and how they’re bringing their unique skills and entrepreneurialism to the fight for freedom and sovereignty in Ukraine.

Scenes have come to European soils that the majority of us never could have expected to experience in our lifetime. As Ukraine has experienced invasion from Russian forces, the continent has been left shaken, shocked, and overwhelmed by what has happened. During this time, across Europe, we have seen heartbreaking footage emerge from Ukraine of civilians sheltering in underground stations, fleeing their country in desperation, and people across the nation taking up arms in an effort to defend their homes. We have all been inspired by different stories of people bravely stepping up to confront this invasion – one such example that captured our readers’ attention being Kira Rudik. The original article was written by EU-Startups

Since the beginning of the Russian invasion of Ukraine, Tech To The Rescue has matched 24 NGOs with tech companies to develop digital solutions needed to overcome the increasing humanitarian crisis. Now Tech To The Rescue is calling on the tech community and investors for financial support to carry on #TechForUkraine efforts, estimated to positively impact the lives of two million people.  Tech To The Rescue wrote the original article that you can read here

€10BN Angel Funding Targeted as Cork Hosts European Business Angel Reunion CorkBIC will host up to 350 business angels, investors and start-ups from 35 countries at the European Business Angels Network (EBAN) Congress in Páirc Uí Chaoimh This is the first EBAN Congress in more than two years Event offers major international networking opportunity for investors and start-ups Amongst the speakers and attendees will be some of Europe’s most successful serial angel investors, who will share secrets to their success The Congress will help EBAN to grow annual business angel funding in Europe from €8BN to €10BN by 2025 EBAN Congress is a major win for Cork and will bring €250K to the local economy Cork, Monday 14th March, 2022 – CorkBIC today announces that it will host an all-Europe angel reunion at Páirc Uí Chaoimh, Cork, on 18th and 19th May in the presence of Michael McGrath TD, Minister for Public Expenditure and Reform. Business angels and super angels from across Europe will attend the European Business Angels Network (EBAN) Congress with the aim of increasing annual angel investment in Europe from €8BN to €10BN by 2025. With a theme of ‘reconnect, reimagine, reinvest’, the congress – organised by CorkBIC, EBAN and the European Commission’s InvestEU Portal – will be a major networking event for Europe’s angel investors to share ideas, make connections and meet promising start-ups. Up to 350 business angels, investors and start-ups from 35 countries will attend the Congress, which marks the first time Europe’s business angels have gathered in-person in more than two years. The two-day event – sponsored by Cork City Council, Cork County Council, EY Private and AIB Group – will host a series of speakers, including some of Europe’s most eminent investors and super angels. They include Dr. Hermann Hauser, founder of Acorn, and an investor and inventor with an Honorary CBE and KBE for his contributions to the UK’s enterprise, engineering and technology sectors. The venture capital firm he co-founded, Amadeus Capital, has invested in 180 companies. Peter Cowley, another super angel meanwhile, is the former president of EBAN and has invested in more than 76 companies. Speakers at the Congress will provide insights on major angel investing trends, including impact investing and how to become angels of change; environmental, social and governance (ESG) funding routes; the power of accelerators for raising global finance; building for exits; and building a more diverse community. The congress will mark a return of EBAN’s in-person annual awards ceremony, which was moved online in 2021 and 2020. The ceremony will be held at a gala dinner in Vertigo, Cork County Hall, on the evening of Wednesday 18th May and will recognise the start-ups, angel investors and networks that have made a significant impact on the angel investment community over the last year. Previous Irish winners of EBAN Awards include salon software company, Phorest; chipmaker DecaWave; the Halo Business Angel Network (HBAN); and CorkBIC as a Best Performing New EBAN Member. Representing a major win for Ireland and Cork, CorkBIC won the competitive bid to host the Congress. The conference is expected to bring €250K to local businesses and hospitality providers over the two-day period. The win also reflects the Southwest region’s contribution to angel funding in Ireland. Last year, of the €18.2M angel investment recorded by the Halo Business Angel Network (HBAN) on the island of Ireland, the southwest contributed €7.5M. HBAN’s Boole Investment Syndicate, located in Cork and focusing on investments in start-ups in the region, grew by 20% last year and has now invested more than €10M in 42 companies. Michael McGrath TD, Minister for Expenditure and Public Reform, said: “Cork is continuing to raise the bar as a hub for entrepreneurialism, scaling and investment. Some of Ireland’s most promising start-ups and scale-ups are located here, along with some of the world’s largest enterprises. Helped by the tremendous work of CorkBIC, our region is now on the world map as a centre for innovation, making it well-placed to host an international event of this calibre and being a launching pad for the future of angel investment across Europe.” Janne Jormalainen, President, European Business Angels Network, said: “This year’s congress is hugely significant for our members and Europe’s start-up ecosystem. A vital element of investing and fundraising is networking and as Europe’s largest angel network – consisting of more than 100 member angel networks and over 20,000 investors – we are very excited to be able to facilitate that on a large, international scale again. “Last year, angels in our member organisations invested close to €8BN in start-ups. By reconnecting angel investors with Europe’s start-ups, this congress represents a new era of angel investment on our continent as we work towards reaching the €10BN milestone by 2025.” Michael O’Connor, CEO, CorkBIC, said: “Angel investment has been steadily growing in the Southwest region, bringing opportunities to investors and start-ups alike. We are honoured to be putting Cork on the European stage as we reconnect the angel community and work together to increase angel investment across Europe. We look forward to welcoming business angels, investors and start-ups to the Congress and exchanging ideas on how angel investment can further economic growth.” Keynote speakers at the conference will include: Michael McGrath TD, Minister for Public Expenditure and Reform Dr. Hermann Hauser, Physicist, tech entrepreneur and venture capitalist, co-founder of Amadeus Capital Partners, which has invested in 180 companies Janne Jormalainen, president of the European Business Angels Network, and a super angel who has invested in more than 30 high-tech and education companies Edna Conway, Vice President, Chief Security and Risk Officer for Microsoft’s Azure Kieran McLoughlin, managing partner of VentureWave Capital, one of Ireland’s first impact investing funds former CEO of the Ireland Funds Jamy Goewie, serial social entrepreneur and CSR consultant, Julian Costley, a serial investor and co-founder of E*TRADE, an all-internet stockbroking firm that was acquired by Morgan Stanley in 2020 Faye Walsh Drouillard, former social entrepreneur, founder & general partner of WakeUp Capital, an

From “Seeders MBA” to “Seeders Accelerate” IM Capital is a 20 Million USD program funded under USAID, to provide Matching Capital, Equity Guarantee, and Support Programs to a broad range of qualified early-stage businesses and investors in Lebanon. The program works to provide needed support to early-stage businesses in order to create and sustain jobs, advance and develop the investment eco-system and encourage increased equity investment in early stage businesses, contributing to the goal of increasing the availability of equity capital for new, innovative, early business start-ups and existing small and medium businesses. With its investment components, IM Capital contributed to the development of the Lebanese startup eco-system by launching several new initiatives, like the first seed startup accelerator “Speed@BDD” which graduated 35 startups, a mentorship platform based on MIT Venture Mentoring Service model (Confideo) with more than 60 mentors trained, and a coaching program for SMEs based on Stanford Seed methodology. It also created and managed the first structured business angel groups, SEEDERS and the Lebanese Women Angel Fund (LWAF), the latter being the first such network of businesswomen that invests in women-owned businesses in Lebanon. IM Capital created SEEDERS in 2016, the first structured and syndicated Business Angels program in Lebanon, in an effort democratize and crowd-source angel investing by building small communities of business angels. The program builds capacity for novice individual investors through an MBA (Masterclass for Business Angels) that spans from September to July every year, and follows a “Learn & Earn” methodology, mixing investment sessions and capacity-building workshops over a 9-months “academic” period. The angels get to meet every 6 weeks to attend pitches and workshops and invest their personal moneys in startups; participating tickets are $15k per investor per MBA, with 50% capital guaranteed by IM Capital. A co-equity fund by the World Bank in Lebanon has also topped the angels’ SPVs by 1 and 1.5 times, the groups reaching collectively a $2.8M of capital raised for Lebanese startups. Till July 2019, 4 angel groups were created and 105 graduated Angel Investors through the MBA programs, 18 Deal Leaders and 4 Group coaches certified. More than 25 Investment sessions with 120 startups pitched in front of the angel investors, and more than 10 ventures were funded by the angels, covering sectors such as SaaS, Platforms & Marketplaces, Education, Hardware, IOT, Arts & Design, and Entertainment, creating a diverse portfolio and filling a funding gap, with investment tickets ranging between $100K and $200K per startup. The seeders/LWAF program was such a success that it got interest from business angels in the region such as Jordan and Egypt to be replicated in their eco-systems. The 5th SEEDERS/LWAF group started in September 2019, with a batch of 24 angel investors and an investment vehicle of $900K, and then an economic crisis hit Lebanon in October 2019, following the uprising of the population against the corrupted governing system. Devaluation of the local currency, capital controls and lack of liquidity in banks plunged the country into financial chaos and uncertainty. As a result, all the Lebanese entrepreneurial eco-system collapsed, the existing VCs disappeared, so did the support programs and accelerators. Amidst such situation, valuation of startups became an impossible exercise, and hence the SEEDERS MBA program was unable to make a single investment during the “academic year”. The group had to pivot to another model, to keep searching for opportunities not to keep their monies stuck in banks in such risky situations. The program shifted to an “Accelerator” model, to inject capital into a cohort of startups to develop their MVP between 3 to 6 months, with a fixed financing scheme: Inject a small investment ticket of up to $50K into each startup (+ equivalent of $50K in-kind) for 5% of the company, with follow-on funding from the SEEDERS SPV depending on milestones and KPIs. The deal flow would come from: (1) startups that pitched to Seeders LWAF previously, but not qualified due to their seed stage (2) & call out to new startups The program objectives is to (1) identify promising startups, (2) provide capacity building to the entrepreneurs, (3) provide venture building sessions focused on helping the founding team in planning and launching their MVP into market, (4) provide the Initial seed funding and opportunity for follow-on funding. The startups would also benefit from access to a network of mentors and access to workspace within the premises of IM Capital. The selection process was done with a small number of business angels from the current group, and each selected startup would have one angel as a coach for follow-up. The program selected 10 startups as a first cohort, and started implementing the accelerator program. As a preliminary direct result of this program, one startup, Digital Prestige, who was hosted in the accelerator, already “graduated” into its own space and is now a team of 10. The program is being approached by family offices that want to partner to offer investments in startups as an alternative asset class for their clients (individual investors) and to diversify their investments from real estate and traditional asset classes. For more information: http://seeders.co http://lwaf.co https://www.youtube.com/watch?v=47wNWKhhYj8 (Seeders 2016) https://www.facebook.com/IMKapital/videos/444317295978601/ (Seeders LWAF 2017) http://bit.ly/2y9q0kb & http://bit.ly/2GCSXcS (Seeders LWAF 2018)

Non-profit organizations need tech support to maximize impact in the light of the ongoing war. Help them design digital solutions that matter. Follow the link to discover how can you support Ukraine

Lithuanian investors have significantly increased their investments in early-stage businesses this year, with their growing popularity and growing startup evaluations. Such conclusions about the achievements of Lithuanian business angels could be made if we relied on the statistics on investments of LitBAN members this year, systematized by LitBAN the only business angel association in the country. According to LitBAN, the investments of the network members have increased almost five times this year – from 2.2 million EUR up to 10.4 million Eur. After the completion of several more transactions at the end of the year, the growth of investments exceeded 5 times, says Justinas Pašys, the head of LitBAN. The growth of the business angel community itself contributed to the growth of investments – the number of members of the association increased from 70 to 201 members in 2021. “However, this is not enough to explain the fivefold increase in terms of investments. This year, the average member has invested twice as much, EUR 106,000 each, compared to EUR 50,000 in 2020. The median of investments increased from 13,000 Eur to 20,000 Eur” – explains J. Pašys. The head of the Business Angels Network explains that investments are growing due to increased startup evaluations and increasing popularity of making investments in startups, economic growth and improved prospects, and increased revenue for key businesses. “The cultural factor cannot be ignored either – investing in startups is no longer just a hobby or a charity for young enterpreneurs,” says Pašys, who notes that investing in startups is becoming part of a diversification strategy for the investments. “Most of the angels don’t walk alone – they invest in groups, so the community aspect is very important.” Justinas Pašys reveals that “several business angels who are making big invesments” have joined the network this year. “Some of them are the founders of successful startups,” said the head of LitBAN. During this year, the network members made an average of 2.4 investments in startups. The statistics of the association show that the average investment of a member in a startup is about EUR 44,000, in a Lithuanian start-up – EUR 35,000. It is true that the median investment is lower – EUR 20,000 and EUR 10,000, respectively, as 20% of business angels have invested 80% of the amount. “Evaluations of Lithuanian startups are significantly lower than starups from Western Europe and America, where many of our members live. Also, investing in startups is still more popular in the West, and foreigners who are exploring Lithuania have usually been a business angel in their home country for a long time and are looking for opportunities to invest abroad. It is natural that their investments abroad are higher than in Lithuanian startups,” J. Pašys explains the differences between the network members’ investments in foreign and Lithuanian startups. Out of 10.4 million. EUR, 5.4 million was invested in Lithuanian startups. 25 members of the Lithuanian Business Angels Network are foreigners, another 20 Lithuanians live abroad. The manager notices that the new members of the association prefer Lithuanian startups. Members living abroad usually invest in startups in their country of residence or of the country they travel to. “This year, our members have invested in Belarusian, American, Danish, Belgian, Ukrainian, Latvian, Estonian, Spanish, English, Czech, German, even Turkish and Indian startups,” says Pašys. – The choice of investment regions of our members is also influenced by the geography of startups applying to LitBAN. When one startup from abroad receives an investment from our angels, LitBAN also appears on the radars of other startups in that country. We especially notice this in the countries closest to Lithuania. ” Popular investments More that 20 investments from business angels were invested into “Oxus.ai”, a sales call optimization technology launcher, more than 25 investments went to “Cogastro”, software developer for insect farms, forest management and investment platform “Foros” and developer of the “NO-CV” job search app attracted more than 10 business angels, 10 – trading platform “popup.lt”, more than 5 business angel investments were attracted from the members of the association by the business interface register “Okredo” and data science education platform Turing College. “Oxus.ai”, “Foros”, “Okredo” and “Turing College” have raised more than 1 million Eur. “Cogastro“, “NO-CV“ and “Mindletic“ (emotional health enhancement ap) raised 0.5 million Eur. In all these cases, our member business angels have invested together with various venture capital funds, says J. Pašys. – Syndication of at least ten investments in startups is currently underway. Unfortunately, this information is private and available to members, and we will make the announcement public after the investment is closed.” It is true that the investments of local business angels are not limited to what LitBAN has to offer during its events. 59% of investments were self-discoveries, such as those discovered in private conversations. “Every angel that invests more is a mini ecosystem in itself – they receive a lot of offers to invest, they have a wide network of investors,” says J. Pašys. The most common investments of the Lithuanian Business Angels Network outside the field of LitBAN offerings are the continuous IT and technology learning platform for teachers “Teachers Lead Tech”, “Inbalancegrid”, which develops electric car charging stations, and “Rubedos”, a developer of mobile robotics solutions. Outside the network, Lithuanian business angels have independently invested in startups in the USA, Hong Kong, the United Arab Emirates and Australia. Returns on investments One-third of business angel investments have been entrusted to startups that are not yet generating revenue (pre-revenue). J. Pašys VŽatsatsas that only in a couple of years it will be possible to share statistics on the “survival” of startups at this stage. Over 2021, network members have sold 17 investments or, as we say in industry jargon, made 17 exits. In 2020, 11 exits were made. Pašys estimates that this year, 11 business angels received ten times the amount invested. Pašys also points out that the most successful investments made this year in terms of the achieved money

The construction industry is responsible for 9% of the GDP of the EU, represents a market of €2 trillion, and employs 18 million people. According to European Commission data it is, however, one of the least digitized sectors, with productivity almost stagnant over the past 2 decades, growing by just 1% – a fraction of the improvement in other traditional industries. Construction technologies are at the heart of many engineering feats in the modern world, and the industry has made great strides, among others, in safety, pollution control and environmental impact. But it can and must go much further. New technologies, at decreasing costs, in terms of artificial intelligence, computer vision, robotics, drones, etc., as well as constant innovation in terms of materials, can greatly increase the productivity and economic and environmental performance of the industry. Many mature companies developed Intrapreneurship projects, contributing to the creation and development of a culture of internal innovation. It is important to emphasize that innovation is within the reach of any company, regardless of its size, whether internally or through the acquisition of start-ups, fundamental to the industry transformation process given its innovative, and often disruptive, character in processes, materials and technologies. Technological innovators and entrepreneurs are increasingly aware of the construction industry as one of the “next big things”. Entrepreneurs and their investors are attracted by the size of the market and in particular by the impact of digital transformation in a sector that has been a “sleeping giant”. “The biggest challenges in the construction industry are productivity, waste and costs. Productivity because it has barely improved over several decades, waste because the industry faces an urgent need to improve waste management, and costs because there is great potential for time savings in this sector”, says Alban Mallet, founder of XtreeE, which uses 3D printing to produce everything from walls to bridges. “There is a lot of communication about sensors, the internet of things, data and all sorts of modern devices being implemented in the construction sector,” says Emeric Mourot, founder of My Digital Buildings, which creates construction site ‘digital twins’. But the construction industry remains a conservative world, a product of a fragmented market, with many different players involved in the life stages of a project, from architects to builders, developers and diverse suppliers, often leading to complicated coordination and mishaps. communication, cause of rework, delays and unforeseen costs. Improving productivity is key to companies’ resilience and competitiveness Responsible for generating 39% of global carbon, the construction industry faces huge challenges on the path to sustainability. In 2020 alone, 374 million tons of demolition waste were created. To put it in perspective, the equivalent of 37,000 times the weight of the Eiffel Tower. “The construction industry is like an old dinosaur that is finally ready to move,” says Lucile Hamon, the founder of startup Backacia, a reused component buying and selling platform. Gonzalo Galindo, chief executive of Madrid CEMEX Ventures, Cemex’s Venture Capital, says the operational challenges are great, especially for builders with very low margins. And if there’s anyone who can help the construction industry get out of its comfort zone and try new things, it’s start-ups, because many entrepreneurs don’t want to face big corporations, but rather work side by side with them, because they believe that this is the key to winning in a sector where it is difficult to enter and even more difficult to climb. If Europe wants to meet its climate targets, it will have to tackle the construction issue in a systematic way. This will only be possible with innovation, new technologies and digital solutions.  And this will only be possible if everyone, Venture Capital, entrepreneurs and construction entrepreneurs, realize that there is a whole world of opportunities for those who combine industry knowledge with the technological innovation of startups, all supported by a venture capital industry available for finance innovative projects, sometimes risky but with great potential for profitability. EBAN as the pan-European representative for the early stage investor community gathering over 150 member organizations in more than 50 countries today can be a major partner for all those entities, helping them to achieve their goals in the “construtech field” and playing a vital role in Europe’s future, notably in the funding of SMEs. Adapted from an article written by the author at LinktoLeaders. “Construction tech, a Sifted Intelligence report”, main source.

EBAN condemns the Russian invasion of Ukraine and calls for Freedom of Innovation, Entrepreneurship and Investing as a Vector of Peace 24 February 2022, Brussels  EBAN, the trade association representing business angels, condemns the Russian invasion of Ukraine and calls for freedom of Innovation, entrepreneurship and investing as a vector of peace for Europe.   “Without freedom from tyranny and dictatorship, there can be no innovation, no entrepreneurship and no financial basis for investment” declared Janne Jormalainen, President of EBAN and President Emeritus of the Finnish Business Angels Network. For  more than 2 decades, EBAN has cultivated strong mutually beneficial, peaceful and profitable cross-border relationships from Ireland in the West to the Urals and beyond in the East. The EBAN CEE Community, established in 2015, is one of the pillars of our organisation and we are proud to have helped create “U-Angels”, the first Business Angel network in Ukraine, back in 2014. One need only look at the amazing creativity of Ukranian entrepreneurs behind such ventures as Grammarly – https://www.grammarly.com, Readdle – https://readdle.com/, and Ajax – https://ajax.systems/ to understand how their contribution has helped make the world a better place and to support the UN  Declaration of Human Rights and the UN SDG’s, now more important than ever.  Several of our member organisations from the EBAN CEE community have experienced the horrors of war and the deprivation of the basic human right to create and succeed in entrepreneurial endeavours. Innovation is a generator and transmitter of peace and progress. Entrepreneurship unifies people across nations. Technology helps bring transparency, education, opportunities and a level playing field. It is this very premise upon which all Business Angels invest and promote. At its core, EBAN is about international collaboration. We will continue now more than ever to support our Ukrainian colleagues, and entrepreneurs to fight and succeed for their freedom to create and innovate, even in the face of tyranny and naked aggression.   EBAN Board of Directors 

Ministers from 18 EU countries have just signed the new joint European Tech Champions Initiative (ETCI). The aim is to raise €10 billion for an umbrella fund, under which 10 to 20 new European venture capital funds will be created, each with more than €1 billion to invest. The declaration is signed by Denmark, Estonia, Greece, Spain, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Austria, Portugal, Romania, Finland, Sweden, and with the support of Bulgaria and Slovenia.

  6th EU – AU Summit: The African European Digital Innovation Bridge is a deliverable under the Global Gateway Investment Package The sixth European Union – African Union Summit, held in Brussels on 17 and 18 February 2022, brought together Heads of State from all over Africa and Europe. The Joint Declaration between the EU and AU which was passed at the end of the summit underlines the importance of boosting digital entrepreneurship. The African European Digital Innovation Bridge (AEDIB) is part of the Global Gateway Investment Package on Digital Transition which aims to support Africa for a strong, inclusive, green and digital recovery and transformation. Entrepreneurship and intercontinental cooperation in the digital transition are key to build more diversified, inclusive, sustainable, and resilient economies. This was reflected in the discussions at the EU-AU Summit. During her opening speech Ursula von der Leyen, President of the European Union, focused on African entrepreneurs: ‘They have the passion, they have the ideas, they have the will to succeed. They need investment in connectivity and in skills. And investments in micro, small and medium enterprises.’ Responding to those needs is one of the goals of the Africa-Europe Investment Package of at least EUR 150 billion announced by the EU: “This Global Gateway Investment Package aims to boost public and private investment building on existing initiatives and partnerships. The Package will boost large scale sustainable investments, supported by Team Europe Initiatives, with due consideration to the priorities and needs of the African countries”. AEDIB is a #TeamEurope Initiative which is part of the Global Gateway Investment Package on Digital transition. This package focuses on securing digital connectivity between Europe and Africa and reinforcing interconnections within Africa. AEDIB in this context aims to support partner countries in strengthening their digital and innovation ecosystems and promote intercontinental cooperation between stakeholders in Africa and Europe. The ultimate vision is to establish a single market for digital innovation between both continents. For the entire week surrounding the Summit, Brussels focused on African-European cooperation as part of Africa Europe Week 2022, which brought together over 10 000 delegates from Europe, Africa and beyond. Additionally, 15 000 delegates participated in the 7th EU-Africa Business Forum (EABF), which was hosted in a hybrid format in Brussels and online. At the EABF, discussions on digital transition centred around achieving sustainable growth and creating decent jobs. In her keynote speech on ‘Digital Innovation for Job Creation and Sustainability’, Dr Bärbel Kofler, Parliamentary State Secretary to the German Federal Minister for Economic Cooperation and Development, noted that innovation and the exchange of good practices between Africa and Europe are required to attain digital sovereignty. In this context, she highlighted the AEDIB Initiative: “AEDIB establishes an African-specific mechanism to foster Innovation made in Africa. It will link European and African innovation ecosystems and supports joint cooperation projects. It will facilitate the scale-up of innovative African small and medium-sized enterprises and will support them on their digital transformation path.” Kofler announced that as part of AEDIB, twelve consortia will be selected to establish Digital Innovation Hubs (DIHs) all over the African continent. They will help strengthen local innovation ecosystems and will provide companies access to technical expertise and experimentation in the areas of Climate Smart Agriculture, Smart Cities, Digital Trade and CleanTech. FURTHER LINKS Find the Joint Declaration by the European Union and the African Union which was passed at the EU-AU Summit 2022 in Brussels: final_declaration-en.pdf (europa.eu) Find the EU-Africa Global Gateway Investment Package on Digital transition: EU-Africa: Global Gateway – Digital transition (europa.eu) Source: AEDIB https://aedibnet.eu/aedib-news/6th-eu-au-summit/

Since you’re a business angel, you already know why you’re investing in startups. You know where your strengths are in terms of expertise and what you can bring to the table to help companies grow. But you probably also have already experienced some of the typical challenges that business angels face. First of all, time is scarce. Proper due diligence will cost you many hours. Sourcing and screening for interesting targets quickly add up in terms of work, too, and if you’re not only following but leading financing rounds, you find yourself with enough work for a full-time job soon. Even when you band together with other angels that know what they do, your bandwidth to process information as a group will still be limited. Second, your geographic and thematic horizon is not endless. You might have a good or even expert understanding of B2B SaaS, medtech, or quantum computing hardware, but most probably not in all of them simultaneously. It is quite reasonable to focus on what you’re already good at. Furthermore, it is obvious that you mainly invest in your home city or country. And why on earth should business angels try to invest in faraway places where they don’t have a strong network? There is more than enough to do at home. Third, you are confined in terms of stage. Early-stage is where you have access and can add value. It can be argued that early-stage investing is most exciting. But maybe you have thought about investing in a more mature startup because you really like their unique position, or how quickly they grow, or for other reasons. But unless you can write multimillion checks you will simply not get access to later funding rounds as an angel. What if there was someone who could help you overcome these limitations? What if there was a simple way to broaden your deal flow across different topics, stages, and geographies? That would let you complement your seed-stage investing with access to competitive later-stage financing rounds of startups from the hotbeds of the European startup scene, no matter where you’re based? If that doesn’t sound too bad, consider why over 100 seasoned business angels from all over Europe invested with Verve Ventures in 2021 alone. Several business angel clubs from different countries have partnered or are in the process of partnering with Verve Ventures. They get access to Verve Ventures deal flow our team has sourced, analyzed and prepared for investment. Access to documents, meetings with founders as well as investment execution are 100% digital. This is what next-generation venture capital looks like. But who, you might ask, is Verve Ventures? Established in Switzerland in 2010, the company has grown into one of the most active venture capital investors in Europe. The portfolio comprises more than 120 active startups from 11 European countries. In 2021, the private investors and family offices that make up Verve Ventures’ network have invested EUR 57m in 30 new portfolio companies and follow-on rounds and got money back from 2 companies that went public and 6 that got acquired. Verve Ventures’ team of investment professionals is 20 strong (out of almost 50 in total), with experts in Physics, Biotechnology, Engineering, and other relevant topics. The digital infrastructure is developed in-house and makes investing in startups and managing one’s holdings as easy as possible. Chris Gay-Crosier, who heads Verve Ventures International Investments, sees a clear value in partnering with business angel clubs across Europe for all parties involved. “The strengths of business angels and Verve Ventures are complementary. We give business angels the means to diversify their investments and access to attractive opportunities they wouldn’t see otherwise. With our network becoming more diverse and international by the day, we can leverage the talent and experience of business angels from across Europe to increase the support startups receive. We effectively increase business angels’ geographical reach, which, of course, is also beneficial for them if we invest in later rounds of startups they have backed. Finally, Verve Ventures offers its network a friction-less place to learn about the European startup ecosystem as well as the chance to connect with like-minded people across borders.” Joining EBAN is a logical next step for Verve Ventures after having refined its partnering process and seeing that there is strong interest from their individual members. This model and its benefits for all involved haven’t gone unnoticed. The next international partnerships with business angel groups that are members of EBAN will be announced in the coming months. Contact Person for Verve Ventures: CHRIS GAY-CROSIER Chris joined Verve Ventures in 2013 and is in charge of expanding the investment activities internationally. He has a Master in Law from the University of St. Gallen.

Wolves Summit Launches New Event Format To Connect Global LPS With Fund Managers, And Scaleups Across Central Eastern Europe Wolves Summit, the organiser of the most active technology and innovation conference in Central Eastern Europe, which brings together 2000+ of startups and investors every year, is announcing a new event format – Alpha Wolves. This is a two-day event dedicated to global LPs, fund managers & scaleups. On the 7th and 8th of April, hundreds of scaleup founders, regional and international investors and Limited Partners will meet in Warsaw to explore funding opportunities. This is a unique opportunity for scaleup owners, i.e. companies that have already completed at least the first round of financing, have a developing product, and are now establishing their core competencies and departments to scale up their business.  Wolves Summit, which organises the technology conference of the same name connecting early-stage startups and investors, is going one step further this year. The brand new Alpha Wolves conference is all about opportunities and possibilities for fund managers and scaleups to find the right investment partner. Hosted at Trend House, Warsaw on April 7 and 8 and online, representatives of innovative scaleups will meet with investors from Central and Eastern Europe to provide a forum for networking and exchanging valuable business experience. Alpha Wolves – a business forum for global LPs, scaleups and investors in Warsaw Alpha Wolves is a two-day, exclusive forum where scaleups can get the know-how they need and build networking, and investors can find innovative and thriving businesses. The conference will feature presentations and panel discussions. The first day of Alpha Wolves will be aimed at representatives of scaleups who want to learn how to accelerate the development of their business and achieve success in the current business environment. The second day is planned for investors, general and limited partners – they will learn about current trends and opportunities in the European market.   “Nearly 400 business CEOs, representatives of over 200 scaleups, 150 general partners, investment and venture capital funds and 50 limited partners have already signed up for our event. We expect that this year the number of participants will exceed 1000, which will be a very impressive result considering the fact that Alpha Wolves is a brand new event that will be held for the first time,” emphasizes Michael Chaffe, CEO of Wolves Summit adding that the number of participants is growing all the time.   Among the companies whose representatives will appear at Alpha Wolves, Chaffe mentions ACP Partners, BVV, Octopus Investments, Penjana Kapital, Multiple Capital, AXA Venture Partners and Mouro Capital (Santander).   “This is the first event of this type that we organize. So far, we have mainly conducted meetings of investors and fund managers with startups, but our conferences were also very popular among representatives of scaleups – that is how the idea of creating a separate, more exclusive event aimed only at them was born. We wanted to create a forum for exchanging ideas, a space for networking and a chance to develop. Moreover, business relationships established during Alpha Wolves or ideas born during the forum have an indescribable impact on economic development in our region – thriving companies, technologies and new jobs are a benefit to all residents of Central and Eastern Europe,” continues Michael Chaffe. Alpha Wolves from Wolves Summit This year’s Alpha Wolves event is created by Wolves Summit – the organiser of the 3-day conference of the same name, which has been held periodically since 2015. Over this time, Wolves Summit has brought together a total of 7348 startups, 3070 investors and 4687 managers from 90 countries. Participants of the event had the opportunity to listen to speeches by experts from all over the world, take part in 1:1 meetings and establish unique business relationships at the exclusive Networking Party & Chillout Zone. The aim of the organisers is to repeat the success of the conference organised for several years. Just as Wolves Summit has grown to become one of the most active events for startups and investors in the CEE region, the organisers are planning to make Alpha Wolves the go to platform for scaleups and Series A and beyond investors. The Wolves Summit conference is a major event for entrepreneurs, investors, and corporations, while the Alpha Wolves conference, organised for the first time this year, is an exclusive event for scaleups, investors, and financial institutions. Online and in-person tickets for the event can be purchased at https://alpha.wolvessummit.com

Events Calendar What has EBAN planned for you in 2022? Join EBAN in events happening all over Europe for free or with huge discounts! Meet old & new friends, collaborators, potential co-investors, policy makers, etc.  Discover ecosystems, your next big deal, or the newest trends in angel investing! See all Events happening in Europe at https://www.eban.org/events/ Welcome Back to “4 Years From Now” 4YFN 2022 in Barcelona on 28 February – 3 March What, where, and when? We are sure you are familiar with 4YFN, but allow us a short introduction anyway: it is the startup event of the world’s largest exhibition for the mobile industry, GSMA MWC. Catch up with fellow EBAN Members, join exclusive networking events and receptions, connect with the startups from all over the world and get a glimpse of the mobile technologies of the future; all at the 4YFN and Mobile World Congress this month in Barcelona! Hit the Slopes with Startups and Investors Tahko Ski Lift Pitch in Tahko on 6–7 April Tahko Ski Lift Pitch, eastern Finland’s biggest startup event, offers an energising skiing experience in snowy Tahko for all business minded people (yup, that’s you)! The pitch event itself is the largest SLP Growth Community which consists of business professionals, investors, academic institutions, and civic leaders. We’re expecting both Finnish and international EBAN members to meet up on the slopes this spring; see you at the ski lift! The event is co-organised by Business Kuopio and FiBAN that will be hosting investor workshops and networking activities. Reconnect, Reimagine, Reinvest with EBAN Annual Congress in Cork on 18-19 May What, where, and when? Our Annual Congress is Europe’s largest and most recognised international business angel gathering and of course one of EBAN’s flagship events. This year we are finally getting (physically) together in Cork, Ireland! There you can expect to discover a beautiful city, reconnect and network with the global angel community, listen to keynotes such as Hermann Hauser, Edna Conway, and more TBA soon. Innovate alongside entrepreneurs, attend workshops, pitching competitions and the Annual Gala and Awards Dinner. Ready to explore Cork? The 2022 Congress will be organised by EBAN, CorkBIC, and the InvestEU Portal, alongside a host of partners & sponsors. Experience Angel Investing under the Greek Sun Hellenic International Business Angel Summit in Athens on 23-24 June What, where, and when? The Hellenic International Business Angels Summit will connect visionary investors and innovative entrepreneurs from all over Europe (and beyond) in Athens, Greece on 23-24 June for the most exciting angel investing holiday weekend. Network, listen to keynote speakers like Simone Brummelhuis, Europe’s female angel of the year, Randy Thompson, Canada’s 2018 angel of the year, Marcia Dawood, Angel Capital Association President, and many more. Attend panel discussions, participate in startup competitions, and help foster cross border angel investing by joining this exclusive event- all this under the sun and by the sea. The event is organised by EBAN, HeBAN, and Enterprise Greece. Pedal to the Metal at the Finnish Business Rally Business Rally Investor Day in Jyväskylä on 4 August What, where, and when? For the 6th year in a row EBAN is participating in the Jyväskylä Business Rally, a cross border startup-investor networking event in the heart of Finland during the official Rally Finland week in Jyväskylä. The Business Rally includes investor networking events and pitching competitions with trackside seats to watch the races. This year Business Rally Investor Day is taking place on the 4th of August 2022. Join us for pitches, rally races, and networking, as well as insights from experienced investors and major industry players! The event is organized by EBAN Member Business Jyvaskyla. Network with the European Angel Community European Angel Investment Summit in Brussels on 26-27 October What, where, and when? Join EBAN in the heart of Europe, Brussels, for our second flagship event, the European Angel Investing Summit, on October 26-27. Network with hundreds of investors, attend pitches from selected startups, listen to keynote speeches, and panel discussions, and learn from workshops. Celebrate angel investing with EBAN in this first physical EAIS after two years. EBAN is partnering with the InvestEU Portal, the European Commission DG GROW and DG ECFIN, as well as the Enterprise Europe Network for the event. If you are an EBAN member contact us for your free/ discounted tickets

  New EIC Work Programme for 2022 Big News Coming out of EIC: Today, 09/02, the European Innovation Council announced that it adopted a brand new work programme that opens funding opportunities worth over €1.7 billion in 2022 and introduces multiple novelties and simplifications. This programme is meant for Europe’s most promising innovators and entrepreneurs for a much needed post-covid recovery in the world of entrepreneurship. Specifically the EIC board noted: “This comes at a time when breakthrough innovations are more important than ever to fuel the post COVID recovery, reinforce European autonomy in emerging technologies, and scale up solutions to the challenges of digitalisation and climate transitions.” This move underlines the importance of business angels in the European innovation landscape. Indeed our community is predicted to be a key enabler for the EIC and the EIC backed companies, especially when it comes to supporting research projects in getting to the market and scaling up businesses. There are three categories to split the funding: EIC Pathfinder (meant to support research teams to research or develop an emerging breakthrough technology) receiving €350 million EIC Transition (meant to mature a novel technology and develop a business case to bring it to market) receiving €131 million and EIC Accelerator (meant to provide funding and investments for start-ups and small companies) receiving an impressive €1.16 billion. All projects of the European Innovation Council have access to Business Acceleration Services, which provides coaches, mentors and expertise, partnering opportunities with corporates, investors and others, and a range of other services and events. According to the EIC board’s statement “Today’s announcement signals the restart of the full EIC activities. We have been greatly impressed by the quality of the 164 start-ups and SMEs selected for funding under the EIC Accelerator in 2021 and urge the Commission and EIC and SMEs Executive Agency (EISMEA) to fast track the funding – both grants and investments – to companies whose very survival (in Europe) is at stake. Innovators and companies have been on hold for long enough by the transition from the pilot to the full EIC (under Horizon Europe).” Read the full statement here. An information day will take place on Tuesday 22 February to provide information on how the European Innovation Council works, how to apply for funding, who is eligible and what this year’s novelties are. Sessions will include information on funding opportunities for research teams, start-ups, SMEs and investors. More information is coming soon! For more information you can see the full programme here

  My experience with university spin-outs – its role in innovation, the barriers to successful commercialisation and my success  As a serial technology and property entrepreneur for the last 40 years and an angel investor for nearly 15 years, I have invested in over 75 start-ups. I am also a President Emeritus of the European Business Angel Network (EBAN) and have written two books under the Invested Investor brand.   I am lucky to live in Cambridge, UK, which is a hotbed of technology start-ups and I have invested in 17 university spin-outs. In all cases, the technology has been researched and developed by doctoral, post-doctoral and professorial academics within universities, funded by the university and by grants. Some research is pure, some part-funded by corporate partners and some is focussed by governmental industrial strategy. I tend to think of these investments as late stage “science experiments” where a market has not yet been identified, or even if it has, a pivot to another application of the technology commonly occurs. So, what do I believe are the barriers to successful commercialisation of frontier research from universities? Primarily, early-stage investors, including angel investors, always invest in an entrepreneurial team, which I class as investing in “people with a plan” rather than a “plan with people”.  This can lead to a significant problem, as most great academics do not make great entrepreneurs, hence an academic co-founder almost always needs a commercial co-founder, who can raise external finance, can identify markets and sell the product/technology and, of course recruit and manage a team and create a positive culture. The pool of experienced start-up managers is small, hence it can be really difficult to find the right commercial partner.  In addition, most  spin-outs will need to reform their management team as they develop. Another issue -although one which may potentially be outdated in the UK – is the attitude of those within the university itself, both in terms of commercialising the research and the barriers to raising equity finance.  Many academics and members of university management believe that research should be in the public domain, through research papers.  This makes it difficult for investors, who need to see defined defensibility (usually filed, although not necessarily granted, patents), otherwise it may be easy for a competitor to develop similar products.  A further problem lies in converting academic ideas and research results into a working commercial product.  Simply transferring the technology from the lab to a spin-out company can create major hurdles, compounded by the very early stage of the technology. It commonly regularly takes a University spin-out 7 to 10 years to mature, which can mean a substantial amount of funding is required from patient investors. Finally, in the UK, many universities recognise the UK Patents Act 1977. The research has been undertaken by employed researchers in university owned laboratories and therefore the university owns a significant share of the spin-out company. This is thought to hinder entrepreneurship, as it affords less room for shareholder ownership (and hence motivation) for the academic founder(s).  In some cases universities take 30% or more of the initial equity (75+% is not unknown). Because of my location, I have extensive experience of the workings of the Technology Transfer Office (TTO) at Cambridge University, although I have investigated and invested in spin-outs from other universities.  Cambridge does not take any shareholding of the spin-out company, but commonly purchases shares by investing in the spin-out, using their own funds and buying equity at the same valuation as other investors – either angels or VCs.   In addition, the university takes a licence fee for any intellectual property rights (which may sometimes have an equity component), with any cash payment commencing only once commercial traction has been achieved.  Pre spin-out, the university funds the patent application process and allows academics to elect to develop ideas without university ownership, although the University may still invest in these companies. Other universities are gradually taking notice of this model (especially as it has worked well for Cambridge University and its spin-outs) and its advantages in terms of commercialising research for societal and economic benefit.   To conclude, a large proportion of frontier research is absolutely essential for innovation, but there are many obstacles on the road between the lab and the market. These are generally problems in product development when turning research into a commercial proposition, often caused by insufficient funding and inexperienced management. I have been told, I am one of the most transparent angel investors in Europe – please see my website – www.petercowley.org.  As of early 2022, of the 17 University spin-outs, I have had three positive exits, three are in an exit process and one failure, leaving ten.  By any standards, these results are excellent, as if the other ten all fail (pretty unlikely), I hope still to have a success rate of over 40%, which is generally regarded as high for an angel investor. I leave it to the reader to work out how and why, I have had so muck “luck”. Peter Cowley, entrepreneur and angel investor, President Emeritus, EBAN

daFUND – early stage VC fund powered by Business Angels of Slovenia and managed by Darko Butina daFUND just launched in December 2021! It is domiciled in Slovenia, managed by Darko Butina from Switzerland, supported by Business Angels of Slovenia and a range of experienced founders and entrepreneurs from all over Europe. The fund will invest in promising start-ups from Europe (and beyond) – and will provide innovative additional investment opportunities for its limited partners (LPs). Darko Butina, General Partner of daFUND commented: “We believe there is tremendous entrepreneurial potential in Europe, which still lacks support especially in the early stages and coming from experienced entrepreneurs. All the stakeholders in the fund have significant entrepreneurial experiences and have successfully invested in and decisively supported various start-ups in the past already individually. In order to support the best start-ups even better and with more impact, we joined forces and founded daFUND – by entrepreneurs for entrepreneurs.” Nina Dremelj, President of Business Angels of Slovenia added: “Although significant part of daFUND’s investors are also members of Business Angels of Slovenia, we are extremely excited that we were able to build a true pan-European VC fund – with investors from around Europe (from Switzerland and UK to Spain and Slovenia). In today’s world there are no borders – and startup companies should strive to conquer their respective global markets – regardless whether they come from EU, Switzerland, UK or Serbia.” The fund is looking for promising start-ups that solve challenges with the use of digital technologies and primarily tackling issues in the B2B environment. Start-ups can count on support from very early stages (pre-seed / seed) and can expect to receive an initial investment ranging from 50k EUR up to 100k EUR on average – with possibility for larger follow-on investment as well. Additionally, start-ups will be able to profit from access to daFUND’s broad stakeholder environment. Besides experienced GP (Darko Butina) and notable Investment Board, daFUND has a broad LP base (30 investors and counting). This enables the fund to bring lots of added value to its portfolio companies in addition to the financial investment itself. What makes the fund stand out from others on the investors’ side are the additional investment opportunities that daFUND enables its LPs. These additional investment opportunities mean that daFUND agrees with start-ups for larger allocation of investment than the fund would invest on its own – and such additional allocation can then be provided by the fund’s LPs in addition to their initial investment in the fund. On one side the start-up profits from access to more financial resources, while at the same time, such additional investment does not mean a more fragmentized cap table, because it is still managed by the fund and not by the respective LP. Usually, such additional investments also mean that the LPs behind them are willing and able to additionally support the start-up and open new doors for them.   About daFUND daFUND is a pan-European VC fund powered by founders and entrepreneurs, experienced managers and investors, and the Business Angels of Slovenia. The fund invests in (very) early stage start-ups that build their competitive advantage with digital solutions. www.dafund.eu   About Darko Butina Darko is an experienced investor with a great track record from investing both his own assets (as angel investor) as well as on behalf of investing entities like Swiss based Netcetera. Among other achievements Darko was the first investor in successful start-ups like Cognism and Cleanshelf (with Cleanshelf recently acquired by LeanIX and with Cognism well on its growth path – in 5 years employing over 250 people). Additionally, Darko has significant experiences in various companies in both executive positions as well as an entrepreneur and board member. Over the years, Darko also had a chance to lead, help and advise a number of different companies from around the globe – from US to UK, Switzerland, Germany, Austria, United Arab Emirates, Slovenia, Serbia, Croatia and Macedonia. https://www.linkedin.com/in/darkobutina/   About Business Angels of Slovenia Founded in 2007, Business Angels of Slovenia is the first and biggest exclusive club of angel investors in Slovenia. It provides a focal point between startups, companies, club members, international investors and experts in the field. Business Angels of Slovenia connect with the most ambitious entrepreneurs in their early stages of company growth, and with the most qualified investors in Slovenia, the Central and Eastern Europe region and broader. Only during the current year 2021, Business Angels of Slovenia successfully invested in 11 different companies from all over Europe. https://poslovniangeli.si/

HELLENIC DEVELOPMENT BANK COMPANY PROFILE Hellenic Development Bank (HDB) is a Société Anonyme wholly owned by the Hellenic Republic. It operates as a special purpose promotional financial institution. Its mission is to become the trusted partner of Greek entrepreneurs, facilitate access to sources of finance for Greek enterprises of all sizes and maturity level by providing financial and non-financial tools for reducing the financial gap and coping with market failures. HDB aspires to become the reference institution for the provision of supplementary funding for the Greek market, and as such, a growth model for the local economy. HDBs vision is to support micro, small and medium enterprises by facilitating their access to financial sources and innovative tools, to address and cover any market failures and to create an ecosystem that favors and supports SMEs. Currently, HDB operates under a new organizational structure, which emphasizes on effectiveness, accuracy, and corporate responsibility. The current headcount consists of 120 executives, an increase of more that 100% from the previous scheme. HDBs headquarters are at 80 Michalakopoulou str. and provides a working environment and facilities suitable for the extended operations of the Bank to serve the public interest. HDB, under its current operating model, provides Financial Instruments that aim to support the financial needs of Greek enterprises of any size and years in operation. These Financial Instruments can have the form of Guarantee funds, Co-financing Loan funds, Co-investments schemes, blended with interest rate subsidies and/or Grants. During the COVID-19 pandemic HDB launched specific financial instruments (Capped portfolio Guarantees and interest rate subsidized co-financed loans) to support the economic activity. In 2020 HDB thrived. It was a record-breaking year with the highest revenue in the Bank’s history since we managed to consolidate and extend our position even given the difficult market environment and the negative impact of coronavirus in 2020. Under those initiatives more than 34 thousand companies benefited resulting in a loan portfolio under management of more than 8 bil. Euro. Those initiatives, accounted of more than 40% of the new corporate debt of 2020, and facilitated the increase in credit expansion after many years of diminishing rates. For the post-pandemic era, the focus is in supporting investment activities that will have a multiplier effect in the Greek economy and to be aligned with the long-term strategy of the country regarding sustainability and environmental activities.

EBAN Publishes its Annual Statistics Compendium – Reporting on the Activity of Business Angels and Business Angel Networks in Europe EBAN, the European Business Angels Network, is delighted to announce the publication of our Annual Statistics Compendium – Europe’s most extensive annual research on the activity of business angels and business angel networks. EBAN’s Statistics Compendium is based not only on the information provided by European business angel networks, Federations of BANs, individual business angels and but also based on data published in 35 other sources amongst which include: Dealroom.co, Crunchbase, PitchBook, the European Commission, National Venture Capital Associations, national and regional research studies on angel investment. Data on the investments made across the 37 different countries measured in the report indicates that the visible angel investment market on the European continent has declined from 804 Million Euros in 2019 to 767 Million Euros in 2020. Fill the form below to subscribe and download the report Email* When you submit the form, check your inbox to confirm your subscription Name* Surname* Organization* Privacy* I´m authorizing EBAN (The European Trade Association for Business Angels, Seed Funds and Early Stage Market Players, located in Brussels, 1040 BE) to save and use my personal data according to the General Data Protection Regulation (GDPR). This information is used by EBAN exclusively for sending newsletters and other email campaigns about the latest developments in the global entrepreneurial, innovation, and early-stage ecosystem. Subscribe and Download {{ vc_btn:title=Download+EBAN%27s+Statistics+Compendium+2020&style=flat&color=danger&align=center&link=url%3Ahttps%253A%252F%252Fwww.eban.org%252Fwp-content%252Fuploads%252F2021%252F12%252FEBAN-Statistics-Compendium-2021-1.pdf%7Ctitle%3ADownload%2520EBAN%27s%2520Statistics%2520Compendium%25202021%7Ctarget%3A%2520_blank%7C }}

Watch this Space: “Funding Space Forum”   Our  “Funding Space Forum”, in cooperation with EUSPA and the Cassini Initiative, took off 🚀 early last week with 100 starry-eyed attendees as passengers! The discussion orbited around the opportunities the EU is creating for companies to grow and be competitive on an international level. The stars of the event were our dazzling speakers, Fiammetta Diani, Head of Market Development at EUSPA  who presented the current activities and future plans from EUSPA to support space-tech entrepreneurs in their effort to concur the final frontier; Tomas S. Jonsson, Team Leader CASSINI initiative, European Commission, DG Defence Industry and Space, who revealed everything under the sun in terms of relevant steps implemented by European Commission and what space-tech companies can expect; Uli Fricke, CEO Triangle Venture Capital Group, CEO FunderNation and Rob Desborough, Managing Partner Seraphim Space Fund, CEO Seraphim Space Camp, who shared with the audience breath-taking achievements by European space-tech companies who shot for the stars thanks to private investors and funds; and our beaming moderator, Fabrice Testa, Co-chairman Luxembourg Space Tech Angels and EBAN Space Chairman. Our five selected space-tech companies were all out of this world but the investor jury gravitated toward the rising star company “Lympik”. We are over the moon for them and can’t wait to see them pitch at our Annual Congress in Cork! We were starstruck with Justyna Redelkiewicz, Head of Sector Consumer Solutions, Market and Technology at EUSPA, and her closing speech encouraging entrepreneurs to launch their business with the support of European institutions. EUSPA is most welcome in the EBAN universe where space-tech companies and angel investors share the skies! Together we can shoot for the moon! We thank our lucky stars for having such brilliant partners and participating companies. To keep up to date with future events, all you have to do is follow us on LinkedIn and Twitter – it’s not rocket science! REWATCH NOW THE RECORDING

EBAN at the DUBAI AIRSHOW 2021 supporting the “VISTA INVESTOR Programme” This November EBAN was represented by our Board members Ricardo Luz, Peter E. Braun and Davorin Stetner at the DUBAI AIRSHOW 2021, one of the largest air shows in the world. With 84K+ visitors, 140+ countries represented and 1200+ exhibitors, the Dubai Airshow comes as an opportunity to showcase aviation technologies, projects and achievements to the world. This year the Dubai AirShow is partnering with Vista Investor Programme, the most anticipated startup hub for the region and host to the latest innovations and talents driving the future of the industry. Of course EBAN was there to show its support! Startups carefully selected from 12 different sectors all over the world, including cyber security, sustainability, defence, space, AI, robotics, tourism, logistics and more, participated in the 5-day event by networking, taking part in pitching competitions and meeting investors and key decision makers. We are delighted to see one of the biggest airshows in the world partnering up with Vista, a startup event. EBAN is always supportive of business angel activity in Europe and beyond and gestures like these prove our commitment to a healthy and growing angel investing market. We look forward to more next  Dubai Airshow!  Are you an organisation that would like to see EBAN represented in one of your future events? Contact us at info@eban.org!

Africa and Europe are neighbors and natural allies. Tightening our mutual relations, joining forces, and participating in each other’s development is a wonderful opportunity for both continents. The AEDIB project, happening from February 2021 to January 2024,  is an excellent example of how we can take advantage of this opportunity and both profit from it. Africa is a continent with fewer legacy challenges and a younger population in comparison to Europe. This means that digitalisation is catching on faster: In fact, Africa is adopting digitalised solutions faster than any other region in the world. By joining Africa in this journey, Europe is in the privileged position to play a vital role in achieving sustainable growth. In parallel, Africa can also benefit from our cooperation: Conducive ecosystems, human capital, infrastructures and equipment for R&D, risk capital and tech know-how are key pillars that Europe can help Africa build. In short this is an incredible opportunity that can be beneficial for both continents. On the two continents, businesses will benefit by mutual transfer of knowledge and intelligence, by testing and scaling solutions in respective markets, by pooling resources and co-investing both cross border and with public partners.   EBAN’s relationship with African is particularly important: We participated in the foundation of ABAN, the African Business Angel Network. Along with ABAN and a long list of partners on both continents (FundingBox, VC4A, MakeItAfrica, Civitta, Smart Africa, Enabel Belgium, Expertise France, Digital Africa, Afrilabs, GIZ, EUBIC, Steinbeis Europa Zentrum, and i4policy) we have joined forces to strengthen entrepreneurial skills and connections between African and European hubs. For all of us, participating in AEDIB|NET, a project funded by the European Commission under the broader Africa-EU partnership initiative, means progress through collaboration.  In the scope of AEDIB|NET, we aim to initiate innovation hubs in Africa, that will support startups and SMEs in their digitization and growth endeavours, and to create investor networks that will fuel private investment on the continent. Furthermore our goals include connecting European and African early stage investors to multiply learning opportunities for all parties involved and inviting European and African founders to exchange and collaborate via online internships and cross-border visits. In more concrete terms we plan to establish 3 African Digital Innovation Hubs (ADIHs) among 3 of the 4 following areas: Smart cities, Digital Trade, Climate Smart Agriculture (CSA), and Clean Tech, organize of 3 study trips (2 for ADIHs to visit similar DIHs in Europe and 1 for European DIHs to visit ADIHs) and 2 virtual internship programmes for African and European ICT start-ups (50 participants per edition, duration of 6 months): African start-ups will engage in peer-to-peer learning and knowledge exchange exercises with an incubator/innovation centre (which will lead the internship programme) in the ecosystem of a European DIH; European startups will do the same with a tech hub (which will lead the internship programme) in the ecosystem of an ADIH. We are not only excited to be starting this journey, but honored to be participating in a project with such potential for greatness and to be working with such amazing partners. If you are interested and would like to know more about this project, or think you could contribute/ benefit from it we encourage you to contact us at  euprojects@eban.org.  Follow the project @AEDIBNET and @AEDIB|NET

The EU lags behind both the US and China in its number of high growth entrepreneurial firms (HGFs). These firms play a critical role in economic development as sources of innovation, investment and employment. New research on business angels identifies potential causes for this lag and offers some solutions. Colin Mason, Professor of Entrepreneurship at the University of Glasgow, Dr Tiago Botelho, University of East Anglia and Joe Duggett of consultants SQW focussed their recent research work on the island of Ireland.  

Google for Startups, Atomico and Dealroom.co present “Coming of age: Central and Eastern European startups” report. Companies founded in CEE have now a combined enterprise value of over €186 billion, up 19x since 2010. But it has not been an overnight success. The CEE region has created huge success stories, especially in enterprise software thanks to some of the best tech developers in the world. However, many of these successes have been bootstrapped for a long time and the region still lacks a strong VC scene, especially at later stages beyond series A.  

Join EBAN Space and EUSPA in the upcoming virtual event “Funding Space Forum” opened by a panel session on “SpaceTech in Europe, what is next? Synergies between EU and angel investors” hosted by Fiammetta Diani, Head of Market Development at EUSPA; Tomas S. Jonsson, Team Leader CASSINI initiative, European Commission, DG Defence Industry and Space; Uli Fricke, CEO Triangle Venture Capital Group, CEO FunderNation; Rob Desborough, Managing Partner Seraphim Space Fund, CEO Seraphim Space Camp moderated by Fabrice Testa, Co-chairman Luxembourg Space Tech Angels and EBAN Space Chairman. The cooperation between European institutions and private investors plays a significant role in boosting the growth and the competitiveness of early-stage companies. In particular, the European Union is now more than ever committed to fostering Space-Tech entrepreneurship in Europe through public-private partnerships. During this virtual panel session, seasoned Space-Tech investors and policy makers will discuss how we are creating the New Space ecosystem for Europe. Five selected space-tech companies will present their innovations during the Forum: Alleryade, Krattworks, LESS Industries, Lympik, Traxit. The Forum will take place on November 22nd at 17:00 CET. {{ vc_btn:title=REWATCH+NOW&style=flat&color=danger&link=url%3Ahttps%253A%252F%252Fvimeo.com%252F655349965%7C%7Ctarget%3A%2520_blank%7C }} Read more about the 5 selected companies Allerayde Emergency medical aid delivery by auto-summoned drone, guided by the GNSS enabled AAA Alert Allerayde SAB develops and markets products for allergy and eczema. Introduced Epipen in the UK in 1993, going on to develop and launch, European wide, Anapen (the first competitor to Epipen) in 2000. Latest development is AAA Alert, the first emergency alert geo-positional device for use with all adrenaline auto-injectors. On using an adrenaline auto-injector the attached AAA Alert automatically alerts the emergency services, via an Angel Centre, and guides them to the patient. AAA Alert will also offer two-way communications between the first responder and patient. This rapid and guided emergency response will save lives and reduce hospitalisations. The AAA Alert was regional winner (Finland) 2020 and finalist in My Galileo Solution 2020/21.Allerayde is now working on a product extension for AAA Alert. This will involve the use of auto-summoned drones (loaded with necessary treatments such as further supply of adrenaline auto-injectors) directly to the site of the emergency, guided by AAA Alert and utilising GNSS from Galileo and Earth Observation (necessary for optimising delivery drop off and topography for conventional emergency responders to calculate the best route) from Copernicus. The team for the project is Mike Rhodes (Lead) – Anaphylaxis specialist, Dr Eric Goodyer – Embedded electronics, Mattias Luha – Drone specialist. To achieve objectives Allerayde requires €150K in year 1 (€65K internal and grant funding already in place) to get to launch and a further €100K in year 2 of working capital. PBIT by year 3 >70%. www.allerayde.co.uk   Krattworks KrattWorks helps fire fighters to stop landscape fires before they escalate out of control by providing fast situational awareness. KrattWorks has designed a system that provides fast situational awareness for fire fighters, security companies, search&rescue teams and police. They help first responders to detect objects of interest automatically by using machine vision on board of the drones and to share this information instantly across all platforms using mobile networks. KrattWorks drones can detect humans, cars, location of the fire, flooded areas etc and if mobile networks are available this data is transmitted to the server and central control room while the drone is still in flight. KrattWorks can also combine the drone aerial data with other information: like landscape elevation module, wind speed and direction, vegetation type and humidity and use AI to predict where the fire will spread. Their drones can do precision landing into a drone nest or onto the roof of a fire truck, the drones have obstacle avoidance and machine learning capability and they can fly without range limit in mobile networks. www.krattworks.com   LESS Industries LESS is digitizing the most geographically distributed human infrastructure on earth, the power lines. www.lessindustries.com   Lympik Using GNSS and IoT, we help people enjoy more physical activity and athletes to improve their performance. Lympik has developed an internet platform that uses GNSS data and the latest IoT technology to provide time, acceleration and speed measurements as well as movement analyses for competitive and amateur athletes. All information is evaluated in real time and can be accessed immediately in a personalized way via mobile devices. This technology is now to be made available to the masses to encourage people to be more physically active and to do something for their health on a regular basis. Ways in office buildings can be recorded and compared (climbing stairs instead of taking lifts for example). New types of digitized playgrounds or recreational facilities can be designed using various sensors such as touch sensors, pressure mats, rollover sensors and much more. All this is intended to provide a motivational boost through comparisons with each other as well as a virtual reward system. The goal is social benefit through increased health and fitness. www.lympik.com   Traxit Tracking platform and connected devices to enable technological solutions for P2P and fleet mobility suppliers while focusing on end-user benefit. Traxit has developed a IoT tracking platform that can analyze and digest data from different hardware and smartphones to supply the best possible experience for end-users, avoiding fragmentation and offering mobility insurance services with a pay-per-use model. We are developing a sustainability app to offer complete carbon-footprint indexing, while encouraging adoption of sustainable habits through gamification. http://traxit.it/galileo.aspx  

Masters of Angel Investing is new. Drop by EBAN TV to say hello! Introductions are in order Hello everyone, meet “Masters of Angel Investing”, our original interview series on EBAN TV. “Masters of Angel Investing” is about 3 weeks old (it was launched at the same time as our brand new video content platform EBAN TV) and it is all about interviewing and learning from some of the best business angels in all of Europe. “Masters of Angel Investing” is very excited to meet all of you and it is sure you will get along splendidly as you have many interests in common: angel investing, startups, business advice, entrepreneurship, and more. It thinks it can make lots of friends in the EBAN community – let’s prove it right! Learn from the Best The secrets of the success of Business Angels can be difficult to decipher – even for us. But not for “Masters of Angel Investing”. That’s why we decided to make part of the EBAN content and to offer it for free to all our members. It will introduce us to some of the best business angels in Europe, give us the opportunity to “meet” them through in-depth interviews and get insights into their business portfolio, investment decisions, and more. In each episode “Masters of Angel Investing” will welcome our VP Selma Prodanovic and one Master Angel who will share with us their best business advice, investing tips, and more! Every Tuesday afternoon a new episode will be dropping on EBAN TV and a new opportunity will open up for all of us to become more angel investing – savvy. Here are some secrets master business angels have shared with “Masters of Angel Investing”: “As a very early stage Business Angel, we are the future. We are the shifters; we want to be the change makers” – Annette Nordvall  “The best startup founders are the ones who get things done to deliver results. This mindset should be part of any company culture” – Nikolaus Bayer  “As a business angel and an innovator I have learned a very important thing, if you do not change yourself, you will be changed. Change or be changed!” – Nikolaus Futter  “It is important to know how to listen and build bridges when startups come to us. This is my approach”. – Lurdes Gramaxo But if you happen to miss out on an episode don’t fret, it does not mean you missed out on the knowledge!  “Masters of Angel Investing” is here for you and will stay on our platform where you can watch it again and again – all you need to do is be registered for EBAN TV. If you are wondering how you can do that, click here read through, and no question will be left unanswered!   Watch our “Masters of Angel Investing” (for free 🤩) You can get to meet our “Masters of Angel Investing” for free if you are an EBAN member (for the special code contact your local organisation or us at info@eban.org) or thanks to your free trial if you are not an EBAN member (and if you are on the fence about signing up for it, it is a hard YES from us). Our bet is after your free trial you will be so charmed by “Masters of Angel Investing”, you won’t want to miss the coming episodes so let us tell you up front that yes, you can absolutely sign up to watch all coming episodes as well as all of our other exclusive content with an annual or a monthly subscription. Up to you!   Binge – ready episodes: Episode 1 with Leena Niemistö, Finnish BA of the year 2016 Episode 2 with Nikolaus Bayer, German BA of the year 2020 Episode 3 with Nikolaus Futter, Austrian BA of the year 2020   Watch them now!   Episodes to look forward to: Episode 4 with Enrico Chiapparoli, Italian BA of the year 2020 Episode 5 with Claus Hansen, Danish BA of the year 2020 Episode 6 with Jane Walerud, Swedish BA of the year 2020 Episode 7 with Tom Horsey, Spanish BA of the year 2020 Episode 8 with Lurdes Gramaxo, Europe’s female angel investor of the year 2020 Episode 9 with Ragnar Sass, Estonian BA of the year 2020 Episode 10 with Anette Nordvall, Swedish BA and Impact Investor Episode 11 with Fausta Pavesio, Italian BA of the year 2015 Episode 12 with Pawel Kastory, Polish BA of the year 2020 Episode 13 with Janne Jormalainen, EBAN President   Master Business Angels can teach us a lot, but you don’t need to be one to know that this series has a very high return on the time you will invest. 😉   This series is sponsored by TheCapitalNet.

EBAN TV is here!     All of us at EBAN are very excited to be able to offer a new one-of-a-kind service to our community of valued members but also to the general public: EBAN TV, our brand new and unique video platform dedicated to angel investing content. We can imagine you can’t wait to find out more about EBAN TV, what you can watch on there, and mainly how to sign up (we get it, we would be wondering too!) and in this article you will find all the answers you need. And did we mention it’s free? Because it is! What is EBAN TV again? Short answer: Think Netflix for angel investing content. Long answer: EBAN TV is a video platform like many others such as Netflix or Hulu but with one distinct difference that makes it the only one (and first!) of its kind: All of the content on EBAN TV is related to angel investing, startups, business angels, and adjacent subjects. This new platform is your ticket for a deep dive in all things angel investing, all you need to do is sign up (and yes we know this is the big question here, we will get to how you can do that). Why…is EBAN TV? Short answer: Thanks to you, our members, and for you, our members! Long answer: Our community inspires us to become better and to lead by example every day. Thanks to the inspiration you offer us, we decided to take this big step and create a new video platform with original content to give back to all of you, our members. Now we would also like this platform to be “by you”: We would love to host angel investing video content you might have and to make EBAN TV a place where the entire community can share videos. What can I watch on EBAN TV? Short answer: Imagine the best angel investing content. Now make it 10 times better. That’s what we have on EBAN TV. Long answer: We offer a very large selection of videos, be it workshops, webinars, past events or many others, but we know which ones are going to catch your eye: The first few episodes of our original exclusive series “Masters of Angel Investing” (as its name suggests, a series of interviews with some of the best European business angels)  are already out and you can expect a new one every week. Intrigued? Read more about our “Masters of Angel Investing” here. How do I sign up? Short answer: Click here, follow the instructions, and boom, you’ve signed up for EBAN TV. Enjoy! Long answer: EBAN TV is first and foremost a way for us to give back to our community of valued members. So if you are an EBAN member you can sign up with the code that your local organisation can provide you with and watch the best angel investing content for free! However we still want to offer our amazing content to a wider audience. This is the reason we have put in place a free trial for non members – it includes the first two episodes of “Masters of Angel Investing” so don’t think about it too much, jump on the opportunity – and a monthly/ annual subscription model. Whichever way you choose to join us, you are welcome!

Article written by Mike Butcher for TechCrunch Paris-based VC fund Gaia Capital Partners has change its name to Revaia and announced the final closing of its first growth fund, at €250 million. The firm said it exceeded its initial target of €200 million, and the fund will be “ESG focused”. Revaia is also claiming to be Europe’s largest female-founded VC fund, although TechCrunch has not been able to verify that at the time of publication. As Gaia Capital Partners, Revaia launched its first fund in late 2019, the portfolio for which currently consists of 10 investments, including Aircall, which recently achieved a unicorn valuation. Other investments include Epsor (Paris: Epsor designs and distributes employee savings and retirement plans), GetAccept (SF: an all-in-one sales enablement solution that assists B2B sales reps in closing remote deals), gohenry (London: a kids money management application), Planity (Paris: an online booking platform for hair and beauty salons), Welcome to the Jungle (Paris: a multichannel media company) and Yubo (Paris: a social platform for Generation Z). Alice Albizzati, co-founder of Revaia, said in a statement: “When we set up the firm, we were determined to create an investment strategy in line with our convictions – a focus on European companies with high ambitions but with no compromise on sustainability – and with the objective of bridging the gap between private and public markets. Our venture has performed beyond our initial expectations.” The firm now has an office in Paris and Berlin, as well as a presence in New York and Toronto. The fund’s institutional investors include insurance companies such as Generali, Allianz and MAIF, pension funds, other institutional investors such as Bpifrance, as well as over 50 family offices and Angels. Elina Berrebi, co-founder of Revaia, said: “We are very grateful to our investors and entrepreneurs who trusted us as we accelerated the build-up of our portfolio. This final closing of our first fund is a huge milestone. It is a solid foundation from which we can support future European technology leaders with their ambitions and sustainability plans, as well as expand and internationalize our team while building a strong value creation platform.” Revaia said the new fund had already begun investing, and “two new investments should be announced soon”. The firm says it aims to invest in around 15 companies and expand across Europe. It’s also partnered with listed market sustainable investor Sycomore Asset Management.  

On October 5th from 1:00pm CET to 19:30pm CET The conference will present the main project results to the wider public. The visibility of the 60 start-ups which participated in the Space Academies will be maximized thanks to a dedicated poster exhibition and hearing success stories, best practices and the lessons learned. The event will provide policy recommendations and will reflect on the follow-up of the initiative, its integration into the broader European ecosystem of support for start-ups and the long-term sustainability. There will be plenty of opportunities for further networking between the start-ups, the project partners, investors, policy makers and EU and ESA officials. Participation is free of charge, but registration is mandatory. The event/venue will be fully Covid-compliant. The venue is the Manos Conference Centre, located in Brussels, Chaussée de Charleroi 135  

GALACTICA launches 8 Learning expeditions to foster cross–sectoral innovation in  Aerospace, Textiles and Advanced Manufacturing Sectors to be held along October &  November. July 21st, 2021– GALACTICA launched, last week, the registration and information for the 8 learning  expeditions among the different prioritized sectors: textile, aeronautics/aerospace and advanced  manufacturing. At the same time, the first 4 calls for travel vouchers to participate in these, were opened  through expressions of interest. The experiences of the cross–cluster learning expeditions will consist of  cross–sectoral visits to leading companies in the industry, followed by workshops to foster the generation  of new projects and collaborations between the different sectors. GALACTICA Learning Expeditions and cross–sectoral fertilization workshops. GALACTICA has prepared 8 Learning expeditions for cross–sectoral innovation in Aerospace, Textiles and  Advanced Manufacturing Sectors to be held along October & November 2021. This is an opportunity to  visit, learn and listen to success stories from leading companies from different industrial sectors. Inter–cluster learning expeditions experiences will foster cross–sectoral collaborations throughout visits to  industry–leading companies (i.e. Airbus Composite manufacturing facilities, Lufthansa Technik, ANTEX among others) and top research facilities (German Aerospace Center (DLR), Fraunhofer IFAM, Polytechnic University of Catalonia (UPC), Polytechnic University of Valencia (UPV), LEITAT Technological Center, IRT Jules Verne, ZAL –Center for Aeronautical research, CATEC, CENTI…) followed by networking between the different participants and local companies, and workshops to facilitate the generation of cross–sectoral ideas. Inter–cluster mutual learning visits and innovation workshops will bring together the different sectors involved with the aim to reduce the silo–like sectoral boundaries fostering, the get–to–know on the operations in other sectors, the innovation mechanisms other used and seeding of cross–sectoral collaboration for innovation. This can lead to untapped opportunities that arise from crossings of the sectors, both in terms of technological cooperation and innovation such as development of new materials,  processes and products, but also in terms of non–technological innovation such as the development of new business models, new marketing tools, management systems, processes, creativity tools and industrial design. Do not miss this opportunity to learn the latest trends in the sectors of aerospace, textile and advanced manufacturing, participate in cross–sectoral fertilization workshops and networking opportunities that Galactica offers you. Information and registration to GALACTICA Learning expeditions can be done from the webpage: https://galacticaproject.eu/galactica–learning–expeditions/ There you can find the full agenda and financial support to participate. Startups and SMEs can apply for travel vouchers of up to €650 to participate in one of GALACTICA’s learning expeditions. https://galacticaproject.eu/events/category/learning–expedition/ Read entire press release here: Press Release – GALACTICA results 1st Call for proposals

The final, 8th Cycle of BlueInvest Readiness Assistance is now open for applications. The Application window closes on Friday, 30 July 2021. As this cycle will be that very last cycle of the BlueInvest Readiness Assistance, if you are an innovative blue economy start-up interested in receiving tailored one-to-one coaching services, we encourage you to apply. You can start your application here. About BlueInvest Readiness Assistance The BlueInvest Readiness Assistance is for high potential start-ups and SMEs with innovative and sustainable products and solutions for the Blue Economy. Participants to the programme benefit from: Feedback on investment readiness level and a proposed coaching package A dedicated business coach Receive targeted assistance from business coach About BlueInvest BlueInvest is an initiative operated by PwC on the behalf of the European Commission that aims to boost innovation and investment in sustainable technologies for the blue economy, by supporting readiness and access to finance for early-stage businesses, SMEs and scale-ups. We’re here to help you If you are interested in learning more about the BlueInvest initiative and the coaching programme, please feel free to contact  blue-invest@lu.pwc.com. Their team can help you verify if this is the right opportunity for you.

  INVEST’I is the Tunisian entrepreneurial ecosystem on Bpifrance EuroQuity, connecting promising Tunisian start-ups with high potential for internationalization and growth with local and international investors. Thanks to its qualitative approach, INVEST’I selects 4 to 5 startups every two months to participate in e-pitch sessions. For its 3rd e-pitch session on July 23, INVEST’I team has selected 4 high-growth Tunisian startups looking for seed funding. Tickets : From $200k to $500k Sectors : AgTech/IoT | MedTech/AI | SaaS B2B | SaaS Data Analytics Discover our selection! TUNISIA & BAHRAIN – AgTech / IoT – Precision Beekeeping Technologies Due to climate change, all agriculture activities, including bees colonies, are hugely impacted. Most of the beekeeping habits and practices are changing too. Beekeepers are struggling to maintain a $600B industry, the worth of annual global food production which relies on the direct contribution of pollinators. A precision beekeeping technologies startup has been developing affordable and efficient devices that can assist beekeepers with a set of instant alerts, notifications, and to-do lists to improve colonies’ health and increase their hive’s productivity. Thanks to its strong competitive advantage, the startup is the unique company providing such technology and operating in the MENA market and the developing countries. Thus, many devices’ versions have already been successfully tested, proof of concept units were operated in 2019 and hundreds of devices were deployed in 2020. In a phase of expansion, the startup has just signed 3 distribution contracts for product deliveries in 2022 in Saudi Arabia, Libya, and Algeria. 1000+ devices sold for beta testing validation | Early adopters from Tunisia, Algeria, Saudi Arabia, Libya, France, New Zealand, Croatia | Established distribution channels in Algeria, France, Saudi Arabia, Libya, Morocco | Pipeline: $400k | TAM: €20B | Next Step: industrialization Raising $500k ($150k already secured) TUNISIA – Healthcare / AI / MedTech – Optimize and create written X-Ray report automatically via AI The startup is tackling a health inequality problem, namely the lack of radiology and dedicated laboratory equipment. The World Health Organization estimates that 2/3 of the world does not have access to basic radiology services. So, its AI-based platform provides accurate and early medical reports of common oral pathologies, as well as detects the presence of tumors and cysts from a simple standard X-ray image, to order and limit the waste of non-targeted complementary exams that are not reimbursed by insurance (scans, MRI, check-ups) and to ensure that tumors or cysts are reported quickly at an early stage. The platform also suggests and optimizes therapeutic recommendations thanks to artificial intelligence, taking into account the patient’s general condition and current medication. The service is on-demand and works anywhere, 24 hours a day so that everyone can benefit from this report in time.We have based our brand image on the contained education and the introduction of innovation in the field of dentistry. 68 paying dentists, +130 dentists in the pipeline | TAM: $11B | Partnered with Charity berline Raising $300k TUNISIA – SaaS B2B – Digital communication & collaboration The solution will serve as an apps hub and a unique workstation where you can access to all your communication channels from one place used as an alternative or a complementary tool. You will have access to built-in communication and collaborative features as well as the ability to synchronize with most of the used apps to bring all your data under one screen. Our solution tends to mainly focus on user reviews to adapt, transform and develop in a way where customer well-being is the priority.Main B2B customers: Tech companies, Insurance, Telecoms, Education, Banks …| +64 users, 150 users in pipeline | TRL: 7 | TAM: +$35B | Next Step: Scaling globally Raising $200k TUNISIA – Data Analytics / SaaS  – Behavioral studies based on customer experience A platform that auto-generates customized surveys, combines algorithms and ML to quantify perception and generate dashboards with KPIs (consumer persona, location, satisfaction, expectation, retention, recommendation, churn, repurchase), a comparative study and competitive intelligence to improve customer experience, benchmark competition and predict trends. 5 subscriptions | Targets: Finance, Insurance, Telecoms | TAM: $350B | Next step: Expand & implement AI Raising $420k Register here!

Applications are NOW OPEN for the 2021 Entrepreneur Experience!   CorkBIC – The Entrepreneur Experience is a unique event for 24 Emerging Entrepreneurs to gain unparalleled access and advice from 24 Successful Business leaders over 24 hours. The 2021 Entrepreneur Experience will take place in Ballymaloe, Co. Cork, Ireland on the 15th & 16th October 2021. At this event Entrepreneurs & Founders gain unparalleled access, advice and mentoring from 24 of Ireland’s most successful Entrepreneurs. This 24-hour experience includes one-to-one sessions & mentoring, deep dive analysis, constructive peer to peer groups, pitching sessions and inspiring plenary sessions. This event is a unique opportunity for 3 distinct groups of Entrepreneurs: Early Stage Startups – Entrepreneurs with a business plan and/or Strategy Road Map but not yet ready for investment Entrepreneurs with an investor ready proposition Entrepreneurs with an established business that is seeking to scale (ideally a company of 10 employees and €1m+ turnover per year with the potential to grow rapidly in the coming years). The 2021 Entrepreneur Experience is an event “By Entrepreneurs for Entrepreneurs” which focuses on providing advice and guidance based on personal experiences. At this event there is no room for text book theory, advice must be tangible and an emphasis placed on the practical execution of plans. Over 80 Seasoned Entrepreneurs have participated; including Mary McKenna, Tour America; Johnny Walker, Jinga; Colette Twomey, Clonakilty Foods; Jim Barry Barry Group, Patrick Hickey, Rothco, Larry Bass, ShinAwil; Ross Lewis, Chapter One; Grainne Kelly, Bubblebum and many more. Apply to the Entrepreneur Experience Applications are open until September 10th

GALACTICA first call for proposals with 1.2M€ to support new value chains by European innovative SMEs has the final list of Projects selected for funding. ✓26 projectsinvolving 40 SMEs selected for funding in the first Galactica Open Call! ✓8 Orbital Projects vouchers ✓18 Pioneer Acceleration voucher GALACTICA, which aims to demonstrate the viability of new industrial value chains regarding the textile and aerospace sectors based on advanced manufacturing across the EU, has the final list of projects selected for funding, with a total budget of 1.160.000€. All the selected proposals funded will be contact in the following days. The Call for proposals was addressed to the European SMEs and start–upsthat plan to develop innovative solutions that could be part of cross–sectoral and cross–border value chains with two different funding lines. Read entire Press Release here: Press Release – GALACTICA results 1st Call for proposals-1

Space Academy Europe, our fifth Space Academy, took place on the 16-18th June 2021 organized by EBAN – European Business Angel Network. The Space Academy was fully embedded into the EBAN 2021 Annual Congress, and entrepreneurs had the opportunity to attend sessions on topics of investment as well as the SpaceUp workshops. The EBAN Annual Congress is one of Europe’s largest international private investment and entrepreneurship events, bringing together early stage investors; business angels; VCs; entrepreneurs; accelerators; corporates and startups. As a result of travel restrictions due to the Coronavirus pandemic, the Space Academy and the EBAN Annual Congress were delivered through a virtual platform, which allowed companies from anywhere in the world to participate and connect with others. 172 entrepreneurs joined the Space Academy and its workshops. Before the Space Academy, 10 selected startups each received four personalized studies on their companies from experts on business model design, intellectual property rights, and access to finance and human resources. During the event, as well as attending open workshops each startup participated in 6 intensive one-to-one consultation meetings with SpaceUp experts to review the report findings and ask questions on the following topics: business development, IPR, access to finance, HR, working with business angels and finance for innovation. Meanwhile, other participants were in workshops discussing key topics related to business, technology, investment and the European space sector. SpaceUp held a panel session at EBAN Annual Congress on “Space as an Enabler”, introducing the opportunities offered by space technologies as enabler of innovative and disruptive solutions. It was moderated by Uli Fricke, CEO of FunderNation, and Candace Johnson, President Emeritus of EBAN. The speakers included Dr. Lorenzo Scatena, Secretary General of Fondazione E. Amaldi, Guido Baraglia, Principal Business Development Manager – Satellite Solutions at Amazon Web Services (AWS), and Ebru Kanat, Divisional Business Transformation at Bosch. The final SpaceUp event will take place in the beginning of October 2021 and it is planned to be an in-person event. Any updates will be announced

Let us come down from Bubble Gum land and take a proper look at how things are really done in Europe when raising early-stage equity. I am regularly astounded by young startups who contact us 5EIT Health Investor Network) for their fundraising and when asked what their timeline to closing is, they answer without doubt or humour ‘’at the end of the month”. Dilutive funding doesn’t come easy. The process is tedious, long, and more often than not, you will find investors that have more reason to say no than yes. So get ready for a challenging process that can take anywhere from 3 to 12 months. Know your 5 Ws & H If you can summarize all your attributes & goals and demonstrate your added value, market fit and efficacy data, all in a compelling presentation with clear financials than you are set for the next step. It all comes down to knowing your 5 Ws : who, what, when where, why and how and dressing it so investors will appreciate you speaking their language : Exits, ROI , valuation etc. Do your homework If you are an early-stage start-up raising dilutive funding, you may have to contact Angels Groups, family offices, early-stage venture funds or even corporate venture funds in your own country and most probably beyond borders. Each will have an investment thesis that may be restrictive regarding: Geographical location Stage of development Ticket size Time to exit Vertical Fund size and cycle No need to waste your bullets, time and energy contacting the wrong investors. So be very thorough when doing your homework or get professionals to help you identify the ones you wish to attract to the table. Let ‘s now suppose you’ve aligned your ducks and are now ready to send out your great deck to the identified investors, what happens next? You wait and hope for an email that will either ask you further questions or invite you to a pitch. That is the best scenario that does not require, two or three reminders just to see if they’ve received your precious message while you wait in vain. Let’s be positive and fast forward to your “pitch” tour where said investors are enthusiastic about your project and want to deep dive into all the hidden corners of your company/ project/ product/ market.  The Data Room Connections are made, networks are activated, and the investigation is on-going. Prepare your contracts, IPs, your KOL contacts, financial statements, Cap table, certificates, assets etc . Make it quickly available in an organised, transparent manner that will not only induce trust and professionalism but also speed up this whole Due Diligence process. Then, according to the amount being raised and number of investors involved, a lead will come forth,  legal advisors will join in and discussions with all interested parties will hopefully lead to a Letter of Intent  or Term sheet  and finally CASH in your bank. So imagine doing all that in 30 days! Not probable From my own experience as head of the EIT Health Investor Network, the more you are raising, the more parties involved, the longer it takes.  My advice? Though this is hardly an exact science, plan ahead, get support and expect to add 2/ 3 months to your initial timeline. Last but not least, cash is key, don’t be too conservative in your assessment of cash flow needs . Hail to you, entrepreneur, for your enthusiasm and energy to bring your project to life and to nurture it towards growth. If you have any feedback or questions, please get in touch at investors@eithealth-investornetwork.eu   Caroline Saï Head of the EIT Health Investor Network ( operated by Angels Santé) & COO of Angels Santé (Angels for health- France)- proud member of EBAN

Barcelona, Spain. On June 28-30 EBAN participated to 4YFN – a conference gathering influencers and pioneers, representatives of industry and finance. In the great halls of Fira Gran Via more than 400 startups exhibited their technology and over 200 pitched on stage. Founders and leading investors shared their first-hand experience on steering a business to success, designing programs to collaborate with each other, and look at how new tech horizons will influence humanity and society in the future. Within this pool of knowledge and drive, Eban partnered with MedAngels – the federation of business angel networks in the Mediterranean and long standing partner of The Next Society, a project funded by the European Commission and led by Anima Investment Network. For the past 4 years, Eban worked with The Next Society to bridge European and Middle East – North African innovation ecosystems, facilitate cross learning and soft landing, and connecting public and private actors with the skillset to accelerate ventures and increase investments in the MENA region. The round table co-hosted by The Next Society and MedAngels focused on the relevance of building trust among actors in different countries and using smart mechanisms to channel cross-border capital into promising startups, such as soft landing. The round table featured investors deeply liaised to European and Middle Eastern seed and pre-seed investment arenas, including Marcel Dridje, President of Sophia Business Angels and initiator of a number of angel networks across Middle East and Africa together with Candace Johnson, EBAN President Emeritus and relentless advisor of startups globally, Jacopo Losso, EBAN Director of Secretariat and Tarek El Kady, founder and chairmen of MedAngels. The common take away from speakers was that nurturing personal relationships among private investors is necessary to intensify cross-border co-investments. Moreover, having investors from different countries on the cap table provides early stage companies with diverse expertise and market intel, facilitating a global mindset since inception and the access to new markets. To overcome barriers to investing in less developed regions in terms of policy and financial frameworks, The Next Society identified soft landing as a value added mechanism for cross-border transactions: through soft landing, companies establish a legal entity closer to the investor, in a country with business-friendly regulation where the investor is familiar with the legal framework. The Next Society, supported by Eban and MedAngels, will follow up on these takeaways as follows: – To seed and nurture relations between investor and innovator communities, European investors will participate to a three-days exploration of the MENA ecosystem, meeting public stakeholders, local investors and their portfolio companies ready to scale in Europe. The program includes a deep dive into programs and incentives to investing in the region, best practice sharing and networking between founders and angels. The program will take place in the first days of October in Cairo, in parallel with the Techne Summit. Itida – the development agency for the IT industry in Egypt – will be a partner and sponsor of the program along with The Next Society. – To facilitate cross-border deals among international angels, The Next Society will make the case for soft landing and identify promising companies to soft land MENA or EU markets. The soft landing process will be led by The Next Society in the form of one-to-one advisory to founding teams. Partners in the initiatives strongly feel soft landing should become the best practice for overseas deals as it de-risks the transaction for foreign investors while allowing to keep talents and operations in the home country, thus contributing to job creation and competitiveness at the local level.

Ask an Angel is a one to one mentoring program for founders and angel investors. Founders are matched with a business angel based on their industry and challenges. Mentor and mentee have three intense sessions over a 2-4 months period. On top of this, founders and their teams are invited to additional workshops, training and networking powered by EBAN and The Next Society. Ask an Angel targets early stage companies based in Middle East and North Africa and is fully delivered online.

          Danish Business Angels (DanBAN) and its members have made hundreds of investments in both Danish and foreign start-ups. The latest figures from the annual member survey of 2020 activities show that DanBAN’s nearly 250 Business Angels have joined forces and invested approximately DKK 365 million (49 mill.€) in start- ups – that is investments equivalent to an average of DKK 1 million per day in 2020. In addition, since 2016, the total investments have amounted to an accumulated total of DKK 1.1 billion (147 mill.€). DanBAN’s 2020 annual member survey shows that the covid-19 pandemic has not affected the Business Angels interest in investing. On the contrary, the number of investments has increased by almost 75%, resulting in 365 investments in growth-stage businesses in 2020. This has resulted in DanBAN reaching a total investment sum of DKK 1.1 billion for the first time over the past 5 years. In 2020 alone, the total investment sum was DKK 365 million (49 mill.€), which is an increase of almost 42% compared to 2019. The median investment (“ticket size”) in a company has increased by 15% to DKK 220,000 (30.000€) per Business Angel. The members of the association have despite the circumstances of the pandemic managed to achieve the same competitive returns as in 2019. The analysis shows that the MoneyBackMultiple (MBM) in 2020 is equivalent to 3.0, which is similar to the previous year’s same high level. This figure is based on the 32 exits made in 2020, an increase of 10% compared to last year’s exits. The high level of engagement is also reflected in the number of member co-ownerships in companies, which this year is at an average of 5.5 companies with a median of 4. Vækstfonden, as one of our partners, is also an important source of capital for early stage companies. Our member survey shows that the products of Vækstfonden have leveraged our members’ investments with DKK 320 million in loans. This has resulted in a total of almost DKK 700 million (94 mill. €) in capital provided to Danish start-ups through DanBAN. With over 270 members today, DanBAN is Denmark’s largest professional non-profit network for Business Angels. DanBAN has an annual deal flow of 600 start-ups. DanBAN is an association that is 100% privately funded by its members and partners. Capital seeking start-ups can freely get in touch with the association’s members at no cost. DanBAN’s many members possess hands-on knowledge as former successful entrepreneurs who are now re-investing their time and part of their wealth in the next generation of passionate entrepreneurs. In 2020, the members of DanBAN consisted of 90.1% men and 9.9% women and members’ ages varied from 27 to 80 years. The average tenure as a Business Angel is just under 8 years but stretches all the way to an astounding 46 years. Among start-ups, 16.9% consist of mixed teams of both female and male founders. More than 20% of start-ups have at least 1 female founder. Quote: Jesper Jarlbæk, Chairman of the Board “DanBAN’s annual survey is without comparison the best mapping of Business Angel activities in Denmark and probably also in Europe. In a year challenged by CoVID-19, DanBAN achieved progress on all fronts. Our investment rate grew by more than 40% and with Vækstfonden, we secured more than DKK 700 million to Danish start-ups. This creates the jobs of the future and contributes to the well-being of us all.” Quote: Michael Hansen, CEO “This year’s membership analysis shows that our members have found an extra gear through the crisis and increased investment activity. We briefly saw members hedging their existing portfolio before actively investing again. With the results from 2020, we can see that we helped to keep a steady hand under the Danish start-ups and more provided working capital than ever before, and we are quite proud of that.”

The Commission is seeking 12 external experts for the role of members of the InvestEU Investment Committee. Applications are open until 7 May 2021. This is a part time role and can be combined with other professional activities. The Investment Committee will play a central role in the newly established InvestEU programme. Being fully independent, the Investment Committee shall be responsible for examining proposed financing and investment operations for the InvestEU Fund in line with the InvestEU Regulation and investment guidelines and for approving the coverage of the EU guarantee for financing and investment operations that comply with the requirements of the InvestEU Regulation and the relevant investment guidelines. The Investment Committee’s 12 members will be selected and appointed by the Commission, at the recommendation of the InvestEU Steering Board, for a term of up to four years, renewable once. The members of the Investment Committee will be appointed in a personal capacity, and shall not delegate their responsibilities. The Investment Committee will meet in four different configurations, corresponding to the four InvestEU policy windows: sustainable infrastructure; research, innovation and digitisation; SME; social investment and skills. The Investment Committee as a whole will be gender-balanced in line with the Commission’s strategic ambition regarding gender parity (50%) as well as its equal opportunities policy. Candidates shall comply with exclusion and eligibility criteria specified in the call notice and have : relevant market experience in project structuring and project financing or financing of SMEs or corporates, expertise in sustainable investment, knowledge of one or more of the sectors covered by the four policy windows, knowledge of the geographic markets in the Union and understanding of the role of the InvestEU Programme. If you are interested in this highly rewarding and challenging role, please find out more about the requirements and selection procedure.

According to the World Health, one in 10 people suffer from some form of social anxiety. 60-70 percent of the patients visit clinics due to anxiety issues and about 40% of them are because of specific phobias. Far from being a silly fear, a genuine phobia can actually have a pretty big impact on someone’s life. The major challenge for psychologists is to replicate the real phobia experience in a clinic. One method that’s used under guidance is ‘exposure therapy’, a type of cognitive-behavioural therapy (CBT). But it is not always useful and convenient. Bringing objects such as snakes and dogs inside the clinic can get challenging. It usually takes about 15 to 20 sessions for a patient to get comfortable. Therefore, it is time consuming and expensive. But could Virtual Reality be the catalyst to a new, more immersive and more easily accessible experience for Mental Health patients? The use of Virtual Reality can make the phobia appear very real in the clinic room. It allows the patient to get a realistic VR experience and psychologists can then combine it with their own their treatment processes that would substantially result in less time and potential increased earnings for the psychologists. PsycReality, an Irish Med Tech start-up founded by Bilal Awan, uses emerging technologies such as VR, AR and AI to help psychologists treat their patients and help them overcome their phobias and social anxieties quicker and more effectively. Early tests conducted by the team show significant improvements on the current market offerings with treatment time cut by almost 50%. What makes PsycReality’s product unique is its “Pay-as-you-use” model where psychologists only have to purchase a set of VR goggles with no additional set-up costs involved. Real immersive video production of the highest quality coupled with continuous improvements to enhance the software using AI and neurofeedback tools would significantly improve the efficiency and effectiveness of the treatment. PsycReality are seeking the support of like-minded individuals to further develop their software and enhance the lives of millions of people around the world.

EBAN sat down with Jesper Jarlbaek, EBAN Treasurer and Chairman of DanBAN, to learn more about the networks incredible success despite the last years collective struggle.   In many parts of the world angel activity dropped last year. How did DANBAN members increased their investment activity last year?  JJ: When Denmark was placed in lock-down on March 11, 2020, DanBAN immediately switched 100 % of member services to on-line delivery. So for example, instead of once monthly pitch events in three Danish cities, we did national pitch events. To adapt to the new circumstances, we switched to weekly pitch events, but with only 3-5 start-ups. (versus the typically 10 at physical pitch events. And all through 2020 as the public health guidelines were being constantly updated, we utilized every opportunity within those guidelines to gather our members whenever possible. And when Xmas time came and we could not hold our traditional Xmas party, we sent party rations to members acting as hosts groups of 10 members across Denmark, and we then linked to all of them in turn. Just like the Eurovision Song Contest. These are just some of the examples of the amazing creativity and dedication  of our DanBAN staff. Did any digital solutions help accelerate the syndication process? JJ:  We invest a lot of resources in ensuring the best deal-flow in Denmark. We have been using a digital solution to support this work for several years. During that time, we have continually pushed for increased functionality. Thus, for example, every one of our 50 + events last year were published and managed on the same tool. We are also continually expanding the on-line resources (templates, etc.) available in the same tool. So even before CoVID -19 we were well used to supporting our network digitally. What CoVID-19 did was too actually promote digital member engagement, ie now members had to use the tools. Notwithstanding the above, there are many more processes where we could benefit from further digitalization. What are the lessons learned during the pandemic period? JJ: As with many other aspects of society, CoVID-19 brought us a mixture of great opportunities on the one hand and severe limitations on the other hand. Our going in attitude was to identify and implement the opportunities. In many regards we succeeded in this. The main challenge encountered is that building a Business angel network is all about building trust amongst our members. I think no-one will deny that that task is extremely hard when you are not meeting physically. Once all restrictions are lifted, we will not return to pre- Covid habits. We will re-instate many on site member activities, but we will also consider which offerings can continue to  be effectively delivered digitally.  

Distributed Ledger Technologies could provide the underpinnings for future growth and resilience across industries and sectors. The stimulus package allocated for post-pandemic recovery represents an unparalleled opportunity to achieve a tech enabled and sustainable Europe. Despite several studies show that Blockchain and Distributed Ledger Technologies can provide significant benefits to European private and public sectors, decentralization has not yet proven either transformative or disruptive for industry and governments. Significant benefits are expected to materialize from increased efficiency of administrative processes, higher trust in record keeping, procurement, data management and more1. The European Union acknowledges that intervention and collaboration across stakeholders’ classes is needed – including local governments, early stage investors, entrepreneurs, national or international financiers – in order to harness the potential of this groundbreaking technology. In fact, European investment in DLTs is The EU increasingly falling behind the United States and China, as startups struggle to scale up and private investors perceive the technology as too risky. Nonetheless, the time for decentralization may have come: on one hand, the Covid-19 pandemic boosted demand for secure digital-services across all areas, from supply chain to digital identity; on the other, state authorities are entrusted to deploy sizeable amounts of capital to tackle digitalization. To achieve the ambitious goal of building a greener, more digital and resilient Europe, it is critical to strengthen the regulatory and financial environment for deep tech, and to facilitate channeling of smart capital into R&D, commercialization and scaling. Including policy priorities, industrial know how, academic knowledge and societal demands in the dialogue on how to adapt traditional infrastructures to the decentralized model is the safe and most agile way to advance in such an uncharted territory. With the purpose of reinforcing such a dialogue, EBAN hosted a round table on April 15th 2021 bringing together representatives of the quadruple helix model of innovation. The round table clarified current barriers to the widespread adoption of decentralized systems and advanced a set of policy recommendations to facilitate acceptance and investment in Distributed Ledger Technologies.  

COLOGNE – The COVID-19 pandemic has intensified ongoing debates about the future of capitalism and the economic framework best suited to meet the post-pandemic world’s long-term needs. Developed economies will, of course, need strong growth to offset the economic damage wrought by the virus, and to rise to the challenges posed by climate change and societal aging. And yet, across the developed world, the pace of economic growth has been slowing for decades, casting doubt on how these challenges will be met. How should the gap between actual and necessary growth be closed? Should developed economies continue to focus on Keynesian demand management, thus risking the accumulation of ever more debt? Or should we shift to a longer-term, rules-based approach that anchors expectations and builds confidence, albeit at the expense of some policy discretion? Such questions have become urgent, and yet are not being forthrightly addressed. Throughout the pandemic, the consensus has been that governments should intervene to boost aggregate demand through fiscal- and monetary-policy stimulus. Yet while a decisive crisis response was clearly necessary to avert an economic death spiral last spring, scant attention has been paid to the pitfalls of demand management – from the implications of massive government deficits to the potential for renewed inflation, lost business confidence, and future tax policies. At the same time, rules-based policies have increasingly fallen out of favor. A strong tide is pushing against any measure that might inhibit the freewheeling monetary and fiscal experiments we have been witnessing. Structures such as the European Union’s Stability and Growth Pact, which capped government fiscal deficits and debt at 3% and 60% of GDP, respectively, now seem to have been discredited as manifestations of “evil austerity.” Never mind that they delivered clear successes in Cyprus, Ireland, Portugal, and Spain in the 2010s. Moreover, the singular emphasis on demand management has distracted policymakers from the fact that today’s challenges are structural, and not solely the result of the pandemic. Concerns about growing government interventionism have coincided with reduced overall investment. Despite this, many economists continue to demand even more state intervention, while glossing over questions of what expansive monetary and fiscal policies will mean for growth over the long term.  

The GALACTICA project, launched in September 2020, aims to bring Europe to the forefront of the textile and aerospace sectors. This project consists of a cross-regional partnership across eight EU countries that involves eight innovation clusters from advanced manufacturing, aerospace, and textile industries, one investor network, and one business incubator and accelerator. The project fosters the creation of unidentified or unexplored market opportunities for existent and new companies in developing latent and emergent value chains. It will overcome information and market failures by gathering together companies from diverse industrial sectors, R&D organizations, clusters, and bringing to life a set of tools, instruments, and triggering initiatives that will create a basis for establishing new value chains across textile and aerospace industries. In these first six months, GALACTICA has supported the textile and aerospace SMEs by introducing activities that combine different competencies, innovative solutions and funding schemes. The project’s first newsletter gives a global overview of what has been done so far.

Baltic Tech Ventures (BTV) is inviting you to join this two minute survey of angel investors to weigh in on the first annual report about investing in the Baltic region. All participants will have a copy of the report emailed to them directly in advance of publication. BTV is the only publicly traded VC fund with an angel group focused on seed and early stage investment in the Baltic region. BTV is running a survey of angel investors in order to produce the first annual report to serve angels interested in the region. These anonymized results will result in a report on investment focus, interests and experience, and trends over different investor groups.

Join FASE by the fire, kindle the flame of curiosity, enjoy a very unique online event – and even have a blind “date” – Impact Fire Talks are here for you, and FASE, for one, cannot wait to see you all  #socialentrepreneurship #buildingbridges #onlineevent #joinus We would have never thought it possible, and yet, many of us are reaching that point – we miss those networking sessions, those quick cups of coffee to chat about a partnership, and the provocative debates that made us wonder if we are finally moving from talking to acting, to making plans become a reality… If you miss it all, join FASE around the fire on the 13th, 14th, and 15th of April, for the Impact Fire Talks! FASE promises a truly interactive gathering of like-minded investors. Not only will you have the possibility to chat (on Zoom) with kindred spirits and people with whom you have not had a cup of coffee for the longest time, but really wanted to, we bet you will enjoy some incredibly specific and “to the point” debates. They will have a short panel to kickstart the conversation, but we are opening the floor to anyone attending to engage – we count on you to take the lead! You are invited to debate about topics such as how to unleash vast amounts of untapped capital for impact, or the role of co-investment funds in mobilizing finance for scalable ventures, or what are the secrets of building a happy marriage between direct investors and the crowd. And if you want to brainstorm other ideas and meet the new (and old) kids on the block in the impact space, join FASE’s blind dates, daily at 1.30pm! Let your spark show and kindle a new kind of fire!    

Startups, apply now to pitch at the Europe-India VC Connect Program Pitching Session! EBAN has partnered with Delegation of the European Union to India, Particip, Global Business Inroads (GBI) and Enterprise Europe Network to connect European start-ups with Indian VCs, Corporates, Angel investors and investor networks and platforms: a perfect opportunity for potential investments and growth! Get the chance to pitch your innovative solutions to Indian Business Angels and VC investors at the next session, which will be taking place at 10:00 AM CET on April 23rd (Applications close on April 12th 2021).

In response to the COVID-19 pandemic, the European Commission has launched the InvestEU Program, which is uniquely suited to provide long-term funding to companies and to support Union policies in a recovery from a deep economic and social crisis, promoting green growth, employment and well-being across Europe. The InvestEU Program builds on the successful model of the Investment Plan for Europe, the Juncker Plan which mobilised more than €500 billion in the period 2015-20. With the aim of triggering a new wave – more than €372 billion – in investments using an EU budget guarantee, the InvestEU Program aims to give an additional boost to investment, innovation and job creation in Europe over the period 2021-27

Start-ups and scaleups success is currently more crucial than ever. As Europe emerges from a difficult period, the economy and society’s recovery are essential. Start-ups play a role in this process, as they have the capacity to develop breakthrough innovations in response to real-world needs. Despite this capacity, start-ups seem to be part of the most affected groups during this pandemic, having an increased difficulty in securing funding. In response to this, the European Commission has announced the creation of the Start-up Nations Standard of Excellence: an initiative aimed at pushing European countries to support start-ups in each stage of their development. By signing the standard, member states agree to a series of actions to ensure that all start-ups and scaleups in EU countries benefit from the best practices underpinning Europe’s and the world’s most successful start-up ecosystems. Actions suggested to member states focus on the following: making it easier to start-up and expand across borders by fast-tracking the start-up creation process. streamline visa and residency applications for third country talent and incentivise the return of EU tech-talent. make granting of employee stock options more attractive by ensuring employee share options are not subject to capital gains tax until they are cashed in. promote venture-building and tech transfer from universities. increase access to finance. The initiative received the support of 24 member states at the Digital Day 2021 event. EBAN is delighted to hear this, as SNS will help push forward our main goal: getting start-ups to scale-up. ” I think the EU’s SNS (StartUp Nations Standard) is a great initiative and am pleased that nearly all of the EU member countries have already signed up” says Jesper Jarlbæk, EBAN Treasurer and DanBAN Chairman. “The key thing now is to translate words into action in all EU member countries. I am convinced that EBAN, with its extensive coverage and reach across Europe can be a valuable contributor to this effort. This can be done by identifying and promoting best practices and then encouraging all the countries to follow suit.” Janne Jormalainen, EBAN President and FiBAN President Emeritus, shares this excitement. “Start-ups needs are different from established companies. Access to talent as well as maintaining talent are the key success factors of start-ups and the SNS initiative facilitates just that.” he says. “The acceleration of visa processing and allowance of stock option issuance are especially welcome”. Through this initiative, the European Commission is pushing Europe at the front of the global tech race. Prof. Panayiotis H. KETIKIDIS, Hellenic Business Angels Network – Founder of HeBAN & EBAN Board Executive Committee Member, wraps it up perfectly: “Even before the outbreak of Covid-19, Europe had decided to strongly commit herself to an innovative, green, and digital economy. The current pandemic accelerated the determination of many national governments to fully acknowledge the important part that start-ups and scale-ups are able to play in this development and spurred the implementation of necessary measures. This insight and the willingness to act in a concerted European context on initiatives, such as the EU SNS, the InvestEU as well as the EIC, now enable Business Angels across Europe to seize the offered opportunities in a much more effective way. As Hippocrates already suggested in ancient times: “Time is that wherein there is opportunity, and opportunity is that wherein there is no great time”.          

  In the first edition of our Guest Editorial Series, we are pleased to hear from Charles Sidman presenting ECS Capital Ventures: Everyone involved in the European Business Angels Network (EBAN) itself, and the entrepreneurial community as a whole, understands that investments in the early-stage ecosystem constitute a unique, attractive and critically important asset class.  Not only do multiple studies show that these investments generate higher returns on average than other major asset classes, but these returns are largely uncorrelated with those of other assets and therefore play a valuable role in anyone’s overall portfolio.  Most importantly, investments in this asset class provide essential support to the entrepreneurs and their enterprises that are the true engines of economic development worldwide, generating the increased wealth, jobs, taxes, standard of living, etc., that societies and governments so value. Unfortunately, several economic facts of life, plus happenstances of historical development, make our present early-stage financial system less functional and attractive for participants and stakeholders than it could be.  With many players operating effectively in silos with primarily their own kind, there is too much one-size-fits-all thinking rather than respect for and fostering of diverse policies, participants and mechanisms.  We know from biology that the more diverse an ecosystem, the greater is its functional potential and robustness. Of great concern, the vast majority of individuals and parties that have sufficient capital to participate in this asset class do not do so, due to expressed concerns about risk, feasible and adequate diversification, complexity, (in)efficiency, competition and/or the sheer effort required.  For the sakes of everyone involved or affected, we should enable the participation of these absent players through means that are agreeable and respectful to them and do not require unwelcome activities or pursuits.   On the other hand, everyone who is active today or becomes so tomorrow will benefit from better collaboration at all levels.  In particular, more plentiful and diverse deal flow and access, greater consensus concerning fair and effective deal terms, better joint pre-investment diligence and post-investment monitoring, and more effective pooling of financial resources are aspects that could be significantly improved for the benefit of all.  All of these issues are well understood by EBAN and its members. ECS Capital Partners, an active associate member of EBAN, has been designed to contribute to just such integration, synthesis and collaboration in the global early-stage ecosystem.  It is committed to superior financial returns, primarily from enterprises based on sophisticated (“deep”) science and technology, but simultaneously, for reasons of both ethical choice and compelling market needs, with companies producing positive social, environmental, or human impact (summarized in the United Nations’ 17 Sustainable Development Goals, or SDG’s).  ECS is now raising up to $100MM USD, to operate from the earliest stages of start-up development (particularly in collaboration with active Angels and their groups worldwide) through later (usually VC-dominated) growth.  Due to active external collaborations as well as vertical integration within ECS, Angels and their groups will have access to broader deal flow opportunities, more funding for local companies, and financial resources to continue to be represented and safeguarded in later rounds.  Larger later-stage investors will benefit from a greater supply of well-known and deeply understood candidates for follow-on funding. For individuals and entities not opting for active direct involvement, ECS provides an entire multi-stage, diversified portfolio in this asset class, managed professionally and with adequate financial resources and discipline, for as little as a $25K USD commitment.  Additionally, with participation in several hundred well chosen initial companies, and follow-ons in the more successful, ECS will provide its investors with an Intelligent (i.e. still highly selective) Composite or Index for the early-stage asset class.

Clear your calendars – the Angel Capital Association is bringing  successful angels together to share insights and perspectives on thriving in a post-COVID world. The all-star lineup of speakers will kick off dynamic, interactive discussions about topics that matter. ACA 2021 – The Summit of Angel Investing on 4-6 May 2021 is dedicated to helping angels find opportunity amidst the chaos of a post-pandemic world. The all-star lineup of speakers will kick off dynamic, interactive discussions about topics that matter and will present cutting edge research and insights about high-growth sectors, proven ways to increase deal flow, and smart strategies to support startups and entrepreneurs. Join the ACA Summit to expand your trusted network, leverage diverse global business perspectives, and discover new investment strategies to increase returns. Contact info@eban.org for a special discount on tickets for EBAN members.

Startups, apply now to the 2021 Annual Congress taking place online on June 16-18: virtually join hundreds of investors and corporates – make connections, learn from experts and pitch in front of the world’s best angel investors! The call for startup applications is open – apply now to become one of the companies selected to pitch at the 2021 Congress! All selected and shortlisted startups will receive complimentary passes to the event – find out more below: Who can apply? Early stage companies (not older than 5 years); Actively fundraising for an equity investment of between €50K – €5M; Company based in any EU country. What we Offer: Up to 5 complimentary Annual Congress tickets per team; Pitching slot; Profile listed on the Congress website and promotional campaigns; Access to a variety of workshops for entrepreneurs; Access to virtual networking area and possibility of 1-1 matchmaking meeting facilitated by EIPP.

The European Innovation Council aims to identify and support breakthrough technologies and game changing innovations to create new markets and scale up internationally. The initiative offers an array of opportunities such as EIC business acceleration services, European innovation ecosystems, and EIC accelerator. Read more to discover the various projects funded and supported by the EIC!

  The next Space Academy – an intensive two-day event designed to help space-tech companies scale up – will be held online on 16th-18th June 2021 in collaboration with the “EBAN Annual Congress 2021” organised by European Business Angels Network (EBAN) and European Investment Project Portal. 10 selected companies will be entitled to receive for free: 4 In-depth report studies of your company and its proposed service/product focusing on aspects such as the business model design, intellectual property rights, access to finance and human resources; 6 one-to-one meetings with international experts; Opportunity to pitch at the event EBAN Annual Congress 2021;   Apply here: https://apply.space-academy.eu/calls/space-academy-europe/   WHY JOIN A SPACE ACADEMY: Some highlights from our previous Space Academy in Helsinki

The opportunities created by novel technologies and disruptive innovations promise to deliver the fair and sustainable recovery Europe needs. But Europe risks missing out on these opportunities if half its population is overlooked as a source of innovation and creative talent. The EU Prize for Women Innovators celebrates the women entrepreneurs behind game-changing innovations. In doing so, the EU seeks to raise awareness of the need for more female innovators, and create role models for women and girls everywhere. The prize is awarded to the most talented women entrepreneurs from across the EU and countries associated to Horizon Europe, who have founded a successful company and brought innovation to the market. The prize is managed by the European Innovation Council and SMEs Executive Agency, and the winners are chosen by an independent expert jury. Three prizes of €100,000 each are awarded in the main category. A fourth prize of €50,000 is awarded to a promising ‘Rising Innovator’ aged 30 or younger. Applications for the 2021 edition of the EU Prize for Women Innovators are now open!    

GALACTICA project will launch its 1st Open Call for Proposals on 16th March 2021 with €1.2 million of funding available, to attract and support the best cross-sectoral projects in the fields of textile, aerospace and advancing manufacturing. SMEs and Startups can apply for funding up to €100.000 (“Orbital Projects”) or up to €20.000 (“Pioneer Projects”). More information regarding the Open Call for Proposals application, submission and evaluation criteria is provided on the following Open Call guidelines. Who can apply? The Call for Proposals is open to EU and UK innovative Startups and SME’s within the textile, aerospace, and/or advanced manufacturing sectors. Single SMEs or consortia SMEs can apply for “Pioneer projects”. For the “Orbital projects” it is mandatory the participation of a minimum of two SMEs. When two or more companies are applying within each funding scheme, it is also mandatory that those companies belong to different sectors of activity. The main goal of the GALACTICA project is to create, validate and scale-up new cross-sectoral and cross-border value chains among textile, aerospace and advanced manufacturing fields. The application deadline is 19th May 2021 at 17.00 CEST.

AWS are happy to present the Angel Investing Report 2020 in cooperation with the Austrian Angel Investing Association (aaia) and Austria Wirtschaftsservice (aws i2 Business Angels) on the 9th March 2021 at 03:00 pm. Austrian Business Angels are an important player in the funding lifecycle of startups and support talented founders with their expertise, network, and capital. They are the earliest believers and with this report, AWS wants to quantify their impact and dig deeper into the investor personality, investment behavior & portfolio dynamics. 2020 was a particularly interesting year to analyze investment behavior in a crisis and to derive lessons learned. In addition, this report also gives insights for startups in how to approach angel investors, what they are currently looking for and what to expect in 2021. Sign up for the Launch Event here.

EBAN is partnering with EuroQuity, a match-making platform managed by Bpifrance, for the next edition of the Scaleup of the Month Webinar series, providing startup businesses and private investors across Europe with improved awareness and opportunities! We invite all eligible startups to participate in this initiative designed to give visibility to the best early-stage companies actively raising follow-on investments to scale. The webinar will take place on the 18th of May at 12:00 PM CET – so mark your calendars already!

Happy International Woman’s Day! At the European Business Angel Network, we believe in promoting gender equality in all sectors across Europe and beyond. We have chosen this day as an opportunity to launch a new initiative aiming to support female investors in bringing their expertise to early stage entrepreneurs and paving the way for the next generation of business. As a woman investor, we invite you to share your profile with us by taking part in this short survey. Our goal is to gather this information in order to showcase your successes across the EBAN network!  Your participation will enable us to offer you new activities focused on creating networking opportunities for women investors and building a stronger women investor community in Europe. Of course, we would also like to provide you with the amazing services and benefits offered by EBAN. Through your participation in this information gathering initiative, we are giving you a FREE ticket to our upcoming Annual Congress, taking place online on the 16th-18th of June. Let’s empower women-led early stage investors together!

2020 was an unprecedented and remarkable year, and also a year with high uncertainty and increased information needs. The EIF VC Survey, the EIF Private Equity Mid-Market Survey, and the EIF Business Angels Survey (the largest regular survey exercises among GPs and Business Angels on a pan-European level) provide an opportunity to retrieve unique market insights. On an exceptional basis, two waves for each of the three surveys were performed in 2020. This publication summarizes and compares the main results, providing a detailed picture of the recent developments. The paper focuses on the market sentiment and the impact of COVID-19 on investors, their portfolio, fundraising and investments (including ESG considerations), and finally, it shows respondents’ opinion with regard to crisis-related policy measures.

  Estonia-based sportstech startup MyGames , who has been invested in by EBAN Member EstBAN, has announced raising around €100K pre-seed funding which it will use to build up its solutions for tennis and padel sports players. Founded in 2019, MyGames is a relatively young but fast-growing startup building booking and automation solutions for tennis and padel courts. In late 2019, the startup launched their first application helping tennis players find substitute players with only one click, because sometimes players simply can’t play at their regular time and need someone to replace them. MyGames is an official partner of the Estonian Tennis Association (ETA) since 2020. Within one year they have been awarded by several organizations: ‘Regional Tennis Developer’ by ETA, ‘Best Startup’ by co-working space Forwardspace and ‘The product of the year’ by Pärnu Development Centre & Pärnu Postimees. They closed another €100K through the Estonian Business Angels Network early in 2021 and are now making their way to the European market. MyGames is putting great emphasis on building a database of all tennis courts in Europe (10,000 courts in the list today), soon to create an interactive map. Margus Randmäe, co-founder and CEO of MyGames, commented: “Being passionate about tennis, we saw the potential to make tennis court management much more efficient and by doing so, we can bring tennis closer to players, especially to new enthusiasts.” “MyGames is offering a complete booking solution (software and hardware) which helps the court owners to spend less and earn more while offering a first-class customer experience to the players. Our ‘Airbnb for tennis courts’ with the marketplace, booking and automation features will bring less effort, new players, more money and free time for court managers. And tennis is not alone. There is a rapidly growing community of padel players that could benefit from our solutions as well. MyGames will be the No.1 tool for racquet sports. There is a significant number of smaller tennis centres, public and private courts all over Europe that could be put in more use and we can help them do that while reducing their marketing and administrative costs at the same time,” said Randmäe. Lead EstBAN investor Raigo Õunapuu added: “Most of all I treasure MyGames team for its capability to work smart and achieve their goals fast, which is crucial for a startup company.” He believes that the team has all the skills necessary to soon onboard first courts from outside of Estonia in order to prove their concept on the international market, which is an important step for their next investment round.  

Cybersecurity Made in Europe is an industry -driven marketing tool, designed to promote European cybersecurity companies and increase their visibility on the European and on the global market. The lack of any such tool at the European level and the need to advance Europe’s strategic autonomy prompted European Cyber Security Organisation (ECSO) to create the Cybersecurity Made In Europe Label. The Label serves as a market differentiator based on geographic location. The Label raises awareness of the strategic value of cybersecurity companies originating in Europe and developing their business based on trusted European values. The Label increases companies’ visibility among potential business partners, end-users and cybersecurity investors WHO CAN APPLY? The Label is granted to European cybersecurity companies from the European Union (EU27), European Free Trade Association (EFTA) and European Economic Area (EEA) countries, as well as from the United Kingdom (UK).

Congratulations to Branko Drobnak, who is stepping down after his successful 10-year long presidency  at the Business Angels of Slovenia network. Members unanimously elected candidate Nina Dremelj to become the new during the general assembly on January 12th. Read more to discover the new president’s updated team as well as her plans for the future of Business Angels of Slovenia.

Kahoot announced the acquisition of Whiteboard.fi, an online whiteboard tool for teachers and classrooms that helps engage students both in the physical classroom and through remote learning. Whiteboard.fi’s exit marks Janne Jormalainen, EBAN President, second education sector exit, with Reima Linnanvirta as fellow investor. This sector is going through a major transition, as new innovation transforms outdated methods and practices to current time. Janne Jormalainen is involved in a number of educational sector start-ups such as New Nordic School, which is transforming the primary education sector – from knowledge teaching to skills teaching. This sector will continue to offer lot of opportunities for investors, and more importantly continue to positively impact the lives of students and their future.

New Nordic Leads believe that good mentorship unlocks startups’ potential. In the first batch of training altogether 30 mentors – experts in their fields or founders themselves – help the founders to achieve their goals with their knowledge and network. The organization asked five of them what is the one piece of advice that they would give to first-time founders on improving startups’ investment readiness. Erik Raudsepp (EstBAN): Make sure your customers love your product. Build a mentoring network on your own – reach out to BAN members, invite them for a coffee or a chat and ask for their feedback and advice. You are doing it for the first time, but there are a lot of people who have done it before and are happy to help. Don’t leave it to the last moment. Akim Arhipov (EstBAN): The most important thing is your people. Hire slow. Identify the business goals and create transparent processes – people will appreciate working with high emotional & intellectual caliber teammates who value their time. The rest is systematic steps towards the goal. Tomáš Novotný (FiBAN): At FiBAN we often see a disconnect between what first-time founders consider the most important about their startups and what matters to the investors. So I would say bridging this gap could be one of the key pieces of advice. Perhaps either by developing an understanding of how investors work or getting someone who has seen fundraising before to provide insights. Esa Kinnunen (FiBAN): Entrepreneurs typically present their company from their own point of view, which in itself is very understandable. If you want investors to invest in your startup, then the company and its actual business must be presented from the investor’s point of view i.e., what the company actually does in simple terms, how it will realistically develop over the years and how its value will rise in the market. Shamma Raghib: Get ready to be uncomfortable for a long time. This is a long term investment so you should always have a “go get it done” attitude – try building a culture of your company from the beginning this is very important to retain your employees. “Seeing the drive, the ambition, and that moving-fast attitude is wonderful” What are New Nordic Leads mentors’ experiences so far? “Seeing the drive, the ambition, and that moving-fast attitude is wonderful. And as a first-time founder, I have gotten a lot of help and advice from many people over the years myself, so I am happy about the opportunity to share those and our learnings and mistakes through the program, ” says one of the mentors Tomáš Novotný, Chairman at 720 Degrees. For Erik Raudsepp, Head of Product at Pactum, who is based in the US, organizing such events in Zoom has been inclusive as it gave to him a chance to participate in Estonian-Finnish cross-border program. Akim Arhipov, founder & CEO of BASIS ID and partner at VNTRS, tells that he has learned from this experience, that the most important is to identify high intelligence, high energy, and high integrity founders. Esa Kinnunen, founder & CEO at Esa Investment, finds that the New Nordic Leads program has been very interesting. He gained access to three different startups, all of which are mutually different fields and in different stages of development. Esa says that the entrepreneurs have learned a lot in the given training sessions, as well as applied the lessons in an exemplary way in the development of their own companies and in their investor pitches “Personally I have learned that every startup and its founders are different and hence the mentoring approach almost always needs to be customized, “ adds Shamma Raghib, SaaS Transformation Manager at Collibra and Founder at Girls Get Funded. Are you a startup interested in joining the next New Nordic Leads Investment Readiness Trainings batch? Read more here.  Are you an angel investor interested in becoming a mentor and learning more about leading an investment? Show your interest here.

StartupYard is inviting all the Deep-Tech founders looking to raise up to €1m to apply for StartupYard Remote Lab. The organization has been accelerating startups since 2011 by giving them an instant access to new customers, partners and investors. Since they started, startups have raised over €35.5m so far, employed more than 500 people and reached customers around the globe. StartupYard is now taking their network and expertise online and launching StartupYard Remote Lab. Remote Lab is a rolling program without a start and end date. It is a fast-pace 30 hours business and fundraising program for pre & early-revenue technology startups. It is a one on one, individual program. It is not a group webinar or some online course. If you are accepted, you will join their prestigious portfolio of startups alongside the likes of Rossum, Neuron Soundware, Gjirafa, Dame Jidlo, BudgetBakers, to name a few.

Bambucorn is a regulated equity crowdfunding marketplace for investments in private securities enabling early-stage ventures raise equity financing by issuing tokenized securities through the platform. The reason for Bambucon’s creation originates from the problems the founders identified in their capacity as angel investors. Having interviewed over 150 entrepreneurs globally, the founders figured that the approach used by entrepreneurs to raise pre-seed funding tends to be random, subjecting them to significant uncertainty due to the time it takes to raise funds. The problem gets exacerbated when entrepreneurs have to deal with other operational challenges in getting their businesses off the ground. On the other hand, investors do not generally have access to quality deals in private equity as historically this asset class has been the privilege of only professional investors, institutional investors and venture capitalists. Whilst, in the recent past, with significant crowdfunding activity, the problem is being solved partially, investors still do not have a well-defined methodology to evaluate private equity opportunities to aid in their decision making. This deters most investors from actively getting involved in the early-stage investment space, which does not particularly help ambitious entrepreneurs with highly innovative ideas. Furthermore, the thought of a long holding period further acts as an impediment to investors’ decision making. Bambucorn addresses some of the above problems by providing, inter alia, the following key features in the platform: Ability to tokenize securities using a blockchain infrastructure, that will set a strong basis for the tokens to be tradeable seamlessly in the secondary markets, potentially addressing the problem of a long investment holding period Ability for investors to access experts within the platform and seek professional views from them prior to making an informed decision on their investments Alternative finance (crowdfunding, P2P / marketplace lending or related capital raising activities) is gaining momentum on a global scale with over $89 billion (ex-China) in volume (Source: Cambridge Centre for Alternative Finance: April 2020). Bambucorn’s vision is to be a catalyst to encourage effective cross pollination (i.e., allowing investors to access private equity deals in other geographies with legal structures that they are comfortable with, and vice versa). Whilst Bambucorn has been founded with a global perspective in mind, it is currently regulated in the Middle East, having obtained an Innovation Testing Licence from the Dubai Financial Services Authority as well as an authorization from the Central Bank of Bahrain for participation in the Fintech Regulatory Sandbox to operate a securities tokenization platform. Pre-register on the Bambucorn website to join a strong community of investors, issuers, and experts!  

Are you a European healthcare company raising a Seed, Bridge or Series A round of more than 500 K€  ? The EIT Health Investor Network, powered by Angels Santé, can help you accelerate your round and open doors with more than 80 European healthcare investors. EIT does the work for you by targeting the right investors for your sector, stage of development, and location! You can save time, energy & money by joining this growing investor network!

Written by Ian Sosso, Founder & Managing Partner Monte Carlo Capital “Building direct exposure to early-stage start-ups is not only a profitable strategy but is vital for the long term perennity of principals of family offices in a world where we are seeing a redistribution of wealth towards tech businesses and tech entrepreneurs. This article is not only relevant to principals of family offices but also to any sophisticated investor who can afford the illiquid and long-term nature of the asset class: from high net-worth investors to principals of family offices, to pension funds, insurance companies, sovereign wealth funds and endowments. To the principals of family offices, whether you still own businesses which at some stage may become threatened by new technology and business models, and therefore you need to keep on top of the technologies which affect those businesses, or your family has exited its businesses and seeks either capital preservation or accumulation, becoming a savvy early-stage tech investor provides significant upside, both direct (financial) and indirect (know-how). Principals are increasingly investing directly in early-stage businesses. I have seldom met one that is not either already investing or at least considering it, yet, finding the right investment formula has been challenging for many: loss of capital in the first few investments, lack of understanding of technology and the investment process, ticket size too small to warrant the time and effort, etc. So how do you build a strategy that makes sense and why it is so important that you do? I initially started Monte Carlo Capital (MCC) to invest my own money in early-stage businesses. Now MCC is a group of private investors and family office principals investing directly in early-stage tech and life science companies, and I am the lead investor for every investment the group does. As a result, I get to deal with principals of family offices regularly and the observations highlighted in this article stem from my interactions with them. However, every family is different, and followed its own path to wealth. The comments in this article are meant to highlight some of the main trends I have observed over the years.”

Angel Investing is getting increasingly more attractive to the next generation of high-net-worth individuals who have often earned their wealth by being entrepreneurs and understand the way early-stage scene works. In light of this, Startup Includer’s co-founder and angel investor Rain Kivisik concludes that angel investing is in the process of maturing even though the full potential of angel investing is still untapped. With more people joining the angel community, the knowledge exchange and cooperation become increasingly more important. What lies ahead in the angel investing future? Read the article to find out!  

The European Investment Fund (EIF) has published a call for expressions of interest from venture capital funds who want to cooperate with the Venture Centre of Excellence (VCoE), a partnership created by EIF and EIT Health with the goal of facilitating financing for European healthcare start-ups. The call targets venture capital funds (VCs) that are interested in acting as financial intermediaries for investments in healthcare innovations. The details of the call are available  on the EIF website. The VCoE is a pan-European, open-innovation programme co-designed by EIT Health and the European Investment Fund (EIF) with the aim of catalysing €2 billion in life science funding and bringing together an exclusive member community of healthcare investors: VCs, corporations, insurers, technology transfer offices (TTOs) and others wishing to co-invest in European life science start-ups. The European Commission recently expressed its strong support for the VCoE with a €150 million anchor investment. Under their agreement to establish the VCoE, EIT Health is responsible for managing the ongoing accession of corporates, TTOs, health insurers and others, while EIF leads the VC selection process. EIF is using this call for Expressions of Interest to allow eligible VCs to apply to join the VCoE as members. “This is a great moment for the VCoE, bringing together all of the work that has been done over the past years to build this program,” said Jean-Marc Bourez, EIT Health France Managing Director and Head of the VCoE. “The VCoE’s EIF-managed VC selection process is a cornerstone in the constitution of the VCoE’s exclusive member community, alongside the corporate and other potential members whose accession to the VCoE EIT Health is currently managing. I sincerely thank all of our EIF colleagues who have made it possible to reach this point in collaboration with EIT Health teams.” Isaac Middelmann of EIT Health, the VCoE Programme Manager, added: “EIT Health is excited to welcome the first VCs selected by EIF as part of this process. We look forward to organising the first VCoE exclusive members’ meeting during the first half of 2021 and to facilitating the development of this trust-based community.”

With support of AustrianStartups, aaia brings the Startup World Cup, hosted by Pegasus Tech Ventures, to Austria as part of the ViennaUp’21 in May 2021! After three digital pre-selection-events and the Austrian finale, the winner gets the chance to pitch at the finals in Prague and San Francisco in front of more than 2.500 investors and win up to $1M investment from Pegasus Tech Ventures and up to $500K from Air Ventures and UP2 For Austria there will be three digital pre-selection-events for three different teams: Team East, Team South and Team West. The teams consist of three Austrian federal states. In each of them one startup of the different categories will be selected by a jury to pitch at the finals in May at ViennaUp To all Austrian startups – apply now! The application phase for pre-events lasts from February 1st to February 21st 2021.

Do you run a highly innovative and scalable startup and want to raise investment? Female Founders is offering a three month online accelerator program for female-led ventures. If you want to raise investment and benefit from an equity free preparation program apply until February 14 and take part in their 5th batch starting in April. 45 hours of online training with top-notch speakers and a personal mentor are waiting for you. The program has been awarded by Sifted & GP Bullhound and features experts from Europe’s leading VC firms.

HBAN,  the all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland has announced that despite the pandemic-induced restrictions over the course of 2020, business angels invested over €14m in start-ups across the island of Ireland. The announcement comes as HBAN prepares to host its Annual Conference virtually on the afternoon of Thursday 11th February 2021. The four-hour event will stream live online from 1:30-5:30pm. HBAN’s angels invested in 59 companies during 2020, with an average deal size of €250k from angel investors. These funds leveraged a further €40.5m from Enterprise Ireland and other investors. Categories of start-ups that were most commonly invested in included MedTech, ICT & Manufacturing. 2020 saw HBAN attract over 100 new angel investors to its group, as well as the formation of the new Kerry Angel Network group. Business angels are typically former entrepreneurs and other high net worth individuals who have experience and networks available to assist start-ups to grow and accelerate their business development. HBAN is also putting a call out for existing and new business angels to join to boost investments in 2021. Its upcoming annual conference is geared towards encouraging wider involvement in business angel investing across the island of Ireland, showcasing the range of investment opportunities and associated benefits to current and prospective investors. Commenting on the level of business angel investing in 2020, John Phelan, all-island director of HBAN said: “The figures for 2020 illustrate that a high level of angel investing was sustained across the island during 2020, irrespective of external variables brought on by the pandemic. As Irish start-ups continue to contend with the reality of level 5 restrictions, there is an immediate opportunity for current and prospective angel investors to drive a new wave of innovation forward. History shows us that some of the most successful and innovative businesses are founded during recessions and difficult trading times. “Our conference will highlight the fantastic investment opportunities and enable angels to see attractive pre-qualified live investment pitches.” This year’s conference will hone in on the overarching theme of ‘Start – Grow – Exit – Repeat’. It will feature contributions from Charles Fred, Co-founder of TrueSpace, a business ecosystem designed to help entrepreneurs scale to the middle market; Bill Liao, general partner in SOSV and co-founder of the CoderDojo movement; Colin Mason, Professor of Entrepreneurship at University of Glasgow; Alan Coleman, CEO of Sweepr, the provider of simple care for the connected home. Round table leaders include Ronan Quinlan, Joint CEO of Taoglas, Richard Watson of DBIC Ventures, Faye Walsh-Drouillard, founder of Wake Up Capital and Brian MacNamee, Associate Professor in the UCD School of Computer Science and expert in Machine Learning. These round table discussions will allow attendees to discuss and gain insights in to the hot topics for 2021, such as artificial intelligence, impact investing, remote working, artificial and virtual reality and transportation. John Phelan continued: “We have a vibrant community of savvy, motivated and enterprising start-up visionaries that are pressing ahead to deliver new, enterprise-ready tech solutions geared for a post-COVID world. As such, this ongoing proliferation of high-potential start-ups paves the way for angels to expand their portfolio. Household deposits in Ireland have grown from €97.2 billion at the end of 2018 to €123 Billion in November 2020. This, the highest level of household deposits since records began, is sitting there and not working on anyone’s behalf, neither the individual, nor the state. We would like to see incentives introduced to motivate investors to invest this wall of capital in to early stage, high risk, technology companies and put that money to work for the future of Ireland Inc. “What we have seen in the UK, is that angel investing has endured irrespective of the pandemic-induced challenges. In fact, over half of angels surveyed have continued investing since the onset of the pandemic, and 46% plan to add companies to their portfolio by the end of the financial year. We encourage those keen on exploring the rich pipeline of exciting start-ups to join us virtually on Thursday 11th February for what will be a brilliant afternoon of insight sharing and networking.” For those interested in learning how they can support and invest in some of Ireland’s most exciting start-ups, register for Ireland’s only angel investment-focused all-island conference at www.hban.org. The four-hour event will stream live online from 1:30-5:30pm on Thursday 11th February 2021. Ireland’s angel investment community provides start-ups with access to early-stage funding from individual angel investors and syndicates. HBAN business angels have now invested more than €118M in start-ups across the island of Ireland since 2007.

There are 100 million euros available for small-scale projects from the Innovation Fund launched by the INEA (Innovation and Networks Executive Agency) at the beginning of December. If you have a company or if you are part of a consortium that is developing a breakthrough technology for any of the following sectors: renewable energy energy-intensive industries energy storage carbon capture carbon use and storage then the first question you need to ask yourself is… …are you ready to challenge the impact your technology will have in terms of greenhouse gas reduction? And secondly, are you ready to put it to the test with a pioneer customer? You could and should, if you meet the requirements, take advantage of the fact that as much as 100 million euros have been made available to fund single-stage projects with 60%. The next deadline for submission occurs on March 10, 2021, meaning it’s high time to plan ahead for your application!

Join EBAN and ESA BIC Hessen & Baden-Württemberg in this Space Investor Forum, which will be opened by an inspiring round table with space-tech investors sharing their insights on the transformation of the space sector. 6 selected space-tech companies will present their innovations during the forum. The forum will take place on February 10th, 2021, at 17:00-18:30 CET. Registrations: https://ti.to/eban/space-investor-round-table-and-pitch-competition Welcome message Frank Salzgeber, Head of Innovation and Ventures Office at European Space Agency Frank Zimmermann, Managing Director cesah GmbH Centre for Satellite Navigation Hesse, operating the ESA BIC Hesse & Baden-Württemberg Investor Round Table Erhard Seeger, CEO, CFO, Partner at BFM BrainFleet Management GmbH Maciej Pasternak, PHD, MBA Investment Manager at Abacus alpha GmbH Christian Ziach, Investment Manager at High-Tech Gründerfonds (HTGF) Claas Carsten Kohl, Financial Officer at Airbus Ventures Daniel Spengemann, Director at PricewaterhouseCoopers GmbH (PwC) Alex Koch, Founder and CTO at Freigeist Fabrice Testa, Co-chairman Luxembourg Space Tech Angels and EBAN Space Chairman   Companies ConstellR ConstellR provides precise, global temperature data for a growing planet ConstellR enables farmers around the world to react in near real-time to problems affecting their crops by measuring the temperature of the crop from space which is directly linked to plant health. It also provides unique information to help manage increasingly scarce water resources and the increasing change in the world’s climate. ConstellR was created to commercialise big space data essential to solving a crucial societal challenge: how to generate the rapid and sustainable increase in food yield and security required to feed 10 billion people by 2050, in the face of climate change and water scarcity. www.constellr.space   Deep Blue Globe Developing AI solutions for the maritime industry and environment based on Earth Observation data and satellite services Deep Blue Globe UG is a start-up based in Darmstadt, Germany developing Artificial Intelligence solutions for the maritime industry based on Earth Observation data and satellite services. Our company provides different services linked with Sustainable and Environment friendly Maritime Autonomous Navigation, Sustainable Precision Fishing, Marine Litter Management, and address major environmental disasters like Tsunamis. We are currently seeking for a 1 M€ investment round. deepblueglobe.eu   E-Ray We provide information that is needed to keep and protect rivers healthy Combination of data from e.Ray´s ground sensors with remote sensing imagery. It gives the real time data to make management decisions and improve water stewardship. It is easy for entities to continuously monitor the quality of water including harmful algae blooms, turbidity, sediments, without ever needing to leave the building. www.e-ray.eu www.rivernexus.eu   Spacenus Enabling Sustainable Agriculture through cost-efficient, data-driven, and reliable decision support services Agriculture is the business of sustainability. It keeps the world alive by producing food while preserving environment and contributing to carbon fixation. Land use changes and social trends add to challenges farmers face every day and require them to use less while producing more. Spacenus supports agriculture in overcoming hurdles by providing farming operations and agtech suppliers with digital tools to improve fertilizer application and maintain profitability. Combining classic satellite-based remote sensing and state-of-the-art artificial intelligence, we offer high resolution field maps for nutrient management, soil sampling, and yield potential. www.spacenus.com   Vyoma Building confidence in space; be the first commercial entity to provide space operations as services Vyoma plans to build and operate an innovative, satellite-based observation system for space debris monitoring. Being space-borne allows us to operate our sensors continuously, sweeping a large volume of space, and re-observing objects with unprecedented frequency. Together with state-of-the-art data processing algorithms, we will provide services such as debris cataloguing, collision warnings, up to the full automation of planning and performing evasive manoeuvres to ensure safe and efficient satellite operations. vyoma.space   Yuri YURI provides biotech companies with affordable labs and factories in microgravity YURI enables scientists to unlock the benefits of microgravity by providing labs and factories in space, e.g. on the International Space Station. The absence of gravity is valuable for the life science industries, as protein crystals or stem cells grow in better quality. With reusable space bioreactors and a turnkey service, we make the complex space environment accessible to any researcher. With 30+ years space experience, our team has managed to win NASA and the pharma giant GSK as customers in our first year since we’ve founded and we plan to generate €2.3m+ revenue in 2021. www.yurigravity.com

AEBAN, the Spanish Association for Business Angels, has extended it’s Award Categories this year. Networks all through Europe can now enter with the chance to win Network with Best Deal or Best Crossborder Investment in Spain. The four Award Categories are as follows:  Spanish Business Angel Network with the best Deal Best Spanish Business Angel Divestment European Business Angel Network with the best Deal Best European Business Angel Crossborder Investment in Spain

Horizon Europe, the European Union’s next research & innovation investment programme replacing Horizon 2020, has exciting things in store for the entrepreneurship ecosystem. The programme will have a budget of around €95.5 billion for 2021-2027 to drive a green, healthy, and resilient Europe. Horizon Europe is focusing on strengthening innovation in Europe through three pillars: European Innovation Council – €10 billion in budget funding for emerging and breakthrough innovations European innovation ecosystem – connecting key shareholders (academia, industry, different levels of the public sector, and civil society) European Institute of Innovation and Technology (EIT) – increasing the regional impact of Knowledge and Innovation Communities EIC, the EU’s new investment agency, is set to become Europe’s biggest venture investor in the next few years The EIC will receive over €10 billion in budget to support emerging and breakthrough innovations in SMEs, start-ups, and midcaps to foster market-creating innovation. It will be the one-stop shop for enabling inventors, innovators and investors to bring the most promising ideas to application, and will support the scaling-up of innovative start-ups and companies. It is open for ideas in any field of innovation, all year long. So far, 240 SMEs were funded since 2018 with up to €2.5million each. Learn more about the programme’s actions and innovation funding. EIC, the EU’s new investment agency, is set to become Europe’s biggest venture investor in the next few years The EIC will receive over €10 billion in budget to support emerging and breakthrough innovations in SMEs, start-ups, and midcaps to foster market-creating innovation. It will be the one-stop shop for enabling inventors, innovators and investors to bring the most promising ideas to application, and will support the scaling-up of innovative start-ups and companies. It is open for ideas in any field of innovation, all year long. So far, 240 SMEs were funded since 2018 with up to €2.5million each. Learn more about the programme’s actions and innovation funding. EIT- Increasing the regional impact of Knowledge and Innovation Communities European Institute of Innovation and Technology (EIT) with a proposed budget of €3 billion euros on bringing key actors (research, education and business) together around a common goal for nurturing innovation. The EIT will boost innovation increasing the impact of its activities and by helping 750 higher education institutions become more innovative, supporting 30 000 entrepreneurial students, bringing 4 000 innovations to the market and powering 700 start-ups. EIT will launch two new Knowledge and Innovation Communities in the coming years, one operating in the field of the Cultural and Creative Sectors and Industries (2022) and one on Water, Marine and Maritime Sectors and Ecosystems. Learn more here.

DanBAN has great news! FT, The Danish Financial Supervisory Authority has approved the registration application for DanBAN’s AIF fund, called DanBAN Co-investment Fund I K/S. The 5mill € fund, which is projected to close in February 2021, will act as sidecar fund to the 30-40 DanBAN angel syndicates that are formed every year. DanBAN’s long term objective is to launch such a fund every year. This will give their members, including future members, the opportunity to invest 100.000€ and gain a portfolio of 30-40 investments. Another milestone for the network’s development!  

As we enter the New Year and start looking ahead towards 2021 and beyond, EBAN is looking to expand more than ever, welcoming new members to our community. Baltic Technology Ventures, a recent addition to our network, is a platform connecting innovation with expertise and experience, giving wings to scalable and ambitious Baltic Tech innovations to build international and sustainable business unicorns. EBAN caught up with BTV’s CEO Mr. Gene Zolotarev to discuss the various aspects of their mission as the only exchange traded VC investor in the Baltic region, and how their uniqueness is an asset in the eyes of investors and companies alike. What kinds of companies do you invest in, and what are some of your portfolio companies today? BTV invests in scalable technology companies across the Baltics, focusing on seed and early-stage investment. Our investment thesis is to back companies in the post-revenue, pre-series A stage, which places us on the optimal part of the curve with high upside and limited downside. Typically, companies may have already gone through an accelerator or received third-party investment, and they have proven their product-market fit. Currently, BTV has a portfolio of seven tech companies, all of which have an excellent growth potential both regionally and beyond, fueled by a strong management team. You have chosen the Baltic states as your geographic focus. What are the most exciting opportunities in the region? In the past few years, the Baltic states have emerged as an innovative powerhouse in Europe and continue to display tremendous progress every year. The region has produced more unicorns per capita than anyone else. There are a multitude of exciting tech start-ups/companies which create value in the fields of software, technology, energy, biotech, data security, media, and communications. It is with the abundance of tech talent, state support and low cost of doing business that the Baltics offer one of the best risk-reward value propositions for investors and startups. BTV launched in the midst of the coronavirus outbreak which hit the VC investment landscape. How did it affect your deal flow and what does BTV’s current growth look like? If one asset class benefitted from this outbreak, it is technology. VC tends to be tech-biased. As a result, we’ve seen a lot of positive developments in the VC world, new records being set in funding, valuations of startups are ever-increasing. The investment universe has realized that VC is an asset class that is going to go from strength to strength. Moreover, our unique positioning in the ecosystem allowed us to close multiple deals in few months and our deal flow is continuing to increase. One of the great indicators of our rapid development is BTV’s stock price which went up by 1800% during the pandemic. We believe we’re just at the beginning of our growth cycle. What value do you bring to your portfolio companies, other than capital?   BTV portfolio companies benefit in many ways, besides funding. They have direct access to our investors and their networks. We also leverage our expertise and network to help companies increase sales globally, gain access to industry professionals and attract third-party investment. Just recently, we introduced a portfolio company to one of the top motorcycle racers in the world who will help with product development and marketing. The value of such partnerships is immense. Our hands-on approach aims to generate tangible results and help our companies scale in the most efficient way in the shortest time frame. BTV is the only exchange traded VC investor in the region. What does it mean for investors and how does it differ from the traditional VC model? BTV is harnessing a new model, in which the barrier to entry to venture capital has been lowered, first by crowdfunding VC firms, by revenue-based investors, and even by private equity firms that have started to go upstream. BTV investors can access the full economic upside of our portfolio companies with no management or success fees, no lockup and no investment minimum. On the other hand, traditional VC investing usually ties up investors’ capital for 7-12 years and is subject to various fees and carried interest while getting access to the same deal flow. BTV’s shareholders get exposure to all of our portfolio companies, and the ability to co-invest with us in our pipeline of fully vetted tech start-ups. Anyone around the world can buy BTV shares through Nasdaq Baltic Exchange members/brokers. Why is being exchange-traded attractive to your limited partners? Investors can get involved with BTV by either purchasing its shares or through co-investment opportunities in specific portfolio companies. In the first way, we offer secure and transparent investing – financials are fully audited, there is regulatory oversight under Nasdaq. With BTV, investors can get exposure to the entire BTV portfolio and benefit from our companies’ growing valuations, without the long lockup seen in traditional VC funds. In the case of the latter, we welcome investors interested in any of our portfolio companies to contact us and BTV will facilitate their participation in funding rounds. Tell us more about the SPO. Why is it a good opportunity for investors to join right now?  This is an early stage of our corporate development and looking at other exchange listed peer group investors, we see a huge upside. The Baltic startup ecosystem is rapidly evolving and SPO presents a great opportunity for investors to get exposure to VC in a more flexible way. What’s in the cards for BTV in 2021 after the completion of the SPO?  We will use new share capital to invest and develop more exciting companies that meet our investment criteria. We have presently 15 startups in the pipeline with great potential where BTV can contribute a great deal of value through our network and contacts. Interested? Find out more about Baltic Tech Ventures here: https://www.baltictechventures.com/

The Business Angel of the Year Award (BAY), occurring on February 15th 2021, recognizes the most outstanding, engaged, and active private investors who play a significant role in supporting the startup ecosystem in Poland. Established by COBIN Angels, the largest professional association of business angels in Poland, the award strengthens the recognition of angel investing as not only a viable way of allocating capital but also a formidable career path. Every year, the business community of Polish entrepreneurs, top managers, startup founders, venture capitalists, and other investors, nominate the most distinguished early-stage, high-risk investors, who demonstrated their dedication to bolstering innovations and developing young companies. The nominating process is open to everyone who wishes to indicate a private investor embodying the qualities of collaboration, business acumen, and expertise. It is also possible to nominate yourself.

Become certified by joining the Funding Expert Academy. Created by Nikolaos Floratos, EU funds and research expert, the academy is a platform to master these complex topics in an effective, quick and entertaining way. Follow courses on the following subjects: ERC Training: Live eCourse on 29 Jan 2021, 09:00 – 17:00 CET EU Funding Projects Planning & Management: Live eCourse on 10 February 2021, 09:00 – 17:00 CET Developing Successful Horizon Europe Proposals & Strategies with Live Q&A Sessions Financial Management of European Funded Projects and EC Auditing Register and receive a Specialization Certificate upon completion. EBAN Members are awarded a 50% discount on the purchase price of any of the live e-Courses on European Research and on EU funds offered via my Academy!

Empirical research led by the European Investment Fund shows that America is currently dominating the AI market. Europe, on the other hand, seems to be lagging behind global markets. The EU-AI/Blockchain Investment Fund aims to enhance the access to finance, enabling European AI/blockchain SME’s and startups to innovate and take bigger risks. Download the report to learn more about the Funds objectives:

With the aim of promoting cooperation between EU and Israeli businesses, EEAS invites you to take part in a special webinar that will be held on January 25th, and will be dedicated to EU-Israel investment and innovation! They will present a new report on the possible cooperation between the EU and Israel, and talk about what can be done to become more efficient and successful. Some of the special speakers are the EU ambassador to Israel, Mr. Emanuele Giaufret, ISERD CEO, Mrs. Nili Shalev, VP of trade and international cooperation of the ministry of agriculture, Mr. Yakov Poleg, and many more experts in the high-tech, food-tech, and clean-tech worlds.

The Ideas Powered for business SME Fund, which opened for applications on 11 January 2021, is a 20 million EUR grant scheme to help EU SMEs protect their intellectual property (IP). Co-funded by the European Union Intellectual Property Office (EUIPO) and the European Commission, the SME Fund will grant IP Vouchers to EU SMEs in five separate grant windows throughout 2021 on a ‘first come, first served’ basis. Open to all enterprises in the EU that fit the official definition of a SME, the SME Fund offers a maximum reimbursement of 1500 EUR per beneficiary. SMEs can apply for: –        75% discount in IP pre-diagnostic fees (IP Scan), services facilitated by participating National IP Offices; and/or –        50% discount in trade mark and design application fees (national, regional and EU) More information can be found on the Ideas Powered for business hub. Don’t miss the upcoming webinar ‘Ideas Powered for business Support Services for SMEs: What’s new in 2021’, for all your questions on the SME Fund. Join the webinar on 19 January at 10 am CET.

A new course about Blockchain and Distributed Ledger Technologies is available online for students, entrepreneurs, investors and innovators partners. The course is powered by DLT4All, an Erasmus+ project dedicated to advancing the knowledge and adoption of Blockchain across industries and geographies. You can join the course for free at any time, and obtain an official certificate upon completion of the 8 modules. The course will also be taught live starting tomorrow. Check the schedule here. Enroll and join the Decentralization movement!  

Life science is one of Sweden’s most important sectors and a growing market both in Sweden and globally. Interest in investing in the life sciences is strong and in recent years, tech investors have also shown great interest in life science-related diagnostics, medical technology, and analytical tools. Read on for a summary of trends from EBAN member Sciety that make it particularly interesting to focus on Swedish growth companies in the life science and digital health sectors. Demographic trends create increased demand The need for care is growing as a result of demographic changes, with increased life expectancy and reduced childbearing, especially in Europe, the US, and Japan, while the proportion of people of working age has declined. For example, the percentage of people over the age of 80 in Europe is expected to double between 2016 and 2050. This demographic trend leads to an increased need for medications, innovative medical devices, and digital solutions. The biotechnological revolution creates new opportunities in technology and medicine The growing knowledge base related to biology and the underlying heterogeneity of diseases creates new opportunities for developing treatments tailored for each case, known as precision medicine. The strong interest in precision medicine in turn strengthens the demand for precision diagnostics and technology solutions in fields such as genomics, high-throughput screening, and informatics. Swelife, one of Sweden’s strategic innovation programs, has focused on precision medicine as a priority area and identified Swedish companies as promising in this field. Growth companies are more innovative Several indicators suggest that the level of innovation is greater in small growth companies than in large pharmaceutical companies. In 2018, biopharma growth companies were responsible for the discovery of 64% of all new drugs that ultimately gained FDA approval. The trend is also for small companies to pursue clinical development closer to market approval under their own management, which builds greater value before a potential sale of the company or out-licensing. The major pharmaceutical companies are increasingly entering into partnerships with academic centers and small companies, thereby creating good exit opportunities for small companies. Virtual business models and regulatory flexibility Pharmaceutical companies no longer need complex organizations with large laboratories. There is a clear trend toward the creation of “virtual” companies that outsource large parts of their preclinical and clinical work, which can result in major cost savings. Regulatory authorities are also becoming more flexible with respect to study design in order to offer a more efficient path to market approval for new medical products. For example, in oncology, the FDA permits one continuous clinical trial to be conducted instead of the traditional sequential three phases, which can potentially save both time and money so that new drugs can reach the market more quickly. Leading life science clusters and unique position to commercialize new discoveries Sweden has several prominent life science clusters, where most successful companies began as startups based on academic research. In a few years, Hagastaden in Stockholm will be completed, with the vision of being a world-leading life science cluster. The “teacher exemption” in Sweden also creates a relatively unique position among university researchers, who own the right to their discoveries, thereby providing an incentive to conduct research in Sweden while simultaneously commercializing the discoveries. Digital solutions implemented at a rapid pace Digital health solutions are being implemented at a rapid pace and the global digital health market is expected to increase fivefold between 2019 and 2026. The trend is driven by growing support for digital solutions from public decision-making bodies around the world, as well as greater use of data analysis in healthcare. The underlying driving forces include the opportunity to cut costs, improve quality of care, and streamline healthcare workflows. Healthcare consumers are also becoming more demanding with respect to their care and increasingly prefer digital tools and solutions that facilitate on-demand care instead of physical encounters.

ACCIÓ-Catalonia Trade & Investment, Catalonia and Barcelona’s main Investment Forum, virtually celebrated its 25th anniversary on November 6th, 2020. It also published the 2020 Investment Forum Catalogue of Companies which includes 50 of the startups with the most potential in Catalonia. These startups were selected to participate in Catalonia’s main Investment Forum, standing out for their differential innovative value, social impact, and the commitment of the entrepreneurial team. Download the catalogue here! In the catalogue you will also find the 21 startups that were selected to pitch their projects virtually to a large number of entrepreneurs, business angels and venture capital funds. The winner of the 2020 edition was Bitmetrics, the creators of an AI camera for robotic arms.

Interested in implementing your entrepreneurial project in Spain? Rising Up in Spain is a program created by ICEX to attract foreign talent. They support foreign startups setting up in Spain and make all phases of the process of setting up and developing entrepreneurial projects in the country easy! In recent years the Spanish entrepreneurial ecosystem has experienced significant growth and is now a very attractive destination for many international entrepreneurs. The world’s leading universities, research centers and business schools together with an increasing number of accelerators and incubators, highly skilled human capital and the availability of both private and public funding, are all ideal conditions for developing an innovative project. Who can apply? The program is aimed at foreign and Spanish non-resident entrepreneurs who have an innovative project that has already received positive feedback in the market. Applications for the program are due before March 1, 2021.  

GALACTICA project, which aims to foster the creation of new industrial value chains around textile and aerospace sectors based on advanced manufacturing across EU, announced today the registration opening for its first-ever Hackathon, with €50.000 in prizes. SMEs from these sectors as well as other interested parties such as start-ups and university students can form teams and register. The GALACTICA Hackathon is open to start-ups and SMEs as well as to university students based in European Union or United Kingdom. GALACTICA seeks innovative solutions to combine the aerospace and textile sectors with advanced manufacturing is expected, in order to re-shape value chains and business models, fomenting cross-sectoral and cross-border partnerships. The GALACTICA Hackathon will take place in two rounds, firstly an online virtual challenge on open innovation from February 9th to February 25th, 2021 and a 2nd round for selected finalists on March 18th and 19th, 2021. All participants from the first round will be invited to three ‘free-to-access’ workshops from experts on technological and business topics. The ten finalist teams will also be invited to an additional workshop and mentoring during the two-day Hackathon. The GALACTICA hackathon will award 50.000€ in prizes, distributed in 25k€ for wining SME/Start-up team and 10k€ for the runner-up. On the other side, winning team of students receive 10k€ and the runner-up 5k€. The registration for the GALACTICA Hackathon is now open through the website until January 29th, 2021. 

The success of a growth company or its international breakthrough is rarely a coincidence. There are often tenacious years of development work in the background, as well as countless negotiations and sparring between various parties. Secapp, Layette, Fibion and Aiwo are successful startups at growth accelerators Venture Academy Finland and Kasvu Open. They are saying the most valuable assets gained in the programs have been the internationalizing networks. Venture Academy Finland is a joint program for growth companies created by HHub (formerly Hippos2020 ecosystem network) and EBAN Members Business Jyväskylä and Sophia Business Angels Network. Read more in Finnish here. Secapp Jyväskylä-based software company, founded in 2011 Kasvu Open: Winner of the Cyber Security Path 2014. Winner of the Future Health and Wellbeing Growth Path 2020, Growth Company of the Year 2020 Venture Academy Finland finalist 2020 Energy Starter business Accelerator (Europe) growth program 2020 IFC Techmerge finalist 2019 net sales + 70%, 2020 net sales + 100% Secapp offers a service for alerting, crisis communication and security. It has sought to boost its business via domestic and international programs. According to CEO Kari Aho, the way Venture Academy Finland was executed was exceptional. “During meetings, the program leaders would seriously challenge us and gave us valuable insight into what would best attract the interest of investors in our business”, he praises. “Our conversations have resulted in a much clearer picture of how we should present our company’s core messages, business, values and financing needs, especially from the perspective of potential investors”. Aho is also pleased with the international contacts made through the program. “The organizers of Venture Academy have tremendous personal business skills and, above all else, plenty of networks directly with potential partners. We have had tangible introductions to the wider world through them”. Layette Tampere-based software company, founded in 2015, application launched in 2018 Kasvu Open Digital Health Path Winner 2016, Future Health and Wellbeing Path Winner 2019 Venture Academy Finland finalist 2020 Layette is a maternity counselling application conceived by CEO Sini Havukainen while she was living in Silicon Valley, California. “Finland has a low maternal mortality rate and a good maternity clinic system. Our business idea was to export Finnish maternity guidance abroad, Havukainen, who previously worked as a midwife, sums up”. Presently, about half of those waiting in Finland use the application and an internationalization opportunity has already opened up in Japan. Negotiations are taking place in China and European countries. Layette is one of the finalists of Venture Academy Finland. According to Havukainen, words can’t describe the added value of the program. “Venture Academy has really changed our future, she sighs. We have gotten to know investors from all over Europe. We are now going through the right round of financing and the contacts we have are more worth their weight in gold for us. It’s definitely of the greatest value since we are looking for international investors who are serious in their intentions”, she says. Havukainen especially appreciates the way angel investors have raised the team to the top of the list: “I love the idea that an investor wants to get to know the people and the team first. If the relationships work, plans can then be refined together”. Layette’s new additional service, the virtual maternity clinic, will soon be launched both in Finland and abroad. “We have advertisers in Finland, while abroad our business is based on licenses”, Havukainen says. Fibion Jyväskylä-based software company, founded in 2014 Kasvu Open: Future Health and Wellbeing Growth Paths 2019 and 2020, Kasvu Open Pitch competition Top 3 (Future Health and Wellbeing) Venture Academy Finland finalist 2020 Currently in The Startup Factory growth incubator Founded six years ago, Fibion has developed its operations moderately and thoughtfully. “Although our turnover is still small, we are on solid footing, and we have a great product ready that we were able to develop without external investors. Customer feedback has been really good, and we have satisfied customers. Now’s the right time to start developing sales and marketing”, says CEO Olli Tikkanen. “Venture Academy was a great experience for Fibion. It is by no means easy to get in touch with European investors. We got sparring and coaching from real international experts”, he praises. “In the workshop, we worked on building our vision and strategy – fundamental issues on which the entire business is based on”. “The go-to-market may seem very simple, but we picked up on some good points from our discussions that we hadn’t examined before – even though we probably should have”, Tikkanen laughs. “It is often thought that it’s enough to get in contact with the customer, but in reality, the process should be much more systematic and cost-effective”. “Fibion is currently weighing whether they should also target the healthcare market. Reducing sitting and inactivity combined with exercise is a better way to prevent lifestyle diseases than medication, and they have no side effects”. “There is great potential in doctor-recommended, knowledge-based disease prevention and management. However, entering the market is more challenging and would require more investors”, Tikkanen ponders. Aiwo Digital Jyväskylä-based software company, founded in 2018 Kasvu Open Smart Data Growth Path Winner 2020, Kasvu Open Carnival 2nd place 2020 Participated in the Venture Academy Finland program 2020 Net sales 2019 + 78K€, 2020 +700 K€ Atso Vesterinen, CEO of Aiwo Digital, a rapidly growing software company, believes the same laws apply to finding suitable investment partners as in customer sales. Vesterinen has just had several discussions in the past three weeks with various investors. The more options we have at the beginning of the funnel, the more likely we are to find a suitable partner for us, he describes. We are not just looking for financing, but an investor who can genuinely help us internationalize. Just like the investor is interested in our business, we are interested in what kind of person or organization the investor is. Sometimes the connection is there right away, sometimes we’ll have conversations much longer before the

Originally published by Newable Ventures Newable Ventures are, as lead investors, delighted to announce the successful deployment of a £680,000 investment in cyber security start-up Elemendar. Newable Venture’s investment in Elemendar consisted of £570,000 from the Newable Ventures Fund, the Fund’s 250 strong angel network, and British Business Investments (BBI), with the remainder of the capital coming from additional angel investors. Newable Ventures has recently been awarded £10m from the BBI to invest alongside the Newable EIS Scale Up Fund. Elemendar is closing a second tranche of the fundraising in December 2020. Elemendar was founded by Giorgos Georgopoulos and Syra Marshall in 2017 at the GCHQ/NCSC Cyber Accelerator. Elemendar develops AI-based technology that reads and analyses cyber threat intelligence (CTI) data and identifies key actionable threats for an analyst to act on. The growing importance of cybersecurity was reinforced in November 2020 by the NCSC, which revealed a 20 percent increase in cyber incidents in the UK since September 2019. This elevated threat level has led to the UK government agreeing to a £16.5bn rise in defence spending, of which a significant proportion will be spent on the creation of a new National Cyber Force. Moreover, a report from the SANS institute, the leading US institute for Information Security and Cyber Security training, outlined that as of 2019, 72 percent of organizations surveyed, reported that they either produced or consumed CTI. Avantika Gupta, NVL’s Associate Investment Director reacted to the completion of Elemendar’s Pre-Series A round by noting; “NVL are delighted to have invested such a sizable amount of capital in Elemendar, a decision that is reflective of NVL’s confidence in the company’s future prospects. The pedigree of Elemendar’s highly technical and experienced senior management team, and the promise of the company’s technology playing an integral role in the systemically important cybersecurity market, were all key factors in the Fund’s decision to invest in the company. I would like to congratulate Giorgos, Syra and the rest of the Elemendar team on the success of their investment round, and take this opportunity to welcome Elemendar into the Newable group”. Giorgos Georgopoulos, Elemendar’s Founder and CEO, adds; “The dedication and support shown by the Newable team during the investment process have been amazing, as has Newable’s angel network who have been a source of numerous introductions to other investors and clients for Elemendar. I would like to thank the Newable Ventures team for the confidence that you have placed in us as a company, and we look forward to working closely with you in the coming months”.   Newable Ventures Limited (FRN 843924) is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales | Registered number 10303336 | VAT number 237 9198 23 | Registered office 140 Aldersgate Street, London, EC1A 4HY. Newable Ventures Limited is registered with the Information Commissioner’s Office (ICO) with the registered Data Protection Number ZA789052.

EBAN Impact Publishes its First Impact Investing Report – Reporting on Investor Background and Investment Characteristics EBAN Impact is delighted to announce the publication of our first Impact Investing Report #EIIS2020. EBAN Impact is the home for all EBAN members interested in impact investing and social entrepreneurship. The Impact Investing Report provides information on the profile and background of impact investors, as well as the characteristics that define their investments. EBAN Impact’s Investing Report is based on a survey launched in April 2020 led by Juan Alvarez de Lara, board member of EBAN, chairman of EBAN Impact, and founder of Seed&Click, and sponsored by Dr. Lisa Hehenberger and Dr. Kai Hockerts, professors at ESADE Business School and Copenhagen Business School respectively. Fill the form below to subscribe and download the report Email* When you submit the form, check your inbox to confirm your subscription Name* Surname* Organization* Privacy* I´m authorizing EBAN (The European Trade Association for Business Angels, Seed Funds and Early Stage Market Players, located in Brussels, 1040 BE) to save and use my personal data according to the General Data Protection Regulation (GDPR). This information is used by EBAN exclusively for sending newsletters and other email campaigns about the latest developments in the global entrepreneurial, innovation, and early-stage ecosystem. Subscribe and Download {{ vc_btn:title=Download+the+EBAN+Impact+Investing+Report&style=flat&color=danger&align=center&link=url%3Ahttps%253A%252F%252Fwww.eban.org%252Fwp-content%252Fuploads%252F2020%252F12%252FEBANIMPACTINVESTING2020-REPORT-2.pdf%7C%7Ctarget%3A%2520_blank%7C }}

On December 2nd 2020, EBAN hosted a round table to discuss and brainstorm how to design a compelling learning module about Financial Innovation in Agri-food systems. The workshop falls in the framework of AgTech7, an Erasmus+ project aimed at developing a MOOC on farm-to-fork technologies and smart agriculture, including one module on innovative financial instruments to enhance the productivity and resilience of the agricultural sector. The round table gathered relevant stakeholders in the domain of financing for agriculture, especially targeting policy makers, think thanks and academia, early stage investors and entrepreneurs: the group included the former Minister of Rural Development and Food of Greece, the Senior EU Official for Innovation & Regional Financing, the Director of Advanced Resource Efficiency Centre, the President of Young Entrepreneurs of Thessaloniki as well as representatives of accelerators, venture capitals and family offices from Belgium, Germany and the Netherlands. The workshop was highly interactive, and attendees were asked to provide their inputs, questions and comments on each chapter of the module, as well as to contribute their personal knowledge and expertise regarding specific financing schemes and innovative financial instruments that have proven effective in tackling the challenges of the sector. We discussed about the relevance of blended finance and the role of public institutions in crowding in private investors in the space. We mentioned how the shift of asset management toward sustainable business models and impact investing represents a huge opportunity for the agri-food sector, which policy makers should endorse through incentives for investors and end-users. We mapped the main actors and actor classes investing in the A&F domain and concluded that the complexity of the sector and its critical role for human life necessarily call for collaboration among actors along the chain. Finally, we discussed key technologies for a smart and resilient agriculture, and proven case studies of how innovative tech-enabled ventures can bring about tremendous gains to rural, urban, and industrial communities. EBAN looks forward to continuing this dive into the financing of agriculture, gaining knowledge from experts and perspective from field operators. If you would like to contribute and get involved, contact euprojects@eban.org.  

Entrepreneurship is a key driver of economic development – when new businesses launch and grow, they create jobs, address customer needs through market-based solutions, and drive demand for other products and services from a supply chain. With this knowledge in mind, the United States Agency for International Development (USAID) and other development institutions have increasingly dedicated resources to bolstering entrepreneurial ecosystems in order to fuel these economic ripple effects. A critical component of strong entrepreneurial ecosystems are angel investors – individual investors who make relatively small, private investments to support enterprises through their more high-risk early stages. While angel investors often invest individually, they may collaborate with each other through angel networks, which bring together member investors for mutual benefit. In 2018, USAID’s Partnering to Accelerate Entrepreneurship (PACE) Initiative engaged CASE to investigate angel network models to analyze strategies and best practices, as well as make recommendations for how development institutions can leverage angel networks to reach their economic development goals. CASE was happy to partner with Millbook Impact and the Bertha Centre for Social Innovation and Entrepreneurship at the University of Cape Town Graduate School of Business on this initiative. The research team explored angel networks in parts of Latin America, Middle East/North Africa, and Sub-Saharan Africa. This guide provides five specific recommendations and three tools for USAID, development institutions, bilateral and multilateral donors, and other investors to engage with and support angel networks in emerging markets in order to leverage local, private capital to fuel early-stage enterprises.  

Published by CNBC on  Thursday, Nov. 26 2020 6:55 AM EST. LONDON – Sequoia Capital, one of the best-known venture capital firms on Menlo Park’s Sand Hill Road in Silicon Valley, has made a major new bet on what it thinks is the next hottest thing: Europe. Founded 48 years ago by Don Valentine, the prestigious firm that backed Apple and Google early on, is poised to sign a lease on a new office in London in the next couple of weeks to house a small but growing team of European investors. “Being physically on the ground … enables us to move more quickly … and to dramatically level up the effort,” veteran Sequoia partner Matt Miller told CNBC on a video call on Monday. “I was coming (to London) one week a month but you can only see and do so much. We felt that being on the ground would make a material difference in our ability to find opportunities earlier.” There are now several European tech firms worth in excess of $10 billion and Miller believes people are starting to ask when a $100 billion start-up in Europe will emerge. Sequoia’s U.S. team has already invested hundreds of millions into European start-ups including AI chipmaker Graphcore, fintech firm Klarna, flight finder Skyscanner, online makeup retailer Charlotte Tilbury, life science firm Cambridge Epigenetix and security firm Tessian. But it’s concerned that some of the most promising start-ups in cities like London, Paris, Berlin and Stockholm may be slipping through the net — Sequoia missed start-ups like AI lab DeepMind, which sold to Google in 2014 for $600 million, and chip designer Arm, which is in the process of being sold to Nvidia for $40 billion. Miller was reluctant to say exactly where the new London office will be in case it falls through. He did, however, confirm that it won’t be in Mayfair — the swanky London neighborhood where several other VC firms including Index Ventures and Accel are set up — as that’s not the “vibe” the firm is looking for. “I don’t want to share anything specific but it’s in a great neighborhood that we feel will be a great destination for founders to come and spend time with us,” he said. After years of rumors, Sequoia’s official arrival in Europe is viewed in some corners as a big deal for the continent’s tech scene. Alex Kayyal, a Salesforce Ventures International partner who is based in London, told CNBC that Sequoia is “one of the most respected venture firms globally.” The fact that the firm has formally set up in Europe “can only be validation for entrepreneurs here,” he said. Sequoia has not said how much it plans to invest in Europe and, unlike many other firms, it doesn’t disclose how many billions it has under management. So far, Sequoia’s team in London comprises just four people: Miller, former Accel partner Luciana Lixandru, former EQT Ventures partner Zoe Hewitt and George Robson, who used to be a product lead at fast-growing fintech firm Revolut. There’s no plans to stop there though. “We’re looking right now to hire a younger person who is four or five years out of school to help us on our investment efforts,” said Miller. Asked if that person is likely to come from an investment bank (where many venture capitalists start their careers) or another VC firm, Miller said it will be “somebody who’s probably worked in some form of investing job,” but he declined to be more specific. The Menlo Park team will be “intimately involved” in all the European investments, according to Miller.“We were previously covering this from California and we’ve now added some incremental people so it doesn’t feel like it’s a team of four going to five, it feels like it’s a team of 24 going to 25,” he said. Sequoia is also in the early stages of setting up a scout network of angel investors in Europe that it will use to find and invest in new companies. The company, which has a similar network in the U.S., doesn’t disclose how many scouts it has. Lessons from Google Ventures Sequoia isn’t the first high profile U.S. VC firm to expand into Europe in recent years. Google Ventures (now GV) launched a dedicated Europe operation in 2015 with five partners based out of London. Things didn’t go to plan though, and the European fund was ditched after the California headquarters reportedly turned down “a lot” of the London partners’ investment ideas. Miller said Sequoia talked to “a lot of people” at GV before setting up in London. Ultimately, Sequoia has decided to start off small and expand over time. Miller said “moving gradually to expand instead of quickly rolling in with five new partners,” which is what GV did, will give Sequoia a chance to integrate the new team members and “have that better relationship across the two teams.” Sequoia’s European operation is much more closely linked with the main U.S. operation than Sequoia India and Sequoia China. “The difference is that Europe will not be its own distinctive breakout, separate set of funds,” Miller said. “It will be part of the U.S. fund.”

[Dhaka, Bangladesh and Brussels, Belgium] – Bangladesh Angels Network (BAN), the pioneering angel investment network in the country, and the European Business Angels Network (EBAN), the pan-European representative for the early stage investor community, have announced today that they are joining forces to work together to source, cross-refer, and promote linkages in technology-enabled startups in Bangladesh and Europe to create an enabling environment for venture investing in the both regions. Together, the two partners will jointly support in creating a pipeline of investment opportunities in areas of mutual interest in both regions, host joint-showcases (digitally), promote distance investing and culture in both angel communities, and engage in cross learning activities for both ecosystems.  “This is a great opportunity for our members to get insight into the Bangladeshi angel and entrepreneurial community. – says Jacopo Losso, EBAN Director of Secretariat – We look forward to building a long-lasting partnership with Bangladesh Angels Network that will benefit startups, investors, and angels alike.” “A growing number of startups and software firms in Bangladesh are looking to or already serving the EU market. In addition, the EU contains many pockets of Bangladeshi diaspora communities who increasingly want to connect with and invest in companies in Bangladesh. Many EU-based digital businesses are also looking for new growth markets and Bangladesh presents a huge opportunity for them. Having a trusted partner like EBAN allows us to better serve all three stakeholders while absorbing best practices,” says Nirjhor Rahman, CEO of Bangladesh Angels. The two partners are looking to promote early-stage technology companies with revenue traction, a product/service in the market, a full-time team and clear fundraising plans and goals. Interested companies can contact info@eban.org and info@bdangels.co for more information.  Additionally, the parties will be conducting public workshops in the near future regarding early-stage investment.   About EBAN:  EBAN is the pan-European representative for the early stage investor community gathering over 150 member organizations in more than 50 countries today. Established in 1999 by a group of pioneer angel networks in Europe with the collaboration of the European Commission and EURADA, EBAN represents a sector estimated to invest 11.4 billion Euros a year and playing a vital role in Europe’s future, notably in the funding of SMEs. EBAN fuels Europe’s growth through the creation of wealth and jobs. About Bangladesh Angels Network:  Launched in 2018 with support from local and international stakeholders, Bangladesh Angels Network is the nation’s first angel investment network created with a mission to nurture the innovation and entrepreneurship ecosystem in Bangladesh. We help startups and rising enterprises accelerate their growth through customized pre-investment support, connections to local and global investors as well as mentorship and market development. Investors get access to a highly curated deal-flow across sectors, invest alongside industry leaders and post-investment portfolio monitoring. Prospective angel investors and entrepreneurs can go online to sign up for the network or apply for funding via www.bdangels.co.  

  The £10m commitment from British Business Investments’ Regional Angels Programme will be invested by Newable Ventures, in partnership with BPEC, to deliver around £25m of new funding. The commitment will be split between Newable’s Enterprise Investment Scheme (EIS) fund, which supports a diversified UK-wide portfolio of knowledge intensive companies, and a separate pool to back entrepreneurs and businesses specifically across the South West. In the past three years, Newable Ventures and Bristol Private Equity Club have participated in more than 60 investments combined, totalling over £40m, and now hold stakes in companies such as  Cognism, Hummingbird, Rovco and Inductosense. Chris Manson, CEO of Newable, comments: “This funding commitment forms part of an exciting and ambitious drive to level up business investment across the UK and increase the amount of capital being invested into small British businesses at the core of our economy. Newable Ventures’ investment model, combining its EIS Fund with experienced business angels, is a powerful recipe for providing patient capital to high growth early stage UK companies. The wide-ranging support that Newable provided to some 25,000 SMEs in 2019 also demonstrates our role as more than just a source of capital but as a unique provider of an eco-system of services that can help small businesses thrive.” Jerry Barnes, founder of Bristol Private Equity Club said: “As the largest and most active Angel Investor in the South West, with 100 members, we know that there is an exciting range of innovative SMEs in the region that can make a major contribution to prosperity with the right support. We are very much looking forward to co-investing with Newable and British Business Investments, helping to select the entrepreneurs and businesses that will go on to achieve great success.” Judith Hartley, CEO, British Business Investments, said: “This innovative business model, which leverages the expertise of both Newable Ventures and BPEC, enables British Business Investments to invest alongside two angel networks and the Newable Ventures EIS Fund through our Regional Angels Programme. This initiative will significantly increase the availability of early stage capital to support growing smaller businesses across the South West of England and also the rest of the UK.” British Business Investments is the trading name of British Business Investments Ltd, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm. British Business Investments aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any economic advantage from the government.   Risk warning: Your capital is at risk. Investing in early stage companies involves risks including loss of capital, illiquidity, lack of dividends and dilution. These investments may not be covered by the Financial Services Compensation Scheme. Newable Ventures Limited does not give tax or investment advice. The availability of tax relief depends on individual investors’ circumstances, and on investee companies’ qualifying status, both of which may be subject to change. If you are in doubt about eligibility for tax reliefs or the tax treatment of your investment, you should seek independent tax advice. Please read our risk statement here: https://investment.newable.co.uk/risk-warning. Newable Ventures Limited (FRN 843924) is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales | Registered number 10303336 | VAT number 237 9198 23 | Registered office 140 Aldersgate Street, London, EC1A 4HY. Newable Ventures Limited is registered with the Information Commissioner’s Office (ICO) with the registered Data Protection Number ZA789052.

As a partner of the EU-funded project THE NEXT SOCIETY, EBAN has launched Ask an Angel, a brand-new virtual mentoring program for start-up entrepreneurs based in the MENA region. The program is backed by ANIMA Investment Network as the coordinator of THE NEXT SOCIETY. The program is a highly customized service that supports +25 start-ups from 6 countries in the MENA region during these times of uncertainty and challenges post-pandemic. Each entrepreneur receives up to 8 hours of virtual coaching by a business angel in the form of 1:1 sessions, and participates in 5 Academies delivered by top-notch entrepreneurs and investors on key topics related to investment readiness, such as customer acquisition, validation & prototyping, financial planning, going global, and pivoting. By connecting entrepreneurs from the Mediterranean area with seasoned international investors, the program represents a great opportunity for founders to validate and accelerate their business and establish meaningful relationships.  Mentors are sourced from EBAN’s diverse network and matched with companies operating in their industry of expertise. Our 2020 class spans from ed-tech to VR, biotechnology, mobility, health-tech and enterprise software.  The program was officially launched on October 28-29th 2020 when Ask an Angel founders were invited to the European Angel Investment Summit, hosted annually by EBAN and gathering +300 investors, innovators, policymakers, and ecosystem partners. During the event, the class of entrepreneurs worked on their business model and investment strategy through closed-door dedicated sessions, networked with peers, investors, and investment experts over seminars and roundtables. Ask an Angel is the perfect opportunity for entrepreneurs to obtain advice from the best mentors on how to grow their business and thrive in the new normal!  If you are interested in becoming a mentor for Ask an Angel, get in touch with us by dropping an email to euprojects@eban.org .  

Successful professionals, entrepreneurs and business leaders have the potential to create significant impact and personal wealth by investing their time, money and expertise in talented local entrepreneurs. To promote a culture of Africans investing in Africans, the International Tech Hub network, a UK Government initiative delivered by the Department for Digital, Culture, Media and Sport, is giving a group of Kenyan, South African and UK-based experienced professionals or new angels the opportunity to join the African Angel Academy in January 2021. Kenya and South Africa have two of the most vibrant and active start-up ecosystems on the continent, with Nairobi and Cape Town often termed the “Silicon Savannah” and “Silicon Cape” of the continent. According to Partech, in 2019 Kenyan start-ups raised a total of US$ 564 million in funding over 52 deals (+18% YoY), while South African start-ups raised a total of US$ 205 million with 66 deals (+78% YoY). Yet, the reality is that building a start-up in both countries is still incredibly tough (30-60% fail within the first two years), particularly if you don’t have access to early-stage capital and networks. There are now close to 60 angel investor groups on the continent according to the African Business Angel Network (ABAN) actively investing in early-stage companies, but it is indisputable that Africa needs more individual investors to stimulate local economies and create scalable social impact. The African Angel Academy was designed and launched in 2020 by Viridian (formerly Fraser Consulting), the Viktoria Business Angel Network (VBAN) and ABAN. The programme is delivered through an online course that draws on the experience of ten top angel investors, including Tomi Davies, Rebecca Enonochong, Abu Cassim, Stephen Gugu, Alexandra Fraser and Khaled Ismail. To date, 50 new angel investors from five countries have participated, and three angel groups have been accelerated through the programme. The UK-Kenya Tech Hub and UK-South Africa Tech Hub have committed to supporting the next cohort of the programme, which will be run for 45 new angels or experienced professionals from Kenya, South Africa and the UK who are committed to investing in local Kenyan and South African start-ups. The online course is coupled with masterclasses from local experts and angels, as well as virtual networking sessions and a start-up showcase. “Our ecosystems are bubbling up with great technology solutions that meaningfully tackle the myriad of challenges that prohibit economic inclusion and growth for much of our population. Aspiring early-stage investors in South Africa, Kenya and diaspora living in the UK, who are keen to learn how to source and invest in the local technology scale-ups that are solving these challenges, should apply”, says Shirley Gilbey, Director UK-South Africa Tech Hub. This exclusive programme is delivered over 10 weeks from mid January, and the course is fully funded by the International Tech Hub Network. South African, Kenyan and UK-based individuals who are committed to growing local start-up ecosystems, and are ready to invest their time, capital and expertise in the next six months should apply to join the programme. For enquiries, contact: Ayanda Siboto at info@africanangelacademy.com    

  Rinne&Partners, a consultancy that grows companies by improving new market entry success, has recently joined EBAN as a member. They have been actively helping numerous companies to open new markets in the past 15 years. While working with growth companies, VC’s and angel investors, Rinne&Partners has become an expert in internationalization and market entry, by knowing which mistakes to avoid – mistakes that can be extremely costly and, in some cases, even disastrous. Rinne & Partners’ vision is to be able to help more tech companies to conquer new territories. “We want to help European companies grow in new markets with our knowledge, resources, experience, team, and network.”. With proper planning and preparation, companies can avoid bottlenecks and unexpected setbacks, which are very common when starting business abroad”, says Petri Rinne, Founder, and CEO at Rinne & Partners. ”Rinne & Partners’ core team members are experienced sales professionals and market-entry strategist. They know what to do, how to do it, and what to avoid. Being part of the EBAN community also helps Rinne&Partners’ customers to broaden their network and helps them with their funding requirements. “Our network of sales and business development professionals and contractors, throughout the globe, ensures that we can help our customers to build a truly global sales team with a local presence. This is especially important now as business travel is restricted due to the pandemic, and salespeople cannot fly out to meet with their customers and partners,” describes Rinne. Rinne & Partners helps companies to build their international sales teams, with support in Go-to-Market planning, Partner Strategies, and Programs. Services include finding the right sales professionals from the target market and assisting in launch and kick-off. “This is a great opportunity for our members and their startups, to get insight and support to build a more effective path to international markets quicker and with lower risk. – added Jacopo Losso, EBAN Director of Secretariat – We look forward to building a long-lasting partnership that will benefit startups, investors, and angels.” For more information, please contact: Petri Rinne, Founder, and CEO of Rinne&Partners, petri@rinnepartners.com Jacopo Losso, EBAN Director of Secretariat, info@eban.org

Helping the builders of a new world: A multi-country initiative embedded within local Wharton Alumni associations !  Startups provide solutions to new challenges and contribute to the rapid and profound transformations in society that we are witnessing today. Led by dreamers and visionaries, startups are a powerful tool for improving the world. At the same time, Wharton graduates are trained and experienced to help businesses succeed and become important actors of these changes in society. The goals of volunteer mentoring are straightforward. The most frequent are to review and give advice relating to the strategic plan or the pitch for investors. But the discussions can extend to advice on communications and the operational structure to helping face a particular challenge and networking . The framework of the program is one hour per week for two months. However each situation is different, and the details are agreed upon between the startup and the mentor. Wharton Alumni Mentors is an informal structure of volunteers operating within the local alumni associations with strong support from their boards. The goal is to manage a simple process to allow alumni to participate in this mentoring adventure. As of October 2020, WHAM has already logged 80 mentor volunteers in Europe, and set up 12 mentorships with some relationships leading to investor pitches and continuing relationships. The connection Mentor/Mentee is made by a selection team after consultation (startups do not choose their mentors). If both parties agree, they are put in touch and start the dialogue. We provide a Mentoring Program Charter to ensure a successful relationship. Of course, the mentor leaves the mentee fully responsible for their operational decisions. Often mentoring will be associated with preparation for fundraising. In this case, the mentor will direct the startup back to the angel investment club/fund or accelerator that originated the mentoring request. How does it work? 1. Select startups that would benefit the most and send us their contact details + business plan 2. WHAM chooses the mentor and makes the connection with the start-up 3. At the end of the mentoring period, the parties are encouraged to give feedback   Contact info@eban.org for further information.

EBAN is pleased to welcome you to an invitation only round table about Financial innovation for the Agri-food Sector, due to take place online on Wednesday 2nd December at 15:00 – 16:30 CET.  The workshop is powered by the EU funded project AgTech7, whose objective is to develop a MOOC covering a set of agri-tech farm-to-fork applications.    We aim to gather ~15 selected participants representing the financial, entrepreneurial, and policy spheres to brainstorm and analyze relevant financial instruments and case studies that can boost productivity and security in agri-food systems.  The discussion will be moderated by Prof. Panayiotis Ketikidis and Dr. Adrian Solomon and will consist of a guided group discussion on the relevant topics to cover in Module 3 – Financial Innovation for enhanced agri-food availability in funding and insurance. Should this opportunity be of interest, kindly reply to euprojects@eban.org with the object AgTech7 Deep Dive Workshop, and save the date on December 2nd!

  EBAN Elects new Board of Directors for the 2020-2022 Term A newly elected Board, voted in during a General Assembly on October 28th for the 2020-2022 term has brought even more energy to EBAN, along with new aspirations to make angel investing an even larger part of Europe’s future. The Board will be led by newly-elected President Janne Jormalainen, a serial entrepreneur and angel investor and President Emeritus of the Finnish Business Angels Network. Serving alongside him, the EBAN Board of Directors for the 2020-2022 mandate is composed of 24 members, bringing together a number of different sectors, countries, and EBAN membership categories across Europe. Find the full list of the 2020-2022 EBAN Board here. Janne Jormalainen’s election as President marks the end of the 2.5 year mandate for Peter Cowley, who became president in 2018 and led EBAN to create numerous new activities, including new educational initiatives with the EBAN Institute, a greatly successful new annual event – the European Angel Investment Summit, new partnerships, strategies and more. Peter Cowley’s mandate also saw EBAN through its 20th anniversary, as well as the turbulent 2020 months with a multitude of online activities to keep EBAN members together during the COVID-19 pandemic. EBAN would like to thank Peter Cowley for his leadership as EBAN President and welcome him to the President Emeritus Advisory Council.   European Angel Investment Summit – Working Together (even if Remotely) towards a Common Purpose  The 2020 European Angel Investment Summit, which took place online on 28-29 October, was the pinnacle of EBAN’s online year, with over 300 business angels, innovators, researchers, entrepreneurs, and policy-makers coming together virtually to discuss key issues like COVID-19 recovery, gender inequality, digital transformation and climate and environment. The discussions at the Summit, which was done in cooperation with the European Commission – emphasized the need for change in the way our society works to achieve common goals and the importance of joining forces and leveraging the power of networks in this regard. The necessity for a moral shift towards sustainability and gender inclusion was also underlined, along with how much change investors are able to bring about by investing in and mentoring entrepreneurs. The COVID-19 pandemic has compelled us to work together with a common goal in mind – and this mindset can and should be used to tackle similarly massive challenges by better aligning public and private actors. EBAN is looking forward to taking in the insights gained from EAIS to help investors do business in new and better ways.   Sincerely, The EBAN Board

Join THE NEXT SOCIETY pool of coaches and take part in BigBooster Lebanon! Berytech is organising the Business Innovation Week 2020, a disruptive event designed to bring together entrepreneurs, mentors, industry experts, investors and ecosystem leaders from Europe, the MENA region and Gulf countries to work on business expansion and explore investment opportunities. Three activities are organized during the BIW2020: BigBooster Lebanon, Power Meetings with Investors, and Scale-Up Innovation Day. Scheduled on November 16-17, 2020 in collaboration with BigBooster Lyon, selected startups will go through an intensive 2-day bootcamp to work on their business models to access global markets, through the COVID-19 pandemic, and beyond. Participating in the BigBooster Lebannon:  Selected start-ups from 7 countries from the MENA region will participate in BigBooster Lebanon and will go through an intensive 2-day bootcamp to work on their business models to access global markets, through the COVID-19 pandemic, and beyond. You can volunteer to coach start-ups for 45 minutes each on November 16 & 17 from 11:00 am to 1:00 pm (Beirut time). It would represent a total of 4 one-on-one sessions. You will have the opportunity to discover start-ups in the MENA region, listen to their pitches, provide feedback and support them to improve their pitch in preparation of November 18, when they will be matched with investors during a Power Meeting.

In partnership with Technoport from Luxembourg, Atal Incubation Centre-Aartech, IIM Calcutta Innovation Park & SRIX (SR Innovation Exchange) from India, as well as Innovus & Africa, and Orange, Descartes Incubator are organizing the Aggregator 2020, an International Start-Up vs Covid-19 Matchmaking Competition between Europe, Africa and India. The aim of this competition is to identity and reward start-ups/SMEs working on similar sectors and/or developing similar products and services, candidates to become a molecular start-up. A molecular start-up is a company built as an aggregation of two or more companies or startups addressing the same market and whose combination products or services deliver a consistent product or service. If you are interested in external growth, in joining forces with a partner and hence develop internationally without having the hurdle of opening a branch abroad, this opportunity is for you! Innovative start-ups’ and SMEs’ projects providing solutions to the Covid-19 healthcare crisis are expected, addressing in particular one or many of the following United Nations Sustainable Development Goals: #2 Zero Hunger (related to food wastage) #3 Good Health and Well Being #4 Quality education #6 Clean Water and Sanitation #7 Affordable and Clean Energy #8 Decent work and economic growth #11 Sustainable Cities and Communities #12 Responsible consumption and production #13 Climate action As such, technology enabled solutions addressing one or many of the above-mentioned SDGs are welcome to apply. To better understand the concept of molecular startup you can also read this paper and presentation.   What’s in it for you? Grow your business in new markets in Europe and India by receiving access to mentors, strategic partners and market experts in your target region(s) Rapidly validate your product and service ideas in new markets Be matched with a start-up or business of similar size from Europe, Africa or India that is working on similar or complementary solutions to yours Be introduced to and receive support in engaging with your counterpart Receive mentoring and legal advice on how to collaborate with your counterpart business in Europe, Africa or India The group of 3 matching companies with the highest potential of becoming a molecular start-up, will win a travel allowance to the other region for taking the next steps towards serious engagements.   The competition is open until 30 October 2020. Click here to access the call regulation and to apply fill in and return this application form together with a short video to us. The pre-selection will take place on November 16th and the winners will be announced on November 30th 2020.

GALACTICA – “Smart Industrial innovation as enabler to drive new value chains for textiles and aerospace”, has officially started with its kick-off meeting held virtually on September 28th and 29th 2020. GALACTICA project aims to support the creation of new industrial value chains around textile and aerospace based on advanced manufacturing. The project will facilitate the uptake of Industrial Intelligent Systems and Industrial Internet of Things as part of the strategic innovation drivers for the textile and aerospace industries. The project will run until February 2023. GALACTICA has received funding from the European Union’s Horizon 2020 research and innovation program under Grant Agreement No 872336. The GALACTICA consortium integrates eight European clusters and two innovation agents: AEI Tèxtils in Catalonia as project coordinator, ATEVAL in Valencia and CTA in Andalusia (Spain), NTT in Italy, CORALLIA in Greece, Suderelbe in Germany,  PRODUCTECH in Portugal, EMC2 in France, EBAN in Belgium and Science Park Graz in Austria. The project has a total budget of 5 M€ from which 4M€ are directly targeted to support SMEs to innovate with diverse mechanisms including 3M€ financial support through two open calls for proposals, hackathons and travel grants. The first call for proposals will be launched in March 2021 and the second one in January 2022. The project will also organize a set of activities prior to each call for proposals to facilitate generation of project ideas such as workshops, matchmakings and online webinars. Due to the current situation, the first round of activities will be held mostly virtually. GALACTICA will reach directly 1.400 SMEs, 170 large companies and over 200 research facilities across 8 EU-countries. Textile and aerospace digitization: The textile and aerospace sectors employ over 2 million people in Europe. Both sectors face very similar challenges in the incorporation of advanced manufacturing technologies as cornerstone for digitalization and bringing in industrial intelligent systems into productive environment. The opportunities for combining both sectors using advanced manufacturing as enabler can lead to flourishment of new value chains and generate new market opportunities, boost the revenues up and improve their productivity.

EBAN is pleased to invite its community to fill out a survey by the London School of Economics on the impact of startup risk. The survey will measure the effects that risk mitigation has on investors’ willingness to invest in startups. This study, which EBAN is proud to support as a dissemination partner, will serve as a bridge between the early stage market and the scientific community. If you are an early stage investor or investment representative, please consider contributing to the survey by following the link below.

An interview with Tarek El Kady, founder of MED Angels, the business angel network that connects Europe, North Africa, and the Middle East: Watch the full video interview on YouTube Tell us a few words about yourself and your background. I founded Techne Summit five years ago and since then I’ve been intrigued by the whole technology ecosystem and by startups. A few years down the road, I started the Alexandria Business Angel Network and grew the network from six investors, up to almost 40, closing around 20 deals, five or six of them syndicated. This led us to think that work needs to be done on deal syndication, trust building and these opportunities in the region. How did MED Angels start? It started as an initiative from some core members, including the Alexandria Business Angel Network, as they were leading syndicated deals between more than three Egypt-based Angel Networks. That is how we realized that there was a huge gap in seed funding, not just in Egypt or North Africa, but also in several other countries. What is MED Angels doing differently? What we are trying to do is build a trustworthy network where like-minded investors that have the expertise in their industries, of course, but also in angel investing can connect. It provides an opportunity for soft landing, to grow and scale these portfolio companies in several countries. By talking about Mediterranean countries or the Mediterranean Business Angel Network, we’re connecting Europe with Africa and the Middle East. What is the workflow? What we usually do with Med Angels is facilitate deal flow and the syndication process. We sometimes receive opportunities that come directly from startups and we redirect those to local angel networks from their countries. Once they decide to close the deal or at least commit to closing a deal, we take that lead from them and circulate it to the rest of the members, so that we can have more networks or more individual angels join the round. Why focus on the Mediterranean region specifically? The Mediterranean region is overlooked. A lot of initiatives or networks are focusing on the Middle East, Africa, and Europe, but the intersection of those three was quite intriguing, specifically when these countries or cities that were on the Mediterranean used to have strong relationships a long time ago and trade was one of the things that connected these cities together. As time went by, these strong ties grew weaker instead of growing stronger with technology. So, what we’re trying to do is to connect these cities in a way that can reinforce economic development, based on a trusting relationship that starts from the bottom up. Who can become a member of MED Angels? As Med Angels we are not just open for angel networks but have different kinds of memberships: corporate members, accelerators and incubators. We have people who are feeding into the deal flow that we are closing as angels, but we also have people who are receiving the deals, the follow-on funding. We are more or less trying to complete the supply chain between the different stages that startups are involved in. Corporate members benefit from access to the latest innovation in their specific industries. I’m already in an angel group, why should I join MED Angels? There are a lot of benefits for members already in angel networks joining the Mediterranean Angels, specifically when we are talking about access to deal flow. If you’re a member from Europe, and you’re looking at opportunities in the Middle East or Africa, this is where you need to go because we have a lot of partners and a lot of members from these different regions  consistently providing us with proprietary deal flow. This is especially interesting to those who are looking to invest in industries that they have good knowledge in but are also interested in expanding their portfolios outside of their region. Who is supporting MED Angels? MED Angels is supported by Hivos, who are based in the Netherlands and by GIZ, a branch of the German government; these are our sponsors. We also have several supporters that supported the initiative a year and a half ago, in terms of outreach, motion and spreading the word about what you’re trying to do, and syndication.   EBAN members get a special offer: EBAN members looking to join MED Angels can contact info@eban.org for access to the following: 25% OFF first year membership One investor ticket to Web Summit (value of 219 Euros per ticket) Two executive tickets to Techne Summit Alexandria with access to the Investors’ Bootcamp (value of 160 USD per ticket) Check out MED Angels’ presentation for more information about their model and membership options. Also also read their latest Roundtable Report.        

Healthcare investment is a hot topic for Angels and Venture funds alike. Though European healthcare markets are fragmented, it is a universal issue that more patient-centric and affordable healthcare solutions need to be brought to all our aging markets. Business Angels play a key role in identifying and fueling the most promising and relevant innovations that will service tomorrow’s healthcare systems. Angels Santé (Angels for Health) one of the largest angel groups in Europe solely dedicated to healthcare investment, has made it its mission since its inception in 2008. This French network attracts relevant experts in life science to invest in their pre-qualified dealflow both in human and animal health. They have invested in over 50 projects in the last 6 years. “Our hundred  members are international professionals who are keenly aware of the importance of facilitating cross-border investment to combat not just today’s pandemic but also to deliver the most efficient solutions to meet our complex care systems “ says Bernard Kirsch,  president of Angels Santé. Angels Santé is not only a reference in its field in France but is extremely active on a European cross-border level by operating the EIT Health Investor Network which facilitates co-investments between all the players of the early stage equity scene in Healthcare. By recently joining EBAN and its healthcare chapter, Angels Santé reaffirms its mission to raise awareness and help agnostic angel networks in creating their own healthcare chapters. This will allow the promotion of their existing dealflow while attracting them to promising opportunities to ensure that bridges are built to overcome investment borders.    

  Join EBAN Space, ESA and Euroquity in the upcoming series of Virtual “Space Now”  Investor Forums, where each session will be opened by an ESA leader sharing their insights on the transformation of the space sector. 16 selected space-tech companies will present their innovations during these Forums, with 4 winners invited to pitch at the ESA Investment Forum on December 9th, held during the European Space Week in Germany. The Forums will take place on October 12th, October 27th, November 19th and December 3rd – register below. Earth observation, the next frontier of space commercialization October 12th at 17:30 CEST Opening speech: Josef Aschbacher, Director of Earth Observation Programmes at ESA {{ vc_btn:title=Rewatch+now&style=flat&color=danger&link=url%3Ahttps%253A%252F%252Fvimeo.com%252F472251819%7C%7Ctarget%3A%2520_blank%7C }} Read more about the selected companies for October 12th DeVines / 3D Aerospace Service provider of high accuracy geolocation in connected maps At 3D Aerospace we develop high-tech services to address today and tomorrow’s challenges. We design, develop, and create three products to provide high accuracy geolocation in connected maps. Our mapping platform (eHermes), which combines high accuracy positioning and embedded vision, is a miniaturized hardware of all the equipment deployed on a Google car. The geotagged data collected by the eHermes receivers are sent wirelessly to a cloud database for image processing via machine learning algorithms. Finally, a smartphone application is provided to our customers to visualise the digital map and its associated key performance indicators. Precision viticulture, through our brand DeVines, is our first market by providing digital solutions for workforce management, vines supervision, and vineyard management. 3daerospace.eu REFARMO Satellite enabled soil moisture analytics and precision farming We are a web/mobile predictive analytics platform for farmers and agribusinesses that want to improve field profitability and gain better field health, offering affordable and accurate field level satellite enabled soil moisture analytics, crop monitoring and simple to understand field management recommendations with up to 10 days forecast. refarmo.com Sea Proven SEA PROVEN wants to become the first ocean data provider in Europe by deploying multiple constellations of Autonomous Surface Vessels. SEA PROVEN designs, manufactures and operates multiple constellation of SphyrnaALV (Autonomous Laboratory Vessel) in order to collect oceanic mega-data. Similar to satellites in the sea, the SphyrnaALV are 15m long, remote-controlled vessels, which each have an operational autonomy of 10 months thanks to solar and wind energy production. SphyrnaALVs can carry up to a ton of measuring equipment and make it possible to collect no less than 50 different types of data, transmitted in real time, for a cost divided by 50 compared to “classic” scientific vessels. seaproven.com SuperVision Earth Global knowledge on a local scale – what if Google Earth was weekly up-to-date? SuperVision Earth is a startup in Germany, its first mission is to replace helicopters in pipeline monitoring with a cheaper and more efficient satellite-based system. In the long run, we are building a neural net with a massive database of diverse training data, that will be the best in the world in detecting and classifying any changes on earth’s surface – for energy, agriculture, real estate, insurance and government markets. supervision.earth New Space Business and Entrepreneurship to support global challenges October 27th at 17:00 CET Opening speech: Elodie Viau, Director of Telecommunication and Integrated Applications / Head of ECSAT at ESA {{ vc_btn:title=Rewatch+now&style=flat&color=danger&link=url%3Ahttps%253A%252F%252Fvimeo.com%252F475400189%7C%7Ctarget%3A%2520_blank%7C }} Read more about the selected companies for October 27th IBISA IBISA platform enables next generation insurance through data and technology IBISA is a turnkey solution for mutual and insurers that leverages blockchain and Earth Observation satellites’ data to enable next generation insurance for agriculture that is digital, cost-efficient, simple and scalable. ibisa.network MobaSpace SAS Monitoring Body Attitude by Space Technologies MobaSpace is a new Start-Up specialized in Health Information Systems based on Space Technologies. Our solution, called SySPAD, is a new smart platform combining “from-the-shelf” IoTs, Artificial Intelligence and a CNES Space Patent. Our system is able to monitor patients and to predict undesired future events regarding health states. This solution is addressed both for elderly people living in retirement institutions and for isolated people living at home. MobaSpace offers a unique value proposition to medical teams to track new data and to process health information using an innovative way for retirement institutions and related services. mobaspace.com OKAPI:Orbits OKAPI:Orbits offers an Ai-based Space Traffic Management platform for automated collision avoidance One-paragraph description: OKAPI:Orbits is a company offering an AI-based Space Traffic Management Platform for automated collision avoidance services. The software platform is built on a very flexible and modular infrastructure and allows easy access via web interface and API from almost every programming language. Their beta software is currently tested by 30+ test-users  and will be operationally available in a subscription model from beginning of September of this year (test users include: German Aerospace Center (DLR), and multiple NewSpace companies). The team has several years of experience in Space Debris research, earned an international reputation and is a recognized supplier of ESA. OKAPI:Orbits service portfolio includes: risk estimation, orbit determination, collision avoidance, maneuver calculation, optimization and safety checks, and space debris mitigation guideline compliance checks. okapiorbits.space Portabiles HealthCare Technologies Portabiles is a global technology leader in Parkinson’s Disease Monitoring & Therapy Adjustment Parkinson’s affects more than 7 million patients and will double in the next generation. It causes immobility, poor quality-of-life and finally death. After 5 years all therapies show fading efficacy and require lifelong complex medication adjustments done only by specialized neurologists. They perform a short visual gait analysis, followed by a medical gait scoring and a trial & error-based medication adjustment. The visual gait analysis by the physician is highly subjective only a snapshot. Unfortunately patients gait changes dramatically within 15 minutes every day. Therefore each adjustment cycle takes months and ends up with increasing gait limitations for patients and high burden for caregivers. In cooperation with Neurologists, patients & AI leaders Portabiles developed world`s first and only solution that automates the complete medication adjustment cycle based on objective 24/7 patient gait data. For neurologists adjustment now becomes data based and as a result simpler,

    The European Union Intellectual Property Office (EUIPO) and EBAN, Europe’s leading early-stage investors network, have signed a collaboration agreement to promote and encourage activities and services that support small and medium enterprises (SMEs). Both organisations play an essential and complementary role in their shared vision to empower EU SMEs within the EU and beyond. Business angels are a significant driver of the innovation process in the EU start-up ecosystem and IP rights have long been recognised in the success of start-ups and innovative SMEs, giving its holder a competitive advantage in a global market. EBAN, with over 150-member organisations in more than 50 countries today, represents a sector estimated to invest 11.4 billion Euro a year, comprising 260.000 angel investors, and playing a vital role in Europe’s future, notably in the funding of SMEs. The EUIPO is the European agency responsible for managing registrations of the EU trade mark and the registered Community design valid in all EU member states. The EUIPO has recently launched its ‘Ideas Powered for business’ hub with made to measure information for SMEs as well as the possibility to sign up for free personalised legal advice on their intellectual property questions. This collaboration allows the EUIPO, in line with its SME Programme and Strategic plan 2025, to reach out to SMEs in particular start-ups and entrepreneurs, with the help of EBAN who are in an ideal position to promote the importance of protecting innovation via Intellectual Property rights (trade marks, patents, designs, etc.) at the right moment in the SME business lifecycle. Furthermore, business angels and start-ups will benefit from the knowledge, tools and resources on IP for supporting sound decision making. This agreement covers activities such as promoting the protection of innovation and creativity among SMEs and start-ups, training on Intellectual Property, participation in events, as well as sharing content on IP and the business angel financial sector on the respective websites.

(originally posted on https://thenextweb.com/world/2020/09/10/8-reasons-why-you-should-move-your-startup-to-cork/) In a post-COVID recession, new global startup ecosystems are going to be vital to boosting the economy. Founders and entrepreneurs who are looking to relocate their startups should consider a number of factors, including a city with ready access to angel and venture capital funding, as well as a collaborative climate that will support startups. The City of Cork, as the second-largest economic hub in Ireland and one of the only English-speaking cities in the Euro-zone, is quickly becoming a top choice for founders interested in scaling their business from one of the strongest economic bases in the EU. fDi Intelligence and TNW recently ranked Cork among its Top 10 Tech Cities of the Future 2020-2021 for Economic Potential, as well as one of the Top 25 European Cities of the Future 2018-2019, and it’s not hard to see why. Cork’s dynamic business ecosystem has consistently attracted top multinational companies; Apple, Facebook (Oculus), Eventbrite, Amazon, IBM, Deutsche Börse Group, Pilz, and Forcepoint are just a few of the 160+ MNCs located across Cork. The city’s legacy of innovation, collaboration, and creativity is backed by its access to two excellent universities. Did we mention it’s also cheaper and has a culture that supports smooth business transactions and an excellent work-life balance? Intrigued but not convinced? We get it, moving your startup is a big commitment, so here are the top reasons why Cork will be your startup’s lucky charm. 1. Because why wouldn’t you want to live in a friendly, liveable city? Picture it: Your commute is under 30 minutes. Your rent and childcare are affordable, and you’re on banter-terms with your neighbors. You have easy access to stakeholders in both the business and academic realms, and your startup is on its way to venture funding. On the weekends, you surf in the Atlantic or hike the Wild Atlantic Way. Life is good. You have achieved the impossible: work/life balance. Many startups are either relocating out of Silicon Valley or bypassing the great tech nexus entirely. Few who work there can actually afford to live there, and the Silicon Valley atmosphere is beginning to stifle healthy competition and innovation. In Cork, prime office rental costs in the city center are half the cost of prime rents for new buildings in Dublin, and rents for new buildings in the suburbs are even more affordable. Whether you’re buying or renting, parking your car, or taking public transit, you get way more for your money in Cork. Voted as the third friendliest city in the world by Condé Nast Traveller and the best small city in Europe for business friendliness by fDi Intelligence, Cork consistently punches above its weight in terms of education, culture, and access. City Docklands, Cork 2. The Irish government wants YOU! And they’ll make It worth your while… The Irish government is committed to attracting startups to Cork, offering over 170 supports to Irish and inbound startups and small businesses, like startup grants in the areas of R&D, training, employment, and capital investment. Ireland also offers startups to Cork a Knowledge Development Box, a tool that offers specific packages around IP protection and commercialization and the retention of earnings within the business. On a global level, Ireland is one of the first countries to develop this kind of knowledge box offering. Included in the package are incentives like 25% R&D tax credit, 6.25% tax on profits attributable to IP and patent developments carried out by an Irish company, and a low corporate tax rate of 12.5%, compared to 21% in the United States (down from 35% after Trump lowered the rate in 2017). Spotlight: Start-up Entrepreneur Programme (STEP) Visa The start-up visa program is one of Ireland’s many ways of attracting entrepreneurs into the country. An entrepreneur with a solid business offering and a reasonable amount of investment behind them who can demonstrate potential and market disruption rather than displacement might be encouraged by the Irish government to come to Cork. 3. Tech-focused foreign direct investments Ireland’s attractive taxation framework, which provides one of the lowest taxation rates in the European Union, has helped lure foreign investors and strengthen the country’s economy over the past few decades. Cork itself has the highest density of foreign direct investments (FDI) in the country, thanks to the efforts of IDA Ireland, the agency that’s responsible for attracting FDIs. There are currently 169 IDA client companies employing nearly 40,000 people across the city. In fact, major tech companies like Intel, IBM, Trend Micro, FireEye, and Johnson Controls now have their operations based in Cork. Technology and ICT companies dominate Cork’s FDI profile, accounting for more than one-third of all FDI across the city region. This is supported by a strong and growing native technology sector, many of which have been acquired by overseas companies, like InfiniLED by Oculus, WhatSalon by Constellation Software, and Barricade by Sophos. “The impressive performance of investments in digital tech and business services were noteworthy features of Ireland’s performance in 2019, with Cork well placed to continue to be attractive to FDI as we have particular strengths in these areas,” said Seamus Coghlan, Head of Economic Development at Cork City Council. 4. Innovation and collaboration weaved into the city fabric Cork’s startup scene isn’t located in just one hub or district; it’s spread throughout the city. The link between creativity and diversity is well-recorded, but that creativity flourishes in a well-connected environment. Cork’s lively community is supported by a world-class research network of RDI hubs, coworking spaces, and business and academic collaborations across disciplines. Founders in Cork say that the best part of starting up there is the collaborative network in a city that’s big enough to make a difference, but not too big as to be just one more small fish in a big pond. Opportunities abound for newcomers, like the ability to pitch the Boole Investment Syndicate for seed and post-seed investment. Spotlight: Enterprise Ireland’s SPRINT Investor Ready Programme and Sanathan Konugolu Sanathan Konugolu, CEO of biophotonics company BioPix Standards, was researching at Tyndall National Institute, a research center out of UCC, when he

Estonia’s flagship startup and tech conference Latitude59 and Estonian Business Angels Network awarded Adact and ATOM Mobility as the best early-stage companies and both received an investment of €200,000. Latitude59 was held on August 27 and 28 in Tallinn. The conference focused on the topic of social responsibility and the various challenges of start-ups in times of crisis. “This year has been a difficult one for everyone and this is why we saw the need to bring people from the startup community together – and not only physically, but also giving international entrepreneurs and investors the opportunity to take part online,” said Maarja Pehk, CEO of Latitude59. EstBAN’s investment of  two times 200,000 euros went to early-stage startups Adact from Estonia and ATOM Mobility from Latvia. Adact enables agencies to create online interactive marketing campaigns without writing a single line of code. ATOM Mobility is an all-in-one solution for shared mobility helping entrepreneurs to launch their own vehicle sharing platforms in 20 days. According to Kristjan Raude, the lead investor and Member of the Board of EstBAN, the winners were selected out of 250 companies. “It was definitely not an easy task – we went through a ton of company profiles, 50 video presentations, investor meetings and hours of interviews with the finalists. As a result, we selected two best early-stage start-ups and we’ll invest a total of 400,000 euros,” said Raude. Anu Oks, CEO of the Estonian Business Angels Network EstBAN stated that the crisis in Estonia and around the world didn’t seem to affect the investment interest of investors. She added that the sum of the investment rounds of both winning companies was gathered without much effort. This shows that both investors and startups are doing well despite the situation. The prize money of €10,000 presented by Latitude59 was awarded to ATOM Mobility. In addition, Cloudvisor, Hedman Partners and UMA Maakri presented their prizes to startup companies as well. Latitude59 is Estonia’s flagship startup and tech gathering. In 2020, the event took place both in-person in Tallinn as well as online, with close to 2,000 participants from 51 countries. During two days, 50 international speakers took the Latitude59 stage, 200 startups and 300 investors participated from Estonia and beyond. For the first time ever Latitude59 offered online mentoring for startups with 130 online sessions taking place with experts worldwide.

Crunchbase has published a report talking about the impact of Covid-19 to venture funding. The report suggests that the Covid-19 impact in Europe has been felt as the continent recorded $17 billion in funding in the first half of 2020, down 20 percent from 2019, however, still up from the previous half years. The continent didn’t record any deals over $500 million in the first half of 2020, compared to 2019’s first-half year which had four. The continent did, however, experience an increase in invested amounts to seed, angel and early-stage rounds, with 47 percent of funding going to these rounds in 2020 relative to 42 percent in 1H2019 (and 34 percent globally in 1H-2020). The report highlights the situation in the following countries: The United Kingdom still received the most venture funding in the first half of the year with $6.6 billion; although it’s a 22 percent decrease from 1H-2019. France, Germany and Sweden also recorded over $1 billion in the first half of 2020. Belgium saw an increase in funding from 2019, while France and Switzerland maintained similar numbers. It’s worth highlighting the success of France, considering the size and scale of the country’s venture capital ecosystem and its ability to sustain impressive funding figures during the pandemic. The continent received over $2.8 billion in venture funding dollars in 1H-2020, down slightly from 1H-2019, but still significantly higher than the previous three years. Parisian companies accounted for $2.1 billion, or 76 percent, of France’s funding. Although the Belgium venture funding ecosystem is smaller than others–such as the U.K. and France–and often doesn’t get the same attention, it’s worth acknowledging its funding growth despite the pandemic. Belgium recorded $604 million in 1H-2020, up from $458 million in the first half of 2019. In 1H-2020, 57 percent of Belgium investment dollars went to seed, angel and early-stage rounds (compared to 34 percent globally).

The European Union Intellectual Property Office (EUIPO) has recently launched a service to facilitate free, personalised advice by intellectual property (IP) experts from private law firms. EUIPO invites all SMEs registered in the EU to take this great opportunity and apply for the free, one-to-one consultation, which can now be requested free of charge via the EUIPO’s website for any question relating to intellectual property such as: understanding which IP rights (trade marks, patents, designs, etc.) are best for you preparing a trade mark, patent or design application strategy for monetisation of your IP rights resolving disputes This is part of the newly branded ‘Ideas Powered for Business’ SME Programme of the EUIPO Strategic Plan 2025 and is available from the recently launched Ideas Powered for Business hub. For more information and to apply:

It’s time for The Aggregator 2020, an International Start-up vs Covid-19 Matchmaking Competition between Europe, Africa and India! Inspired by the molecular start-up concept, this competition is designed to identify, reward and promote innovative start-up and SMEs interested in expanding to Europe, India or Africa while also encouraging joining forces across regions: same maturity in terms of development, similar or complementary products or services, or same targeted market! The 3 matching companies with the highest potential of becoming molecular start-ups will win a travel allowance to the other region. Application closes on October 30th, so let’s go! For more information:

As a partner of the EU-funded project THE NEXT SOCIETY, EBAN is launching Ask an Angel, a brand new virtual mentoring program, for startup entrepreneurs based in the MENA region. Companies enrolled in the program are in early development/prototyping stage and looking for advice on how to grow their business and thrive in the new normal. Our entrepreneurs need you! Join our program as a Mentor: you will interact with one or more companies by delivering customized strategic support. Over a three month period, you are expected to meet each of your mentees with up to 3 one to one virtual meetings. Your time and effort will be compensated according to the number of companies you’ll take under your wing. Co-Organizers Partners

Ian Sosso, EBAN Board Member and Founder and Managing Partner at Monte Carlo Capital (MCC), discusses the challenges of scaling in the US for European startups and solutions to facilitate this process. Being an established startup in one European country is not necessarily an indicator of success in the rest of Europe. This is of course due to the different markets in many aspects from the tax code to the language. Thus, scaling in the US is an attractive option for many European startups wanting to expand in new markets. The cost and risk of such an expansion can be very high and forging the right partnerships from the beginning is vital in order to succeed in the competitive market of the US. MCC, group of high net worth individuals and family offices investing directly into scaleups in Europe and the US, has created a joint venture with Ikove Capital, whose core business is to build businesses around intellectual property licensed directly from US universities, with the goal of scaling up European startups In the US. The Joint Venture targets businesses that: are showing commercial traction in at least one European country have a unique know-how / expertise and a competitive edge against all other existing solutions can build to a very minimum of $20M in annual sales within 5 years Find out more of how MCC and Ikove can help you scale your company in the American market: https://montecarlocap.com/venture-scaling-usa/

  Call for External Evaluator for the AgTech7 Project – Apply by July 30th! EBAN is pleased to invite its members to participate in AgTech7, an EU-funded educational project on agri-business innovation – as an External Evaluator. The project aims to design a learning curriculum covering 7 key topics for the breakthrough of the agricultural sector – including earth observation, data management, financial innovation and more. As External Evaluator your tasks will be: to draft the Evaluation Blueprint, outlining expected results, relevant KPIs and the methodology to assess them to prepare 2 interim and one final Evaluation Reports, assessing project’s achievements and suggesting corrective action Expect to dedicate ~10 working days and to be compensated for your efforts! Candidates should have expertise in evaluationand monitoring of EU-funded projects, and some knowledge of agricultural technologies. Apply by emailing your CV, motivation letter, references and financial bid to euprojects@eban.org to join us in this exciting journey! Applications are open until July 30th.   AgTech7 Consortium Partners:                   

The next Space Academy – an intensive two-day event designed to help space-tech companies scale up – will be held on 9th-11th December 2020 in Rome, Italy, in collaboration with the “Primavera dell’innovazione” organised by Consorzio Hypatia, Fondazione E. Amaldi with the endorsement of Agenzia Spaziale Italiana. Due to the Covid-19 pandemic, the Space Academy Rome was postponed from March 2020 to 9-11 December 2020. Now, 10 additional slots available for space-tech entrepreneurs to rocket to success! 10 selected companies will be entitled to receive for free: 4 In-depth report studies of your company and its proposed service/product focusing on aspects such as the business model design, intellectual property rights, access to finance and human resources; 6 one-to-one meetings with international experts; A pitching slot at the event Primavera dell’innovazione; A lump sum for travel support.   Apply here: https://www.space-academy.eu/spaceupacademiesrome.html   WHY JOIN A SPACE ACADEMY: Some highlights from our previous Space Academy in Helsinki

The Board of Directors of the European Investment Bank (EIB) has on 26 May agreed on the structure and business model of the new Pan-European Guarantee Fund to tackle the economic consequences of the Covid-19 pandemic. The Fund was endorsed by the European Council on 23 April as part of the overall EU Covid-19 response package. All 27 EU Member States have been invited to contribute to the Pan-European Guarantee Fund (EGF), with a share of the €25 billion equal to their share of EIB capital. The Fund will become operational as soon as Member States accounting for at least 60% of EIB capital have signed their contribution agreements and a Contributors Committee has been set up. The Contributors Committee will decide on the use of guarantee. EIB Group rules will apply for all Fund operations, including for example the new Energy Lending Policy approved in 2019. Member State contributions to the EGF will take the form of guarantees and may include an upfront payment. Such guarantees will cover losses incurred in the operations supported by the EGF. Any losses will be borne pro rata by the participating Member States. The fund will initially approve operations until the end of 2021, but this period can be extended by the Member States. It will enable the EIB Group to scale up its support for mostly small and medium-sized European companies, mobilizing up to €200 billion of additional financing. The EGF will provide finance to companies that are viable in the long-term, but are struggling in the current crisis. At least 65% of the financing are earmarked for SMEs. A maximum of 23% will go to companies with 250 or more employees, with restrictions applying to larger companies with more than 3,000 staff. A maximum of 5% of the financing can go to public sector companies and entities active in the area of health or health-research or providing essential services related to the health crisis. Another 7% of EGF-supported financing can be allocated to venture and growth capital and venture debt in support of SMEs and midcaps. “The economic damage done by the Covid-19 pandemic becomes more visible every day: Hundreds of thousands of small and medium-sized European companies are fighting for their survival. The Pan-European Guarantee Fund is a timely and targeted response to their urgent needs, complementing the national efforts by the Member States”, said EIB President Werner Hoyer. “We are grateful for the trust the Member States put into us, the EU bank. We will work closely with national institutions to make sure that companies can quickly access help in the form they need it.” In addition to establishing and managing the EGF, the EIB Group is also implementing the emergency measures announced in March to repurpose existing guarantees and support companies in the EU to overcome the consequences of the crisis.  The first measure, launched by the EIF on 6 April, offers dedicated EU-supported guarantees to contain the impact of the pandemic, making available €8bn of financing for SMEs and midcaps across Europe. The EIB Group is also using existing financial instruments shared with the European Commission – primarily the InnovFin Infectious Disease Finance Facility – to finance projects that work towards halting the spread of the coronavirus, finding a cure, and developing a vaccine. The EIB Group will support emergency measures to finance urgent infrastructure improvements and equipment needs in the health sector, using existing framework loans or undisbursed amounts from existing health projects. The EIB Group’s current pipeline of projects in the health sector amounts to around €6 billion. Detailed information about the help offered by EIB and EIF Fact sheet: The Pan-European Guarantee Fund in response to COVID-19

On 27 May 2020, the coherent ‘’Recovery Plan for Europe’’ of the European Commission proposed, together with the next Multiannual Financial Framework, the ambitious answer Europe needs to recover from COVID-19. An answer which builds on necessity yet is designed for the future. As part of the business and investment ecosystem, the European Business and Innovation Centre Network (EBN), the European Business Angel Network (EBAN) and the International Association of Science Parks and Areas of Innovation (IASP) welcome this recovery plan. The measures of the past weeks and months have severe economic impacts and thus the focus laid on mitigating the socio-economic impact of the pandemic and the containment measures is a welcome step forward. Business support actors and their client companies have been hard hit by the closure of innovation centres, offices, science parks, and incubation hubs. Investment flow between companies and investors ensuring disruptive solutions and breakthrough innovations has significantly decreased. Existing country support initiatives have been effective so far in sustaining large companies, trading SMEs and very early-stage companies, but generally miss to support not-yet-trading innovative startups and scale-ups. The consequences of the severely disrupted European innovation ecosystem directly hinder the growth and expansion of SMEs, startups and scale-ups, and their access to finance. With that, the knowledge and technology within the European research and innovation area, captured and developed in these numerous companies are at risk. Incubators, business innovation centres, science/technology parks, private investment actors, and in general the different systems of innovation in Europe, will be essential for sustaining these companies and for the implementation of Europe’s Recovery Plan. The recovery plan must be the basis for targeted EU support and coordination for the most affected sectors and their ecosystems, under the recognition that business support actors, such as EU/BICs, areas of innovation, and networks of capital providers together spanning all 27 Member States, will play a crucial role in delivering solutions and bridging them with investments for economic recovery. EBN, EBAN and IASP, therefore, congratulate the European Commission for the highly valuable ‘’Recovery Plan for Europe’’ that outlines the necessary instruments to respect on the way out of the current situation. Business support actors, including private investment, will play a pivotal role in implementing the recovery plan. In collaboration with regional, public authorities, business intermediaries will support top-class innovators, entrepreneurs, small companies and scientists with bright ideas and the ambition to scale up, ensuring job creation and the much-needed solutions to bolster and recover European economies. A well-functioning innovation ecosystem is the potential one key element that enables Europe to lead the transitions in the European Green Deal and the EU Digitalisation and Industrial Futures strategies. And, pivotal in modernising Europe’s economy in the upturn of the EU’s recovery. EBN, EBAN and IASP, therefore, call to the European Commission to better recognise the essential role of innovative SMEs, startups and scale-ups, including their business support actors and investors for economic recovery. As a next step, more targeted measures in forms of increased EU financial support programmes, increased leverage on equity or loan matching funds, and a commitment to support business innovation centres are required to support the most affected sectors and ecosystems, of which the innovation ecosystem is a pivotal part. EBN, EBAN and IASP remain at the disposal of the EU and of Member States for any consultation related to this topic.

International Venture Academy 2020 is a journey between EBAN members, Sophia Business Angels Network, Business Jyväskylä and Finnish Business Angels Network, who are targeting cross-border investments in innovative scale ups in preventive healthcare and global wellbeing. There is no need to explain why investments in this sector are now needed more than ever before.   As the world was suddenly faced with a global pandemic at the beginning of 2020, a need emerged for agile capacity to create innovative solutions faster than ever. Investors and entrepreneurs play an important role in this regard. Entrepreneurs need the trust, connections and experience of the investors to be able to move fast during times like these.   During the International Venture Academy collaboration, nine Finnish scale ups have improved their blue ocean strategies, built grow to market strategies based on their vision and planned execution and metrics. The first round of introductions to Sophia Business Angels mentors were made in March 2020 and detailed planning continues via remote-workshops throughout May. After four days of hard work on their growth plans, these scale ups will prepare for pitching to SBA mentors in June before proceeding to events in Business Rally Jyväskylä and Venture Academy Nice.   ”I am thrilled to lead this awesome cross border partnership between the Finnish startup ecosystem, The city of Jyväskylä and Sophia Business Angels based in Nice , France and hence enabling Northern / Southern Europeans to engage in such exchanges through entrepreneurship and investments”, Sophia Business Angels President Emeritus and EBAN Board member Marcel Dridje commented on the partnership.   How is it possible to create this kind of impact in no time? The story of this collaboration began with EBAN Board members led by then Chairman of the Board Candace Johnson in July 2018, at the City of Jyväskylä Business Rally week during WRC Neste Rally Finland. The following year an EBAN Investor Day was organized in Jyväskylä, with the support of EBAN Director of Secretariat Jacopo Losso. During that event, all it took was one lunch with EBAN Board Member Marcel Dridje, and the idea of the collaboration to facilitate investor relations and cross-border investments was born. The trust between the EBAN members working on the joint International Venture Academy has been crucial in making the program a success – check out its details below! Read More

by Maria Hala, May 26th, 2020 After two and a half months of social distancing and an almost complete shutdown of the local economy, due to the coronavirus pandemic, Greece has been proudly rated among the safest countries in the world. The main concern now is focusing on a healthy economic recovery. Responding to the current situation, the local Government proceeded with a bulk of generous measures, while keeping investments first on the list to mitigate the expected economic contraction. Among the most promising courses of action is the effort of establishing the Greek Business Angels’ community, through measures that support their existence. The Greek innovative entrepreneurial community thrives. And this is a fact….. The Greek entrepreneurial ecosystem is mainly venture capital dominated, with a generous support from European Investment Fund. On the other hand, Greek startup Teams have attracted around €2.5bn investments, have reached a global clientele and have achieved remarkable exits, over the last decade. Despite the 10 years of economic crisis and the heavy brain drain, the innovative entrepreneurial community of Greece is ready for the next decade. Brilliant scientific minds have become founders; venture capitalists have established a healthy entrepreneurial environment and the EIF has always stood by this effort. Well, the time has come to bring to the surface those anonymous entrepreneurs who have also supported the local startups ecosystem, not only financially, but also through their coaching and mentoring: the Greek Business Angels. The Ministry of Development and Investments and in particular, the General Secretariat for Research and Technology announced supportive measures for business angels. In particular: a 50% tax reduction for up to €300.000 annual investments and the establishment of a startups’ registry platform, under the “ElevateGreece” initiative. The specific measures are a great relief for the seed and startup ecosystem, but also for the venture capital community, since the latter will be further concentrated to more mature Teams. On the other hand, the angel investors will be highly motivated to support a portfolio of local innovative Teams, at seed and startup level, through their expertise, network and financing capabilities. In addition, the local ecosystem will come closer to understanding the importance of angel investments, as a vehicle against unemployment (and “yes” Greece stands at the double digit level….) and as a support of one of the major components of economic expansion, the local entrepreneur. It is just the beginning, but soon expect angel groups, angel networks, certification and angel investors’ education to come that will aid the current investment group efficiently contribute to the local private equity sector. To sum up, Greeks know how to handle a crisis. Over the last decade, a capable scientific generation has survived both from an economic and a health crisis. It is a great challenge and an opportunity, to stand up and try to find the best possible ways to support the next Teams of local entrepreneurial ventures. And business angels, as part of the real economy, know how to anticipate to this challenge!

COVID-19 is demonstrating how dependent the world has become on remote connectivity, communication and other space applications. The current crisis is accelerating transformation of the world economy to a new technical and social paradigm, in which space will continually play a bigger and more prominent role. In the series of 6 webinars Space Live Talks, organized by NewSpace Capital and EBAN Space, we aim to do a full coverage on COVID-19 impact on space from market to investors, institutions and regulations. Join us for the entire week of 25 May of live online conversations with leading minds of the space industry and discover how space gains further importance and continues to attract investments from private and public sectors. The COVID-19 impact. Where is resilience? Where is dooms days? Where are the opportunities? May 25th at 19:00 CEST Jeff Matthews, Specialist Leader, Space Industry at Deloitte Rainer Horn, Managing Partner at SpaceTec Partners Alexandre Mencik, Entrepreneur and business angel Moderator: Fabrice Testa, Co-chairman Luxembourg Space Tech Angels and EBAN Space Chairman {{ vc_btn:title=Rewatch&style=flat&color=danger&link=url%3Ahttps%253A%252F%252Fvimeo.com%252Fshowcase%252F7179935%7C%7Ctarget%3A%2520_blank%7C }} The post COVID-19 situation: the survivors, the growth, guidance to investors May 26th at 16:00 CEST Jeff Feige, Chairman at Space Frontier Foundation Mark Boggett, CEO at Seraphim Capital Bogdan Gogulan, CEO and Managing Partner at NewSpace Capital  Moderator: Fabrice Testa, Co-chairman Luxembourg Space Tech Angels and EBAN Space Chairman {{ vc_btn:title=Rewatch&style=flat&color=danger&link=url%3Ahttps%253A%252F%252Fvimeo.com%252Fshowcase%252F7179935%7C%7Ctarget%3A%2520_blank%7C }} Market perspective and trends across the industry during and after COVID-19 May 26th at 17:30 CEST Nihar Shah, VP strategy and Market Intelligence at SES Claude Rousseau, Research Director at Northern Sky Research Moderator: Daniel Biedermann, Independent business consultant on space ecosystem {{ vc_btn:title=Rewatch&style=flat&color=danger&link=url%3Ahttps%253A%252F%252Fvimeo.com%252Fshowcase%252F7179935%7C%7Ctarget%3A%2520_blank%7C }} From big picture to down-to-Earth May 27th at 18:00 CEST Alexander Misurkin, Cosmonaut Slava Turyshev, Senior Scientist and Program Manager at NASA’s JPL, Industry Advisory Board Member at NewSpace Capital Moderator: Bogdan Gogulan, CEO and Managing Partner at NewSpace Capital  {{ vc_btn:title=Rewatch&style=flat&color=danger&link=url%3Ahttps%253A%252F%252Fvimeo.com%252Fshowcase%252F7179935%7C%7Ctarget%3A%2520_blank%7C }} Space economy stimulation by public sector May 28th at 11:00 CEST Sarah Fleischer, Economic Advisor at Luxembourg Space Agency Talal M. Al Kaissi, Advisor – Strategic Projects at UAE Space Agency Karl Rodrigues, Executive Director, National and International Engagement at Australian Space Agency Moderator: Bogdan Gogulan, CEO and Managing Partner at NewSpace Capital  {{ vc_btn:title=Rewatch&style=flat&color=danger&link=url%3Ahttps%253A%252F%252Fvimeo.com%252Fshowcase%252F7179935%7C%7Ctarget%3A%2520_blank%7C }} Entrepreneurs view on COVID-19 crisis – what can they do to survive or benefit from it? May 29th at 11:00 CEST David Mitlyng, COO at SpeQtral Omar Qaise, Founder and CEO at OQ Technology Elaine Scott, Centre Manager at North East Satellite Applications Centre of Excellence Moderator: Daniel Biedermann, Independent business consultant on space ecosystem {{ vc_btn:title=Rewatch&style=flat&color=danger&link=url%3Ahttps%253A%252F%252Fvimeo.com%252Fshowcase%252F7179935%7C%7Ctarget%3A%2520_blank%7C }}

    EBAN Partners with MtB, ICC and WCF for the 2020 Global Corporate Startup Stars Awards EBAN is pleased to announce that it has partnered with Mind the Bridge (MtB),  the International Chamber of Commerce (ICC) and the World Chambers Federation (WCF) for the global edition of the Corporate Startup Stars 2020 Awards (CSS Awards). Corporate Startup Stars Awards is the annual celebration of the best global practices and role models in Open Innovation through ranking the most startup-friendly corporates in the world. The initiative, which has been active in Europe for the past 5 years in partnership with the EU Commission and Startup Europe Partnership, is now going global! EBAN and its partner angel associations – the Angel Capital Association (ACA) in the US, the National Angel Capital Organization (NACO) in Canada, the African Business Angel Network (ABAN) in Africa, and XCALA in Latin America – will support the initiative by drawing on their considerable networks to collect nominations from the early stage startup and investor community. Companies that are awarded through this initiative have gone the extra mile to establish mutually-beneficial partnerships with startups – whether through procurement/licensing/partnerships, accelerators, direct investment, acquisitions or other dedicated internal programs. Nominations submitted by these startups play an important role in determining the rankings. “The valuation process behind Corporate Startup Stars factors both the in-depth information we ask corporates to submit plus our own internal research and innovation market knowledge – commented Alberto Onetti, Chairman of Mind the Bridge – Getting the startup perspective is key to providing a more complete assessment and identify the corporates that walk the talk.” The evaluation is coordinated by a top notch judging committee, which will include representatives from EBAN, ACA, NACO, ABAN and XCALA. Angel investors coming from these networks will stimulate the startup nomination process by inviting their portfolio companies to participate in it, and put forward corporates they have positively collaborated with. “This is an excellent opportunity for angels and their startups to build an even stronger relationship with the corporates in their ecosystem. – added Jacopo Losso, EBAN Director of Secretariat – We are proud to participate in this global initiative to highlight the best corporations that work with startups and angels.” EBAN looks forward to working with its partners to make the startup voice heard in the Global Corporate Startup Stars Awards and to help identify the corporates that are working closely and successfully with early stage companies. Find out more about the Corporate Startup Stars initiative below: Apply Here

  EBAN, CorkBIC and the European Investment Project Portal and key partners Cork City Council, Cork County Council and EY are pleased to invite you to the Changing Worlds Online Webinar, an afternoon event on Thursday June 11th at 14:00 CEST including: Deep Tech Dive Panel Discussion on Disruption Across Sectors due to COVID19 with a focus on Data & AI and Medtech Fireside Interviews with Leading Entrepreneurs, Investors and Corporates Global Investor Challenge – pitching event for Startups & Scaleups Are you looking for investment to scale your company? Are you looking to get feedback from experienced investors and entrepreneurs? Take advantage of this unique opportunity to showcase your solution to COVID19!   Apply before May 15th to pitch at the Global Investor Challenge!   Please read the application instructions carefully – download them here. Go www.ebancork.com for more details What we are looking for: Investor Ready Startups & Scaleups All industries including – Life Sciences, Space, CyberSecurity, AgriTech & Food etc. Anyone engaged in tackling COVID19 as a core and/or an additional business opportunity Has already raised a seed round (at least €200K in the past 3 years, excluding grants and team’s own investment) Has a committed and experienced management team Is looking to raise between €1 million and €5 million Euros EU based companies Is legally incorporated Can show a growth strategy and the potential to scale  

Alexandria. Med-Angels, the first Mediterranean-wide network of angel networks, has just announced a new partnership with Hivos that will facilitate the injection of up to €500,000 into North African startups across countries in the region. The new partnership will allow for investors within MedAngels’ network to co-invest, while Hivos, through its Green Works Program, will offer co-matching grants for startups, with up to 55% for each deal. The partnership involves startups across various industries across North Africa, who secure funding from angel investors from Medangel’s 9 member countries: Lebanon, Egypt, Tunisia, Portugal, Italy, Croatia, Montenegro, Spain, and France. “During Covid19, some startups are having a surge in their services, and others coming up with new solutions that can be sustainable beyond this context. We want to support those startups, as well as those investors looking into investing in an alternative asset class,” says Tarek El Kady, Founder and Chairman of The Mediterranean Business Angel Network as well as Alexandria Business Angel Network. “We are piloting the angel Investment matching fund mechanism in an effort to incentivize more cross border investments in the green economy in North Africa. The fund is offering 40% matching for angel investments going to startups, however, as the biggest Angel network of networks in the Mediterranean, we are exclusively offering the 55% investment matching opportunity to members of the Med Angels”Network,” says Ahmed Sameh, Hivos’ Green Works Alliance Program Manager. The announcement was made during the Virtual Investor Masterclass held by MedAngls in partnership with Alex Angels and Sanaad on April 22nd, 2020. The event included panels to discuss Angel Networks, Clubs, Funds and Syndicates, as well as valuations and their prospects post-COVID19. It featured speakers including Marcia Dawood, Board Member of the Angel Capital Association (ACA), Greg Campbell – President and CEO of Rainmaker and Managing Director of Medingenii, Eli Velasquez, Director of Venture Development at Venture Well, Sara Gamay, Advisory Board Member of Cairo Angels; Faris Al Rashed, Founder and Chairman of the Board at Oqal Angels Investors Network, Tarek El Kady, Founder and Chairman of The Mediterranean Business Angel Network as well as Alexandria Business Angel Network; and Walid Bakr. Managing Partner at Ripples Impact. The angel investment network, launched on September 2019, at the iconic Bibliotheca Alexandrina in Alexandria, Egypt, with the support of Hivos and GIZ, aiming to connect over 100 networks with approximately 10,000 angel investors, as well as regional enablers, funds and diaspora investors from At the event, it was also announced the incorporation of Azza Yehia as the new Network Manager of MedAngels, who will facilitate cross-border investments across Mediterranean countries. Azza has over 15 years of experience across the Middle Eastern investment ecosystem, from challenging landscapes like Kurdistan to more developed ones such as Dubai.  She was previously the Research and Data Director at ArabNet, leading the Business Intelligence unit. -Ends- About MedAngels: MedAngels is the first network of business angel networks across the entire Mediterranean countries, aiming to facilitate cross-border investing among participating member networks. Launched on September 30th at the iconic Bibliotheca Alexandrina, in the coastal city of Alexandria, Egypt, the network was founded by Egyptian investor and founder of Techne Summit, Tarek El Kady. The network sets off to connect +100 networks with a total of approximately 10,000 angel investors, as well as regional enablers, funds and diaspora investors from France, Spain, Greece, Tunisia, Morocco, Egypt, Lebanon, Slovenia, Croatia, among others.

EBAN is pleased to announce that we are launching a new e-pitching collaboration with EBN (European Business and Innovation Centre Network), titled “Mondays for Innovation”. This initiative will serve to bring together EBAN’s network of investors with EBN’s network of startups in order to showcase innovative solutions to the current COVID-19 crisis. Join us for two different Mondays for Innovation sessions planned on May 4th and May 18th at 3:00 PM CEST to hear 5-minute pitches from companies working on concrete and innovative ways to tackle the spread of the virus! Each session will cover 2 different sectors: Session 1: Medical and Infection Support Technologies May 4th at 3:00 PM CEST Register Now Session 2: Home Working and Digital Solutions May 18th at 3:00 PM CEST Register Now Sectors covered: Infection Support Technologies and Materials (i.e. 3D printing of protection and respiratory materials). Medical (i.e. Medication; vaccines and medical diagnosis). Clever Teleworking (i.e. tools, applications or programmes developed to support professionals work from home). People/Population (i.e. population tracking apps, disease spread monitoring, self-diagnose mobile solutions, etc. Our Expert Jury:                                                                         Christine Bjarkby                                                  Marcel Dridje                                                Javier Echarri Senior Advisor at Lincs                            Sophia Business Angels  President Emeritus                              EBN CEO                                                                                                                                                       Ricardo Luz                                                       Michael O’Connor                                            Audra Shallal  FNABA Founder & Invicta                                                   CorkBIC CEO                                            BOSS Consulting  Founder Angels Emeritus President                                                                                                                       and Managing Director        

Agile startups, together with investors, can play a major role in achieving the 17 Sustainable Development Goals – the world’s shared “to-do-list” adopted by the UN. Therefore, more visible yet simple indicators of startups’ impact on sustainable development were needed in the FiBAN deal flow process. Now startups can indicate their impact in a simple way when they apply for funding through FiBAN from its 650+ private investor members. The 17 Sustainable Development Goals are integrated in FiBAN’s new deal flow tool Startup Includer, where startups can choose which goals they have an impact on. This way, SDGs are connected to the FiBAN investor screening – the startup evaluation done by FiBAN members. With the new feature, requested by FiBAN members, impact investing becomes more visible in the deal flow process. Besides a more impact conscious investment process in Finland, FiBAN hopes that the new feature helps other countries’ business angel networks, who use Startup Includer as their deal flow platform. The new SDGs feature was launched at the first ever remotely organized FiBAN Pitch Finland – the leading regularly organized pitching event in the Nordics. The event was hosted by FiBAN’s partner Danske Bank that has been one of the forerunners with Nordic impact startups. “We have been following the Nordic ecosystem development closely for the past couple of years, and have clearly seen the growing investor interest towards impact companies in Nordics. Swedes, especially Swedish based Family Offices, have been the trailblazer investors in the segment, but now other Nordics are slowly catching up,” says Teppo Havo, Head of Growth & Impact Finland at Danske Bank. “Excited to see this new feature released for FiBAN members, as it hopefully increases the angel’s awareness for possibilities that impact segment offers. We know there are some really interesting SDG-based companies in Finland who definitely deserve some attention,” Havo continues. ​Danske Bank’s report on The State of Nordic Impact Start-ups (2019) enhances the sustainable development goals, and is therefore included in the FiBAN’s Impact Investing Toolbox. FiBAN’s open source toolbox shares meaningful impact work and studies created by relevant organizations, thus promoting more impact conscious investing. Measuring startups’ impact has remained fragmented since there is neither one comprehensive way of measuring impact of an investment nor a policy for reporting impact. Following the blueprint of SDGs will lead us on the right track in creating a more sustainable future for all. Impact investing should not be seen as just a trend, but rather a standard and one of the cornerstones of investing. As estimated by Niklas Geust, recently awarded for the Finnish Business Angel Exit of the Year 2019, “Traditionally, investing is seen in relation to returns and risk, but in the future, impact investing will become the third major dimension of startup investing”. Startups looking for funding, submit your profile to receive an investment from FiBAN members and to enable your company to take a major leap in creating a more sustainable future! ​ Heidi Tawast, Community Manager, FiBAN

  DLT4ALL journey into exploring and explaining Blockchain and Distributed Ledger Technology keeps going. Started in January 2018, DLT4ALL wishes to address the gaps of European entrepreneurs, students, angel-investors and incubator managers in understanding and exploiting Blockchain and Distributed Ledger Technologies. In fact, despite significant interest in the field several actors manifested troubles in approaching the topic and gaining hands-on knowledge on how to teach and implement Blockchain-based solutions. In response, DLT4ALL aims to deploy an interactive learning curriculum to facilitate and scale the adoption of this groundbreaking innovation. After one and a half exciting years focused on gathering inputs from stakeholder groups, the DLT4All project is about to complete the development of the 8-module curriculum and has already selected and published 25 case studies on various blockchain applications. The case studies are available on DLT4ALL official website and represent a valuable tool to empower students, angel investors, start-ups and incubator managers to think critically and master practically the topics covered by the program. They bring forward evidence and outcomes of how DLT is reforming processes in industries such as wealth management, investing and payments, healthcare, logistics and more. Each case study highlights the core functionalities of the technology, its benefits for final users and service providers, as well as the limitations of the solution as currently implemented. They illustrate both failed projects and success stories, trying to pinpoint what worked and what was overlooked in each venture. There are stories of investing platforms that fund projects based on tokenized voting rights that eliminate intermediaries and agency costs, examples of how transaction security and privacy are brought to the next level thanks to ring signatures, as well as lessons of transparency in public bodies via smart contracts and encryption. Of course, not every cloud is a silver lining: Blockchain is still a largely unexplored space and many of its real-life uses are still in the pilot or non-commercial stage, meaning that they require substantial technical expertise, are subject to shifts in regulation, and are difficult to forecast whether they will be scalable and to what extent. Nonetheless, the case studies are a core part of DLT4ALL effort to spread the word on the countless and virtuous applications of Blockchain. Check them out here ???? and stay tuned for more!    

     1ST ANNUAL EUROPEAN IMPACT INVESTING SURVEY 2020 #EIIS2020   EBAN (The European Business Angels Network), through the EBAN Impact Investing Committee, is now inviting Investors to participate in the 1st Annual European Impact Investing Survey 2020 #EIIS2020. The report generated by this survey will provide critical insights to European impact investing activity, investment opportunities, impact investing strategies, portfolio management and remaining challenges. Are you a Business Angel, Investment Vehicle or Organization that makes Investments in Seed and Early Stage companies in Europe with the intention to generate a measurable positive impact on society and the environment alongside a financial return? Then please consider participating in this survey by the 31st of May 2020 – you will just need a few minutes to fill it out!   For more information, contact Juan Alvarez de Lara – Survey and Report Director, Co-Chairman of the EBAN Impact Investing Committee and EBAN Board Member – at jalvarezdelara@seedandclick.com. Special thanks to ESADE Business School / ESADE Entrepreneurship Institute (Spain) led by Dr. Lisa Hehenberger and Copenhagen Business School / CBS Sustainability Center for Corporate Governance (Denmark) led by Dr. Kai Hockerts for their Academic Support. Do not hesitate to share the link of the survey with those Investors who could be interested in impact investing! Keep Safe! The EBAN Impact Team #EIIS2020 #EBANImpactInvesting2020

   EBAN Cork 2020 Annual Congress POSTPONED to 2021   Due to the global spread of the COVID-19 virus and its unprecedented challenges, EBAN, CorkBIC and European Investment Project Portal regret to announce that the EBAN Cork 2020 Congress has been POSTPONED to 2021. We appreciate how much work has been done already, but protecting your health as members and attendees is of utmost importance. To provide clarity we strongly feel that postponement at this stage to Cork 2021 is the right decision and look forward to working together to come through these difficult and uncertain times. We are delighted to confirm that we have secured NEW dates to hold the EBAN Congress on the 14, 15 & 16 of April 2021 in Cork. We look forward to working with our Partners, Sponsors, Speakers and Participants to deliver a memorable event for all attendees and bring together Europe’s early stage investment and entrepreneurship community. Furthermore, the Partners of EBAN Cork are organising a Virtual Event – Changing Worlds, including Global Investor Challenge pitching session, Deep dive panel discussions on COVID-19, Data & AI and Medtech. Save the date for the broadcast from Cork, Ireland – Thursday June 11th 14:00-16:30 CEST. We would like to wish you and your families the very best in the coming weeks and months and hope that you keep safe & well. We want to thank all our Sponsors and Partners who have all supported this decision and confirmed their support for the 2021 Congress. With Kind Regards, The EBAN Cork 2020 Congress Team

ACCESS.SPACE Alliance calls for extraordinary measures to support the small satellite sector and counteract Covid-19 crisis London, UK, 24 March 2020 – In view of these difficult times when the Coronavirus ‘Covid-19’ is threatening lives and the economic future of many, the ACCESS.SPACE Alliance, which represents the small satellite sector and its stakeholders, expresses its worries and concerns on the effects of the current crisis for our members  and the wider Space ecosystem. Since Covid-19 has become a global pandemic, the NewSpace ecosystem, including some of our members, are facing the following challenges in their day-to-day operations: cash flow constrains, lack of resources to fund operations, difficulties in accessing finance, reduction of customer orders, revenue losses and/or lack of visibility about the consequences of the crisis, with a disproportionate impact for startups and SMEs , which are at risk of business interruption or even bankruptcy due to the new crisis; delays or difficulties in terms of workforce availability, supply chain disruptions, manufacturing, launches, with sometimes risks of financial penalties; delays in research, development and innovation (RD&I) projects and operational problems to join, participate or continue such projects; and delays or difficulties in terms of networking, contract acquisition and business development due to restrictions in terms of mobility, flight cancellations, travel restrictions and prohibitions of conferences and other events. ACCESS.SPACE also notes that due to the current crisis global telecommunications networks have been facing unprecedented strain leading to data speed disruption and service level degradation at a time when connectivity is critical to keep the economy running, inform and educate the public and coordinate the battle against the virus. Although no major outages have occurred so far, the risk of such – whether by congestion or unavailability of workforce or spare parts – is growing as the pandemic spreads, calling for more disaster-resilient communication networks. Satellite-based communication networks by design are largely independent from terrestrial infrastructure and hence should play a greater role in disaster communication strategies supporting disaster mitigation, preparedness, response and recovery. ACCESS.SPACE applauds ongoing efforts to deal with the virus crisis and mitigate its substantial socio-economic impact. We recommend taking extraordinary measures to counteract the crisis and anticipate long term consequences. Public support for RD&I remains critical and may well be the only option for startups and SMEs during these difficult economic times. Among the measures that should be implemented with a sense of urgency are: tax measures such as deferred payment of corporate taxes, social security contributions and VAT, advancement of government payments, tax rebates and direct financial support; pan-European and national programmes to ensure that workers (including self-employed) are protected against income losses and to maintain the flow of liquidity to the economy, especially to make sure that the most affected companies have the necessary support and financial liquidity; immediately available ambitious budgets for RD&I by the space ecosystem, which can not only support the 17 United Nations Sustainable Development Goals (SDGs), but also global efforts to monitor and mitigate the Covid-19 outbreak; administrative steps and workarounds to ease operational problems during RD&I programmes such as extending the deadlines to allow sufficient time to finalise high-quality proposals and allow substitute or delayed performance; governmental measures to support and accelerate the ongoing deployment of new ground-breaking satellite constellations and related ventures, allow them to raise capital, strengthen network resilience globally and support the ecosystem of suppliers and service providers that has developed around these emerging satellite constellations; and public support measures to allow startups and SMEs to operate their business “remotely/virtually” and to stimulate relevant innovations (e.g. awarding prizes to stimulate innovative ideas and new applications). ACCESS.SPACE wishes to thank institutions, governments and agencies for their actions, and for in taking requests from our members for support into account. We are taking our share in the global efforts to deal with the current virus crisis. We suggest reflecting on its consequences and seeking to transform the crisis into an opportunity to promote more sustainable behaviors and lower ecological footprint. We remain at the disposal for any consultation related to the above and are happy to work with other stakeholders to help our members implementing appropriate measures. ENDS Press Contact Harry Pirrwitz, harry@ciceroandfriends or call +44 (0)73 9252 5980 About ACCESS.SPACE. The ACCESS.SPACE Alliance is an international industry body uniting the small satellite sector formed to promote a viable and self-sustaining ecosystem and to encourage and advocate for the development of the same. We comment with authority and credibility on behalf of our members on policy as well as technical and commercial issues related to the small satellite industry. We foster collaboration by creating dialogue and awareness, address key issues to develop the sector and promote policies and standards on matters that concern and benefit our members

We are working hard to offer you more and more online webinars on angel investing and entrepreneurship, in a series we’re calling “Living Room Talks” – as all of us are staying connected from our living rooms. Take a look at the agenda and register or rewatch past sessions below! Watch Previous Living Room Talk Sessions!   How to Manage a Crisis: Best Practices from Angel Investors 24 March at 1:00 PM CET – Led by EBAN President Peter Cowley and EBAN Vice President Emeritus Riku Asikainen Rewatch Co-Investing with the EIF: Programs and Instruments for Business Angels and Business Angels Led Funds 26 March at 12 PM CET – Led by Oscar Farres, Head of VC & Digital Economy at EIF Rewatch Building Resilience in Startup Founders 30 March at 2:00 PM CEST – Led by Selma Prodanovic, Founder & CEO of 1MillionStartups Rewatch Investing in and Building Deep Tech Businesses 2 April at 2 PM CEST – Led by Ian Sosso, Founder of Monte Carlo Capital (MCC) Rewatch   Cross Border Deals – the Why and the How 7 April at 3:00 PM CEST – Led by Jesper Jarlbaek, DanBAN Chairman Rewatch   Investing in Space and Space Tech 8 April at 3:00 PM CEST – Led by EBAN Space Executive Committee Members Candace Johnson, Anthony Clarke, Fabrice Testa Rewatch   Myths and Realities of Early Stage Investments in the Global Crisis 9 April at 2:00 PM CEST – Led by Vitaly Polekhin, President of the International Investor Organization INVESTORO Rewatch   Running an Angel Network during the COVID-19 Crisis 15 April at 2:00 PM CEST – Led by Amel Gaily (FiBAN), Branko Drobnak (Business Angels of Slovenia), Irma Borst (MatchingWINGS), Laura Egg (aaia), Sisse Melsen (DanBAN), Anca Albu (SICTIC) Rewatch   How to Manage a Crisis: One Month On 23 April at 12:00 PM CEST – Led by EBAN President Peter Cowley and EBAN Vice President Emeritus Riku Asikainen Rewatch   AI in Health 12 May at 12:00 PM CEST – Led by Angelo Dalli, AI expert and serial tech entrepreneur and Raúl Insa, MD,PhD, MBA Founder and CEO SOM Biotech Rewatch

  EBAN President and Board on How to Manage the COVID-19 Crisis This newsletter is difficult to write, as the situation in EBAN member countries is so different, from the dreadful experiences in Italy and Spain to the countries where there are few COVID-19 cases and no deaths. And there is simply too much data (often conflicting).  One extreme is the view that restrictions will be lifted within two weeks from when I write this, others paint pictures of a mutating virus, second and third waves, Covid-2x and the start of a global depression. In any case, in my view, it is the readers’ duty to protect the health, income and welfare of others, in the short term by helping entrepreneurs make decisions about accessing governments’ support schemes and in the medium/longer term by ensuring the survival of businesses.  Although, it is also clear that, in time, business models, ways of interacting and community spirit will all have changed for the better. There is an overwhelming amount of information and advice circulating about how entrepreneurs and investors should adapt to cope with the crisis. I will give a few bullet points, followed by advice from a few members of my board. For entrepreneurs: The adage that “cash is king” is even more important than ever.  Sales will drop for many businesses (some to zero for weeks or months), equity funding may be difficult to source and at reduced valuations The first task is to re-forecast the company’s budget, with assumptions which can be altered as one learns more about timescales.  Naturally, fully investigate and use your national government’s support schemes For example, one of my portfolio companies (which manufactures hardware) has three phases – stop manufacturing; stop technology development and sales; mothball the company.  Phase 1 has already been implemented (in the UK, their salaries are now paid by our government). Phase 2 will be discussed in mid-May.  We sincerely hope that phase 3 will never be necessary Ensure the health of your staff (and yourselves!) – using regular, transparent communication, financial support and encouraging physical and mental wellbeing. I would recommend looking at Arachnys’ response to the COVID-19 outbreak as an example of new working practices (I’m on the board of this company) For angels and other investors: Offer help within your skillset Be prepared for taking extra risk when investing in your portfolio Make a decision whether to continue to look at new opportunities or not, and ensure that is clear to entrepreneurs.  It may be appropriate to continue to mentor entrepreneurs, but make sure they know that new investment will not be available for several months Behave yourselves – I have heard of investors who have either pulled out or significantly altered the terms of deals, at the last minute. There will be very interesting opportunities as markets and business models change Advice from EBAN Board Members: Ian Sosso, Monte Carlo Capital: Businesses that have been in fund raising mode or expected to be in the next 6 months are delaying any unnecessary expenses whilst we are working on the financing. As soon as financing is done, those businesses whose model is not directly impacted will resume full expansion. We don’t have many businesses directly impacted (as we do a lot of deep tech), but when they do, we will remain in cash preservation mode till the crisis is behind us. Jesper Jarlbæk, DanBAN: i) Keep the money flowing to start-ups: hold virtual pitch events.  DanBAN has offered virtual access to pitch events for some time. Currently, it is the only way to access pitch events. Our members are taking advantage of this. ii)   Lobby for the governments to increase leverage on equity or loan matching funds As angels seek to protect their portfolio, investments in new enterprises will shrink. To offset this the Governments should increase leverage on matching schemes, be they for equity or loans from typically 1:1 to a much higher number. Panagiotis Ketikidis, HeBAN: Dress code for start-ups in this crisis is ‘slim fit’ or even ‘skinny fit’. Start-ups, if you have not done the necessary homework yet now is the time to do so! Angels, support/extend your previous investments! Candace Johnson, Sophia Business Angels: I urge all entrepreneurs and investors to first of all stay safe and healthy and to use this time to concretely plan ahead for a changed world which will need more than ever before the innovation, resourcefulness, solutions and energy from its entrepreneurial and early stage investment eco-system. Selma Prodanovic, Austrian Angel Investors Association: The one crucial factor for the success of your portfolio will be the resilience and mental strength of your founders. This global crisis adds complex layers to the “usual” pressure of startups. A scared or anxious founder cannot lead, sell or fundraise. It is in your interest to either take over the coaching role (sometimes contradictory to your role as investor) or to invest into experienced startup coaches. NOW. Ricardo Luz, FNABA: Spe futuri. Always! Believe in yourselves, as individuals and community. Life is the biggest blessing but also a huge responsibility.  And don’t forget that freedom takes a lot to be achieved but can be lost quickly. So never stop fighting!

As we celebrate women all over the world in the month of March, we at EBAN would like to highlight the amazing women business angel network managers that lead the European early stage investment ecosystem and enable angel investments to take place. Congratulations to each and every one of them for their great contributions and here’s to even more women BAN managers, as well as business angels and entrepreneurs in the future! Read about these exceptional women below: Amel Gaily Managing Director at FiBAN – Finnish Business Angels Network Amel is the managing Director at FiBAN, she comes from Nordea, where she has worked within Private Banking, in various positions, as well as with financial crime due diligence. Prior to working in the financial services industry, Amel worked in the aviation industry for multiple years. A native of Espoo, Amel has lived in several different countries and three different continents. Amel studied economics at the University of Turku and Corporate Governance at Hanken School of Economics. Amel is bilingual, both Finnish and English are her native languages. Travelling, spending time with her family and sports all play a big role in Amel´s life. Amel is also fascinated by art, lately she has been particularly interested in the art of stand-up comedy. Amparo de San José CEO at IESE’s Business Angels Network Amparo de San José is CEO at IESE’s Business Angels Network since 2009. The network has reached a record investment year in 2017 with 32 deals and +4 million invested, added to complete a +190 startups portfolio. In 2013, IESE was recognized with the EBAN Award for Best European Business Angel Network. Previously, de San José served as consultant for InterAmerican Development Bank in Washington, and keeps occasional collaboration with the institution on entrepreneurship issues. At LATAM, she has been part of several consulting projects devoted to entrepreneurship and startup creation, and is a member of the XCALA initiative for the creation of business angels networks. Her study Accelerators and Social Entrepreneurship: Acceleration Models and Support Ecosystems in Latin America and the Caribbean has recently been published, along with three case studies conducted at a local scale and the AEBAN Business Angels Report 2016 (an annual report on the situation of business angel investment in Spain). Currently, she is the lead person behind Startup Europe Latin America and Women Angels for Entrepreneurs in Spain. Anca Albu Managing Director at SICTIC Anca has been active in the development of the global tech startup ecosystem since 2010. Before joining SICTIC , she was one of the first to join the core Startup Weekend team and support the company into becoming the biggest entrepreneurial education organization worldwide. Also, she had an instrumental role in growing and connecting the European entrepreneurial community with her own organization CEE Changers, and also connecting VC’s with tech startups from NYC to London and Amsterdam. Angelina Pak Managing Partner and Head of Investor Relations of the International Investor Organization INVESTORO By now, INVESTORO membership base consists of more than 200 private investors and global early stage VCs. Angelina has more than 8 years experience in early stage investment market development and working with business angels networks in Russia. As a Head of programs and projects of INVESTORO she has organized Venture Capital Course SEED ANGELS (by the International Investor Organization INVESTORO and Moscow School of Management SKOLKOVO) and International Early Stage Investments Summit VOX ANGELIS (VOX ANGELIS 2019 was mentioned among the top 10 things that positively influenced Russian venture capital market in 2019). Anu Oks Managing Director at EstBAN – Estonian Business Angels Network CEO Estonian Business Angels Network and startup ecosystem builder working with angel investors and startup teams on a daily basis. As EstBAN CEO she is building a bridge between startups and investors – thereby offering the best investment opportunities to investors and great “smart-money” value for startups. Formerly she worked as TalTech Mektory Startup Programme Manager and coordinated the work of TalTech innovation and business centre. She worked with super-early-stage startups with the pre-incubation program and was helping to improve the relationships between industries and academics. Her passion has been helping deep-tech startup teams and research groups with an entrepreneurial mindset and support. She also worked in Enterprise Estonia (2011-2015) as coordinator of international experts supporting the application’s evaluation. Arti Bareja Investor Relations at ClearlySo  Arti has 8 years of experience in the banking sector doing M&A and Portfolio Management. More recently, she has worked for Fair Finance building their SME lending business based on the principles of responsible lending. She joined ClearlySo in 2018 with a mandate to grow their impact focused individual investor network and has been deeply involved in the portal project to bring scalability to the investor network. Arti holds a BA(Hons) in Mathematics from Delhi University and a MSc in Economics from LSE. In her spare time, she likes to run and read. Biljana Ramljak Coordinator at CEED Macedonia – Center for Entrepreneurship and Executive Development Biljana Ramljak is with CEED team almost for 6 years. As a Financial and Administrative Assistant previously worked 5 years in the investment fund SEAF Macedonia and SPMG company for private equity funds management. She had entrepreneurial experience, 5 years conducted independently own business, and there so she understands some of the problems that young entrepreneurs have. Certified CEED Finance. She speaks English and Slavic languages spoken in the Balkans. Carmen Martinez Lopez Manager at Big Ban angels – Business Angels Network Graduated in Environmental Sciences from the Miguel Hernández de Elche University with specialized training in R + D + i and Project Management. Throughout her professional career she has worked as an Innovation Manager and European Project Manager in sectors as diverse as sustainability, communication and educational innovation. Caroline Amblard-Sai Operations Manager Angels Santé Caroline is of French-American background and educated both in the US and France. After a master’s degree in International Business, she gained extensive business and Communication experience in Europe, Africa and the Middle East. She is currently the Operations Manager of Angels Santé,

Call for Startups for the EBAN Cork 2020 Congress is Now Open – Apply to Pitch on June 10th-12th EBAN is pleased to invite all eligible startups to join hundreds of investors, entrepreneurs and corporates attending the EBAN Annual Congress on June 10th-12th in Cork to make connections, learn from experts and pitch in front of the world’s most successful angel investors. Given the current situation with the COVID-19 virus, we understand that this invitation comes at an uncertain time. However, with the hope that circumstances will improve significantly over the next months, we are marching ahead with our plans for the Annual Congress and are working to deliver a great conference that brings together Europe’s early stage investment and entrepreneurship community. Rest assured that we are monitoring the developments closely and, with the health and safety of our members and Congress attendees being our top priority, are ready to take actions such as postponing the event should they become necessary. Read the full notice regarding the Annual Congress and COVID-19 below:     The call for startup applications is now open – apply below by April 24th to become one of the companies selected to pitch at the Congress. The application process comes at no cost to entrepreneurs, with selected startups receiving a free pass to the event. In case of a postponement, all applications received and selections made will be considered valid for the new event date.  Deadline: April 24th   *Please read the Application Instructions carefully Who can apply? Early stage companies (not older than 5 years); All industries including – Tech for Good, Health, Life Sciences, CyberSecurity, Blockchain, AI, Space, Environment, Climate & Maritime; Investor ready, with an Investor Grade Business Plan and actively seeking investment of €300k – €3million; Company based in any EU country.     What we offer: 1 complimentary Congress Only ticket per team (excluding Gala Awards Dinner); Special Entrepreneur Discount on further Congress tickets; Pitching slot on stage during the Global Investor Forum on June 10th; If selected as winning company at the Global Investor Forum, another pitching slot on the main stage on 11 or 12 June; Profile listed on Congress website and promotional campaigns; Access to all trainings, workshops and sessions at the Congress; Access to networking app with possibility of 1-1 matchmaking meetings facilitated by EIPP.   Deadline: April 24th   *Please read the Application Instructions carefully

Given the current situation with the COVID-19 virus, EBAN is working to align with the recommended health and safety measures, while still continuing to connect, represent, serve and inform the European early stage investment community. As such our EBAN team, based in Brussels, will be working remotely from home for the time being. There will be no physical events or meetings taking place during the next few weeks, however, we will be offering several online webinars on different angel investing and entrepreneurship topics, which our members and community can enjoy from the safety of their homes. Keep checking our website, newsletters and social media to find out about upcoming webinars and online sessions. As of now, the EBAN Cork Annual Congress is set to take place as planned on June 10th-12th, with the hope that the situation will improve over the next months. However, as the health and safety of our members and Congress attendees is of utmost importance to us, we are closely monitoring the situation and are ready to take actions such as postponing the event should they become necessary. Read the full notice regarding the Annual Congress here:  https://www.ebancork2020.com/update-on-eban-2020-regarding-covid-19/ If you would like to get in touch with the EBAN team, you can reach us via email at info@eban.org or contact each team member directly. Should you wish to leave us a voice message, please reach us at +32 26262060. We will get back to all your message without any delays. Wishing everyone health and safety in the weeks to come, The EBAN Team

EBAN, the trade association representing business angels, seed funds and early stage market players in Europe, expresses its worries and concerns on the effects that the current COVID-19 virus crisis is already having on the European startup and innovation ecosystem. Our association urges the EU and its Member States to take immediate extraordinary measures to counteract the current crisis and foreseeable future consequences. Startups (also defined as micro enterprises1 and high growth enterprises2), research and innovation projects, will be the first to suffer the effects of a liquidity crunch. We are already witnessing postponements of private investment decisions, supply chain disruption and serious reductions of customer orders. Limited access to cash, without any doubt, will force many startups into bankruptcy, interrupt innovation projects and delay the continuation of research in many fields. The most imminent issue that startups and innovators face is the lack of resources to fund their day to day operations and teams. With limited cash reserves and virtually no access to the traditional banking sector, startups and innovators are entirely dependent on their personal savings, on investors and on grants to support their growth and development. According to a 2017 Eurostat study, small and medium-sized enterprises typically account for 99.5 % or more of enterprises in Europe and for roughly two thirds of total employment. The overall contribution of high growth enterprises to employment is considerable and ranging from as low as below 8 % in Romania to as high as just under 25 % in Ireland (24.7 %) and Portugal (23.1 %). The central role of high growth enterprises is emphasised as these enterprises typically account for around 15 % of the total persons employed in the business sector3. Extraordinary measures should be taken immediately by both the EU and the Member States to provide the innovation and entrepreneurship ecosystem access to cash to finance working capital needs, thus avoiding massive losses of jobs in this specific sector of the economy, and dissipate the efforts made in the past years by all stakeholders in support of innovation and entrepreneurship. Furthermore, since the EU is heavily subsidizing the launch and growth of startup businesses across Europe with multi-Billion Euro programs like Horizon 2020 and Horizon Europe, ensuring the continuity of the businesses and innovations supported should be of utmost importance. There is a concrete risk that many of the beneficiaries assisted through EU funded programs will simply be put out of business or interrupted by this new crisis. We call on the EU Parliament and Commission to take immediate action and work with Member States and local institutions to set up and implement a pan-European program that can offer liquidity to startups, innovative SMEs and small research and innovation projects affected by the current crisis and the possible new economic and financial downturn it may lead to. The program should be designed and implemented at an EU level and replicated nationally by Member States. We suggest that any envisioned measures or programs addressing the startup and SME liquidity crisis be easily and rapidly accessible to possible beneficiaries of these. At a local level, public institutions such as State owned banks must be put in the conditions to quickly process requests for short term credit and offer loan and/or grant products in a timely manner to the startups, innovative SMEs and innovators in need of cash. EBAN remains at the disposal of the EU and of Member States for any consultation related to this topic. About EBAN EBAN is the pan-European representative for the early stage investor gathering over 150 member organizations more than 50 countries today. Established in 1999 by a group of pioneer angel networks in Europe with the collaboration of the European Commission and EURADA, EBAN represents a sector estimated to invest 7.5 billion Euros a year and playing a vital role in Europe’s future, notably in the funding of SMEs. —————————————– 1 Micro enterprises are defined as companies with fewer than 10 persons employed. Source: Eurostat: –https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Glossary:Micro_enterprises 2 High growth enterprises are defined as having an average annualised growth in employment greater than 10 % over a three-year period. An additional condition is that they employ a minimum of ten persons at the beginning of the growth. Source: Eurostat – https://ec.europa.eu/eurostat/statistics-explained/index.php/Glossary:High-growth_enterprise 3 Source: Eurostat – https://ec.europa.eu/eurostat/statistics-explained/index.php/Entrepreneurship_-_statistical_indicators#Small.2C_medium-sized_and_large_enterprises

The European Innovation Council (EIC) Accelerator is the EU’s largest ever initiative to help scale startups, with up to €3 billion of funding to be deployed until the end of 2020, and a €10 billion budget for the 2021-2027 period. The EIC Accelerator provides grants of up to €2.5 million, as well an optional equity investment in addition to the grant of up to €15 million (for a total of up to €17.5 million in blended finance) for companies from pre-commercial to market & scale-up phases. The funding comes together with business coaching and mentoring, as well as extra acceleration services to connect with more potential investors, corporates and likeminded entrepreneurs. The program provides a great opportunity for all early stage investors and their portfolio companies – all you need to do to access the EIC grant or the additional equity investment with the EU as your co-investor is submit a proposal! Upcoming deadlines for submissions are 18 March, 19 May and 7 October, so hurry up! Never written a proposal for EU related funding before or need support during the process? The Commission’s National Contact Points can provide guidance, practical information and assistance to help you complete the proposals with no charge! Find an NCP in your country. EBAN Member Zaz Ventures also provides consulting services for proposal writing on a no-win no-pay basis – find out more.

Eleven Capital Team. From left to right, Vassil Terziev (board member), Ivaylo Simov (manager, deputy Chair of board), Daniel Tomov (executive director), Valeri Petrov (Chair of the board) © Eleven Capital Eleven Capital, the successor of the first Bulgarian acceleration fund Eleven, officially announced IPO in April hoping to raise 4M BGN (a bit under €2M) and invest them in the most promising companies in its portfolio. Currently, Eleven Capital owns equity in the 34 best-performing startups that Eleven once backed. Interested investors can subscribe shares between March 4th and March 17th and the public trading is set to begin in the second half of April. In case the IPO is successful, this will be the first time a wide spectrum of investors will be able to participate in the development of startups and the local ecosystem. “For us, success would be if the IPO is oversubscribed, and perhaps more importantly whether the stock appreciates, whether it is actively traded and whether there’s reasonable liquidity for the investors who want to either get in or out,” comments for Trending Topics Ivaylo Simov, the manager of Eleven Capital. The IPO will be held for successful in case 250K of the 500K listed shares are subscribed, in other words, if Eleven manages to raise €1M, reads the prospectus.  For Bulgaria, this is the first public offering of such a company. The main objective of Eleven Capital is management of a portfolio of equity investments. Although the legal entity is not registered as a VC firm, it will operate as such. “There are successful examples as Draper Esprit in the UK, which have proven they can raise VC capital through the public markets. Albeit at a smaller scale, we hope to create a similar success story locally and hopefully tap the public markets for our next fundraising as well,” Simov explains further.  What does all this mean for the companies For the 34 portfolio companies, this means an opportunity to raise more funds from their, in most of the cases, first investor. “We shall selectively invest in some of our top companies, either to exercise our preemption rights and maintain our stake in subsequent funding rounds or increase our stake in companies where we see potential and the price is right. We have already done so in the last quarter in three of the portfolio companies, including A4E, Escreo and Content Insights, using some of our cash reserves ahead of the IPO,” tell us the management.  According to the prospectus, the managers expect that 5-6 of the top companies will assure profitability. “It’s actually more like the classic 20-80 rule, where 20% of your investments are expected to generate 80% of the returns. However, even within the 20%, there could be big outliers that could return 50-100x the money invested, which leads to even higher concentration in some portfolios,” explains Simov. Currently, Eleven Capital has registered capital of 2M BGN (around €1M), 10% of which is owned by Eleven Management, and the other 90% distributed between serial entrepreneurs from the local ecosystem like the Telerik co-founders Svetozar Georgiev, Boiko Iaramov, Vassil Terziev, and Hristo Kosev, Siteground’s co-founders Ivo Tzenov and Tenko Nikolov,  the investment firm Karoll, and 18 other legal entities and persons who hold less than 5% equity each. The company itself will profit from exits and sold equity, and the profits will be distributed among all investors, with 20% dedicated to Eleven Management.  About the portfolio The portfolio currently consists of 34 companies named to be the top performers of Eleven Management’s portfolio. The published prospectus for the first time sheds some more light over the performance of the companies Eleven Accelerator backed between 2012 and 2015. These are metrics and numbers the whole ecosystem had been curious about. According to Ivaylo Simov, manager of Eleven Capital, the aggregate revenues of the portfolio had grown four times since 2016.  A more detailed look into the numbers shows that 25 of the portfolio companies increased their revenue in 2018, six of them show a drop, and another three have no registered turnover. The top performers of the portfolio (by revenue over 1M BGN in 2018) are Kanbanize, Enhancv, Sensika, Novalogy, and CourseDot. Eleven Capital owns between 7.9% and 19% equity in the companies. The value of the investments in eleven of the companies has decreased, shows also the prospectus. See a detailed table of the financial performance of the 34 startups here (p. 39-42). According to the official news release of Karoll, there are eleven key portfolio companies: BI platform developer Sensika, IT education platform Coursedot, digital CV platform Enhancv, task management system Kanbanize, magic paint startup Escreo, cargo drone developer Dronamics, taxi app TaxiMe, data science company A4E, smart bench startup Strawberry Energy, editorial intelligence platform Content Insights, and EEG device mBrainTrain.  A Successor of Eleven Eleven Capital is a registered last year joint-stock company, which is a successor of the established in 2012 acceleration fund Eleven. Eleven was one of the first two investment funds in Bulgaria that played a major role in catalyzing the local startup ecosystem. Eleven received the mandate to deploy €12M to companies in the acceleration phase and was designed as a tool to boost the development of an ecosystem more than it was a market-driven fund. Between 2013 and 2015 the fund backed 116 projects. Two years ago, the partners bought back the shares of the European Investment Fund (the majority shareholder a.k.a main LP), and former Telerik co-founder Vassil Terziev joined Eleven as a partner too. Eleven Capital is a separate company registered for the purpose of going public.  What happened with the rest of the companies part of Eleven’s portfolio? They were either sold or shut down, “a few are still persevering, but with marginal chances for any uptick.” “It should be noted that the original mission of our accelerator and seed instrument, i.e. the predecessor of the current portfolio, was to invest small tickets very early on in many projects with a realistic expectation that not more than 50% shall survive. We have

Leading an investor syndicate requires a lot of work and expertise. And quite often the syndicates are struggling to find a volunteer to take the lead. One of the ways to address these issues is to compensate for the deal lead. In this article, we take a look at different lead investor compensation models. Activities of the Lead Investor While agreeing on the lead investor compensation several things should be considered, relating to both the pre-deal activities as well as the post-deal activities required: What is the amount of work required for the deal lead to coordinate the syndicate, perform the due diligence, to negotiate the deal and to close the investment (pre-deal requirements)? And what is the amount of work required for the syndicate lead after the investment is done, e.g. ensuring the communication between the company and the members of the syndicate, representing the syndicate in the board of the company, acting as an advisor for the company, helping the company in future fundraising and helping the company in exit (post-deal requirements) Many of the post-deal requirements are such that those the value delivered is clear and a separate advisory compensation can be agreed in case the lead investor takes a hands-on role in helping the team. But the pre-deal activities are not, so those are easily left as a pro bono work unless a lead angel compensation is put in place. Lead Investor Compensation Models There are several compensation models for the lead investor: Lead investor fee Lead investor carry Board and/or advisory compensation No compensation for the lead investor Lead Investor Fee A lead investor fee is either a fixed fee or a percentage of the funding round. The compensation can be paid in cash or stock. This is a model applied in most crowdfunding platforms as well as fundraising advisors. Thus, it is mainly suited in cases where the company engages the lead investor to help in the fundraising. For a syndicate that is formed out of a common interest in a particular startup, this model may not be ideal. Example on Lead Investor Fee One of my portfolio companies agreed to compensate for a lead investor with shares worth 2% of the funding round. The role of the lead was not only to lead the syndicate but to make introductions to new investors and participate in the discussions between the potential investors and the company. So he was clearly in this role as an advisor for the company. Lead Investor Carry With a lead investor carry (“carried interest”) the lead investor gets compensation if the exit is successful. Thus, the model is somewhat similar to the carried interest in VC funds. A lead investor carry is a good instrument in those investments where the lead investor is committed to driving the investment forward for both as a predeal and postdeal. If the role of the lead is limited to the pre-deal activities, this should be taken into account in the level of the carry. Carried interest is non-pro rata distribution of profits on behalf of the lead investor. It consists of the carry rate, combined sometimes with hurdle rate. E.g. a carry of 20% with 2x hurdle means that the profits are distributed so that first all investors get their pro-rata share up to two times their original investment. After this level (“hurdle”) 20% of the proceeds (“carry”) are distributed to the lead investor and 80% to all the investors pro-rata their share in the company. Examples on Lead Investor Carry In one of my recent syndicates we applied a carry of 15% to the leads. This was divided as follows: 6% to the lead investor, 5% to the administrator of the investment structure (we set up a holding company for the investment) and 4% in three other syndicate members who helped the deal lead as experts during the due diligence phase, negotiations and drafting the investment documentations. In Fiban Follow (a co-investment structure for the members of the Finnish Business Angels Network) a carry of 20% above a 2x hurdle is applied. Board and Advisor Compensation Quite often the lead investor supports the growth of the company by helping the founders as an advisor or as a board member. If this work is separately compensated, we talk about the advisor and board compensations. Advisor and board member compensations can be paid in cash or shares/options. As the compensation is for the work performed by the investor as an advisor or as a board member, it is not so much compensation for leading the deal. I prefer applying for an advisor and board member compensations in cases, where 1) the investor is providing valuable assistance and 2) the investor is not compensated thru lead investor carry. If the board member is only observing the investors’ interest without adding value to the company, in my view the board member compensation should not be paid by the company. When agreeing on the compensation for the advisor or board member, it is also a good practice to define the responsibilities of the advisor or board member to ensure that the parties’ expectations regarding the services are aligned. Example on Advisor Fee The parties can agree that the advisor provides quarterly mentoring to the founds and attends quarterly advisory board meetings supporting the team in strategy, corporate decision and fundraising for two years and in exchange receives options corresponding to 0.8% in the company. It should be noted that the stake in the company depends not only on the involvement of the advisor but on the stage of the company as well. Having defined board member compensation and responsibilities, makes it easier for the founders to reach out to investors and ask for assistance. In cases where no compensation is paid, the founders may have a high burden to “bother” the investor – defining responsibilities and paying a fee for the board member eliminates this burden. No Compensation Quite often lead angel does not get any compensation.

Introducing the African Angel Academy – Applications now open for Pilot Program! Angel Investors are increasingly making a difference to the global start-up scene by helping promising entrepreneurs start and grow companies. The African Angel Academy (AAA) has now been established to help accelerate angel investing in Africa. Through the creation of an angel investing curriculum,  tools, and mentorship from established angels, all available through an online portal, AAA hopes to reach a wide audience of aspiring angel investors. The Academy aims to contribute to the need for a stronger angel investing community across the continent, which provides mentorship, knowledge and capital to early-stage businesses. Pilot Program AAA hopes to grow the number of investors and investor groups who provide much-needed seed capital and mentor support to promising entrepreneurs, and to drive economic growth across the continent. AAA is now accepting applications for its pilot programme. We are looking for 50 new angels (five groups of 10 angels, with a minimum of 4 female angels per group) to train over the next 12 months from 5 different countries in Southern Africa. This programme is open to both newly formed groups as well as individuals. As an angel participating in this programme, you will be provided with support, tools and knowledge to become active angel investors. This will be done through workshops, online videos and tools as well as virtual mentorship for the groups. Who should apply? This programme is suited to new angels who may have made one or two investments without a formal process or systems, or to aspiring angel investors (i.e. you have the capital and time to consider investing into local start-ups during this project). Typically an angel investor is someone who has been a successful entrepreneur and would like to support new entrepreneurs; is a successful professional and would like to contribute both money and expertise to a start-up; or is a retired business person, who has the time and capital to invest into younger entrepreneurs. Currently, the project aims to work with groups of angels from South African, Zambia, Mauritius, Tanzania, Botswana or Namibia (the final 5 countries will be selected based on the application numbers). We we are looking for angels who will commit to participating in this programme, by providing data (via surveys), attending workshops (2 x 1-day workshops), accessing online content (approximately 10 hours) and participating in mentorship sessions (4 x 1 hour) for the next 12 months (February 2020 to March 2021). In addition, angels will need to organise a venue and catering for two one day workshops, and cover any travel should they be based outside of the capital city. We are also looking for angels or organizations to be coordinators or host partners to play this role and support the project. Applications are open here and will close by 14 February 2020. Programme Overview and Timeline The content that will be covered both online and through in-country workshops includes topic such as angel investing strategy & mandate, deal sourcing, due diligence, deal structuring, valuations, negotiations, teams, post Investment & value addition, exits and angel Group Management & Structures. Partner The partners in this pilot are Fraser Consulting, a strategy and innovation consultancy, based in South Africa; the African Business Angel Network (ABAN), promoting and training angel investors across the continent, based in Mauritius; and Viktoria Business Angel Network (VBAN), promoting angel investment in East Africa, based in Kenya, who have a track record of developing and delivering content together. About SAIS SAIS 2 The Southern Africa Innovation Support Programme (SAIS) is supported by the Ministry for Foreign Affairs (MFA) of Finland, in partnership with the Ministries responsible for Science, Technology and Innovation of Botswana, Namibia, South Africa, Tanzania and Zambia, and the Southern African Development Community (SADC) Secretariat. SAIS 2 is a regional initiative that supports the growth of new businesses through strengthening innovation ecosystems and the promotion of cross-border collaboration between innovation role-players in Southern Africa. The Programme focuses on strengthening early-stage enterprises and youth entrepreneurs, connecting innovation ecosystems, and promotion innovations serving socially and economically disadvantaged populations. Contact Details africanangelacademy.com Email: info@africanangelacademy.com Project Lead: Alexandra Fraser, (Fraser Consulting), alex@fraserconsulting.co.za Project Consortium: David van Dijk (ABAN), david@abanangels.org Project Consortium: Stephen Gugu (VBAN), stephen.gugu@viktoria.co.ke

CBO Consulting supports digital ventures in their strategy and funding, helping them find the right funding sources at the right time. The company covers digital technologies: IoT, VR/AR, Satellite, AI, Software, Big Data, Telecoms, Blockchain and many others. Thanks to a unique multi-funding approach and innovation expertise, the Brussels-based consulting boutique has already supported more than 50 clients in the EU and beyond (Switzerland, Lebanon, South Korea, Israel, Iceland…). In the funding landscape, CBO Consulting aims at creating coherence and synergies between different sources (equity, subsidy, debt) and at reconciling stakeholders’ interests around a global approach, leveraging on the strengths of one another. One of the company’s most recent successes was achieved last year with Terabee, a French SME specialized in sensing solutions. CBO Consulting set up a global funding strategy for the company to allow -after a round of €4.7m  in equity from European Business Angels- to raise close to €5m through an EU Grant (SME Instrument Ph 2: 2.5M€) and €2.2m in debt financing through the Innovfin instrument backed by EIB’s SME Guarantee. As a business angel and an EBAN member, its director Christophe Bodin strongly believes that the EU ecosystem has a leading role to play in fostering innovation in the world and that Business Angels are at the forefront of the Digital Economy’s emergence. CBO Consulting was founded in 2009 in Brussels, and since then Christophe regularly collaborates with EBAN as an Entrepreneurial Ecosystem stakeholder, introducing promising startups to investors. More information on www.cbo-consulting.eu. Christophe has recently contributed to EBAN’s European Angel Investment Summit on 25-26 November 2019, where he has introduced the “Innovations getting to market” panel session.

EBAN is pleased to celebrate 3 years of one of its oldest Communities – EBAN Space – launched in December 2016 to promote and advance Europe’s ecosystem for entrepreneurship, innovation, and investing in space technologies. Over these 3 years, the Community has achieved great success, with EBAN Space Members, UK Space Tech Angels, Luxembourg Space Tech Angels, or our Business Angel Groups in Germany, France, Finland, Poland, Estonia, Sweden, and most recently our partners in Canada and the USA having directly invested or facilitated investments through mentoring and networking of more than 30 million Euros in space tech companies. Thanks to support from partners like the ESA BICS, as well as EBAN’s dedicated New Space investor community coordinated by an Executive Committee of 13 members from 8 countries, EBAN Space has been able to orchestrate activities which have ultimately enabled more business angels to become space-tech investors as well as allowed ESA supported SMEs to receive direct private investments from the community. Furthermore, as the “place to be” for the private early stage investors, EBAN Space has also become a catalyst in involving strategic investors such as corporates of the likes of Thales, SES and Airbus, within the community’s activities. As of 2020, EBAN Space has hosted 24 Venture Academies and International events focused on preparing more than 58 companies for meetings with investors; more than 100 one-to-one mentoring sessions with angel investors for the purpose of providing constructive advice to the founders on their business models, fundraising and growth strategies; and finally the recently introduced “Innovation Showcase” events, where founders presented their companies to an audience of private and corporate investors. EBAN Space has also celebrated the launch of the following angel investor networks: Estonian Space Tech Angels; Luxembourg Space-Tech Angels; and UK Space Tech Angels. Currently the Community is working closely with our angel network members in Finland and Sweden to initiate early stage investor networks in those countries as well. EBAN would like to congratulate EBAN Space for its myriad achievements and wish it even more success in the future in championing New Space as a viable and exciting investment sector and strengthening cross-border investment and networks within the industry.

The second edition of the State of Impact Measurement and Management Practice, written by Global Impact Investing Network (GIIN), reflects the increased sophistication and maturation of impact measurement and management (IMM) practices since the release of the survey’s first edition in 2017. The GIIN’s second global survey of the state of impact measurement and management practice in the impact investing industry digs deeper into how investors describe their objectives and motivations, strategies for understanding and improving their impact, processes for holding themselves and their investees accountable, and other elements of their IMM practices. {{ vc_btn:title=Download+the+Report&style=flat&color=danger&align=center&link=url%3Ahttps%253A%252F%252Fthegiin.org%252Fassets%252FGIIN_State%252520of%252520Impact%252520Measurement%252520and%252520Management%252520Practice_Second%252520Edition.pdf%7C%7Ctarget%3A%2520_blank%7C }}

Nordic Angel Program syndicates create significant impact to the New Nordic ecosystem by investing 3 million euros in 21 startups In the past 24 months, Nordic Angel Program has accelerated the number of investments in the New Nordic area. As a result, 560 angel investors, including 115 cross-border angels, participated in the trainings and invested approximately 3 million euros into 20+ startups, some still to be finalized. This has created a true impact in the ecosystems, as more funding from new and international angels is circulated into great companies. Nordic Angel Program (NAP) is an international cross-border training and investing program for business angels, which facilitates cross-border angel syndicates and shares angel investments’ best practices. Led by experienced local angels, NAP offered a unique opportunity to invest as a group in promising growth companies linked by leading startup events in Denmark, Estonia, Finland, and Norway, such as Slush, TechBBQ, Seed Forum and Latitude59. The program was run by EstBAN, FiBAN, DanBAN, BAN Norway and supported by Civitta Estonia and NordicBAN. Angel investing has been called out for its slow processes: collecting the syndicate, tickets and finalizing contracts often takes months, which is a big strain for both the lead investor and the entrepreneur. NAP has made the life cycle of one investment round as quick, transparent and effective as possible. This eased recruiting both new angel investors as well as international investors to join syndicates which were one of the main goals of the program. Also, having experienced lead angels to guide the syndicates were in the core of NAP’s success. “During the initial phase, the lead investor’s role was about identifying the best startups. Later in the process, my role was coordinating a proper and fast due diligence process of the top 3, ultimately resulting in an investment offer to the best company. The best startups out there will get other offers, which is why it is key to make decisions efficiently to avoid losing good deals. Despite the syndicate consisting of 20 something individuals, the startup should feel that they are only negotiating with one angel. I believe the main task of the lead angel is to make sure nothing stalls the decision making process, and that decisions are based on a proper level of due diligence”, comments Sune Alstrup, a lead angel of NAP by DanBAN. The results are clear in providing an example as a functional model. During the 2-year program,  1857 startups have applied for the NAP syndicates’ investment out of which 21 startups raised approximately 3 million euros. Four additional startup deals were made into the top-runners of each round, accumulating the final investment sum to over 3 million euros within 24 months, and some still in process. However, it’s not just the money that startups get, as the CEO of Fractory, Martin Vares, winner of the first NAP by EstBAN, explains: “Due to the nature of the program we were able to show how fast we can evolve and prove ourselves worthy of the investors trust. In addition it allowed us to maintain and grow the contact we had with the investors and executives involved in the program. The marketing following the announcement was a good opportunity to enter the wider public eye.” After receiving the investment through the program, Fractory has gained traction from all over the world, been recognized by the industry leaders and grown their company significantly, including securing next funding rounds. The invested capital into the NAP alumni companies came from 500+ angel investors who participated in the program. In addition to the opportunity to invest, investors received valuable training in all aspects of angel investment cycle. Structured angel investor education is not common in any part of the world, making the New Nordic area the trailblazer. Hence NAP can be considered a role model or a blueprint for other business angel networks to create their own educational tools. The toolbox on how to create NAP in one’s own angel network is available for professional business angel networks on www.nordicangelprogram.com and EstBAN, FiBAN and others are gladly sharing their experiences and know-how to replicate the processes in other angel networks. The final batch of NAP syndicates are now finalizing the investments. To get more information, visit www.nordicangelprogram.com. The Nordic Angel Program has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 780747 . [/vc_column_text][/vc_column][/vc_row]

  Fabrice Testa Succeeds Anthony Clarke as New EBAN Space Chairman   Premier Angel Group has invested more than 30 million Euros into Space-Tech Start-Ups since its launch in December 2016 EBAN is pleased to announce that Fabrice Testa, Space-Tech Entrepreneur and Investor, Co-Chairman of Luxembourg Space Tech Angels (LSTA), and Senator for Luxembourg at the World Business Angels Investment Forum (WBAF), has been elected to succeed Anthony Clarke as Chairman of EBAN Space, the organisation’s vertical focusing on space and space-tech related investments.   EBAN Space aims to be the destination for investments, mentoring, best practices sharing and networking for Europe’s space-tech entrepreneurs and early stage investors. Under the leadership of Anthony Clarke, EBAN President Emeritus, Co-founder of UK Space Tech Angels and Seraphim Space Fund, EBAN Space Business Angel members have invested more than 30 million Euros in the last three years into such European start-ups as D-Orbit, Hummingbird, Rezatech, Sofant Technologies, etc. Many of these companies have been incubated by the ESA BICS (European Space Agency Business Incubation Centres) with whom EBAN Space had had a long partnership. Outside of Europe, EBAN Space Members have also invested in New Space companies in Singapore and USA. EBAN Space Members also provide invaluable mentoring and networking, as they are amongst the few private investors who have experience in creating and leading their own successful space and space-tech companies through the entire Angel Investor, Venture Capital and Exit process. The EBAN Space Board include top level representatives from SES ASTRA and SES Global, Seraphim Space Fund, SpaceTec Partners, Aerospace Valley, Angelus Funding, FunderNation, Cobin Angels, Romivo, etc. In addition and most pertinently, EBAN Space includes three national Space-Tech chapters from the UK, Luxembourg and Estonia with new national chapters being formed. About Fabrice Testa:  Fabrice Testa is a serial innovator, entrepreneur, angel investor and startup mentor.  Among other companies he is co-founder and Chief Financial Officer of Maana Electric which aims to be the utility company of the solar system.  He is the Head Coach for the space cohort of the edition 9 of the Luxembourg acceleration programme Fit4Start. Fabrice was the SpaceTech coordinator of the Luxembourg CES2020 delegation led by Luxfactory where he is acting as Chief Commercial Officer. About EBAN and EBAN Space: EBAN is the pan-European representative for the early stage investor community gathering over 150 member organizations in more than 50 countries today. Established in 1999 by a group of pioneer angel networks in Europe with the collaboration of the European Commission and EURADA, EBAN represents a sector estimated to invest 11.4 billion Euros a year and playing a vital role in Europe’s future, notably in the funding of SMEs. EBAN fuels Europe’s growth through the creation of wealth and jobs. EBAN launched EBAN Space in December 2016 to promote and advance Europe’s ecosystem for entrepreneurship, innovation, and investing in space. About ESA BICS:  ESA Technology Transfer and Business Incubation Office initiated its ESA Business Incubation Centres (ESA BICs) in 2003 to inspire and work with entrepreneurs to turn space-connected business ideas into commercial start-ups companies. This has proven to be a very successful initiative. Over 700 start-ups have been fostered throughout Europe with thousands of new high tech jobs created thanks to the applications of space systems, the valorization of ESA intellectual properties and the space technologies transfers – and more than 180 new start-ups are taken in yearly at the ESA BICs.

From left: Johan Zammit, BAM Vice President, Jacopo Losso, EBAN Director of Secretariat, Angelo Dalli, BAM President Malta has one of the EU’s fastest growing economies, with an increasing number of local startups and established companies with local and foreign investment. Up until now, the vast majority of early stage investment in Malta was undertaken by family offices or via loans, which has made it more difficult for startups to gain access to finance. Interest in angel investment has grown steadily, especially with a new generation of entrepreneurs that have successfully exited and that have been inspired by startups outside of Malta. On 2 December, the Business Angels Malta (BAM) network was launched in St Julians, Malta by its first elected President, Angelo Dalli and its Vice President Johan Zammit in the presence of Jacopo Losso, EBAN Director of Secretariat. An initial core of around 20 business angel members was welcomed on board, forming the group of founding members. BAM was welcomed onboard EBAN by Jacopo, who then explained the benefits of EBAN membership and gave a useful demo of the Startup Includer platform which will be used by BAM as with many other angel networks in Europe. Angelo gave an overview and quick workshop on angel investing, based on his 15 year experience. Johan then explained the membership details and the new statute of the network which has been created by Olga Finkel and is critical in its official registration as an NGO in Malta. BAM aims to be the official and professional way of educating, nurturing and developing angel investing in Malta while helping match high quality startups with funding and experience. BAM is also a member of the World Business Angel Forum (WBAF) of which Angelo is a senator representative. BAM will be entering into various strategic relationships with other EU networks, and also with professional and governmental agencies in Malta and the EU.

On 25-26 November, 300 business angels, innovators, researchers, entrepreneurs, and policy-makers came together in Brussels for the first edition of the European Angel Investment Summit, an event that emphasized the potential in collaboration for solving major challenges like tech transfer, climate change, gender inequality, and scaling up of startups. The Summit was the beginning of a new dialogue – presenting perspectives from investors and entrepreneurs – the risk takers who make innovation possible – to the EU. Speeches, panel discussions and workshops at the event were organised with an eye on furthering innovation and collaboration, while keeping inclusion and sustainability in mind. By bringing fresh ideas and an entrepreneurial mindset to the heart of the EU, we hope to make even more progress on topics such as how to bring more innovations to the market, how to address key societal and environmental issues, how to bring public and private investors closer together, how to enable our startups to scale up in EU, and finally how to create a pan-European market for innovators, entrepreneurs and investors. We look forward to coming back next year to continue the dialogue. As always, networking was a big part of the Summit with an elegant VIP Reception at the Magritte Museum, as well as a matchmaking app powered by the EIPP that resulted in over 300 meetings and plenty of lasting connections.   EBAN Board Members at the closing session of the European Angel Investment Summit   EBAN would like to thank its co-organisers the European Investment Project Portal (EIPP), the European Commission DG GROW and DG ECFIN, and the Enterprise Europe Network, without whom it would not have been possible to hold the Summit. Thanks also to all of our other partners who collaborated with us to make EAIS a standout success. In addition, we would like to thank the 70 speakers and mentors who volunteered their time to share their knowledge and expertise with the participants of EAIS. Special thanks goes to the keynote speakers: Selma Prodanovic, Founder & CEO of 1MillionStartups and EBAN Board Member; Marco Landi, President at The Digital Box, Former COO and President of Apple Computer; Jean-Pierre Bourguignon, President of the European Research Council; Kerstin Jorna, Deputy Director General, European Commission DG Economic and Financial Affairs; and Pier Luigi Gilibert, Chief Executive of the European Investment Fund. The event also underlined the crucial role played by collaboration between different actors in the public and private spheres. We would like to thank Iris Capital for their workshop on angels and VCs collaborating, and Nasdaq for their session on how to IPO, as well as Climate KIC for leading the Environment and Climate Forum, Business Region Goteborg for having supported the event. Thanks to 1MillionStartups, who collaborated with us with EAIS featuring a signing of the Global Entrepreneurship Declaration, to signal EBAN’s commitment to driving more investment toward social enterprises. Last but not least, we would like to thank all Summit attendees for joining us at the event – with 35% of EAIS participants being women and more than 40 countries being represented, EAIS offered diverse and international perspectives from all around the world. Marco Landi, President at The Digital Box, Former COO and President of Apple Computer As making connections is essential to collaboration – particularly so with entrepreneurs and investors, the Summit featured pitches from 38 startups representing 15 countries and broken down into four categories – Tech for Good, Deep Tech and Science, Environment and Health. 11 additional companies from the MENA region participated in EAIS as part of EBAN’s  THE NEXT SOCIETY project. EBAN was delighted to announce special prizes for the companies that participated in EAIS. The Amazon Web Services AWS Activate program gave a prize of $10,000 in AWS Promotional Credits, and Nasdaq will give 5-6 of the companies the opportunity to participate in a high profile pitching competition with the winner getting fantastic visibility from exposure on the Nasdaq Marketsite Tower on Times Square New York. Join us again for EAIS 2020 in Brussels and at the EBAN Annual Congress in Cork! We hope to see everyone at our next event – the 2020 EBAN Annual Congress taking place in Cork, Ireland on June 10th-12th. Tickets for the Congress are already on sale – so save the date and register now! The 2020 edition of the European Angel Investment Summit is also already in the works – coming to Brussels again next autumn! Let’s continue the great dialogues that were started this year, stay tuned for more details! {{ vc_btn:title=View+more+Pictures+from+the+Event&style=flat&color=danger&align=center&link=url%3Ahttps%253A%252F%252Fwww.facebook.com%252Fpg%252FEBAN.org%252Fphotos%252F%253Ftab%253Dalbum%2526album_id%253D1016211035388042%7C%7Ctarget%3A%2520_blank%7C }} {{ vc_btn:title=Download+Presentations+from+the+EAIS+Speakers&style=flat&color=danger&align=center&link=url%3Ahttp%253A%252F%252Feuropeanangelsummit.com%252Fpresentations%252F%7C%7Ctarget%3A%2520_blank%7C }}

Global event will attract local, national and international business leaders, VCs, entrepreneurs and start-ups to Cork in June 2020 Brussels 26 Nov 2019 – Cork has been selected as the destination for the European Business Angel Network (EBAN), 21st Annual Congress. Launched today in Brussels, the EBAN Cork 2020 Congress will take place between the 10th and 12th of June. More than 300 business leaders, early stage investors, business angels, VCs, entrepreneurs, accelerators, seed funds and start-ups will make it to Cork for this major event. The Congress will be hosted by CorkBIC with support from Cork City Council and Cork County Council. EBAN Cork 2020 will have a series of insightful keynotes, panel discussions, networking opportunities and seminars. Investor and entrepreneur-led workshops will celebrate the benefits and advantages of collaboration between investors and entrepreneurs. Previously held in Helsinki, Malaga and Sofia, this event will attract delegates from across the world looking forward to learning from and engaging with experienced company founders, entrepreneurs, successful investors and trailblazers in the start-up, scale-up arena. “This is a significant opportunity for Cork to partner with EBAN to host this unique European Business event here in Cork,” said Michael O’Connor, CEO of CorkBIC and EBAN board member.  Dr Hermann Hauser, serial entrepreneur and angel investor, co-founder of Amadeus Capital, will lead the keynotes at EBAN Cork 2020. Hermann has successfully developed and financed 150 plus high-tech companies whilst offering inspiration and mentorship to the next generation of entrepreneurs. “I’m looking forward to the opportunity to share my perspective as an entrepreneur and investor with delegates attending EBAN Cork 2020,” said EBAN President Peter Cowley, whose track record includes investment in more than 70 early stage companies, with eight positive exits and 13 failures.  “Hopefully by sharing my experience and even perhaps a war story or two, I can help improve the journeys of start-ups by educating angels and entrepreneurs to make fewer mistakes, work better together and create environments that yield more successful exits.” In addition to leading EBAN, Mr Cowley is one of several speakers already confirmed to appear at the event, along with entrepreneur and international telecommunications expert Candace Johnson. Panel discussions will explore topics such as creative and impact investing and cross-border investments, focusing on leadership and authenticity. Breakout sessions will challenge how new technology in the spheres of the life sciences, agriculture, maritime and blockchain can shape the future. Investor-ready start-ups will also have the opportunity to pitch their ideas to a panel of angel investors, VCs and entrepreneurs. The Tánaiste and Minister for Foreign Affairs and Trade, Minister Simon Coveney said: “Cork has already proven itself as a city with a progressive outlook, thanks to the support provided to the hundreds of industries that have chosen to establish themselves in Cork. EBAN Cork 2020 is yet another opportunity to showcase the opportunities for collaboration and expansion available here in Ireland, coupled with CorkBIC’s proven track record with start-ups, entrepreneurs and investors it puts them in the driving seat to host this flagship event.” To secure your early bird ticket for EBAN 2020 and to view details of the three-day event visit www.ebancork2020.com. Issued on behalf of CorkBIC and EBAN By Hopkins Communications, Media House, Crawford Business Park, Crosses Green, Cork For further media information including imagery please contact: Alison Nulty, Hopkins Communications T: 021 5005994 E: alison@hopkinscommunications.ie About EBAN EBAN is the pan-European representative for the early stage investor, gathering over 150 member organisations in more than 50 countries today. Established in 1999 by a group of pioneer angel networks in Europe with the collaboration of the European Commission and EURADA, EBAN represents a sector estimated to invest €7.5 billion a year and playing a vital role in Europe’s future, notably in the funding of SMEs. EBAN fuels Europe’s growth through the creation of wealth and jobs. About CorkBIC CorkBIC is a private sector-led organisation, specifically set up to identify and build knowledge-intensive companies based on promising technology and capable innovative people. It plays a hands-on role helping entrepreneurs navigate the minefield of raising finance, sorting out business propositions, arranging agreements with shareholders and investors, and perhaps most important of all, finding customers. CorkBIC manages HBAN (Halo Business Angel Network) in the South and Mid-West of Ireland. HBAN is an umbrella organisation, operating on a regional basis, providing a matching service for private investors and pre-screened investment opportunities and developing Business Angel Syndicates. Since its inception in 2007, HBAN Investments have grown year on year, closing 451 deals, with an Angel investment of €94.4 million, raising in total over €253 million by the end of 2018.

Experienced Business Angel completes his task and leaves behind a company that is now ready to look for new horizons Entrepreneur Harry De Smedt has fulfilled his role as a Business Angel with the technology company Ad Ultima. The company has signed an agreement with the large investment company, Waterland, and is seeking new horizons for international expansion and to further deepen expertise. The agreement includes a merger of Ad Ultima and Pylades. This will create a European business software group with sales of EUR 50 million and 350 employees. The story perfectly illustrates how a Business Angel can set an existing company off down the road to further growth and success. Business Angels are seasoned businessmen and successful business leaders who often take a minority stake, but equally greatly enhance the chances of success for a start-up or existing company. An intervention by an Angel—often accompanied by capital contributions from investment funds—helps to build the confidence of traditional large investors, such as banks. This then opens doors that would otherwise remain closed to start-ups and companies in special niche markets. Ad Ultima Group is not the first company to be successfully taken under Harry’s wings. His career as an entrepreneur started in the mid-1990s when he led the Dutch ERP specialist, Unit 4 from Antwerp, to international success. A while later, he turned the small antivirus distributor Data Alert into a profitable company employing more than 160 people. Harry De Smedt first came into contact with the world of Business Angels through the Vlerick Business School in around 2008. “I saw the Flemish networks merge into one strong network—the Vlerick Angels—and I started investing in start-ups myself. New investment in Ad Ultima Because entrepreneurship is in his blood, Harry took over a bankrupt producer of ERP systems for the waste and environmental industry. He succeeded in restarting the company and achieved a positive cash flow after only 6 months. During a search for a new system partner for his company, Harry came into contact, via Microsoft, with Filip Bossuyt of Ad Ultima. Ad Ultima implements Microsoft ERP systems for the logistics, production and construction sectors and its image is that of a long-term partner to support complete projects. Both entrepreneurs immediately clicked: there was a synergy of systems, platforms and a knowledge of market needs. Harry decided to invest as a Business Angel and immediately put his shoulder to the wheel: “a true Business Angel is a guardian angel who is committed to the future of the company. A good Angel is a committed Angel who starts talking to banks and stakeholders, who solves problems, and ensures that the entrepreneur can engage with the real heart of the business. Entrepreneurship is about building; Business Angels facilitate that building process.’ Harry played that role excellently, both as an entrepreneur and as a hands-on coach. For example, he took on the role of CFO for several months in order to ensure the financial continuity of the company in the event of its collapse. Working together, the company was able to grow and professionalise. Until the time was ripe to take the next step, they were looking for venture capital for long-term growth and international expansion. This is how their paths crossed with the investment company, Waterland, who moved quickly and within just a few weeks had brought a well-developed proposal to the table. The agreement was finalised at the end of August 2019; Waterland will take a majority share in Ad Ultima. Filip Bossuyt is continuing to build the company as a minority shareholder and CEO. Life after exiting When the role of a Business Angel comes to an end after a few years, and the company is standing on its own two feet or is ready for the next phase of growth, a Business Angel can transfer their shares and look forward to a new investment opportunity. And this is where the story of Ad Ultima and Harry De Smedt finds itself today: the end of a fully-fledged process in which the company and Business Angel once more go their own way in search of new challenges. Harry De Smedt is Chairman of Business Angels Netwerk Vlaanderen (BAN Vlaanderen – Flanders Business Angels Network) and is proud of the network and its commitment to entrepreneurship in Flanders. Under the motto Wise Deal–Wise Money, the organisation strives for the smartest match between expertise, capital and entrepreneurship. In this way, BAN Vlaanderen is able to offer a flexible and integrated set of resources and funds that entrepreneurs and investors can use to reach a high-quality agreement in the long-term.   BAN Vlaanderen can count on the expertise and support of a particularly strong multi-national network of Business Angels, successful entrepreneurs and entrepreneurial financiers. BAN Vlaanderen currently has 224 paying members (including some VC funds) and selected some 99 projects in 2018. This has resulted in 30 effective investments.  Contact: Mr. Reginald Vossen; Telephone: +32 11 87 09 11; Email: r.vossen@ban.be Five golden tips from Harry for Business Angels One golden rule for every Business Angel: free up more time than money! Money is a necessary tool, but the time you invest is crucial for long-term success. Be an entrepreneur and invest your attention, knowledge and experience in the project. So don’t include too many initiatives in your portfolio. Five to six look good and clear. Put the team first: people are crucial for a service company. Customers and prospects will notice when the team is happy and works well together. Such teams can handle a project. It can be the determining factor in a commercial decision. At Ad Ultima, we have always presented all C-level policy plans to the HR manager first of all so that we can carry out an impact analysis together. Striving for returns is good, but keep an eye on the quality of your HR management. A market that threatens to bubble over, or a commercial setback, can have a significant impact on the company. Always keep

Announcing EAIS Agenda, Confirmed Speakers, Startups Pitching and More! We are happy to announce that the agenda for the European Angel Investment Summit has been released! Join us on November 25th-26th in Brussels and help us put business angels in the spotlight! Listen to inspiring keynotes and panel discussions on how angels bring economic dynamism by financing innovation, help come up with solutions to Europe’s biggest challenges, and network with the best of the best in the early stage ecosystem. We already have angels from all over Europe registered for the Summit! {{ vc_btn:title=Visit+the+Summit+Website&style=flat&color=pink&align=center&link=url%3Ahttp%253A%252F%252Feuropeanangelsummit.com%252F%7C%7Ctarget%3A%2520_blank%7C }} {{ vc_btn:title=Register+Here&style=flat&color=danger&align=center&link=url%3Ahttp%253A%252F%252Feuropeanangelsummit.com%252Ftickets%252F%7C%7Ctarget%3A%2520_blank%7C }} More than 40 Confirmed Speakers! Listen to great speakers discuss topics like gender balance, scaling up our startups, bringing down investment borders, addressing climate and environmental issues, and more! {{ vc_btn:title=Full+List+of+Confirmed+Speakers&style=flat&color=danger&align=center&link=url%3Ahttp%253A%252F%252Feuropeanangelsummit.com%252Fspeakers%252F%7C%7Ctarget%3A%2520_blank%7C }} Visit the European Angel Investment Summit Website!

Croatian Business Angels Network (CRANE) commemorated its first eleven years of investing in start-ups with a celebration dinner at Westin Hotel, Zagreb. CRANE members have invested more than 40 million kunas in Croatian start-ups so far. The dinner was held under the patronage of Kolinda Grabar-Kitarović, the President of the Republic of Croatia. The president of CRANE, Davorin Štetner, spoke of the importance of business angels during his introduction speech: “Why are business angels valuable to societies? Because they can use the income they earned to selflessly invest in young entrepreneurs. That is a great ability. I will remind you – Croatian Business Angels do not have any tax deductions on investments nor they have incentives, but this never stopped us from investing over 40 million kunas in start-ups. That is why I am glad that CRANE has been recognized in our society”. Over a hundred prominent guests attended the ceremony, including the deputy of President Grabar-Kitarović, the president of Croatian exporters and Končar Electrical Industry – Darinko Bago, Croatian ministers Darko Horvat and Marko Pavić, the Ambassador of the United States (Robert Kohorst), Izrael (Ilan Mor), United Kingdom (Andrew Dalgleish), and Italy (Adriano Chiodi Cianfarani). One of the most attractive business angels and the president of European Business Angels Network (EBAN), Peter Crowley, came from Cambridge to support CRANE. The ceremony was also attended by Mirka Jozić, the head of the Department of Economy, Dragutin Ranogajec, the president of the Croatian Chamber of Commerce, Mladen Fogec, the president of Foreign Investor Association and Mladen Jakopović, the president of the Croatian Chamber of Agriculture. This year’s gala was also marked by the presence of many CRANE members – Hrvoje Prpić, Davor Tremac and Adrian Ježina, Kristina Ercegović, the president of Women in Adria, Ivana Matić, secretaries of state, Nataša Mikuš-Žigman and Mario Antonić, the adviser to the Prime Minister, Tomislav Pokaz, advisers to the president of the Republic of Croatia, Mirjana Hrga and Marko Jurčić, and many others. Allyson Reneau, a mother of eleven children who graduated at Harvard and, among other things, worked at NASA, also gave an inspirational speech. Special awards were given for promoting entrepreneurship and the start-up ecosystem. Awards were given to Johnatan Cooper and Hrvoje Prpić for creating CRANE, the minister Marko Pavić, the City Office for the Economy, the Embassy of United States, United Kingdom, Israel and Sweden, and the ambassadors Robert Kohorst, Ilan Mor, and Andrew Dalgleish. Sanja Vištica and Boris Mišević, Croatian TV reporters, received special recognition. The same was received by Poslovni dnevnik, the only Croatian daily business newspaper. Furthermore, special awards will be given to Marko Repecki, a journalist for Index.hr, weekly business portal LIDER, and to the mayor of Zagreb City.

As the lack of access to finance remains the main obstacle for innovative companies in the MENA region, THE NEXT SOCIETY, through EBAN and BANC, introduced the 1st Investment Academy, a special 16-hour coaching event on “Preparing for due Diligence” on October 3rd-4th 2019 in Barcelona. The event took place on the premises of Foment del Treball in central Barcelona. A follow-up to the Innovators Academy This coaching session was designed as a follow-up to the Innovators Academy held in Tunis in April. While this first event aimed to get the entrepreneurs of the second TNS promotion up to speed with the fundamentals of business plan and pitching, helping them improve their intellectual property strategy in the presence of investors, business angels and financing experts, the Investment Academy was conceived as the next step in the ladder for the participants, helping them improve market penetration, their sales strategy, financial business plan and pitching skills, with the ultimate goal of convincing an investor to sign a deal during a Power Meeting! Extra support with BSOs Given the central role that Business Support Organizations play in an entrepreneur’s journey, at least one BSO per country was invited to accompany entrepreneurs both to work on investment readiness and to share the way networks of BAs and VCs are structured in their respective countries. During the event, the BSOs attended the same session as the start-ups, both contributing to the discussion and learning more about the challenges and the solutions to issues encountered by the entrepreneurs they support. Experienced coaches with a local flavor Over the two-day event, the participants attended workshops by experienced Business Angels and financial managers such as Albert Colomer and Alex d’Espona of BANC. Moreover, they were able to attend presentations on various local and regional structures in Catalonia and Spain, aimed at both local and international entrepreneurs. Follow-up meetings and visits were set up during the event, which showed the value of coming together to talk about different issues involved in entrepreneurship and finding partners and solutions in an international atmosphere! This coaching session has been the occasion to further discuss access to finance strategies at national and regional levels and exchange good practices and expertise between the participants! You can find the booklet of the event, including the bios of coaches as well as the descriptions of participating start-ups and BSOs here. What’s next for EBAN in THE NEXT SOCIETY? The next step in the THE NEXT SOCIETY timeline for EBAN is two power meetings within 5 days of each other. Stay tuned for more details and JOIN THE NEXT SOCIETY!

On the occasion of the 50th Anniversary of Sophia Antipolis and the Sophia BEARTHDAYS and in cooperation with the Fondation Sophia Antipolis and Sophia Metropole Mag EBAN, the European Business Angels Network and Sophia Business Angels have the pleasure to invite you to a Reception in honour of Senator Pierre Laffitte Founder of Sophia Antipolis   6:30 p.m. Thursday 10 October “La Digitale” 434 Chemin des Encourdoules F-06220 Vallauris Tel. +33 4 9295 1950 or in France 04 9295 1950 R.S.V.P. Géraldine Quetin Business Manager Sophia Business Angels email: businessmanager@sophiabusinessangels.com

Today, 30th September, is the last day to apply to become one of the companies selected to pitch at EBAN’s 2019 European Angel Investment Summit on November 25th-26th in Brussels. Join hundreds of investors and corporates attending EAIS2019 – make connections, learn from experts and pitch in front of the world’s best angel investors under the same roof! Who can apply? – Early stage companies (not older than 5 years); – Actively fundraising for an equity investment of between €0.3M – €5M; – Already received financing from an angel investor or other early stage investor; – All sectors; – Company based in any EU country. What we Offer: – 1 complimentary European Angel Investment Summit ticket per team (excluding the VIP Reception); – Special Entrepreneur Discount on further Summit tickets; – Pitching slot on stage; – Profile listed on Summit website and promotional campaigns; – Access to all workshops and sessions; – Access to networking area and possibility of 1-1 matchmaking meetings facilitated by EIPP via the event networking app. Apply by September 30th! Startup Application* Early Bird prices expire today 30th September as well, click on the following link to get your tickets and join selected startups, policymakers, investors and corporates attending the European Angel Investment Summit.

After 17 editions, we are proud to announce that the EBAN Winter University is giving way to a much larger, more international and high-level event called the European Angel Investment Summit. The Summit will take place in Brussels on November 25th-26th, putting business angels in the spotlight and highlighting how they bring economic dynamism by financing innovation and taking risks early on. EBAN is partnering with the European Investment Project Portal, the European Commission DG GROW and DG ECFIN, as well as the Enterprise Europe Network for the event. Apply to pitch on November 25th! Join hundreds of investors and corporates attending the European Angel Investment Summit – make connections, learn from experts and pitch in front of the world’s best angel investors under the same roof! Apply by September 30th! Startup Application* *Please read the Application Instructions carefully.   Who can apply? – Early stage companies (not older than 5 years); – Actively fundraising for an equity investment of between €0.3M – €5M; – Already received financing from an angel investor or other early stage investor; – All sectors; – Company based in any EU country. What we Offer: – 1 complimentary European Angel Investment Summit ticket per team (excluding the VIP Reception); – Special Entrepreneur Discount on further Summit tickets; – Pitching slot on stage; – Profile listed on Summit website and promotional campaigns; – Access to all workshops and sessions; – Access to networking area and possibility of 1-1 matchmaking meetings facilitated by EIPP via the event networking app. For more information on the event click here.

Venture capital industry is one of the fastest growing in the world. In 2018 more than 185 billion were invested worldwide. 17% of the 15,000,000 venture capital transactions are in the European region, including Russia, 38% in the North America and 45% in the Asia Pacific region. These investments allow technology entrepreneurs to grow companies, change entire industries and even the world. Key early stage investors from more than 25 countries discussed technology trends and cross-border investments, investment cases and strategies for building successful portfolios, corporate and mature fund focus areas, key issues and challenges of early stage venture capital ecosystem development, and the international experience of developed and developing countries at the VOX ANGELIS 2019 International Early Stage Investor Summit on September 13-15. EBAN was a strategic partner of the event, while EBAN member International Investor Organization INVESTORO organized the Summit, which had WBAF as an international partner, VEB Ventures as a general partner and PwC Russia as a strategic partner. “Early stage venture capital investments are no longer a local game. Investors are looking for new mutual opportunities in new markets. International exchange of experience in transactions, portfolio structures, cross-border investments, successful and unsuccessful exits, with a deep insight into the details – the main feature of VOX ANGELIS, where investors from 25 countries gather together. International investors invite each other to join their deal flow at the open exchange, share experience and knowledge “off the record” not only at the informal part of the Summit, but also in the framework of presentations and discussion panels. That’s why our summit is beloved by our participants,” said Vitaly Polekhin, President of the International Investor Organization INVESTORO, co-organizer of the Summit. Every modern successful company once had a first investor who believed in a startup when there were no rational indicators or significant achievements. Where do international investors invest today at the early stages to show high returns tomorrow? Within the VENTURE INSIGHTS track, world-class experts and investors paid special attention to such technological trends as AI, Blockchain, Fintech, Hardware, Biotech. They discussed models of funds and accelerators, investment strategies of corporate venture funds, introduction of technological start-ups to foreign markets, programs and measures to support business angels. According to Angelo Dalli, an expert on artificial intelligence, the global question is how artificial intelligence will affect society in general. When people learn to trust the judgments and decisions of AI, won’t such behavior become a habit or even a new social pattern? Blockchain is still one of the most promising technologies and attracts the attention of professional investors of all countries. In today’s world, because of the de-globalization, the growing venture capital industry makes investors actively participate in cross-border transactions. Investors are seeking new opportunities in new markets, and startups are attracting foreign capital for development. The speakers of the GLOBAL EXCHANGE track also noted the importance of forming a balanced venture capital portfolio, cross-border investment transactions with professional and successful leading investors. According to Jacopo Losso, director of The European Trade Association for Business Angels, Seed Funds and Early Stage Market Players (EBAN), which unites 197 European investor organizations, the Russian startup-ecosystem has grown very significantly over the 10 years of cooperation. This is due to active market participants who unite the community, are engaged in education, popularization, and invest around the world. A separate session was devoted to the work of corporations with innovations and startups. The trend of creating corporate accelerators is gaining momentum, and corporations need to learn how to work in this market. So far, according to experts, not everybody is able to do it. Oleg Teplov, General Director of VEB Ventures and General Partner of the VOX ANGELIS 2019 Summit, summarized the session: “Our corporations have to learn how to work with open innovations, and the entire ecosystem has to help them do so. The level of corporation maturity is important, as well as the kind of product it can take on: either the entire chain from accelerator to corporate venture fund and M&A, or focusing on the best solutions to look for growing startups in the market and support super teams that can fit into the system.  Community should be open and comfortable for everyone, nobody makes innovations alone, it concerns not only startup entrepreneurs, but also foundations and corporations. Everyone should be in the ecosystem. If we are not greedy and are ready to share, there will be only more projects, they will be of better quality and the entire market will benefit from it.” Baybars Altuntas, the Chairman of World Business Angels Investment Forum (WBAF), an affiliated partner of the G20 Global Partnership for Financial Inclusion (GPFI) presented VOX ANGELIS Summit with the Empowering regional early stage investments ecosystem Award. The collaboration agreement for early stage investments development between WBAF and VOX ANGELIS Summit and co-investment agreement with summit’s co-organizer – the International Investor Organization INVESTORO was signed during the special signing ceremony. The business Summit program included 35 plenary sessions and discussion panels, as well as more than 10 sports and entertainment events. As part of the Summit, the VOX ANGELIS Early Stage Investment Awards were presented to those who have made a significant contribution to the development of early stage investment market: Business Angel of the Year – Sergey Dashkov, Business Angel Strategic investor of the Year – Alexey Milevsky, Mail.Ru Group Deal of the Year – Dostavista EXIT of the Year – SKILLAZ For contribution to the development of the early stage venture capital market – Eduard Fiaksel (President of the Starting Investments Association of Business Angels) and Gulnara Bikkulova International Early stage activities support – Peter E.Braun, Switzerland International Access to finance support – Andreas Mihalovits, German, Spain International Entrepreneurship support – Ramesh Haridas, UK, USA International Investment partnership support – Jacopo Losso, EBAN “Investors from more than 25 countries participated in the VOX ANGELIS Summit. This is very important for us because the Vox Angelis Summit aims to develop a global early stage venture capital

Georgia, ranked in top 6 in Ease of Doing Business worldwide, has transformed into a leading business friendly location through successful reforms. Boasting a strategic location, free trade agreements with 2.3 Billion markets, and low business costs, Georgia offers free industrial and free virtual trade zones for additional tax exemption. Through liberal visa terms and open-door policy, including investments rights protection – the country is positioned as a regional hub, a gateway connecting Europe to Asia. The local talent pool is another attraction of Georgia to the investors: a high-skilled and relatively cheap labor force makes the country competitive in the global market. Infrastructure for Innovation is rapidly growing throughout the country. State Tech Parks and Innovation Centers are operating on a one-stop-shop principle, providing access to creator-space, co-working space and training facilities, they also provide incubation/acceleration opportunities to promising high-growth innovative startups. Co-working spaces are spread around the city, encouraging networking and a bohemian lifestyle. WorkfromGeorgia is a campaign that reached global digital nomads, the platform is giving digital nomads the opportunity to benefit from co-working spaces not only in the capital but in the regions as well, providing additional technical assistance and network. In terms of innovation and startup financing, the Georgian government is providing the pre-seed and seed stage financing for startups, covering the risks and enhancing their skills for further investment opportunities. Through the World Bank support program and competitive selection process which is done by international experts from Silicon Valley and elsewhere, the Government has already more than 200 globally scalable startups with high-growth potential in the following industries: fintech, greentech, medtech, tourismtech, AI, VR, etc. Stack – one of the Startup Matching Grants Program winners represents an example of a local Georgian business with immense global opportunities. Stack – the first Georgian web-browser with alternative features and functions Highlight: Stack is an internet launchpad for all of your web applications, enables to work in multiple web-apps simultaneously, within a well-organized environment. Stack – the first Georgian web-browser was launched in November 2018 offering an alternative way of working with multiple applications at the same time. Stack was created for those who use 5 or more applications daily (e-mails, messengers, social media etc.). Stack can fit several applications in one window giving the list of open applications on the side panel giving preference to frequently used ones. The project was initiated by four professionals: David Gavasheli – a serial entrepreneur running several successful businesses; Dachi Gubadze – who holds a PHD in Economics from Maastricht University; Zviad Sichinava – a professional web-developer with more than 8 years of international experience; and George Laliashvili – Innovation Business (startup) incubation specialist. In February 2019, the project was selected among 136 startups competing to receive a 100 000 GEL grant offered by Startup Matching Grants Program – an opportunity given by the Georgian Government to young innovators and technology startups. Stack was also selected from 1500 participants to present as one of the 40 best startups at TechCrunch Disrupt Berlin. Nominated among 5 finalists of Austrian-American Startup Accelerator 360Lab contest, Stack was selected to participate in a 3-stage accelerator program and received an investment of 1 000 000 Euros to be invested gradually. As Stack’s initiators state, in terms of data protection, the project fully meets GDPR requirements. The program keeps information on each open application locally, on the user’s computer without retrieving data except for information needed for analytics. Stack is developed on Chromium’s base giving it more security similarly to Google Chrome.

  Pictured are Colin Henehan (HBAN), Simon Kiersey and Chris Murphy from Bluedrop Medical. Pic. Michael Dillon Dublin, 19th September 2019 – HBAN announces that Bluedrop Medical, a Galway based Medical device start up, has secured €3.7M in funding to help manage one of the most devastating complications of diabetes – the diabetic foot. An initial seed investment of €1.2M was led by HBAN’s MedTech Syndicate – which itself invested €340K in the seed round. Enterprise Ireland and the Western Development Commission also invested in the funding round along with other members of the investment community.  A €2.5M grant was awarded through the European Innovation Council. HBAN, the all-island organisation responsible for the promotion of business angel investment and a joint initiative between Enterprise Ireland, InterTradeIreland and Invest Northern Ireland connected Bluedrop with angel investors. The investment will help Bluedrop Medical to continue developing a potentially life-changing product for people suffering from diabetes. In Ireland, more than 540 amputations are carried out on patients with diabetes every year as a result of foot ulcers caused by nerve damage. Bluedrop Medical’s AI-powered temperature monitoring device will enable clinics to monitor their high-risk patients. The device is used by the patient to perform a daily foot scan in their home in less than 30 seconds. Scans are reviewed remotely using advanced algorithms which reveal if the patient shows signs of a developing foot ulcer, instructing them to contact their local clinic if necessary. The funding will help founders, Chris Murphy and Simon Kiersey, continue to develop their device, carry out clinical trials and bring it to market in Europe and the US. This, they hope, will help to reduce the number of diabetes-related amputations worldwide. The company will also use the funding to expand its team. In the next two years, Bluedrop Medical will hire 10 people in the areas of software development, quality and regulatory affairs, clinical trial management and commercial strategy development. Chris Murphy, CEO and co-founder, Bluedrop Medical, said: “We founded this company with the aim of improving outcomes and reducing the treatment costs associated with chronic disease. Foot ulcers are one of the most devastating complications associated with diabetes. They are expensive to treat and frequently result in amputation. Our system could save the Irish health service €40M per year on treatments associated with diabetic foot ulcers and we are hoping to collaborate with them to achieve this goal. We estimate the total worldwide market for our device to be more than €3 billion. “We are delighted to be amongst the companies on the island of Ireland who are benefitting from HBAN angel investment. We have appointed one of the HBAN investors, Dr. Colin Henehan, to our board. He has more than 20 years of experience in the pharmaceutical and medtech industries, so his advice, along with the advice of the other angel investors in the network, will be instrumental as we forge ahead with Bluedrop Medical’s exciting next phase.” Dr. Colin Henehan, Bluedrop Medical board member and HBAN MedTech Syndicate member, said: “When we started doing our due diligence on Bluedrop Medical, we were very impressed by the focus and drive of the team and the size of the market that they will be tapping into. Chris and Simon have developed a class leading device for early ulcer detection, resolving a huge unmet clinical need. “If you look at medicine today, it is very treatment-focused. But this device is all about prevention and removing the cost burden on governments and insurers. Those costs are going to drive a sea change in how diseases are approached and increasingly, the emphasis will be on prevention. “The MedTech Syndicate offers companies like Bluedrop Medical a network of highly experienced professionals who can provide advice and guidance on all aspects of developing a medical device through to product launch and, ultimately to acquisition.” John Phelan, all-island director, HBAN, said: “Bluedrop Medical is an example of the innovation happening right here on the island of Ireland. It is a company with global scalability and it’s fantastic to see angel investment facilitate its growth, as well as further investments from other sources. There are now business angels actively investing across the island and HBAN plays an important role in connecting these investors together and introducing them to disruptive companies like Bluedrop Medical.” HBAN is currently on the look-out for more regionally based business angels to invest in high-potential start-ups like Bluedrop Medical. HBAN will host two upcoming information sessions in Castlebar on Sept 25th and in Cork on Oct 14th. These events are targeted at new angels who are looking for structured and quality deal flow, and those looking to create de-risked portfolios with likeminded investors through syndicates.  For more information, visit www.hban.org. Pictured are Chris Murphy and Simon Kiersey (Bluedrop Medical) with Colin Henehan (HBAN). Pic. Michael Dillon About Bluedrop Medical Bluedrop Medical is a medical technology company based in Galway. The company was founded by medical device entrepreneurs Chris Murphy and Simon Kiersey who have been joined by CTO Gavin Corley and a team of experts in electronic medical devices, cloud software, and artificial intelligence. The company is developing user focused solutions for the diabetic foot, an issue which results in hundreds of thousands of amputations worldwide each year. For more information visit www.bluedropmedical.com or contact info@bluedropmedical.com. About HBAN HBAN is a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, dedicated to the all-island promotion of business angel investment. The HBAN umbrella group supports the early stage entrepreneurial community across the island of Ireland and actively works to increase the number of angel investors investing in early-stage companies.  The all-island umbrella group works on a regional basis to support the formation of new angel networks and works with existing angel networks to develop their capability and capacity, and across a range of industry sectors. HBAN also acts as a voice to Government, stakeholders, business and the media to promote the interests and needs of the wider angel investment

THE NEXT SOCIETY launches its 3rd call for applications to join the Start-up Booster Track, the tailor-made support programme for entrepreneurs in the MENA region THE NEXT SOCIETY is calling entrepreneurs and innovators in Algeria, Egypt, Jordan, Lebanon, Morocco, Palestine, and Tunisia to join the 3rd promotion of the Start-up Booster Track. Talented entrepreneurs and innovative businesses will be selected to benefit from the programme services to boost their innovative solutions! THE NEXT SOCIETY’s movement aims to mobilise entrepreneurs, innovators and corporate ecosystems to tackle the innovation and sustainable development challenges faced in the Mediterranean. Over the past 2 years, it has contributed to bring a real change in the Mediterranean innovation landscape by constantly supporting and connecting entrepreneurs, investors, cluster managers and researchers. THE NEXT SOCIETY just opened its third call for applications for the Start-up Booster Track. Entrepreneurs in the Middle East-North Africa region are invited to submit their application by 15 October 2019. The Start-up Booster Track The Start-up Booster Track is a flexible support programme with the aim of supporting innovative entrepreneurs in the MENA region and help them connect with key markets in Europe, Africa, Gulf Countries and USA. It started in 2017 and is composed of several services that help entrepreneurs through their journey: Investment Readiness Programme (Venture workshop and IP training); Entrepreneurs Mentoring Programme for one year; Soft landing missions in European innovation hubs; International Acceleration Bootcamps; International Market Missions; and Power Meetings with investors. It was designed as a tailor-made toolkit where entrepreneurs are matched to the adequate services according to their needs, profile and availability upon selection. All services are free of charge, THE NEXT SOCIETY supports travel and accommodation expenses, and participation fees to events organised by third parties. THE NEXT SOCIETY start-ups Since 2017, two cohorts of start-ups have been accompanied by THE NEXT SOCIETY in the frame of its Start- up Booster Track which accounted a dozen operations implemented for early-stage companies with impact- driven solutions, products and services in the MENA region. A total of 75 entrepreneurs have benefited from these activities that helped them go international and raise funds. While the movement is launching the selection for its 3 rd promotion of start-ups, the actions from which the second promotion is still benefiting from did not end. Next steps by the end of 2019: in Barcelona (Spain), participation in Big Booster 2019’s competition in Lyon (France), Meet-up with investors during Business and Innovation Day in Beirut (Lebanon) and during the European Business Angels Network Winter Summit in Brussels (Belgium). Plenty of opportunities remain available for THE NEXT SOCIETY 2 nd promotion of MENA innovators before they hand over the baton to a new wave of innovators 1 st Investment Academy – Preparing for Due Diligence paving the way to a prosperous and innovative Mediterranean. To know more about the Start-up Booster Track and to apply, go to THE NEXT SOCIETY website. To see on video innovators are supported, click here! Press and communication contact Inmaculada Ruiz:  inmaculada.ruiz@anima.coop About THE NEXT SOCIETY THE NEXT SOCIETY is an open community of change makers engaged in innovation and economic development. It gathers entrepreneurs, investors, corporates, NGOs, public and private innovation, research and economic development hubs from Europe and the Mediterranean countries. THE NEXT SOCIETY gathers already a large network of over 300 business & innovation, research and investment organisations, 2,500 international SMEs and entrepreneurs from 30 countries. THE NEXT SOCIETY launched a four-year action plan (2017-2020), co-funded by the EU up to 90% for a global amount of EUR 7.8 million budget. www.thenextsociety.co

Are you a start-up working in the cleantech sector? Join InnoEnergy’s E-Observatory 2019 and win a trip to Paris to visit TBB, the event for sustainable energy innovations! InnoEnergy – together with powerful partners around Europe – has launched the E-Observatory 2019 campaign with the aim to annually measure the start-up ecosystem and, by analysing reliable data, learn about the actual situation and contribute to the energy transition in every aspect. By completing this survey you are automatically participating in a raffle to win one of the two trips to Paris to visit The Business Booster, the great event in sustainable energy that brings together start-ups, energy industry representatives, financial communities, policymakers and regulators.  (The prize includes flights, accommodation and the event ticket). In addition, you will be able to: – Annually track your progress and benchmark your performance against startups in sustainable energy in Europe and across the globe. – Increase your visibility as a key and active actor of the sustainable energy ecosystem. ARE YOU READY?  You have time until the 31st of August.

  13-15 November in Cape Town, South Africa Partnership with R1.4 billion start-up funding unit, Naspers Foundry Cape Town, 16 July 2019 – VC4A and ABAN are pleased to announce the 6th edition of the Africa Early Stage Investor Summit (#AESIS2019). The Summit will take place from 13-15 November at Workshop17 at the V&A Waterfront in Cape Town, South Africa. The conference brings together leading investors from Africa and beyond to network, exchange insights, create partnerships and make deals. This event is designed ‘for investors, by investors’. What’s in store at #AESIS2019 The Summit’s speakers and guests hail from the leading angel networks, venture capital (VC) funds, impact investors, accelerators, corporate venture divisions, industry associations, and the public sector. The number of Africa-focused angel investor networks and investment funds are rapidly growing and maturing, bringing both critical challenges and greater opportunities for venture capital funding on the continent. Summit delegates will explore developments in Africa’s early stage investment space and will set the agenda for the coming years.  Day 1 on 13 November is ‘Academy Day’, which includes a series of interactive masterclasses and workshops, ending with a welcome cocktail reception. Day 2 on 14 November is the main Summit Day and will include inspiring keynote presentations by industry leaders and roundtable discussions, and it will end with an Investor Dinner. Day 3 on 15 November is the optional Innovation Tour featuring insightful visits to key start-up hubs, accelerator programs and scaled up start-ups in the Cape Peninsula area. The detailed program is being finalized. Announcing Naspers Foundry’s 2019 partnership Naspers Foundry will be sponsoring the Summit’s main cocktail reception on 14 November, and will be contributing to the Summit’s program development. Naspers Foundry is a R1.4 billion start-up funding initiative aimed at boosting the South African technology sector. As well as providing much needed funding, Naspers Foundry helps talented and ambitious technology entrepreneurs develop and grow businesses that improve people’s daily lives. “At Naspers, we believe in backing local entrepreneurs in growth markets and helping them by leveraging our global scale and experience. The Africa Early Stage Investor Summit provides an unique opportunity for Naspers to engage with like-minded investors and ecosystem partners from across the continent as we build out Naspers Foundry, and our broader investment ambitions”, said Phuthi Mahanyele-Dabengwa, CEO South Africa, Naspers. Building on the success of 2018 The 2018 edition brought together over 300 investors from prominent African angel networks and VC funds to identify and address the critical gaps in the early stage investment space going into 2019. At the 2018 Summit, a number of successful partnerships were created, including a new partnership between South Africa’s Technology Innovation Agency (TIA), a public entity and the South African angel investor networks, Dazzle Angels and Jozi Angels. ABAN also signed an MoU with the African Union to deepen their collaboration to support entrepreneurship across the continent. Additionally, L’Afrique Excelle, the Francophone edition of the World Bank Group’s XL Africa post-accelerator, formally launched at the 2018 Summit. The programme brought an unprecedented spotlight and momentum to French-speaking African growth stage start-ups. Over 30 VC funds including the IFC, ODV, Proparco, Outlierz Ventures and Compass VC formally signed up as investment partners for the program, with most of these partnerships formed over the two days of the Summit. VC4A Venture Showcase – Series A In 2017 and 2018, the Summit also featured a venture showcase of leading African digitally enabled scale-ups from across the continent, resulting in a number of series A deals totaling over $15 million. In the 6th edition, ten growth stage companies that have been selected and vetted by Africa’s leading VCs, will be introduced in the showcase. These companies represent a new class of investment opportunities across the continent. The selected ventures have strong revenues, are well positioned for regional and international expansion, and demonstrate important innovations that are disrupting industries like agriculture, healthcare, housing, transportation, and finance.   Join us at #AESIS2019 To purchase a ticket or for more information, please visit www.AfricaInvestorSummit.com. Get an early-bird discount price of USD $375 if you purchase a ticket before 31 July. For media requests, and partnership and sponsorship opportunities, please contact the organizers by email: team[at]AfricaInvestorSummit[dot]com. ______________________________ VC4A is an ecosystem builder that leverages its infrastructure, network and expertise for the programs that contribute to Africa’s startup movement. Since 2008, the organization designs, structures and implements successful entrepreneurship programs on the continent. VC4A runs an online platform featuring the world’s largest database of African startups and connecting local entrepreneurs to learning resources, mentors, investors and partner programs. Visit https://vc4a.com/ for more information. The African Business Angel Network (ABAN) is a Pan-African non-profit association. ABAN was founded in early 2015 to support the development of early stage investor networks across the continent and to grow the cohort of early stage investors excited about the opportunities in Africa. Visit https://abanangels.org/ for more information. Naspers is a global consumer internet group and one of the largest technology investors in the world. The group operates and partners a number of leading internet businesses across Central and Eastern Europe, Africa, the Americas and Asia in sectors including online classifieds, payments and fintech, food delivery, travel, education, health, and social and internet platforms. Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ) and a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has an ADR listing on the London Stock Exchange (LSE: NPSN). Visit www.naspers.com for more information.

  It has been less than a decade since the startup entrepreneurship community started flourishing in Greece. During that period, the local entrepreneurial ecosystem has seen a lot of activity, ranging from: the establishment of more than 300 startups, with respectable investments from both VCs and angel investors, a couple of exits, a €500ml Equifund inauguration and all of these during a massive financial crisis. innovative technological startups have been greatly supported by the local ecosystem and MIT Enterprise Forum Greece is one of the leaders in the sector.   As every summer and after an intensive six month acceleration program, MIT Enterprise Forum Greece celebrated its 5th annual “Startup Competition”, with the Final Judging & Award Ceremony on July 2nd. EBAN was represented at the event by its active member Maria Hala, as part of competition judges’ panel. What really made this year’s event an exceptional one was not only the diversity of the sectors that startups represented, but also the high standard of the teams participating.   With a judging panel represented by distinguished Greek and international members from the investment and business community, the winners were selected from two different categories. The winners of the General Track category were: first prize, Twiddle, a venture that develops AI powered film which automates the video editing process by recommending the right music and sound effects at the right time within any video; second prize, AidPlex, a HealthTech startup that aims to disrupt the orthopedics sector by offering patient-centered products and revolutionizing the monitoring of patient; and third prize, PD Neurotechnology, a venture that develops wearable medical devices for continuous monitoring of movement disorders, such as Parkinson’s disease. On the other hand, the winner of Energy & Mobility Track was Bunkering at Sea, an innovative web-based platform that provides optimal network solutions for bunkering.   In addition to the competition, MITEF Greece organized one day earlier an excellent workshop on “Creating and Realizing the Value of Innovation”, from Prof. Jerome Schaufeld, WPI School of Business, founder and first Chairman of the MIT Enterprise Forum of Cambridge. During the workshop, Prof. Schaufeld shared with the audience his extended entrepreneurial experience, while a group of private equity investors provided their views and two exceptional examples of the Greek startup ecosystem that shared with the audience their journey of innovation: Innoetics, the startup that specializes in text-to-speech technologies and was acquired by Samsung in 2017 and RTsafe, the MedTech venture that has introduced individualized care in radiation oncology.   So, yes! Greece has technological innovative entrepreneurial startup teams, attracts the interest of the investment community and receives the support of the local ecosystem. And yes, Greece has become a hub for innovation and entrepreneurship!

The Space Academy is a two-day event for European space-tech entrepreneurs to accelerate their business. All entrepreneurs are welcome to join the Space Academy workshops(Day1) for coaching in small groups on six selected topics by prominent experts: – Investment readiness and relationships, how to be trusted by investors and get funded; – Kinds of crowdfunding (reward-based, equity-based, lending), how to maximize your impact with the right campaign; – Hot trends: artificial intelligence, robotics and space applications; – Business models, how to fine tune your business and make it even more effective; – European funds, how to find the right funding opportunity in the ocean of the European initiatives; – Space ecosystem, how to connect with international space institutions and corporates, and applying to ESA ITT. Day 1: An intense workshop day where entrepreneurs can improve their skills and get insights from experts on various topics, with main sessions as well as one-to-one and roundtable meetings. Day 2: Panel and keynote sessions as well as pitches from 10 selected companies to an audience representing the space sector from all over the world. All suitable applicants can attend both days and benefit from expertise and plenty of opportunities for networking and interaction. 10 more advanced start-ups (selected based on their business plans submitted to competition) will be entitled to receive individual high-level coaching, mentoring and travel support. More information and details can be found at www.space-academy.eu

The article was republished with permission from The Invested Investor. —— As an angel looking to invest, what are the timing considerations? We all know that the successful start-up to exit journey is most dependent on the founders but that there are many additional important factors such as sufficient capital, successful technology, competition and an element of luck. Within that last category, in my view, is timing. This blog illustrates the importance of timing, and how difficult, almost impossible, it is to control hence why I class it as ‘luck’. Ignoring early exits, it generally takes 8 to 12 years to build a technology product from foundation to a $100M+ exit within Europe. Let’s cover those early exits first, Magic Pony a machine learning company using neural networks to improve images is a well-known London example. According to the UK Companies House, Magic Pony was founded in December 2014, raised funding in summer 2015, further funding in April 2016 and sold to Twitter in June 2016 for a reported $150M. That exit was clearly not based on a sales or profit multiple, nor a large team, nor (according to patents.google.com) any granted patents at the date of exit.  One can conclude that it was a strategic purchase by Twitter and that for Twitter it was the right time to pay, by UK standards, a significant amount of money for the team and IP. Could investors have foreseen that exit when the company was formed? Or at the first funding round? Or even at the second round just a few weeks before exit? But Magic Pony is an exception and, although they clearly have true disruptive technology, it takes time to develop, potentially needs the market to be educated, needs a route to market to be developed, needs customers to buy (possibly with a long enterprise cycles), and takes time to build a great team of employees. And on top of that, it is very common for a start-up to pivot, which for most is a partial restart of the ticking clock. Let’s run through a few things that are timing dependent. The convergence of technology capabilities As a geeky teenager, Clarke/Kubrick’s “2001 A Space Odyssey” fascinated me and, with hindsight, we see Clarke’s prescience.  Not many entrepreneurs are futurologists, but realising that the convergence of IoT communications with novel sensor technology and a new pricing model can lead to a novel service is very important. Market education A difficult one! Disruption needs value chains and end customers to be educated and angels don’t generally like nor have deep enough pockets to do that, so that second or third entry to a new market may be the winner. And consumers are fickle – think of early entrants such as Friends Reunited, AltaVista, ICQ, and Myspace. Funding cycles We are currently in a strong market for early-stage funding in the UK with perhaps an over-supply of cash, but it is clear that some later stage start-ups are now raising a war chest for when equity cash starts drying up. With valuations at, one presumes, an all-time high, some angels are waiting patiently for the cycle to turn and bargains (as in great teams with great tech, but dwindling cash) to appear. Economic cycles Of course, it is not just funding availability that is cyclic, it is also customer spending whether business, consumer or government.  I am old enough to have experienced four recessions, although I was at university during the mid-70s, and living in Germany during the early 80s.  My company Camdata went bust during the early 90s – we were too dependent on capital expenditure, which dried up in those times of 15% interest rates and 10% unemployment. Regulation Foreseeing a change in regulation is beneficial. An example I quote is ‘use by’ dates on eggs and the resulting growth of industrial inkjet printing.  Within my portfolio, I have Plumis, which has installed over 10,000 fire suppression systems in homes, where sprinklers or physical barriers are inappropriate. The regulations have been a veritable minefield over the decade since the company was formed, but Wales recently mandated fire suppression in new build homes and that may spread. Lessons? So, how can an investor attempt to forecast the timing of the multiple factors that lead to a success or a failure? In principle, one cannot but we can research and then strongly mitigate that risk by backing great founding teams who will listen, plan and if necessary, pivot.  And having a reasonable sized diversified portfolio is essential. Peter Cowley Listen to the Invested Investor Podcast:

  Marseille (France), 27 June 2019 – On June 19 to 20, 2019, Cairo hosted two major events initiated by ANIMA Investment Network in the framework of THE NEXT SOCIETY to support and spread the culture of innovation and entrepreneurship in Egypt and in the Euro-Mediterranean region.    Organised by ANIMA, TIEC and ITIDA on 19 June 2019, the Matchmaking Forum for Investment and Innovation promoted Egyptian stakeholders of the innovation ecosystem to an international delegation of business and innovation support organisations, thus strengthening the Euro-Mediterranean community with creative and inspiring exchanges. The day after, THE NEXT SOCIETY partners gathered in TIEC premises to discuss the steps forward of the initiative during its 3 rd Annual Conference. 200 participants representing startups accelerators, business federations, investors and public agencies from Europe and the MENA region gathered in Cairo, Egypt, last week to take part in THE NEXT SOCIETY Matchmaking Forum for Investment and Innovation. This open forum brought together Egyptian entrepreneurs to present their solutions and opportunities to an international audience eager to discover the assets of the Egyptian ecosystem. 70 tailor-made BtoB meetings were scheduled prior to the event through a matchmaking platform and were organised during the day along with networking sessions and roundable discussions aiming at connecting participants interested in developing business in Egypt and the MENA region. As explained by Rasha Tantawi, Head of Business and Entrepreneurship at TIEC, the value of investments received in the top 5 MENA countries (United Arab Emirates, Egypt, Saudi Arabia, Jordan, Lebanon) increased by 1% in 2018, reaching a total amount of USD 673,519,071 which represents 255 investment deals, 16% less than the number of deals achieved in 2017. Indeed, while the number of investment deals decreased, the size of investments has grown. Venture and Growth Capital, Accelerators and Corportates lead the investment deals developed in the MENA region and particularly in the top 5 countries receiving most investment deals. That data clearly reflects the transformation of the entrepreneurship ecosystem in the MENA region from traditional business and investment ecosystem to start-up and innovative business development. Challenges in mobilising foreign investment for developing innovation ecosystems; innovative mechanisms to scale start-ups; public policies to be implemented to boost access to finance in the MENA countries; and novel strategies for financing innovators in the MENA region were some of the topics that animated the day’s discussions.   THE NEXT SOCIETY 3 rd Annual Meeting On June 20, 2019 the 3 rd Annual Meeting of the initiative was organised by TIEC on its premises. The event brought together all partner organisations of THE NEXT SOCIETY who presented the key achievements, challenges and successes of the consortia after two years of activities implemented in Egypt and in the MENA region through several presentations and parallel workshops. The Coordination Team of THE NEXT SOCIETY presented to the partners THE NEXT SOCIETY video which has been released on the occasion of the Egypt round of events to highlight the actions developed by the consortium so far. This meeting was also the perfect time to celebrate the growth of THE NEXT SOCIETY community. Indeed, after two years of activities, several organisations have joined THE NEXT SOCIETY as ecosystem partners or members of THE NEXT SOCIETY Club (click here to know more about them). Yomken.com (Egypt), Aix-Marseille University (France), Emerging Valley (France), Marseille Innovation (France), and Flow (Palestine), Factory 619 (Tunisia), Factory 319 (France), Zebox (France), P.Factory (France), Brenco (Algeria), Seedstars, Welcoming Diaspora (France) have recently integrated the ecosystem partners, making the community grow and spreading innovation culture all around the Mediterranean! In addition, thecamp and GM Consultant have joined forces with Bpifrance, the Region Sud – Provence Alpes Côte d’Azur and GreenFlex, founder members of THE NEXT SOCIETY Club which associate public and private organisations committed to create value in the region to take part in the innovation dynamics and trends between Europe, the Mediterranean and Africa! Furthermore, a partnership agreement was signed in Beirut , Lebanon, on 14 June 2019 among ANIMA Investment Network, Berytech, Marseille Innovation and the Région Sud under the patronage of Renaud Muselier, President of the Région Sud (France) to further develop collaboration between innovators in both countries. Click here to download a selection of photos. Click below to watch THE NEXT SOCIETY video! Press and communication contact Inmaculada Ruiz, ANIMA Investment Network –  inmaculada.ruiz@anima.coop About THE NEXT SOCIETY THE NEXT SOCIETY is an open community of change makers engaged in innovation and economic development. It gathers entrepreneurs, investors, corporates, NGOs, public and private innovation, research and economic development hubs from Europe and the Mediterranean countries. THE NEXT SOCIETY gathers already a large network of over 300 business & innovation, research and investment organisations, 2,500 international SMEs and entrepreneurs from 30 countries. THE NEXT SOCIETY is launching a four year action plan (2017-2020), co-funded by the EU up to 90% for a global amount of EUR 7.8 million budget. www.thenextsociety.co About Anima Investment Network ANIMA Investment Network is an international economic development network that aims to work to the promotion and development of the Mediterranean. The ANIMA network brings together 80 members from 18 countries of the Euro-Mediterranean area, including national and regional investment promotion and economic development agencies, business federations, innovation centres, international investors and research institutes. ANIMA’s objective is to contribute to the continued improvement of the business and investment climate, as well as encourage shared and sustainable economic development in the Mediterranean. The network provides expertise in economic development, organises training and sharing of experience, does valuable work on economic promotion, acts as a cooperation agency for its members and partners and supports companies in their development and impact on the region’s markets. www.anima.coop About ITIDA Egypt’s Information Technology Industry Development Agency (ITIDA) was founded in 2004 in a public-private partnership between the government and the private sector. ITIDA is the executive IT arm of the MCIT and plays a fundamental role as a one-stop-shop for foreign direct investors seeking to enhance their global offering, where it also extends a helping hand to business and provides the Egyptian IT industry with the right tools to increase IT/ ITES exports. ITIDA is aware of the importance of innovation and talent that is why ITIDA leaves no stone unturned to

  Every year since 2016, DanBAN has invested a triple digit million kr figure into start-ups and early stage businesses. – and the expectations for great returns are just as high as the investment level. At the Annual Business Angel meeting on June 26th, around 250 Danish and international business angels visited Odense Congress Center in Denmark. It was also the day where DanBAN revealed the numbers from the DanBAN Member Survey 2018, with a response rate of 100 percent.   The Danish Business Angels members survey shows that the private investors for the last three years have contributed with more than 70 million Euro Euro into early stage businesses. Concurrently with this Danish SMEs, according to the SME barometer, also have increased their revenue by just over 15.3%.   While the Danish angels have invested heavily in startups in the recent years, the number of so-called “exits” have dropped from 43 last year to only 11 this year. But even though the number of exits have dropped, the returns achieved have certainly not. Where Danish Business Angels in 2017 saw return multiples of their investment of factor three; in 2018 they almost doubled their returns to record a five times MoneyBackMultiple.   “It seems that many of the 500 of the DanBAN members portfolio companies are in growing healthily and thus the outlook is some really promising exits at a later stage. I believe that the decreasing number of exits is a sign of higher seller expectations regarding exit returns. This suggests that the expectations for profit is top notch – you only exit when you are offered a really good price by the buyer,” says Jesper Jarlbæk, president of DanBAN.   The survey also shows that the proportion of active angels with at least one investment in the past year has fallen slightly from 2017 to 2018. However, the number of active members is still above 60% and thus is still more than twice as high as the EU average. “In an international context, we have a very active investor network that is constantly growing. Like many other investor networks, we find that more and more angels are emerging in Denmark, which is clearly reflected in our record membership increase of 24% in 2018. Denmark has made its mark on the world map with several examples of startups that have achieved international recognition and success,” says Jesper Jarlbæk.   The “angels” not only invest money but also time, typically in small unlisted entrepreneurial companies or startups. Each member of the network has, on average, co-ownership in six portfolio companies. “The angels are especially important in the early stages of a startup journey. Not only do they contribute with capital, but also with strategic experience and a wide network of invaluable contacts. In the coming years, I also believe that we will see the angels drive a good part of the investments behind the green transition, where Denmark is a pioneer,” says Jesper Jarlbæk.

  8 events in 8 different European countries: CEE Unlimited, initiated by the Austrian Angel Investors Association, is more than an event series – it’s the first step towards a powerful ecosystem. With 3 events already organised in Bucharest, Sofia, and Zagreb, the initiative serves to connect angel investors, VC funds, corporate venture capital funds & the most promising startups in Central Eastern Europe, creating a true cross-border market and releasing the full potential of the CEE region. Each event consists of capacity building sessions and a pitch competition, with participation from a diverse pool of local startups.  EBAN got in touch with EBAN CEE Coordinator and AAIA Managing Director Lisa Fassl, who is heading up CEE Unlimited to learn more about the initiative:   – What is the CEE Unlimited project about? The aim of CEE Unlimited is twofold: Firstly, it’s about creating value for the people in the region by connecting angel investors, VC funds, corporate venture capital funds & the most promising startups – and therefore helping to boost local communities. The big vision: creating a true cross-border ecosystem – with stakeholders who know and trust each other and that will eventually start to invest across borders. Secondly, it’s also about raising awareness for CEE itself, as a promising but most of the time overlooked part of Europe with great talent and hungry founders. For 2019 we set up an event series consisting of eight countries (Austria, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania & Slovenia) in which we’ll host local events for investors and ecosystem stakeholders. Each event consists of a capacity building session related to the topic on how to be a successful investor and a pitch session featuring local startups. The winners of the local competitions are invited to join us for Investors Day 19 on November 14th in Vienna – where the overall winner will get 10,000€ cash, 50,000 € in media volume by IP Austria to be used for TV advertisement on the channels of the Media Group RTL, and a two-month stay in Vienna by the Vienna Business Agency.   – How will it help develop entrepreneurship and angel investing in the CEE? We need to be realistic: Establishing a cross-border ecosystem doesn’t work overnight. CEE Unlimited is a good start to kick-off something bigger and we’re currently setting the base: getting to know people, figuring out who to work with and creating trust among the players. Therefore, it’ll probably take some time until we’ll eventually see big outcomes. Nevertheless, we already see an impact on a smaller scale: – Angels already actively connecting and working with VCs: bridging these worlds was pretty important to us, as we are all aware of the issue of raising bigger funding rounds. This is also one of the reasons why we asked Speedinvest to join CEE Unlimited and to “translate” between different types of investors. – CEE startups entering the German-speaking market: We’ve seen that Austria can be a great bridge between CEE and Western Europe, as it’s a good test market for new products. Some of the first startups are already in touch with Austrian angels and government organisations that support their market entry. Seeing these small success stories is great and a good motivation to reach the next goal: The first cross-border deal coming out of CEE Unlimited.   – What is the most promising thing about the early stage ecosystem in the CEE region? It’s definitely the people. We see many creative, well-educated and extremely passionate founders that are creating products that solve real-world problems. Many of them already gained a lot of professional experience both in their home countries and abroad, their products are often in the science, health or fintech area. They really understand the need to think big and they take opportunities very seriously – which is why we have seen pitches that are way above average. In addition, we also see the potential on the investors’ side: Angel investing is becoming a thing and the awareness is definitely on the rise – which is why it’s essential to connect early with these future angels and to support them in the early days of their careers.   – How can EBAN members get involved in CEE Unlimited? Some EBAN members are already heavily involved in CEE Unlimited, as they are our main partners for the local events and therefore official co-hosts (big thanks!). Other than that, we’re happy to see many EBAN members at those events, because the vision of creating a true cross-border ecosystem can only become reality when being supported by as many people as possible. In addition, we also invite everyone to join us for the final showdown of CEE Unlimited: The Investors Day 2019 on November 14 in Vienna where we’ll discuss and hopefully shape the future of Europe – not only in terms of angel investing. More info: www.investorsday.at   Find out more about CEE Unlimited here.

     – Phorest named most successful business financed by early stage investors at the European Business Angels Network Congress  – Eight of the original HBAN investors achieved an average return of more than 10 times their original investment  – The company now employs 200 people in Ireland, the US, and Germany  – Accolade marks HBAN’s sixth EBAN award in seven years HBAN, the all-island organisation responsible for the promotion of business angel investment and a joint initiative between Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, has announced that its winning streak at the EBAN Annual Congress has continued. Phorest, the HBAN-backed salon software company, was named most successful business financed by early stage investors at this year’s event in Helsinki.   The award – presented in front of an audience of 530 investors, entrepreneurs, VCs, corporates and innovators from 35 countries – celebrates businesses that have grown into successful, international enterprises since receiving early-stage funding. It recognizes companies that have achieved a positive exit for investors and whose growth has been greatly impacted by their early-stage investment.   Alongside an equity investment from Enterprise Ireland, Phorest raised €700,000 from 12 HBAN angel investors in two funding rounds in 2011 and 2013. This paved the way for further success and in June last year, Phorest completed a third round of investment, receiving €20 million from US investment firm Susquehanna Growth Equity (SGE). As a result, eight of the original HBAN investors were bought out, each receiving an average return amounting to 10 times their initial investment.   The company’s software is now used in more than 5,600 salons in six countries. It has become the market leader for salon software in the UK and Ireland, while its market share in the US, Germany, and Australia is rapidly growing. To meet increasing worldwide demand for its technology, Phorest now employs 200 people in Dublin, Cologne, and Philadelphia. Phorest’s angel investment came from HBAN’s Bloom Equity and Boole Investments syndicates, with Pat Garvey of Bloom Equity, now chairman of Phorest, acting as lead angel.   The award is the sixth won by HBAN at the EBAN Congress in seven years. In 2013, the network was named EBAN Federation of the Year, followed by DecaWave’s accolade of most successful business financed by early-stage investors in 2014. HBAN partner, Cork BIC, was the best performing EBAN new member in 2015 and in 2017, HBAN scooped the best business angel week award. Last year, HBAN was named the most globally networked organisation at the awards ceremony.    Ronan Perceval, CEO and co-founder, Phorest, said: “We are delighted to win this award as it reflects how far we have come and the vital role business angel investment has played in our success. Our initial funding allowed us to develop the technology that is now the fabric of our business today. But not only that, taking on external funding also changed us as an organisation; we had people who were invested in our success and that drove us to implement the organisational structures we needed to succeed and scale. We wouldn’t be where we are today without our angel investors, in particular Pat Garvey, who has played such an important role in our growth that he is now our chairman.”    John Phelan, all-island director, HBAN, said: “It is fantastic to see Phorest and its investors get recognition with this award. The company’s success reflects the enormous impact angel investment can have on a business in those vital first years. The directors not only used the investment to improve Phorest’s services, but they also took advantage of the wealth of expertise and knowledge that was at their fingertips to become a better, internationally scalable business”. “It means a lot to us at HBAN to see the work we do with our investor members and investee companies recognised internationally. Angel investment is vital to our economy and we will continue to work hard to support the start-up community on the island of Ireland by helping businesses become the kind of companies that angels want to invest in, as well as introducing them to the people who can significantly impact their future.”

The Science and Technology Angels Network (STAN), initiated by the Foundation for Armenian Science and Technology (FAST), has signed their first investment contract with an Armenian startup Apaga, a platform that allows customers and retailers to monetize recycling. Apaga co-founders Mikhail Zamskoy and Cedric Solms commented that they had notable support from FAST when the startup went through the foundation’s incubation cycle in September 2018. “We are happy to be the first startup to raise funds from STAN investors. The angels want to join our initiative and support us financially, invest their time and experience in Apaga. We are very excited,” noted Cedric Solms. The invested funds will help Apaga add a mobile platform and new functions to their capacities to build a stronger green community. A part of the investment will be allocated to marketing: the startup plans to develop a culture of recycling in Armenia and educate people about the topic. According to co-chair of the STAN network, Ruben Harutyunyan, the angels assess how compliant and feasible the startup’s ideas are with members of the FAST team. “We also take into account the experience and enthusiasm of the team and look at how interesting their initiative is. The process takes several stages to complete. First, we study the general idea and capacities of the startups, and then we make a detailed examination. Apaga developed in the FAST incubator and went through the entire process to get investment. That takes time,” stressed Harutyunyan. FAST co-founder Artur Alaverdyan believes that Apaga has an innovative general idea and a unique business model. “It also solves a serious social issue. Apaga’s model can be monetized and if it’s successful, it can be applied anywhere,” he said. FAST Vice President of Innovation David Bequette mentioned that the preliminary work with Apaga, which preceded the investment, lasted for around 3 months. Bequette hopes that the process will be cut down to one month for the next investments. “We want to instill in Armenian companies a trend of investment in startups registered and operating in Armenia. We want companies that can solve global challenges, but are proud to call Armenia their home base.” STAN gathers 22 individual investors ready to invest in seed stage science- and technology-backed Armenian startups. Through its entrepreneurial projects and acceleration programs FAST has affected more than 200 startups and budding entrepreneurs to boost the creation of science- and technology-backed startups in Armenia.

The event, held on the 25th of April, was organized by Inspiralia Group and hosted by Wayra, Telefónica’s startup incubator. Start-ups need finance and customers. But are they willing to fight for it in a Boxing Ring? Inspiralia Group put twenty promising start-ups from twelve countries and different sectors to the test by organising a fierce pitching competition. Contestants were put under time pressure to pitch their business ideas in short battles to a world-class jury and a demanding public that voted for their favourites. The result was an engaging, fast-moving and intense event that crowned three winners, who will continue their fights at the world final in Berlin between 17th and 20th of June. There, contestants from 100 countries will get a chance to expose their businesses to create valuable relationships, focus on deal-making and get a shot at the available 10M€ venture fund that is awaiting the winners. The Winners of “Get in the Ring Madrid”   Swap Language is a platform created to break down language and cultural barriers everywhere in the world. It allows you to find a language partner for free. It is the best way to learn and practice a language with a native speaker face to face in your own area. NUMAFERM designed a process that uses E. Coli to efficiently produce tailormade peptides. This cost reduction opens the possibility to mass production of biopeptides for very diverse uses such as adhesives, functional coatings, biocides, cosmeceuticals, etc. Finoa is a High-speed, warm-storage Digital Asset Custody solution for institutional investors and HNWI. They offer a tamper-proof, secure infrastructure: Proven, high-security banking technology, state-of-the-art hardware security modules (HSMs) and a distinct governance framework to reduce operational risks. Why you should “Get in the Ring” with Inspiralia Group “This energetic way of pitching is challenging, fun and allows you to meet tons of new people”, says a Swap Language representative. “Get in the Ring” is a boutique event tailormade for start-ups with great business models and teams that want to meet experienced entrepreneurs and corporates, create commercial alliances and look for public and private funding all with the support of Inspiralia Group. “Being an entrepreneur and having started a business myself, I understand what company owners are going through and what their needs are in different stages of their journey. “Get in the Ring” allows us to create a platform where we can make a difference by helping them develop solutions that will make a positive impact on Society,” commented Alfredo Sánchez, Inspiralia Group CEO. If you like the format and would like to receive news about forthcoming “Get in the Ring” events in Vienna 2020, Madrid 2020 and the US, follow us on LinkedIn and sign up to our newsletter. Sign-up here.

StartupYard, the longest running tech startups accelerator in CEE, announced its 11th acceleration round. Startups can submit their applications until September 30. The new round will again focus on high-tech area. Startups will have another chance to succeed in a truly global competition. A group of up to 10 startups will receive an initial investment of 40,000 EUR each and intensive training from top industry mentors. So far StartupYard accelerated 72 companies from 16 countries. In total, its startups raised more than €30m.   StartupYard, Prague-based seed accelerator with the longest track record in the CEE, announced the opening of its new acceleration round. It will focus mainly on startups from the high-tech industry, working in Artificial Intelligence, CyberSecurity, Cryptography, Augmented and Virtual Reality, IoT and Robotics. Startups from the whole world can submit their applications until the end of September 2019. The 11th acceleration round will then start on November 18 th 2019 and will run for three months. In February 2020 it will be followed by an international industry conference DemoDay, where startups have the opportunity to meet potential investors and corporate partners. The aim is to select up to 10 top startups from the submitted applications. Selected founders into the program will receive an initial investment of 40,000 EUR each as well as intensive training from 157 top industry mentors, who come from various business areas (incl. finance, management consultancy, strategic management, HR, marketing, etc.). “Prague is becoming more and more attractive for tech startups. Founders from across the globe are attracted by a unique ecosystem we managed to create in the last 9 years – connecting startups, investors and corporations. We are facing a growing interest from international startups in our program, while it is encouraging to see that our alumni succeed in a strong global competition,” said Cedric Maloux, director of StartupYard. The previous 10th round was truly global and confirmed the growing interest from startups and investors. 154 startups from across the world applied, while 7 startups from 7 countries and 3 continents were selected to join the acceleration in Prague and gained the opportunity to present their strategies to 320 investors and industry experts in a successful Demo Day conference. “Our role as a seed accelerator is to invest in people and ideas whose time is yet to come,” said Cedric Maloux, who marks his 6th year as head of the accelerator. “Our role is not only to identify startups with high potential, their development, and connection with investors, we also aim to build long-term relationships between corporations and startups. Connection of those two worlds bring mutual advantages. Corporations bring experience and capital, while startups can offer fresh thinking and speed”. 2019 is so far already another successful year for startups from StartupYard´s program, marking several significant investments and acquisitions. Rockaway Capital invested in Gjirafa (e-commerce platform and the fastest growing technology company in the Balkan region), as well as in BudgetBakers (fast growing personal finance application with a global reach). Steel Mountain (cyber security company from the UK) was acquired by Avast and Czech startup Brand Embassy, offering customer support on social media, was acquired by the Israeli public company NICE. StartupYard also started this year with two significant awards: Czech AI startup Rossum was voted “Startup of the Year” at the Czech AI Awards and WaymarkTech, UK-based company offering AI for regulatory compliance, was named one of the “Most influential FinTechs 2019” by a judging panel of experts in London. About StartupYard Established in 2011, StartupYard it is the oldest private accelerator in the CEE region. So far StartupYard has invested in an accelerated 10 cohorts of 72 startups. Its aim is to help startups grow and gain further investment while connecting them with partners and mentors to help them launch on the global stage. 2 In total, its startups raised more than €30m. 7 companies have been acquired. StartupYard is backed by Credo Ventures, Rockaway Capital, and a group of angel investors including Michal Illich, Josef Matejka, Michal Kratochvil, and Philip Staehelin.

On 3-4 June, more than 530 investors, entrepreneurs, VCs, corporates and innovators gathered in Helsinki to experience 2 days filled with networking, inspiring keynotes, productive workshops and insightful panel discussions at the 20th edition of the EBAN Annual Congress. EBAN Helsinki focused on creating a #ProfitableNetworking environment for all of its attendees, while also discussing all things angel investing and weighing in on innovation ecosystem trends. On top of the content-rich agenda, the Congress underlined the importance of matchmaking between investors, especially on a cross-border level, and the crucial role such connections serve in developing the angel investing and entrepreneurial ecosystem. EBAN would like to thank our co-organisers for the Congress – FiBAN, Arctic15, and the European Investment Project Portal – as well as our sponsors and partners: KAAPELI, KPMG, Business Finland, NewCo Helsinki, Clarion Hotel, BusinessOulu, Springvest, Grannenfelt Finance, Privanet, ABAN, SpaceUp, EBAN Space, Terkko Health Hub, InnoEnergy, ESA, MBAN, Iris Capital, ELITE, Gust, We+ Kaapeli, ICEX – Invest in Spain, Aalto University, Business Jyväskylä, Nordic Business Angel Network, and  TAIGA COLORS, whose contributions were invaluable in making the event a resounding success.   In addition, we would like to thank the 98 speakers and mentors who shared their expertise and insights at the Congress, with special thanks to our world-class keynote speakers: Zach Coelius, Managing partner at Coelius Capital, Adam Kostyal, Senior Vice President at NASDAQ, Lars Fløe Nielsen, Co-founder at Nordic Makers, Filipa Ramalho, Policy Officer for the European Investment Project Portal, Pia Santavirta, Managing Director at FVCA, Risto Siilasmaa, Chairman of Nokia, Peter Vesterbacka, former Executive at Rovio, Adeo Ressi, Founder and CEO of The Founder Institute, and Rudy Aernoudt, Senior Economist at the European Commission. Want to recap what was discussed? You can request the keynote presentations from the FiBAN office. Please note that not all speakers have agreed to share their presentation slides, nor shared them with the organizers. As part of the Helsinki Congress, EBAN held its annual Gala Awards Ceremony on 3 June to celebrate individuals and organisations that have made a successful and significant contribution to the early stage investment market. We would like to wholeheartedly congratulate the EBAN Helsinki 2019 Gala Awards winners:  – Best European Early Stage Investor: – Ian Sosso, Founder and Managing Partner at Monte Carlo Capital.  – Best Performing EBAN Member: Swiss ICT Investor Club (SICTIC).  – Best Performing New EBAN Member: Lithuanian Business Angel Network (LitBAN).  – Best Individual/Organisation Globally Engaging the Early Stage Investment and Entrepreneurial Ecosystem – Nordic Angel Program (NAP) run by DanBAN, EstBAN, FiBAN, BAN Norway, NordicBAN, Civitta, and StartupIncluder.  – Successful Business Financed by Early Stage Investors: Phorest, with investment from the Halo Business Angel Network (HBAN). EBAN would like to thank all Congress attendees for joining us at the event and we hope to see everyone at our next event – the 2019 EBAN Winter University, taking place in Brussels, Belgium on November 25th-26th.

      Innovation Showcase featured KLEOS Global (LU-Space Situation Awareness), HIBER (NL-IoT), Sofant Technologies (UK- SatCom and 5 G RF MEMS),  OroraTech (DE-On-Board Cube Sat Processing for InfraRed Big Data Collection),  Infinite Orbits (UK/LU – Docking and Autonomous Control forGEO Satellite Life Extension) and Zubax Robotics (EE – Electric Propulsion) 13 May 2019. Cannes.  EBAN Space, Europe’s largest gathering of private angel and early-stage investors in space and space-tech, the European Space Agency Business Incubation Centres (ESA BICs) and Thales Alenia Space, joint venture between Thales 67% and Leonardo 33%, recently animated the “Innovation Showcase” in Cannes. This event hosted 6 innovative New Space companies.  As such, it brought together an entire eco-system of entrepreneurs, incubators and accelerators, private investors and corporations for a unique and richly productive snapshot of not only what individual entrepreneurial companies are doing, but a picture of the totally new paradigm emerging for space and space-related industries and services in the world as well. “The fact that the companies presented had been not only through world class incubators and accelerators as the ESA BICs and Seraphim Space Camp, but had also been invested in by members of the EBAN Space Community, thus showing market traction with real clients, revenues, and a potential for return on investment was reflected in the maturity of the individual companies and was a huge validation for us, making it a very worthwhile event”, commented Robert Carpentier, North America & Europe Operators Marketing & Sales VP for Thales Alenia Space.  “The start-ups were truly very high quality,” said Vincent Clot, Thales Alenia Space Open and Business Innovation Leader.  “We see potential at different levels with all of them and will investigate opportunities to collaborate with them in a pure Open Innovation spirit.” All of the 6 entrepreneurial companies noted that “the direct and in-depth conversations with Thales Alenia Space senior-level technical and business executives gave us real insight into what large corporations are specifically looking for in their potential cooperation with New Space entrepreneurs and how this can concretely translate into a win-win situation”.  The “space entrepreneurs” also commented on the “valuable exchanges with the other New Space companies within the Innovation Showcase, where they identified and discovered possible synergies among themselves”. “ESA is extremely proud that the quality and growth potential of the companies that we have identified and supported with grant money and in-kind contribution is being recognised not only by the EBAN Space Business Angels and Early Stage funds who have invested in our ESA BICs portfolio companies but also by one of the world’s leading space industry companies,” said Frank Salzgeber, head of the Innovation and Ventures Office of ESA. “The private investor members of EBAN Space, be they Angel Groups such as UK Space Tech Angels, Luxembourg Space-Tech Angels, EstBAN (EE), DNA Cascais (PT), Cobin Angels (PL),  Aerospace Valley (FR), Sophia Business Angels (FR), Angelus Funding (USA); be they Early Stage Venture Capitalists such as Seraphim Space Capital, SpaceTec Capital, Triangle Ventures— who have come together to invest in the new emerging space sector are pleased to see their portfolio companies inciting interest at the corporate level,” commented Anthony Clarke, EBAN Space Chair.  “The Thales Alenia Space/EBAN Space/ESA-BICs Innovation Showcase shows that real benefit can be drawn from providing an information exchange platform at an early stage which may then lead to transformational deals for all stakeholders”.   The names and the contact details of the 6 companies chosen to present at this first Innovation Showcase are: Hiber – The low Power Global Area Network. Revolutionising IoT Connectivity (NL) https://hiber.global Coen Janssen, Co-founder   Infinite Orbits – Develops and operates life extension and BIU platforms with a new space approach to extend the operational lifetime of in-orbit GEO telecommunication satellites and deliver optimized satellite fleet management solutions (UK) https://www.infiniteorbits.io Tamas Sarvary, CEO   Kleos Global – GEOINT DaaS that when deployed in conjunction with mapping or other imagery within data fusion platforms provides an innovative method of identifying activity of interest to the customer (LU) https://kleos.space Andy Bowyer, CEO   OroraTech – Global real-time infrared satellite data (DE) https://ororatech.com Bjorn Stoffers, Co-founder – Managing Director Thomas Grübler, Co-founder – Managing Director   Sofant Technologies – Highly patented, low cost RF MEMS technology which dramatically reduces the power consumption of SatCom and 5G antenna systems (UK) http://www.sofant.com David Wither, CEO   Zubax Robotics – Researches, designs, and manufactures electric propulsion systems for aerospace and other applications (EE) https://zubax.com Pavel Kirienko, CEO/CTO   About Thales Alenia Space: Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources, and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of about 2.5 billion euros in 2018 and has around 8,000 employees in nine countries. www.thalesaleniaspace.com About EBAN Space:  EBAN Space is the Community of Business Angels and Early Stage Investors of EBAN, the European Business Angel Network (EBAN) dedicated to promoting and investing in space and space-related ventures. http://www.ebanspace.org About ESA BICs: The ESA Innovation and Ventures Office (Formerly, ESA Technology Transfer and Business Incubation Office) initiated its ESA Business Incubation Centres (ESA BICs) in 2000, and held the 1st selection committee on July 3rd 2003, to inspire and work with entrepreneurs to turn space-connected business ideas into commercial start-ups companies. This has proven to be a very successful initiative. Since July 2003, over 700 start-ups have been fostered throughout Europe with thousands of new high tech jobs created thanks to the applications of space systems, the valorization of ESA

  29/04/2019 On 23 and 24 April 2019 in Tunis, EBAN – the European Business Angel Network and APII, the Tunisian Agency for the Promotion of Industry and Innovation, with the support of ANIMA Investment Network, B@Labs and CONECT, organised the 2nd Innovators Academy of the THE NEXT SOCIETY initiative. This event launched the acceleration programme for the 2nd promotion of Start-up Booster Track entrepreneurs and the 1st Tunisian promotion of researcher-entrepreneurs accompanied by the Tech Transfer Booster Track. Building on the success of the 1st edition of the Innovators Academy held in Milan in May 2018 The 2nd promotion of entrepreneurs supported by THE NEXT SOCIETY Acceleration Program for Start-ups, the Start-up Booster Track, met in Tunis during the 2nd edition of the Innovators Academy. The first edition was held in Milan in 2018. 21 entrepreneurs representing 18 start-ups from 7 countries in the Middle East and North Africa region took part in the two-day event during which they had the opportunity to work on their business plan and pitch, improve their intellectual property strategy in the presence of investors, business angels and financing experts during the rapid mentoring and coaching sessions in small groups. They also had the opportunity to connect with other selected entrepreneurs, researchers and expert mentors from the region to accelerate their project as part of the Start-up Booster Track. “I am extremely satisfied with what is happening in the Tunisian innovation ecosystem. This started a few years ago and is now experiencing a real dynamic: there is an ecosystem, a legislative framework and the actors are working together. This event is a good example of working together, which is the best way to innovate and create value. We are a partner of THE NEXT SOCIETY and we believe in it,” said Noomane Fehri, former Minister of Technology and Digital Economy of Tunisia and co-founder of B@Labs, during his participation at the Innovators Academy. Results of the Pitching competition and the jury: The jury for the pitching competition was composed of the coaches who gave workshops and/or participated in speed coaching: – Jean-Louis Brelet – President Emeritus | Sophia Business Angels – Raffaele Buompane – Senior Adviser and Project Manager | EBN – Marcel Dridje – President | Sophia Business Angels – Nathalie Dumas – Founder and CEO | Flyingrhino.fr – Audra Shallal – Board Member | Nordic Female Business Angel Network – Laetitia Biciacci – Provence Promotion – Hichem Radoine – Factory 319 – Godefroy Flament-Morgand – Thales Group At the end of the competition, after careful deliberation, the jury awarded the following prizes: – Best project – HawKar – Best Presentation – City Locker – Most Investment Ready Company – Rapid Expense – Special Jury Prize “Coup de Cœur”: Fabricaid Click here to access the booklet made for the event with the event programme, the bios of all coaches and the profiles of participating start-ups and researchers.

  The 2019 GBAN Annual Meeting in Manama, Bahrain featured angels with cross border investment expertise who led interactive workshops in conjunction with the Global Entrepreneurship Congress. Launched in 2015, GBAN is a network of more than 80 angel investor networks active in more than 60 countries on five continents.  As part of the Global Entrepreneurship Network, GBAN members have the opportunity to interface with entrepreneurs, policymakers, and leading entrepreneurial support organizations. In addition to cross border investment, members heard expert presentations on innovative public policy practices proven to increase early stage investments, how women investors are changing the angel field, and other new areas of angel investing, including in the space sector through GEN Space. Expert members presenting included: – Padmaja Ruparel, GBAN Co-Chair, Indian Angel Network – Tomi Davies, GBAN Co-Chair, African Business Angels Network – Baybars Altuntas, GBAN Co-Chair, European Business Angel Network – Peter Adams, Angel Capital Association, United States – Nawaf Alkooheji, CEO, Tenmou, Bahraini Business Angels Company – Paulo Andrez, EBAN President Emeritus, Portugal – Phil Auerswald, GEN eXponential – Sandi Gilbert, National Angel Capital Organisation, Canada – Arvind Gupta, CEO MyGov, Ministry of Electronics &IT (MeitY), India – Rebeca Hwang, Managing Partner, Rivet Ventures, United States – Stephan Reckie, Angel Investor & Executive Director, GEN Space – Raman Roy, Co-founder, IAN Indian Angel Network Also present at the GBAN Annual Meeting was Albert Colomer, EBAN Board Member, Director of Business Angels Network Catalunya and representative for GEN Spain. EBAN Vice President Baybars Altuntas commented:”It is rewarding to see that GBAN members and policy makers joining the annual meeting in Bahrain from around the world that understand the importance of angel investment for boosting their economies. We all agreed with and supported angels’ position in terms of converting public money to ‘smart money’, that is, cash that is invested by parties who are experienced, well-informed, and well connected. Many governments, particularly in Europe, offer generous tax incentives for angel investors. The UK and Turkey have already passed angel investment legislation to support such a system. On the other hand, a number of Middle Eastern countries like Bahrain, have discovered the angel investment system and are keen to pursue it because, among other key reasons, It is 100% compatible with Islamic investment principles. In fact, the Islamic Development Bank included angel investment on the list of recommendations proposed for consideration at its annual conference in Jakarta, in May 2016. I believe that by working together across borders, with a common vision, and with these smart dynamics in mind, we are well placed to bring about positive change in the global economy.” The 2019 GBAN Annual Meeting was a singular opportunity for members to share and learn about the latest achievements of the angel networks, and to make enduring international connections and develop new collaborative partnerships. About GBAN GBAN is an inclusive global community of early-stage investor networks seeking to increase access to early stage capital by developing angel investor capacity in entrepreneurship ecosystems.  Directed by leading angel investor networks from around the world, GBAN mentors new national investor networks, provides training and support to improve investor capacity, amplifies the angel “voice” to policy dialogue, and advances initiatives aimed at removing barriers to investors and facilitating cross-border investing. GBAN works to increase the number of angel investors worldwide and expand geographic investment arenas beyond local markets.

Ian Sosso, EBAN Board Member and Founder and Managing Partner at Monte Carlo Capital (MCC), shares his insights on the challenges universities face in promoting tech transfer, his process for investing in the “valley of death”, and the risks business angels face. Difficulties in turning intellectual property developed by universities into commercial application is one of the greatest bottlenecks to the creation of world changing businesses, and ultimately growth and prosperity. It is critical that we all work towards facilitating the transfer of technology. MCC is a group of high net worth individuals and family offices who are based in several European and Asian countries and invest in Europe and the US. MCC targets two types of businesses: 1. Deep tech businesses, typically backed by leading scientists, based on technology solving big problems. MCC invests in anything from medical devices to artificial intelligence, robotics, big data and internet of things. 2. MCC seeks highly disruptive businesses that are smarter/better/cheaper than anyone else, this could also be in any traditional tech industry (e.g. fin tech, e-commerce, etc). Find out more by reading the full report:    

  On April 3rd, EBAN, in collaboration with Seedstars and ABAN, organised a Business Angel Workshop on investing in emerging markets together with the Seedstars Investors Forum and the Seedstars Summit in Lausanne, Switzerland. The workshop featured 3 expert speakers with direct experience investing in Africa, Latin America, and Asia sharing their lessons learned with an audience of already active business angels interested in exploring emerging market opportunities. The speakers also presented case studies from their own investments: Khaled Ismail, Managing Partner at HIMangel and Board Member of ABAN with a portfolio of startups based throughout the entire African continent, spoke about the geopolitical and macroeconomic environment in Africa, his decision-making process and criteria, how he deals with entrepreneurs and more. Kim Neel Wyon, Senior Partner at Optiteam, presented his experience investing in India, giving examples of social businesses based there and discussed how angels can understand their own risk profile. Last but not least, Martin Johnson, Board Member of Sophia Business Angels, spoke about his experience investing in Carcool, a car-sharing platform based in Peru and the challenges and opportunities for a European investor investing in a Latin American company. The workshop in Lausanne was the first in a series of collaborations between EBAN and Seedstars, with more editions planned across Africa, Latin America and Asia in the coming months. The goal of the collaboration is to provide local investors with all of the knowledge needed to make early stage investments professionally, equipping them with template documents and other necessary tools in order to bridge the gap between the early stage markets in Europe and other continents mentioned above. By organising business angel workshops led by experienced coaches in different emerging markets, EBAN and Seedstars hope to promote angel investing and develop local angel ecosystems across the world, as well as help enable European investors to co-invest with local business angels. EBAN would like to thank Seedstars and ABAN as well as all workshop guest speakers and attendees for working to create a great session.

The article was republished with permission from The Invested Investor. —— From experience, even on a successful exit, founders find it tough – not just the stress of the process but what to do afterwards – having a boss for the first time in years or leaving immediately or soon into unemployment (albeit with some cash).  However, this blog is about when a company shuts due to failure.  Let’s start with some objective analysis, before addressing the emotional aspects of a closure. Of my 81 start-up journeys (14 where I have been sole founder or co-founder and 67 as an investor), 26 have closed for one reason or another, 5 of which gave a positive return to funders. Shut by founders: 16, of which 7 had external equity investors, of which 5 gave positive returns Shut by funders: 8 Shut by bank: 2 Shut by funders: Those closed by funders are generally a much bigger proportion than the circa 30% in my stats so far.  When external investors are involved studies show the proportion to be over 75%. This occurs when the company has not reached break-even and thus is relying on external equity to survive.  If the investors have lost faith in the founders and the founders cannot find new investors then the company must shrink down to break-even, or close.  Hopefully solvently with no money owed to trade creditors, such as employees and the taxman. Shut by founders: Closed down with no return to shareholders – 11 of the sample above.  The reason is usually that the market has not developed as expected or one or more of the founders has decided they do not want to continue. This could be for personal reasons (e.g. moving to a new country/continent, retiring) or the opportunity cost has become too high (i.e. the company has plateaued or is shrinking). Shut by the bank: In the last decade, early-stage companies have rarely been able to access debt from banks.  My two companies that have been closed by the bank were founded in the 1980s, when banks had a different philosophy to lending.  Venture debt is sometimes available for later stage start-ups – this is from specialist suppliers, where the interest rate is high to reflect the risk, and the debt provider usually has an equity-warranty based bonus on successful exit. Money lost by creditors: 5 In my book, I describe how a failing company should try and avoid trade creditors losing money as this is bad practice and will affect the founders’ ability to raise funding for a new venture.  Note that the shareholders will almost always lose their investment.  Five of the failures were insolvent and hence 21 closed, or were sold, with no loss to trade creditors. Now let’s look at the very different outcomes for investors and the entrepreneurs. For the funders who ideally will have a portfolio of investments, my view is that once payment is made the money should be considered lost and any return is positive, even if a fraction of the original investment.  Of course, if one can help the company one should – with advice and more money.  I have written before about not regretting the investment – an investor should learn from the loss and move on.  Of course, the UK’s generous tax reliefs do ameliorate the situation. For the founders the situation is completely different.  Their dream has been smashed, they may feel they have wasted several years of their life (although they will have a learnt a lot), they have probably lost money – a lower salary for several years, maybe losing some directors’ loans, maybe they haven’t been paid for a few weeks or months. They will have suffered serious stress, they may have had to make employees redundant and certainly will have to do at the end.  They will be questioning their abilities and self-confidence.  I went through that in 1990, reducing Camdata from nearly 30 staff to 8, then zero.  I hadn’t paid myself for 12 months. And that was in the days of a 15% base rate, meaning the company debt and our personal mortgage were a multiple of those in the last decade.  Hence, I have strong empathy with founders who either close or watch their company being closed. So, what can we conclude from this? As described in an early newsletter, the life of an entrepreneur is tough and the chances of a successful exit are not high, but I hope that the life-long lessons and experiences from the journey provide sufficient compensation.  Do try again if you fail.  But also bear in mind, the opportunity cost of struggling on – there is often light at the end of the tunnel but, to use a cliché, that may be an oncoming train. Yours, Peter Cowley   Listen to the Invested Investor Podcast:

This article was originally published by the Sophia Business Angels FIRST CLASS INTERNATIONAL INVESTORS, COACHES AND ENTREPRENEURS ILLUMINATE THE SBA INTERNATIONAL VENTURE ACADEMY WITH ARTIFICIAL INTELLIGENCE, ART, TECHNOLOGY, AND VAST EXPERIENCE On Friday 12th of April 2019, the Sophia Business Angels (SBA) presented its Spring International Venture Academy at the Skema Business School in Sophia Antipolis on the Côte d’Azur, France. This event was sponsored and supported by Team Côte d’Azur, the RETIC Interreg project and Skema Ventures. This coaching day gathered more than 55 participants from all over the world, including 10 startups; some looking to become investment ready and some looking to start scaling their projects on an international level. Please see the list of startups below. The 33 coaches and judges were serial entrepreneurs and investors from 15 countries spanning Europe, Middle East, Africa, Asia and The Americas. Their sole purpose was to help startups improve their Investor Pitches and bring their projects to a state of “Investment Ready”.  Some entrepreneur and investor discussions started on the day, at the event. The SBA was honoured to have three exceptional Keynote Speakers share their vast experience and knowledge: – Charles Sidman (Founding member of the American Angel Capital Association and Managing Partner of ECS Capital Partners, LLC, an innovative early-stage venture fund based in Bar Harbor, Maine, USA) gave an inspirational speech on “Producing Happy Marriages between Entrepreneurs and Investors” – Jesper Jarlbæk (Chair of DanBAN, Danish Business Angels, Vice Chair DVCA, the Danish Venture Capital Association and Board Member and Treasurer of EBAN) shared his lifetime experience and provided useful tips on “Building a Portfolio from the Business Angel perspective” – Helen Wang (CEO of BGTA, a London-based and corporate backed accelerator and incubator focused on UK, Europe and China; founder CEO of Cambridge Innovation Academy) spoke on “Opportunities in China: Go To China Venture Camp” Startups made a first presentation in the morning while the audience gave constructive comments, then during lunch time coaches and startups gathered in small groups to improve the presentations both in content and form. In the afternoon, each startup made an updated and improved presentation while the audience assessed them in terms of presentation quality, vision, market positioning, financial projections, business planning, investment approach and strength of the team.   The event allowed for ample networking time with a pre-event cocktail on Thursday evening at the home of SBA and EBAN President Emeritus, Candace Johnson, overlooking the Mediterranean and Cannes. The day after the event, a farewell brunch was given, overlooking Saint-Paul-de-Vence and Nice, where Marco Landi, former COO and President of Apple Computer, shared details of the Artificial Intelligence projects he is supporting in Sophia Antipolis, Montreal and China. His wife, Diana Landi, spoke about the combination of Art and Technology with entrepreneurship. Four awards recognized the best companies in the following categories:  – The Most Investable company: Tousfacteurs  – The Best Presentation: OmniUp and Halbestundeueben (joint winners)  – The Mike Rogosin Prize for the Best Team: YouClap  – The Best improved presentation: Football Hall Of Fame Youssef Tagemouati from Tousfacteurs, winner of the Most Investable company award commented: “The Venture Academy allowed me to test my pitch before experienced and caring investors and entrepreneurs to make it more impactful. Having won the first prize of the Most Investable Company confirms me in my timing of fundraising. We are ready to scale up!”. Marcel Dridje, President of SBA, concluded the day stating: “each participant in the International Venture Academy is a winner because all entrepreneurs benefit from coaching and exposure to serial Entrepreneurs and Business Angels and the latter get a chance to look at qualified deal-flow.” The SBA presents the International Venture Academy twice a year in April and October. If you’d like more information or would like to join us as an entrepreneur, investor or coach at the Autumn 2019 event, please contact: Géraldine Quetin, Business Manager, at: businessmanager@sophiabusinessangels.com   List of the 10 startups selected to pitch their project: DigiKare, from Toulouse, France: real life data to leverage healthcare system and enter the value-based care area, https://digikare.com ElectroSmart, from Sophia Antipolis, France: personal exposure diagnosis for electromagnetic waves. Consumer app to bring transparency, education & recommendation, https://es.inria.fr/ Football Hall of Fame, from Windsor, UK: creating an history for football Halbestundeueben, from Siedenbüssow, Germany: Based on AI, an app for music students that makes it possible to practice every imaginable piece of music. M-Pearl, from Antibes, France: the 1st website, 100% anonymized, to connect Candidates and Recruiters effectively using semantics instead of key words, www.m-pearl.com. Neokaz, from North Hollywood, USA: geolocated mobile web and mobile service for high performance classifieds with or without video Omniup, from Rabat, Morocco: a monetization layer to interact with Wi-Fi hotspot users via targeted & geolocated ad-videos, www.omniup.com Spacemedex, from France: developing public health on Earth through space medicine concepts and space tech transfer, http://spacemedex.com/ Tousfacteurs, from Paris, France: a B2B, last-mile logistics and delivery platform that enables carriers and stores to organize scheduled, optimized and green deliveries for their customers, https://www.tousfacteurs.com/ Youclap, from ílhavo Portugal: a mobile app to challenge and be challenged by friends, brands and other fascinating people. www.youclap.tech

There are almost 350,000 angel investors in Europe, yet only a few hundred in Poland. That is why, EBAN member COBIN Angels, a Polish networking organization decided to once again award the best business angels in Poland with the “Business Angel of the Year” prize. The Award Ceremony will take place on the 28th of May, at the Gala preceding the “Investment and Finance Forum”. Applications are open till May 6th. The Business Angel of the Year Award was added as a category in 2018 to specifically highlight business angels and investors who significantly increased the potential of a portfolio company from Poland. “We are looking for role models. We want to encourage angels and potential angel investors to give their best to companies they support. ” – says Robert Ługowski, Managing Partner at COBIN Angels.  The goal has been to reward investors who support startups not only with capital but also with their business knowledge, experience, and network of contacts. Startups that are successful thanks to the involvement of private investors are invited to submit their Business Angels in the competition. The jury includes a variety of experienced managers and entrepreneurs. About Cobin Angels Cobin Angels is a network of private investors, investing their own money in innovative projects in their early stages of development. It was set up in 2015 in Warsaw. The investors in COBIN network are managers: CEOs, funders and top managers of Polish and international firms.  About Executive Club Executive Club is a networking organization gathering together the representatives of top management from the most important Polish and international companies. Since 2005, the Club has assembled well-established business leaders, whose activities set the direction of development of the Polish economy. The club organizes quarterly meetings and conferences for its members, to enable them to exchange ideas and make new business contacts.

PRESS RELEASE – 12th April 9 Successful Exits Have Returned More Than €19m In Cash To The Investors In The GoBeyond Community GoBeyond has published The 2019 GoBeyond Investor Report: “Angel Investing Strategies and Portfolio Returns”. The Report is based on data from 2008 to 2018 covering investments made by 800+ investors who invest through the GoBeyond platform. Key Facts and Figures: The GoBeyond investor community includes 884 early stage investors that come from 45 countries and represent 48 nationalities. The GoBeyond community invested €24.1m (CHF27.3m) through 247 investment rounds in 98 companies from 17 countries. 88% of investors who have invested at least once have breakeven or positive returns.   Christopher Rolfe, CEO GoBeyond, comments: “it is a special occasion for the GoBeyond community when we publish our annual report. Behind this unique report and data set are hours of work done by dedicated people in our community: angel investors, deal leaders, employees and advisors. To provide this type of insight is invaluable and we believe it sets our company apart in the emerging asset class that is early stage investing.” The Report also includes the results of a research collaboration between the University of St. Gallen and GoBeyond. The researchers from St.Gallen analyzed predictive algorithms using Twitter data and a large dataset of companies (including GoBeyond portfolio startups) to build a model to predict new venture survival. Although the research is still in its early stages, initial results suggest that the model can correctly discriminate failed ventures from surviving ventures in up to 77% of cases. The GoBeyond Approach: Sector and geographically diverse community of business angels Curated deals sourced from dedicated Deal Leaders with strong ecosystem relationships Emphasis on learning & returns-focussed approach Cross-border deals at various stages of investment Seamless syndication for small & large investments through an optimized technology platform     About GoBeyond Since 2008 GoBeyond has curated connections between like-minded investors and highly-vetted entrepreneurs at the forefront of innovation with the talent, drive and determination to succeed. The GoBeyond team strives to provide both novice and experienced investors with constructive support by sharing valuable resources, facts, figures, portfolio tools, insights and expertise. It is the angel company by investors for investors.

This article was originally published by Crecer+ “The investment culture has improved; there is greater sensitivity, but there is still a long way to go”, says Nagore Ardanza, manager of the Crecer+ platform which, since Orkestra – The Basque Institute of Competitiveness created it in 2010, has evolved and adapted its network model to become an instrument that covers all the funding of the entrepreneurial environment in the Basque Country. In these nine years, entrepreneurship has become more professional and has also found its way into the universities, where there are now specific programmes leading to a younger profile of entrepreneurs. “The investor’s profile has not changed that much”,  says Nagore Ardanza, although she recognises that there is also greater professionalisation in this area. Thus, the manager of Crecer+, gives us more details about the changes that have occurred and are taking place in the Basque entrepreneurial ecosystem. How has entrepreneurship changed since Crecer+ was launched? The type of projects may not have changed much, but it is in their professionalisation that an evolution has been more evident. Entrepreneurs know more about financing, about how to build financing rounds; they know more about the actors involved in the ecosystem; it is an environment that has matured during this time. And from the point of view of investment, has there been an evolution? Yes, more and more professional investor structures are being created. Public institutions are making a great effort to attract investment in entrepreneurship and in the professionalisation of entrepreneurs; on the other hand, the creation of professional investment funds has given rise to the professionalisation of investors. The fact that public institutions are attracting international accelerators also helps the ecosystem to become more professional. But there is a long way to go in terms of building a financial sector for startup financing and attracting startups from other places to the Basque Country. How do you experience this evolution in Crecer+? The professionalisation of investment has made some of our investors opt for other forms of investment in entrepreneurship that is more suited to their needs; business  angels  have limited assets for this purpose, so they invest in one, two or three operations and remain on standby until they see what happens with their investments and this leads us to be constantly looking for new investors for the network. This situation has led to an evolution in Crecer+ which, apart from being an investment network, has currently become an instrument that covers all the entrepreneurial funding environment. An instrument that covers the funding environment, how is this achieved? For four years now we have seen an increasing emergence of accelerators, other funds, and new resources startups could turn to. In this regard, what we have done is become a meeting point, where to go so that startup funding can be developed in the Crecer+ environment. Therefore, we have formed alliances with this entire network and created a window of opportunity for entrepreneurial investment projects. Likewise, we have been generating awareness among people about the fact that entrepreneurship exists and that investing in it is a good thing to generate economic activity and territorial development. What results have we obtained? The truth is that the alliances we are forging are very positive and strategic. As a matter of fact, the last Crecer+ forum was organised in collaboration with CEBEK for the third consecutive year. This is a space that is already being consolidated and where CEBEK actively participates in the search for new profiles that may have an investing spirit among its members. The next forum we will be held in June or July and will be done in collaboration with the Mondragón Corporation; this is a meeting we are holding again, which shows that there is some concern on the part of large corporations to be with startups and to know them. We are aware that the entrepreneurial ecosystem is growing and is bearing fruit, both from the point of view of entrepreneurs and that of investors and companies that may begin to be interested in seeing innovation from another standpoint, not from its internal R&D, but as part of open innovation policies; startups support companies in developing their ambidexterity by encouraging them to explore outside the core of their business.  

  BiD Network hosted a group of impact investors from the Netherlands and Belgium for a week-long Impact Investment Trip in March, in Rwanda and Uganda. During the trip, investors interacted with 15 investment ready small and medium-sized enterprises (SMEs) working across various sectors; Food and Agriculture, Fintech, Transport, Water and Environment. The investors expressed their concrete interest in 11 SMEs. Learning about cross border investing gave our investors key insights This year’s BiD Network trip was particularly eventful because investors got to learn more about cross-border investing. Throughout the 5-day visit, investors spent time with selected SMEs and entrepreneurs, all of whom had a strong entrepreneurial team, proven business model and the potential to scale. Accompanying investors on these site visits were experienced deal makers from BiD Network, who highlighted key aspects of the businesses and the value addition to their customers and communities. BiD Network leveraging key partners in Rwanda for economic prosperity The Rwandan leg of the trip included a deal-making event hosted by Nguriza Nshore, BiD Network’s key partner in Rwanda, where top SMEs pitched their businesses to investors and other stakeholders in the finance sector. The Impact Investment Trip ended on a high note with a fun Networking and Cocktail event that saw investors engage with the Ugandan entrepreneurs in BiD Network’s portfolio. Closing the financial Gap for East African entrepreneurs One of the greatest outcomes of this BiD Network’s trip was the signing of a letter of intent between BiD Network and Close the Gap, an international social enterprise that aims to bridge the digital divide by offering high-quality, pre-owned computers donated by large and medium-sized corporations or public organisations to educational, medical, entrepreneurial and social projects in developing and emerging markets. Close the Gap has now extended their activities by supporting entrepreneurship and innovation in East Africa through initiatives such as Worldloop, Leap² programme and the Digital for Development platform. BiD Network and Close the Gap have expressed interest in collaborating more closely on trying to ‘close the financial gap’ for these promising East African companies who address societal issues through technology.

Belarus has a strong engineering school, the country is traditionally considered to be as a Eastern Europe IT hub. More than 45,000 IT-specialists of various expertise enjoy their lives in Belarus. It is not surprising that Belarusian startups always demonstrate a strong technological component. Despite the young age of the startup ecosystem, Belarus boasts bright success stories such as MSQRD (acquired by Facebook), AIMATTER (acquired by Google), Maps.me (acquired by Mail.ru), Juno (acquired by Gett), and Viber (acquired by Rakuten). Last year, Belarus Business Angels Network (Angels Band) congratulated the Friendly Data team, who were acquired by ServiceNow, the most innovative corporation in the US according to Forbes. At the beginning of 2019, Belarusian startups Teslasuit and Flo won the Innovation Awards at the largest CES technology exhibition in Las Vegas. A few years ago, Belarus adopted the Decree on Development of Digital Economy (“Decree No. 8”), which gave the green light to the development of IT product companies. Conditions for startups have become even better. This had a rapid impact on the number of startup companies that became residents of Belarus High Tech Park (HTP), a special economic zone with a special tax and legal regime for IT business development. New companies and organizations, which are important for the development of a startup and the venture capital ecosystem, began to emerge. Among them was Angels Band, starting its work over a year ago. Nevertheless, its members are founding members of LitBAN. Angels Band has more than 190 startups now, increasing every month by 10-15 projects. Startups have strong development trends in areas such as ML, AI, Computer Vision, AR / VR, Big Data, and blockchain. They cover several verticals, such as  SaaS, medtech, fintech, adtech, hardware, and others. The network structured three syndicated deals last year,  involving private investors, RBF Ventures and HTP. In other words, a mechanism for structuring transactions under classical law has been put in place in Belarus. The Angels Band network includes 78 business angels, increasing each month by at least 5 new members. All members of the network have extensive entrepreneurial, managerial, financial expertise. Many investors have been trained in the Business Angels Academy by well-known community expert such as Will Cardwell. Belarus annually hosts top-notch technology startup conferences with strong international expertise. Among them are EMERGE, Global Entrepreneurship Week, Venture Day Minsk, Bulbacon, and TIBO. Many of the educational events for startups and developers are regularly held in Minsk.  Angels Band is a regular partner and active participant of these initiatives. Angles Band is a partner of the Belarus High Tech Park. They also maintain partnerships with other strong Belarusian startup ecosystem players, such as RBF Ventures, Bulba Ventures, Haxus Ventures, and Imaguru Startup Hub.  

Why is interest in Gothenburg rocketing Chinese carmaker Geely is currently building a new 120,000 square metre innovation centre in Gothenburg, with space for more than 3,500 people. Meanwhile, a new health innovation cluster with space for 350 companies and 7,000 people is also being developed and is due to break ground later this year. These are two examples of the major investments being made in the Gothenburg region. Three reasons why interest in Gothenburg is increasing so quickly In recent years, Gothenburg-based companies have invested heavily in developing new products and services. Behind these large sums are global brands like Ericsson, AB Volvo, AstraZeneca, Saab, and Volvo Cars, as well as multiple other companies of various sizes. A quarter of the country’s private R&D investments are made in the Gothenburg region. This has made the region a world leader within areas of automotive, life science, logistics, ICT and urban development. Construction plans worth a total of 100 billion euros are attracting investors at a scope never previously seen in Gothenburg. The city is expanding in ideal central locations and offers unique testing possibilities for innovative products and services. The rapid pace of digitalisation opens up opportunities for companies and people with the ability to think creatively. The Gothenburg-based company Football Addicts, whose app brings together millions of football fans from all over the world, is one of many examples. A valuable domestic market  In Gothenburg, large construction projects are located right in the middle of the city, and the ethos is that this represents a fantastic opportunity to test something new. A domestic market with this attitude is of immense value for companies putting significant investments into R&D. The full chain is in place in Gothenburg – from the analysis of people’s needs and society’s challenges to in-demand products and international trade. What begins as concept development continues with the design of products and services, testing in simulated and real environments and large-scale production. In addition, the city boasts global marketing and established trade routes direct to the large export markets. Challenges that call for new partnerships But the city is also facing some substantial challenges. Within the business environment, certain competence is scarce – not least in the construction sector. The consequences of segregation and a housing shortage are serious. These are putting Gothenburg’s capacity for cooperation to the test. The business sector, the city/region, and the universities need to work together to take on these challenges. The approach to collaboration has made Lindholmen one of Sweden’s most knowledge-rich areas. Another example is AstraZeneca, which has opened up its research facilities to small, promising companies working in its networks. These collaboration models are new even from an international perspective. They contribute both to finding answers to major societal issues and to making Gothenburg an interesting option for investments and establishing business operations. BUSINESS REGION GÖTEBORG is responsible for business development in the City of Gothenburg and represents thirteen municipalities in the region. We do this by providing knowledge and contacts essential to successful entrepreneurship. For information about concrete business opportunities in West Sweden please visit: https://www.investingothenburg.com/          

LBAN President and EBAN Board Member, Larissa Best, paints a portrait of today’s angel investor, in which areas she likes to invest, and the challenges she will face in the coming years. This article was originally published by the Luxemburger Wort and translated from French by EBAN. How is the activity of business angels in Luxembourg? It is very promising at the moment. There are many new members joining LBAN. We are much more present than a few years ago. We are much more present in incubators today. With the talk around the start-up nation, there are many more people who want to become an investor. What does a business angel look like today? A business angel is someone who is in their thirties to seventies and over. Today there are more men than women in the sector, however, this is changing. Women are gaining more experience as entrepreneurs. A good deal of business angels have initial entrepreneurial experience or have entrepreneurial activities alongside their business angel role to diversify their portfolio. We also have retirees who invest to stay connected to different sectors. As a business angel, we see what the future of our society will look like today. We find people who are also interested in innovation. How much did the LBAN Business Angels invest in 2018? We invested a total of 5.5 million euros in 2018, about 10% more than in 2017. In 2017, 1.5 million euros out of our total investment went to Luxembourgish companies, while in 2018 this number reached 2-3 million, so almost 50% more. This progression clearly shows that the deal flow (investment opportunities in Luxembourg) and therefore the work of incubators is paying off. We find more “investable” projects as there are more start-ups in incubators, which help them better express their business model. Are there specific areas in which business angels like to invest? There are projects in which we do not like to invest, such as restaurants, hotels or cafes, anything that does not lend itself to scaling. We like to invest in anything that is in tech, we invest a lot in fintech – this is the sector that is best represented in incubators in Luxembourg and our members know it well. What are the goals of the association for this year? This year, we are growing and professionalising ourselves a bit more. When LBAN was first launched in 2011, it had less than 20 members. There were few projects we could invest in, so it was easier to organise everything. Today, this is no longer the case, we are close to 70 members. At the end of the year, we may be between 80 and 85 or more. We are in the process of organising how to better communicate with start-ups, how to create the link between members and start-ups, and establishing a ‘code of conduct’ for our members. The LBAN team has some new members, what will they bring to the association? Two team members are focused on the business process, that is, how to manage the relationship between start-ups and LBAN. There are people working on the code of conduct and how to manage the board. We are also interested in co-investment structures. To make the link between start-ups and our members, we prefer to facilitate meetings with LBAN members interested in the start-up sector, rather than pitching with a small success rate. We want to help new business angels be well prepared for their first investment. When a first-time angel investor loses his or her money, there is a large possibility that we will lose the investor. Therefore, we want to help these novices not commit the mistakes we often made in the beginning. There are few family businesses investing in start-ups, how do you explain that? There are families who do it today, but most are simply focused on maintaining their own business and succession. Preparing a succession is very complicated and takes a lot of time. If the business is growing, there is often no time for other activities. If we maintain an ecosystem that is developing well, where there is good access to finance with companies that are profitable, more individuals will become business angels, similarly to the USA. Those dealing with problems in production, organisation, technology have no time to invest in other companies. People are very much focused on their own business. There are not enough ‘cashed out’ entrepreneurs or people in the family who are ‘cashed out’ who want and can reinvest in other businesses. So family businesses aren’t scared to take risks? I do not believe so. It is maintaining the family’s legacy that counts. If we focus on what we know and if the money that is in the family business stays there, we do not find ‘cashed out’ entrepreneurs in the ecosystem. The question is: was there or will there be an event where the other family members will be “bought out”. You need money, you need cash in the ecosystem to be able to invest, I do not think it’s a question of risk. What should be done to make family businesses more involved in angel investing? I believe that what the LOIC (Luxembourg Open Innovation Club) is doing, makes a lot of sense; initiating companies to think about how to work together with start-ups. Just the notion of what is a start-up? Where do I see value? This approach can help and is very important. Why does Luxembourg need more philanthropy? Because angel investment is between philanthropy and investment. If we look at the statistics, there are a lot of companies going bankrupt. We should treat the process as an investment and the investment horizon in philanthropy is around 7-10 years. In addition, we are doing something good for Luxembourg’s ecosystem. Philanthropy is used to make a positive societal impact. If we are willing to invest one way or another in these young startups, our investments will be more diversified. Are tax incentives the best solution

Dublin, 28th March 2019 – CroíValve, an Irish medtech start-up providing a safe and effective treatment for tricuspid regurgitation, today announces that it has secured €3.2 million in an oversubscribed seed financing round. The round was led by the HBAN (Halo Business Angel Network) MedTech and Irrus Syndicates, alongside Atlantic Bridge University Fund, Enterprise Ireland, SOSV and a group of cardiologists who see the treatment’s transformative potential. The funding will support the continued development of CroíValve’s innovative technology. The funding round was led by 48 angel investors from HBAN, the all-island organisation responsible for the promotion of business angel investment, and an initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland. It is the largest ever number of HBAN members to contribute to one funding round and together they invested €1.5M in the company. Bernard Collins, CroíValve Chairman and HBAN MedTech Syndicate member, said: “As angel investors, we are not just providing capital to CroíValve, but also knowledge of, and contacts within, the medtech sector. This will help to open doors for CroíValve and enable the company to scale and commercialise its device. As chairman and an investor, I am extremely excited to be involved in this game-changing company dedicated to transforming the way tricuspid regurgitation is treated.” CroíValve, a spinout from the Trinity Centre for Bioengineering, has developed a minimally invasive treatment for tricuspid regurgitation (TR). The heart condition occurs when the leaflets or cusps of the tricuspid valve – the valve separating the heart’s right ventricle and right atrium – fail to close properly due to dilation of the right heart, allowing blood to leak backwards into the right atrium. This causes further expansion, and eventually failure, of the right side of the heart. It is a severe cardiac disease with progressive symptoms including fatigue, fluid retention leading to abdominal and ankle swelling, liver and kidney failure, and death. As the vast majority of patients are elderly and too frail for open-heart surgery, the only option available to them is medication that removes the excess fluid but does not cure the condition. CroíValve’s innovative technology specifically addresses the challenges associated with tricuspid heart valve disease. The device is delivered through the heart’s blood vessels and seals the gap between the native valve leaflets, therefore restoring the heart’s function and preventing regurgitation. The device is held in place with a unique anchoring system that removes the need for potentially traumatic anchoring into the right heart. The procedure is safe, simple and effective. With over half-a-million new cases annually in the US and EU alone, it is a significant unmet need and market opportunity. Dr Lucy O’Keeffe, CEO, CroíValve, said: “To date, all treatment options are either too invasive or merely symptom management. CroíValve was established from a desire to bring a new, safe treatment option that can change and save lives. “We welcome the investors’ support in accelerating our development efforts and look forward to working together to bring this exciting technology to patients. In doing so we are currently building our team, particularly in the area of R&D, and by year-end 2019 we will have grown to a company of 10. As part of this expansion, we are delighted to welcome Dr Ivan Vesely as our CTO, and the extensive knowledge that he brings. Additionally, we have established a great board, with Bernard Collins, one of our investors from the HBAN MedTech syndicate, bringing vast experience as chairman.” Dr. Martin Quinn, CMO, CroíValve, said: “The CroíValve technology will revolutionise the treatment of patients with severe tricuspid incompetence. It is extremely easy and safe to use and can be implanted without the need for general anaesthesia.” “On behalf of Atlantic Bridge, I am pleased to welcome Trinity spin-out CroiValve to the University Bridge Fund portfolio and am also delighted to join the Board of the Company.  We believe the CroiValve team has developed a truly novel device that represents a disruptive approach to the treatment of tricuspid valve regurgitation and is an excellent example of the commercialisation of ground-breaking Irish research.” said Helen Ryan, Senior Advisor, Atlantic Bridge. About CroíValve A spin-out from Trinity College Dublin, CroíValve (croí is Irish for heart) is a privately held company that is developing a percutaneous TR treatment option. Dr Martin Quinn, a consultant cardiologist, developed the concept when recognising the clear unmet clinical need. This was further developed, with the support of Enterprise Ireland and EIT Health, within Trinity College Dublin when Prof Bruce Murphy, Dr Lucy O’Keeffe and Dr Paul Heneghan joined the team. The company is located in the Liffey Trust Enterprise Centre in Dublin, Ireland. About HBAN HBAN is a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, dedicated to the all-island promotion of business angel investment. The HBAN umbrella group supports the early stage entrepreneurial community across the island of Ireland and actively works to increase the number of angel investors investing in early stage companies.  The all-island umbrella group works on a regional basis to support the formation of new angel networks and works with existing angel networks to develop their capability and capacity, and across a range of industry sectors. HBAN also acts as a voice to Government, stakeholders, business and the media to promote the interests and needs of the wider angel investment community. HBAN is managed by Dublin BIC in partnership with the regional Irish BICs in Cork, Galway & Waterford and with Clarendon Fund Managers in Northern Ireland. Further information is available at www.hban.org About Atlantic Bridge Atlantic Bridge has €750m assets under management and invests in high growth technology companies globally and accelerates the scale up of companies by applying its proprietary Bridge Model into the US and Chinese markets. The Firm has investment teams, offices and extensive networks in Dublin, London, Palo Alto, Muscat and Beijing.  Atlantic Bridge’s €60m University Fund is focused on accelerating the commercialisation of ground-breaking research and the scaling of global businesses from Trinity College Dublin (Trinity), University College Dublin (UCD) and all third

The Center for Entrepreneurship and Executive Development (CEED) CEED Macedonia has received an award and recognition for contribution to the development of entrepreneurship in Central and Southeastern Europe from the International Economic Forum Perspectives. The award ceremony and the awards for contribution to the development of entrepreneurship in Central and Southeastern Europe, Creators of the Century and the Regional Summit of Entrepreneurs from Central and Southeast, Europe’s 300 Best, took place in Dubrovnik, Croatia, in March. The prestigious award and recognition were given to all those who with dedicated and creative work have contributed to the development of entrepreneurship and the development of the overall community. The process of animating proponents, proposing potential candidates, informing and animating candidates, as well as implementing the necessary procedures and deciding on winners, lasted from June, 2018 to March this year. 162 nominees from eight countries took part in the process of proposing candidates. A total number of 411 candidates from seven countries were proposed, of which 112 were nominated, and 52 of the best individuals and companies from six countries were selected and rewarded. CEED Macedonia has been playing an important role in creating successful business stories for 12 years through networking, know-how business solutions, access to finance and new markets.  

The article was republished with permission from The Invested Investor. —— This month’s Invested Investor thoughts focuses on whether you are born an entrepreneur or you develop into one. Peter Cowley explores his thoughts around the topic, delving into his own experiences to understand whether it was nature or nurture that led to the launch of his 14 start-ups… For sake of argument, let’s assume the entrepreneurial team has received funding from early stage investors, maybe angels, seed VCs, the crowd and grant providers. This stage may seem to be hard work for all parties, but in hindsight, the next decade will be much harder.  In fact, some say that along with the ready availability of money, having an idea and raising the necessary capital has become too easy.  The knock-on effect of this can be that some entrepreneurs significantly underestimate the anguish involved and are maybe blind to the broad package of skills and ability required in order to travel the full length of the entrepreneurial road. A road made up of market knowledge, timings, team building, and luck. But traveling this road is required in order to turn a start-up into a scale-up.  A successfully scaled entrepreneurial journey means raising equity and debt, building a team, developing the tech (or service), marketing, finding customers, optimising pricing, holding onto those customers, pivoting, maintaining differentiation, protecting IP and know how, hiring, retaining and exiting employees.  Always trying to avoid failure. That’s really difficult but constant and hopefully eventually pushing through to the intensity of a trade sale, private equity deal or IPO. This means juggling all these balls at the same time as sticking within the ever-changing taxation, health and safety, environmental regulations, maintaining communications with stakeholders, and as if that wasn’t enough, remembering to remain open to continual learning, welcoming advice and preserving your own well being. So, I ask myself ‘why have I founded or co-founded 14 businesses?’ ‘Is it nature or nurture?’ ‘Why is it that I am willing to take big risks with my money and other’s money?’ ‘Why do I give so much of my time?’  As we all know, life is not a rehearsal. For all of us the chance of being on the wrong path, whether work or personal during our lives is huge. In my case, I equate my start-up journeys partly like mountains. I climbed Kilimanjaro ‘because it is there’. I ski a steep, although not icy, black run for the thrill and satisfaction of getting to the bottom.  In my early 20s, I became unemployable, you could ask my first and only boss Greg Meekings, he was my manager at Logica and is now chair of Arachnys. I left that company 39 years ago! Is the answer ‘because I want to make a difference.’ I heard the term “journeyman” from a close entrepreneurial friend a decade ago and decided to avoid being given that tag. Not that I don’t respect skilled tradesman, after all, where would we be without plumbers and bricklayers? But because the original definition is a person who is paid wages by the day. The modern-day meaning is a person who spends their life learning, to which I think we should all aspire. I am confident that anyone willing to take the entrepreneurial risk, along with a strong desire to scale and be prepared to take the risk of failure, is not a journeyman. However, there are over 5 million micro and small businesses in the UK many of which actively avoid scaling, the majority have no employees, certainly no external investors and can be classed as lifestyle businesses. These founders have all taken some risk, many work harder and longer hours than if employed and many earn less than if they worked for someone else.  I sincerely hope that they all value their independence and the lack of a boss, except their customers and their bank manager of course, and that they value the pleasure of ending their 9-5 role with one that fills many more waking hours and sometimes endless sleepless nights. To conclude, ‘would I have done anything differently?’ As I’ve said many times, I taught myself not to have regrets but as I also said in “Dear 29 year old Peter” I should have listened more.  Knowledge is a fantastic base for an entrepreneurial venture but seeking, meeting and learning from other people is the winning formula.  My late father emphasised that for many years and I rebelled against his advice, but I eventually realised that he was correct. I have since recognised the need to value the hundreds of people who have helped me over the decades. Yours Peter Cowley Listen to the Invested Investor Podcast:    

Four years ago EBAN, GoBeyond, and Next Wave Impact joined forces on a mission to increase women’s participation in angel investing as an asset class, with EBAN President Emeriti Brigitte Baumann and Candace Johnson as co-founders. This was the very beginning of the Rising Tide Europe movement which now shows no signs of slowing down. Today over 200 women from more than 30 countries across 5 different continents have taken part in one or more Rising Tide Europe learning-by-doing programmes, so far pooling over €3.5m and investing in 16 European early-stage companies. A comprehensive training curriculum on early-stage investing is an essential component of all the programmes. Designed by GoBeyond, training programmes are led by their experienced investors to equip the participants with the knowledge and skills needed to navigate the world of early-stage startup investment. All the participants are now (or on the way to becoming) professional business angels and have the necessary knowledge, tools, and experience to continue to support innovative entrepreneurs. The third iteration of the programme was announced in 2018, seeing the latest wave of female business angels currently joining the community. This programme is being steered by 9 women who have significant angel investing experience: Brigitte Baumann, EBAN President Emeritus and European Business Angel of the Year 2015 (Switzerland); Laureen Cook, institutional investor at IFC – World Bank (UK); Bettina Ernst, healthcare investor (Switzerland); Stavriana Kofteros, VP European Startup Network (Cyprus); Barbara Clarke, full- time business angel (USA); Dara Nikolova, tech and social impact investor (Luxembourg); Victoria Hernandez, EBAN member Fintech expert and serial Board/C-level in the Telecom industry (France); Anna Fedulow, Corporate Strategy & Growth expert (Germany); and Emma Kenny, advisor, investor & entrepreneur (UK). Throughout all three editions of the programme, EBAN member networks and their members have participated as LPs and Deal Leaders in Rising Tide Europe, as well as providing deal flow. EBAN is proud to see the initiative thrive and continues to support it as part of its long history of leading the way for women angel investors and entrepreneurs. Despite being a pan-European movement, participants from different countries regularly have the opportunity to come together and meet in-person. One of the most recent gatherings took place earlier in March, where over 60 participants from all 3 Rising Tide Europe programmes met for a full day workshop of angel investing training & best practice sharing. The event took place in Barcelona and was hosted and sponsored by CaixaBank. The uniqueness of the Rising Tide Europe movement definitely lies in its amazing community which is driven by a clear purpose and a strong determination to make an impact through shared expertise and mutual support. In her interview with the Harvard Business School Alumni Newsletter, Maria Eugenia Giron, Rising Tide Europe co-founder, talks about the underlying mission of the movement and how this community creates opportunities for women in Europe and beyond (the full interview is available here). It’s a movement that has mobilised over 200 women to come together around a common objective: that of financially educating women, investing in European startups and creating a unique network to increase women’s participation in angel investing. Together, the Limited Partners of Rising Tide Europe, are changing the world one deal at a time. Contact – info@risingtide.eu Events – link

On February 20th, Mariya Gabriel, EU Commissioner for Digital Economy and Society gathered CEOs of tech companies who signed the Declaration on an inclusive business environment, to take stock of their progress and share good practices. EBAN Board member and Luxembourg Business Angel Network President Larissa Best represented EBAN at the roundtable and contributed from EBAN’s perspective to the discussion on the leaders of the future and driving change. According to Larissa, “Start-ups are the leaders of the future and every pitch is trying hard to drive change. Thus, our community knows how to encourage change because that is what Business Angels do.” Larissa pointed out that we find less women pitching and that public speaking classes are extremely important, in all instances, pitching or otherwise. She also added that driving change is hard because it leaves you open to attacks and thus, we need to help young leaders who wish to drive change to sustain their arguments when under attack when they are pitching, as well as in general. The declaration that Larissa signed along with the other prominent women present at the roundtable focused on the commitment to achieving gender balance and providing equal opportunities in their companies by: Instilling an inclusive, open, female-friendly company culture Recruiting and investing in diversity Giving women in tech their voice and visibility Creating the leaders of the future Becoming an advocate of change The good practices and recommendations to achieve an inclusive business eco-system open to all will be published on Digital Single Market website in March 2019. Whether the CEO of a large high-tech company or of a start-up, you can also contribute to closing the gender gap in your company by signing the declaration.

On March 6th, EBAN – the European Business Angels Network – celebrated its 20th anniversary, honouring a long history of supporting business angels, entrepreneurs and the European early stage ecosystem at large. The celebration took place at the European Economic and Social Committee, in the same room where, more than 20 years ago, information on business angels was first presented to the European Association of Development Agencies (EURADA), who would go on to create EBAN in 1999. With the founders of EBAN, as well as many of the individuals instrumental to its success in attendance, the anniversary celebration was launched by EBAN President Peter Cowley. Kristin Schreiber, Director for COSME Programme and SME Policy, gave the first keynote speech, speaking about the European Commission’s long-term support of and collaboration with EBAN, as well as the many different initiatives they have put in place to help develop angel investing in Europe. “Business angels are driven not by profit but by desire to help create and grow companies, devoting their time and risking their money to help entrepreneurs” commented Ms. Schreiber, thanking EBAN for its work. EBAN’s 20th anniversary was a great occasion to get the “Founding Fathers” of the association together to speak about the impetus behind EBAN’s creation, the people who made it happen, and the challenges and accomplishments of the early years. The panel featured Rudy Aernoudt, Senior Economist at DG GROW and Co-Founder of EBAN, Christian Saublens, Former CEO of EURADA and Founding Board Member of EBAN, Marcello Eusani, Former EBAN Vice President of the Board, and Peter Jungen, EBAN President Emeritus as moderator, all of them giving their thanks to the other individuals who helped make the launch of EBAN possible. EBAN’s founders were joined on stage by those who took up the mantle of leadership after them – EBAN President Emeriti: from Peter Jungen – the first official EBAN President, who spoke about the dawn of angel investing in Europe and the accompanying need to raise awareness and establish contacts with angel investing ecosystems across the world, to Anthony Clarke – longest serving EBAN President, who took EBAN through its “scaleup years” bringing in more revenues with EU projects, sponsorships, and expanding membership, to Brigitte Baumann, whose presidency focused on educating and building the European angel market, to Paulo Andrez, who developed public-private co-investment, working with governments on co-investing with angels and implementing tax incentives, to Candace Johnson, who took EBAN global with ABAN and MBAN and brought EBAN members closer together by launching EBAN communities. The accomplishments of EBAN’s President Emeriti go far beyond these highlights and have shaped EBAN’s path in many crucial ways. Next up was Jacopo Losso, EBAN’s Director of Secretariat, who presented an overview of how the European angel market has grown over the last 20 years, reaching 7,3 billion euros in 2017, as well as the various initiatives EBAN is leading to support it: from EBAN communities that raise awareness about a given industry or sector to helping more startups scale up, supporting female angels and founders, capacity building and more. EBAN was joined at the event by partners such as the European Investment Fund, with Oscar Farres, Head of Business Angel Investments at the EIF, discussing the European Angels Fund, which co-invests with qualified business angels and has invested 150 million euros to date. Jean-Pierre Bourguignon, the President of the European Research Council, underlined how much the ERC values partnering with EBAN and the positive effects that such a partnership can bring. The last panel of the day featured EBAN Angel of the Year Award Winners Hansi Hansmann, President of aaia, Andreas Mihalovits, President of Marbella Tech Angels, and Tom Schulz, Founder of AQAL Capital, with EBAN President Peter Cowley moderating. With all of the panelists being active and experienced investors, the audience got to hear the way each of them approach angel investing, their dos and don’ts, successes and failures. The panel showed how each angel has different answers to important questions about how to invest and how many different strategies can be successful. The stage was then given to the current EBAN Board, serving the 2018-2020 mandate, who underlined again the importance of business angels, the work that has been done in developing the local, regional and European angel ecosystems, and the importance of looking at angel investing from a global point of view. But the most important message coming from the Board was the following: the best days of EBAN are still ahead of us, and so we must look to the future of angel investing. The programme of EBAN’s anniversary event ended with special announcements from EBAN’s members and partners: with ABAN and aaia signing an MoU to start a collaboration between Austria and Africa, and the Finnish Business Angels Network inviting guests to join the next big EBAN gathering – the 2019 Annual Congress in Helsinki on June 3rd and 4th. Last but not least, BAE Chair Luigi Amati and EBAN President Peter Cowley made a joint announcement about the two associations working closer together in 2019 and beyond, on market research, statistics and projects. The action-packed day ended with a reception at EBAN’s headquarters where champagne flowed freely and the attendees had a chance to reminisce about the hard work done over the last 20 years, as well as to make even bolder plans for the future. EBAN would like to thank all of its members and partners without whom it would not have been possible to achieve such a special milestone. We would also like to thank our guests for the anniversary event, who celebrated our achievements with us and made it a truly exceptional occasion. We look forward to continuing our work of building the European early stage ecosystem and fueling Europe’s growth, and look forward to what the future has to bring for EBAN and our community.    

On this International Women‘s Day, we are indeed proud to say that every day at EBAN is Women‘s Day! We would like to congratulate all women entrepreneurs, investors, and business angels on this special day, taking note of all the success our women members have had and are pushing to achieve in the future. EBAN has historically supported growth in women entrepreneurship and will continuously look to support women in the business angel market. Just to mention a few examples. In early 2016, EBAN partnered with Go Beyond Investing and Next Wave Foundation to launch the Rising Tide Europe programs; bringing together over 160 successful businesswomen from across 5 continents to innovate cross border angel investing. In the past year, EBAN has been proud to sponsor the European Woman Angel Investor of the Year awards, while our EBAN Space Community sponsored a “Women Entrepreneur Prize” at the 2018 ActInSpace innovation contest. EBAN is looking forward to work in more initiatives to grow women angel investment in Europe and beyond.      

Smarter practical implementation of digital technology to enhance active and healthy living Launch: 4 March 2019   Deadline: 25 March 2019 5 PM  Deadline for approval: 25 April 2019 We invite you to submit your workshop proposal as a way to engage your audience and key stakeholders you wish to involve. Workshops should be interactive and motivational sessions and follow the below listed thematic areas. You can find detailed descriptions of all thematic areas on the AAL Forum 2019 Call for Workshops page. Apply with your workshop by filling in the form here: https://kongresk.eventsair.com/aal-forum-2019/callworkshop For info and doubts: abstracts@kongreskompagniet.dk no later than 25 March 2019. THEMATIC AREAS  The overall topic of the AAL Forum 2019 will be: “Smarter practical implementation of digital technology to enhance active and healthy living”. Six thematic areas were identified within this scope by the Programme Committee of the 2019 AAL Forum. Workshop proposals should belong to one of these thematic areas. However, number 6 is an open category where you can suggest any workshop content aligned with the broad theme of AAL. THEME 1: Successful implementation – How do we ensure better, more efficient and long-term implementation?  THEME 2: Age-friendly societies – How do we foster age-friendly environments and communities? THEME 3: Data for better lives – How do we become better at mastering all our data?  THEME 4: Overcoming market barriers in the Silver Economy – Can we create better conditions for SMEs?  THEME 5: Seniors at the workplace – Can digital retain our precious silver workforce? THEME 6: The open workshop category (no thematic area) Remember The AAL Programme can waive the registration fees and cover the travel and accommodation expenses for 2 speakers in each session. Places are running out fast. Apply for workshop call and be among the first!

HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and an initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, has announced that it plans to recruit 50 new female business angel investors over the next three years. HBAN will run a series of events to encourage more female investors to invest in ambitious start-ups based on the island of Ireland seeking to expand internationally. The new female investors will bring a combined €10 million of new business angel funds. John Phelan, national director, HBAN, said: “Angel investing is about much more than just the financial investment; it’s about the knowledge and expertise that the angel brings to the business. Many of our angels sit on their investee company boards and there is extensive research to show that companies with more gender diverse management teams perform better financially. At the moment, many local start-ups are missing out on the valuable experience that female investors bring.” To encourage women to become more active as angel investors on the island of Ireland, HBAN hosted its first female investor masterclass on Wednesday, 21st November at 5.30pm, in Google Dublin. The event was the first in a series of masterclasses for existing, and those interested in becoming, HBAN business angels and you can watch back on the session below. The female investor masterclass provides an introduction to angel investing including details on  making investments, due diligence and syndicate structures as well as an introduction to the HBAN network. Laura Lynch, strategic tax advisor to several HBAN Investment Syndicates addresses key considerations on the most tax efficient ways to make, manage and exit investment and gives an overview of the syndicate investment process. The event also includes a panel discussion with experienced investors including Punam Rane and Rowan Devereux. The speakers during the panel discussion discuss their angel investing journey, offer advice on successful investments and how to minimise risks. Attendees had the opportunity to listen to some pitches from early stage, innovative start-ups which showcase the type of investor-ready companies that HBAN bring to the network and the evening finished with a drinks reception and networking. John Phelan continued: “Through conversations with our female angels, female entrepreneurs and other women working within the early stage start-up ecosystem, we’ve identified that a lack of information on the angel investing process, women not being seen as the typical investor, and a predominantly male environment are some of the barriers for women becoming involved in angel investing. “The purpose of the upcoming HBAN Female Investor Masterclass is to break down these barriers and to encourage more female investors to invest in high potential start-ups. We welcome anyone that is interesting in learning more about becoming an investor, and existing members of HBAN to the masterclass on 21st November.” Punam Rane, HBAN Bloom Equity Syndicate member said: “I welcome any initiative that encourages more women to get involved in angel investing. When I joined the Bloom Equity Syndicate in 2014 I didn’t know a lot about angel investing, but I did know that there were good returns yielded by investment in start-ups based on the island of Ireland. “Initially I attended the syndicate meetings and observed the pitching process, listening to the types of questions the more seasoned investors were asking the start-ups. I gradually began to invest in companies along with other members of the syndicate, which has provided invaluable learnings into the process of investing in start-ups. I recently acted as the lead angel in an investment. “I would urge other women who are interested in investing in high potential start-ups to come along to a syndicate meeting to find out more. There isn’t an onus to invest immediately; it’s important to take time to observe the quality of companies that pitch and become familiar with the process.” Since 2007, HBAN angels have invested €91 million in 436 separate deals. Together with investments from other funds amounting to €149 million, an overall total of €240 million has been put into these Irish start-ups over the last 11 years. HBAN is seeking angels interested in joining its syndicates, please call us on 01 474 8216 for more information. This article was originally published by HBAN: https://www.hban.org/News/Investor-Masterclass-recording-HBANs-aim-to-raise-%E2%82%AC10M-from-50-female-angels-.1360.html

On 12th February 2019 in Brussels, partners of the iStart project as well as many outside guests, university students and other stakeholders got together for the 7th and final iStart Multiplier Event at the Université libre de Bruxelles (ULB) premises to look back on the 30 months of the project, which is coming to a close at the end of February 2019. The event was an occasion to present and celebrate the achievements of the iStart project, which was created to develop a curriculum for universities and other academic institutions to teach Digital Entrepreneurship Practice in a more market/startup oriented way. Over the course of the day, the partners and  guest speakers discussed the importance of entrepreneurship education in university settings, the impact of the  project on the way they approach the topic, and the importance of sustaining their achievements, notably the Virtual Learning Environment (VLE) platform created through the curricula developed during the 4 Digital Entrepreneurship Practice (DEP) Start-up Academies (June 2017 in Thessaloniki, Greece; November 2017 in Coimbra, Portugal; May 2018 in Lomazzo, Italy; and September 2018 in Izmir, Turkey), organized within the scope of the project. The event included presentations from iStart partners Dimitris Bibikas of the South-East Research Centre (Greece), Effi Staiou of Yasar University (Turkey), Fátima Matias of Instituto Pedro Nunes (Portugal), Maria Cristina Porta  from ComoNeXT (Italy) on the context and approach of the iStart project as well as the results of the 4 Academies. This was followed by an online conference session during which mentors and students who participated in the past Academies shared their experiences and feedback. The second part of the day included a panel discussion on Digital Entrepreneurship Education with additional participation from Nikos Zaharis of the SEERC as well as guest speakers Christophe Bodin, an angel investor and director of CBO Consulting, Virginie Robe from Start.Lab, a Brussels incubator for students and recent graduates, as well as Jeffrey Delronge, a Solvay Business School student and beneficiary of StartLab. The session was moderated by Jacopo Losso, director of secretariat of EBAN. The participants, notably students from ULB, then had a chance to test the VLE platform and share their feedback in real time in the room. The conclusion of the event came with a Keynote Speech entitled “Entrepreneurship, A Way of Life” given by Rudy Aernoudt, Chief Economist at the European Commission. The sessions were followed by a networking reception. The 7th and final multiplier event of the iStart project was organized by EBAN in partnership with the Student Entrepreneurs Club of the Solvay Business School.