WORLD BUSINESS ANGELS INVESTMENT FORUM INVESTMENT ACADEMY
wbaforum.org WBAF Investment Academy
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The World Business Angels Investment Forum, committed to collaborate globally to empower the economic development of the world by fostering innovative financial instruments for SMEs, innovators and startups, invites you to join our global efforts to ease access to finance for them to create more jobs and social justice for the world economy.
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WBAF Investment Academy
CHAIRMAN’S STATEMENT The development of skills and expertise with a wide variety of training programmes It is the position of the WBAF Academy that when investors have had the advantage of training in the best practices of negotiating deals for early-stage investment, they are in a better position to ensure good returns on their investment. With this in mind, the WBAF Academy offers a wide variety of training programmes using a range of input (case studies, panel discussions, and presentations, to name a few), all of which encourage active participation and interaction on the part of those attending.
Creative thinking that leads to innovation The WBAF Academy serves not just business angels; all types of stakeholders are welcomed, ranging from entrepreneurs and SMEs to banks and stock exchanges to incubation and acceleration centres. The ultimate goal is to contribute to the development of skills and expertise and to foster the kind of creative thinking that leads to innovation and eventual success in the ever-changing market environment of the 21st century. As the Chair of the World Business Angels Investment Forum, I invite you to join our global efforts to ease access to smart finance to create more jobs and more social justice worldwide. Your efforts to convert the world economy to a smart economy in cooperation with the World Business Angels Investment Forum will be highly valued.
Yours sincerely,
BAYBARS ALTUNTAS
Chair, World Business Angels Investment Forum
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1 Developing A Step-by-Step Country Master Plan The development of new financial instruments such as crowd-funding, angel investment, acceleration programmes and co-investment funds, and the easing of access to finance for SMEs, entrepreneurs and start-ups therefore play a vital role in economic development. This country plan proposes a step-by-step programme to initiate and implement the objective of responding to the need for a healthy SMEs and early-stage investment ecosystem in your country / region.
2 Executive Certificate Programmes for Potential Business Angels This course introduces the angel investment system to those considering investing in start-ups, SMEs or high-growth companies, using their own money and contributing their own know-how. The basic principles of angel investment are discussed, along with practical advice for investing as a qualified angel investor.
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Executive Business Angel Network Management Certificate Programme This is an ideal course for: acceleration and incubation center professionals, technopark professionals, anyone interested in setting up a business angel network, anyone interested in creating a business angel investment group from their own network, anyone interested in becoming a professional business angel network manager or executive.
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4 Investment Readiness for Entrepreneurs, Startups, Scaleups and SME Executives This is an ideal course for entrepreneurs looking for smart finance to start up a business, start-ups looking for smart finance to scale up their business, SME executives looking for investors to help scale up their business, technopark professionals and inventors who want to turn their inventions to innovation.
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Mastering the principles of early stage investment markets The WBAF Academy offers a wide variety of training programmes using a range of input (case studies, panel discussions, and presentations, to name a few), all of which encourage active participation and interaction for stock exchange executives, bank executives, corporate executives,chambers of commerce and industry executives, fund managers and policy makers.
6 Executive Workshops for Qualified Angel Investors It is the position of the WBAF Academy that when investors have had the advantage of training in the best practices of negotiating deals for early-stage investment, they are in a better position to ensure good returns on their investment. With this in mind, the WBAF Academy offers a wide variety of training programmes using a range of input (case studies, panel discussions, and presentations, to name a few), all of which encourage active participation and interaction on the part of those attending.
WBAF Investment Academy
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EXECUTIVE CERTIFICATE PROGRAMMES FOR POTENTIAL BUSINESS ANGELS
to increase the number of qualified business angels in the world
WHO SHOULD ATTEND? This is an ideal course for professionals from listed companies who can invest a minimum of 5,000 EUR per year, CEOs of companies who can invest a minimum of 5,000 EUR per year, anyone with an entrepreneurial background who can invest a minimum of 5,000 EUR per year. 6
WBAF Investment Academy
Qualified Business Angel Certification Programme - QBAC PROVIDING THE OPPURTUNITY FOR BUSINESS LEADERS TO BECOME ANGEL INVESTORS FOR ANYONE NEW TO ANGEL INVESTING, THIS IS AN INVALUABLE TRAINING SESSION COVERING THE BASICS OF INVESTING, AIMING TO HELP INVESTORS AVOID THE PITFALLS NEW BUSINESS ANGELS OFTEN ENCOUNTER. This course introduces the angel investment system to those considering investing in start-ups, SMEs or high-growth companies, using their own money and contributing their own know-how. The basic principles of angel investment are discussed, along with practical advice for investing as a qualified angel investor. In 2015, more than 300,000 angel investors invested more than $25 billion in startups in the US & Canada, and more than 310,000 angel investors invested more than 6 billion Euro in Europe. The
estimated total global market size of angel investment is over $50 billion every year. Angel investors support entrepreneurs in starting up, and they support SMEs as they scale up their businesses, creating hundreds of thousands of new jobs worldwide every year.
WHY ATTEND?
For anyone new to angel investing, this is an invaluable training session covering the basics of investing, aiming to help investors avoid the pitfalls new business angels often encounter.
CERTIFICATION
Participants will take a final exam at the end of the course. Certificates will be awarded in line with final exam scores: • 0 – 70: Certificate of Attendance • 71 – 89: Success Certificate: Business Angel • 90 – 100: Success Certificate: Qualified Business Angel Time: 2 Days Registration fee: 1250 EUR
The basics of angel investing
Identifying a suitable deal flow
Best practice for structuring, managing and exiting an investment
Understanding your place in the world of angels
why the returns are attractive; the importance of portfolio theory; the financial life cycle of a start-up.
sourcing potential deals; investing in individuals rather than businesses; ensuring that a deal fits the investor’s portfolio.
assessing valuations and closing the deal; establishing a win-win relationship with the entrepreneur; ensuring a return on the investment.
an overview of stakeholders in the start-up ecosystem; the value of angel groups and syndication; fund structures and crowdfunding.
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ANGEL INVESTORS BOOTCAMP - QBAC+ Consider the various sources of finance available to entrepreneurs: Beyond basic bootstrapping, there are corporate ventures, angel investors, crowdfunding platforms, accelerators, VCs, banks, public grants, co-investment funds, business plan competitions, technology transfer offices, family offices, private equity investors and stock exchanges. With the
This bootcamp introduces the angel investment system to those who are considering investing in start-ups, SMEs or high-growth companies, using their own money and contributing their own know-how. The course incorporates case studies to illustrate the basic principles of angel investment and the do’s and don’ts of investing as a qualified angel investor.
notable exception of angel investors, all these sources provide only money, nothing more.
In 2015, more than 300,000 angel investors invested more than $25 billion in startups in the US & Canada, and more
The only true sources of smart finance are angel investors, who are able to influence a country’s economic development by providing more than just money to entrepreneurs and SMEs. They contribute their own know-how, provide mentorship, and share their own networks in contributing to the businesses they invest in. They are thus the main drivers of innovation and the
than 310,000 angel investors invested more than 6 billion Euro in Europe. The estimated total global market size of angel investment is over $50 billion every year. Angel investors support entrepreneurs in starting up, and they support SMEs as they scale up their businesses, creating hundreds of thousands of new jobs worldwide every year.
natural leaders of the world’s early-stage investment markets.
Why attend?
Who should attend?
For anyone new to angel investing, this is an invaluable training session covering the most important aspects of investing and to show participants how to avoid the pitfalls that new business angels often encounter.This bootcamp treats each subject in depth with various qualified angel investors from different countries. It also provides a great opportunity to network with global angel investors.
This is an ideal course for professionals from listed companies who can invest a minimum 5,000 EUR per year, CEOs of companies who can invest a minimum of 5,000 EUR per year, anyone with an entrepreneurial background who can invest a minimum of 5,000 EUR per year. Certification Participants will take a final exam at the end of the course. Certificates will be awarded in line with final exam scores: 0 – 70: Certificate of Attendance 71 – 89: Success Certificate: Business Angel 90 – 100: Success Certificate: Qualified Business Angel Time: 6 Days Registration fee: 4500 EUR
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DAY 1
• The 25 percent annual return: Why everyone with six figures to invest should consider angel investing • The non-financial rewards of being an angel are really fun! • The portfolio ‘Theory of Angel Investing’: Why every angel needs to invest in at least 20 companies • The financial life of a start-up: Where angels fit in the big financing picture
BASICS OF ANGEL INVESTING
DAY 3
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• Develop your deal flow: Sourcing and identifying high-potential opportunities • Bet on the Jockey, Not the Horse: Evaluating the entrepreneur and picking the right one to back • Here comes the pitch: Listening to the story – Does it make sense for your portfolio?
DAY 2
DEVELOPING THE DEAL FLOW
DAY 4
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• Look under the hood and move toward a deal: Coordinating due diligence and running the show • Case-study 1
DUE DILIGENCE TECHNIQUES
DAY 5
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• After the investment: Managing your portfolio and adding as an active angel • Exits and other unicorns: Getting your money out makes all things right • Case-study 4
DAY 6
CO-INVESTMENT TECHNIQUES
EXITS
COMPANY VALUATIONS & TERM SHEETS
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• Valuations and expectations: Discovering the secret economics of the angels • Investment rounds and their forms: Common stock, convertible notes or preferred stock • The art of the angel deal: Negotiating a win–win relationship with your entrepreneur • Case-study 2 • Term sheets: Trust everyone, but cut the cards anyway • Closing deals • Case-study 3
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• The entrepreneurship financing ecosystem: Grants, venture capital, accelerators and other players • Building your angelic reputation: Getting the best deals to come to you • Joining an angel group: Increasing your opportunities and reducing your risks • Impact investing: Doing well while doing good • Sit back and let someone else do the work: Investing in start-ups through seed funds and venture funds
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EXECUTIVE BUSINESS ANGEL NETWORK MANAGEMENT CERTIFICATE PROGRAMME
to increase the management quality of business angel networks
WHO SHOULD ATTEND? This is an ideal course for: acceleration and incubation center professionals, technopark professionals, anyone interested in setting up a business angel network, anyone interested in creating a business angel investment group from their own network, anyone interested in becoming a professional business angel network manager or executive.
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Executive Business Angel Network Management Certificate Programme MBA-BAN INTRODUCING THE BEST MANAGEMENT STRATEGIES FOR A BUSINESS ANGEL NETWORK IT PROVIDES A FOUNDATION IN STRUCTURING A GOOD BUSINESS ANGEL NETWORK AND OUTLINES BEST PRACTICES FOR RUNNING IT. Statistics show that only 1.2% of entrepreneurs are able to reach angel investor finance. One in every ten entrepreneurs who reached angel investor money is becoming very successful. So, smart angel investor prefers putting his/her money to different entrepreneurs to reduce the risk of failure. In order to make investment in such a strategy, then angel investors should find the angel investors to fill the rest of the investment entrepreneur needs. So, angel investors come together and create angel investor groups ( Business Angel Networks ) and invest together. This course introduces the best management strategies for a business angel network. It provides a foundation in structuring a good business angel network and outlines best practices for running it.
WHY ATTEND?
One in every ten entrepreneurs who manage to access angel investor money is highly successful. Yet statistics show that only 1.2% of entrepreneurs are able to access angel investor finance. Investors are well aware of the risks involved in investing in entrepreneurs. To reduce their risk, smart angel investors join with other angel investors to fill an entrepreneur’s needs. With this aim, therefore, angel investors come together to create groups known as business angel networks and invest together. For anyone new to business angel network management, this is an invaluable session covering the most important aspects of founding and running a business angel network. It is designed to help business angel network managers avoid the pitfalls new business angel network managers often encounter.
CERTIFICATION Participants will take a final exam at the end of the course. Certificates will be awarded in line with final exam scores: • 0 – 70: Certificate of Attendance • 71 - 89:Success Certificate: BAN Manager • 90 - 100: Sucess Certificate: Executive BAN Manager Time: 2 Days Registration fee: 1250 EUR
Community Assessment
Building the Framework for Your Business Angel Network
Launching Business Angel Network Operations
Identifying Deals and Investing
Follow-on Relationships and Activities
Assessing the potential angel community, Assessing the entrepreneurial pool, Assessing the entrepreneurial infrastructure, Assessing service providers, Assessing follow-on funding, Assessing regulatory environments, Reviewing your assessment
Determination of membership and culture, Setting up the organisational structure, Legal structure options, Investment structure, Funding your business angel network
Recruitment of the BAN manager, Communications with members and potential members, Background / educational needs, Time commitments, Meeting structure, Sponsorship, Collaboration with other angel groups, Promotions / public relations
Deal sourcing, Deal screening, Coaching, Company presentations, Due diligence, Investment terms and negotiations, Liability and risk exposure
Board seats, Access to information, Tracking investments, Mentorship, Role of angels in exits and follow-on financing, Exits, Legal concerns, Measuring success
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EXECUTIVE BUSINESS ANGEL NETWORK MANAGERS BOOTCAMP MBA–BAN+ One in every ten entrepreneurs who manage to access angel investor money is highly successful. Yet statistics show that only 1.2% of entrepreneurs are able to access angel investor finance. Investors are well aware of the risks involved in investing in entrepreneurs. To reduce their risk, smart angel investors join with other angel investors to fill an entrepreneur’s needs. With this aim, therefore, angel investors come together to create groups known as business angel networks and invest together. Angel investors, whether investing alone or through a group, typically take a portfolio approach to investment in that they invest in several companies over their investment horizon. This allows them to diversify risk, knowing that a large portion of the companies will not succeed while some will. Of course they hope that one or two will be huge winners as those are the deals that can generate high returns and cover loses of the firms that don’t make it. Another aim of a BAN (Business Angel Network) is to facilitate the matching of entrepreneurs (looking for venture capital) with business angels. BANs tend to remain neutral and generally refrain from formally evaluating business plans or angels. Angels continue to make their own individual investment decision, and the BAN does not decide which investors will invest in a deal.
BANs also often provide a number of added value services to both angels and entrepreneurs, such as investor/investment readiness, syndication opportunities, etc. Business angel networks (BANs) play a match-making function between angel investors and entrepreneurs – they do not invest directly themselves (EBAN, 2006). BANs help to make the investment process more efficient by connecting angels wanting to invest with other players in the local ecosystem (incubators, VCs, development agencies, banks, stock exchanges and others) and, most importantly, with entrepreneurs looking for capital (EC, 2002). One of the most important and basic roles of BANs is to give visibility to the angel activity in a region, and therefore serving as “front door” for entrepreneurs looking for financing, without necessarily giving individual visibility to the angels, who often prefer to keep a low profile. (OECD Document) The objective of the course is to introduce the best management strategies for a business angel network. Business Angel Network Managers are welcomed to follow this basic course to develop their skills for a good running business angel network.
Why attend?
Who should attend?
For anyone new to business angel network management, this is an invaluable session covering the most important aspects of founding and running a business angel network. It is designed to help business angel network managers avoid the pitfalls new business angel network managers often encounter.An overview of the documents used by business angel networks, Revenues and expenses worksheet, BAN Membership Information, BAN Membership Agreement, BAN Membership Survey, BAN Member Responsibilities, Funding Application, Screening Committee Worksheet, Issues to Consider in Due Diligence, Due Diligence Checklist Table, Sample Term Sheet, Guidance Note on Sample Term Sheet, Mentorship for Equity Contract Template
This is an ideal course for: • Acceleration and incubation center professionals. • Technopark professionals. • Anyone interested in setting up a business angel network. • Anyone interested in creating a business angel investment group from their own network. • Anyone interested in becoming a professional business angel network manager or executive.
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CERTIFICATION
Participants will take a final exam at the end of the course. Certificates will be awarded in line with final exam scores: • 0 – 70: Certificate of Attendance • 71 – 89: Success Certificate: Business Angel Network Manager • 90 – 100: Success Certificate: Executive Business Angel Network Manager Time: 5 Days Registration fee: 4500 EUR
DAY 1
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• Assessing the potential angel
DAY 2
community • Assessing the entrepreneurial
• What is angel investing?
pool
• Who are angel investors?
• Assessing the entrepreneurial
• Why is angel investing
infrastructure
important?
• Assessing service providers
• What are the advantages of creating or joining an angel network?
DAY 3
• Assessing follow-on funding
AN OVERVIEW OF ANGEL INVESTMENT
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• Assessing regulatory environments • Reviewing your assessment
GETTING STARTED: COMMUNITY ASSESSMENT
DAY 4
• Determination of membership and culture • Setting up the organisational structure • Legal structure options
BUILDING THE FRAMEWORK FOR YOUR BUSINESS ANGEL NETWORK
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• Investment structure • Funding your business angel network
LAUNCHING BUSINESS ANGEL NETWORK OPERATIONS
DAY 5
• Deal sourcing • Deal screening • Coaching • Company presentations • Due diligence • Investment terms and negotiations • Liability and risk exposure
DAY 6
FOLLOW-ON RELATIONSHIPS AND ACTIVITIES
IDENTIFYING DEALS AND INVESTING
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• Recruitment of the BAN manager • Communications with members and potential members • Background / educational needs • Time commitments • Meeting structure • Sponsorship • Collaboration with other angel groups • Promotions / publicrelations
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• Board seats • Access to information • Tracking investments • Mentorship • Role of angels in exits and follow-on financing • Exits • Legal concerns • Measuring success
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INVESTMENT READINESS FOR ENTREPRENEURS, STARTUPS, SCALEUPS AND SME EXECUTIVES
to ease access to finance for entrepreneurs, startups, scaleups and SME executives
WHO SHOULD ATTEND? This is an ideal course for entrepreneurs looking for smart finance to start up a business, start-ups looking for smart finance to scale up their business, SME executives looking for investors to help scale up their business, technopark professionals and inventors who want to turn their inventions to innovation. 14
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FUND RAISING COURSE FOR ENTREPRENEURS AND SME EXECUTIVES THIS COURSE HIGHLIGHTS THE PRINCIPLES OF FUNDRAISING AND SECURING SMART FINANCE THE BEST FINANCE IS A MIRACLE THAT HAPPENS WHEN ONE IS ABLE TO COMBINE MONEY, KNOW-HOW, MENTORSHIP AND NETWORKING. THIS IS PERHAPS BETTER TERMED SMART FINANCE. In the past, inventions were important for the economic development of societies. In the 21st century, however, it is not invention but innovation that counts. In those earlier times, entrepreneurial skills were not needed to get an invention to the market because it was a seller’s economy, where customers were ready to buy anything new. Times have changed, and the rules of the game have changed. Today’s inventors need more than just a clever idea. They need a complex set of skills to move their innovative idea into the market and to ensure it succeeds. The current, highly competitive economic environment means that scaling up businesses demands special skills of entrepreneurs, who are obliged to secure financing as quickly as possible. Yet finance alone is not sufficient to
Day 1: Equity Raising Process
• Technical terminology every SME Executive / Startup / Entrepreneur should know • Equity raising process • Top three investor criteria • Company executive summary • Developing a promising business model
create global success stories. The entrepreneur needs not simply finance, but the best finance. What is ‘the best finance’? The best finance is a miracle that happens when one is able to combine money, know-how, mentorship and networking. This is perhaps better termed smart finance. This course highlights the principles of fundraising and securing smart finance. Using internationally recognised techniques, participants will develop and refine skills that will facilitate accessing smart finance.
WHY ATTEND?
For anyone who wants to access financing from angel investors, VCs, family offices, banks, accelerators or from co-investment funds, this is an invaluable training session covering the most important aspects of securing funds from investors. It is designed to help entrepreneurs, start-ups and SMEs avoid the pitfalls executives often encounter.
CERTIFICATION Participants of this course will be awarded a certificate of attendance. Time: 3 Days Registration fee: 1250 EUR
Day 2: Company Valuation &
Day 3: Pitching Techniques to
Investment Term Sheets
Investors
• Developing a business plan • Funding requirements • Valuation and terms of investment • One page investment summary sample • Sample term sheet for SMEs and startups
• Principles of elevator pitching • Showing demo • Preparing power point presentations • Body language • Pitching team • Practices
Round Table with Investors: Investing in the Right Team
Round Table with Investors: What do the investors look in the due-diligence process Sample Investment Forum: Pitching to a group of real investors
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MASTER CLASSES Mastering the principles of early stage investment markets FOR STOCK EXCHANGE EXECUTIVES Creating a Private Market Platform for Early-stage Investment Markets on the Stock Exchange
This master class will examine case studies from different stock exchanges that have created special programmes and platforms to ease access to finance for a range of entities: business angels, start-ups, scale-ups, VCs, private equities, crowdfunders, co-investment funds, syndications, banks, angel investor groups and SMEs. WBAF Stock Exchange Experts will share important insights from various capital markets that can help you initiate and run such a market platform in your own country. You will find interesting strategies for using the stock exchange as a leveraging body to increase the market size of your country’s early-stage investment by converting the stock exchange into a platform — a space where foreign investors can find a secure environment for investing in start-ups, entrepreneurs, scale-ups and SMEs. Topics to be discussed include the following: • H ow to define the early-stage investment market in your country. • The roadmap of an entrepreneur, from start-up to scale-up to exit. • How to position your stock exchange in early-stage investment markets and on the roadmap of an entrepreneur. • The importance of involving corporate ventures in private market platforms. • Creating and leading an ecosystem to connect all players of the early-stage investment market players on your stock exchange. • What the main goals of your private market platform should be. • Why stock exchanges today give more importance than ever to SMEs and entrepreneurs. • How private market platforms on stock exchanges around the world work for SMEs and entrepreneurs. • Whether there is a need for a country’s SEC to secure the private market. • Overcoming obstacles to developing a private market. • How a private market can be used to list global angel investors and leverage the size of the early-stage investment market by attracting foreign investors. • The benefits of creating a private market platform or start-up market platform on the stock exchange • for the stock exchange itself. • for the country’s overall economy. • for the early-stage investment market of the country. Time: Full Day Registration fee: 5000 EUR
For Bank Executives: Creating an angel investors club within banks for private banking customers
FOR BANK EXECUTIVES An angel investment scheme is an innovative financial instrument for banks. In this masterclass, you will receive a roadmap to create such an innovative product in a bank. You will hear about the expectations of the bank administration for this product and how the bank benefits from the initiative. Bank executives are welcome to participate in this masterclass, which will be powered by a real case study from a bank that created a private platform with its private banking clients to meet the needs of start-ups, entrepreneurs and SMEs. • Setting up incubation centres as a bank. • Setting up an angel investors club. • Matching club members with incubated start-ups. • Setting up a side-car fund. • Managing the side-car fund. Time: Full Day Registration fee: 5000 EUR
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For Corporate Executives A Road Map to More Innovation: Creating an innovation pipeline to connect open innovation, R&D and corporate venturing This master class is based on case studies from various global companies. You will explore effective strategies for using the corporation as a body to leverage the efficiency of innovation in your company by converting its idle capacity into platforms where investors from outside your company can find a secure environment for investing in start-ups, entrepreneurs, and SMEs. This masterclass will provide a roadmap for creating an innovation pipeline that will connect open innovation, research and development and corporate venturing. • Creating an innovation pipeline. • Open innovation dynamics. • Research and development dynamics. • Creating a corporate venturing finance centre. • Involving entrepreneurs, start-ups and SMEs in the pipeline. • Management structure of the innovation pipeline. Time: Full Day Registration fee: 5000 EUR
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MASTER CLASSES Mastering the principles of early stage investment markets For Chambers of Commerce & Industry Executives: Turning Chambers of Commerce into Access-toFinance Centres for Entrepreneurs, Startups and SMEs
FOR CHAMBERS OF COMMERCE & INDUSTRY EXECUTIVES Chambers of commerce & industry are natural partners for business angels in bringing economic development to their communities. Chambers are often the first stop for businesses and entrepreneurs looking for investors and business angels looking for ideas and innovators. Chambers provide a valuable structure and convening power that allow business angels to bring ideas to life. In this masterclass, chamber executive teams will discuss how they created their own angel networks and funds from within their operation. • Bringing different skills and resources to the table: Business angels provide detailed guidance and training on the entrepreneurial lifecycle and on how to access to finance and capital. Chambers provide guidance on the rules and regulations of doing business. A true partnership! • Providing the opportunity for business leaders of chambers of commerce & industry to become business angels. • Turning chambers into a real early-stage investment market leader in the region. • Creating an awareness among the members of chambers on innovative financial • instruments such as angel investment, crowdfunding and acceleration centres. • Creating a CCP (Chambers Crowdfunding Platform) to ease access to finance for the members of chambers. • Creating a CBAN (Chambers Business Angels Network) to ease access to finance for the members of chambers. • Creating a CAC (Chambers Acceleration Centre) that will help set up new companies for potential members of chambers. • Creating a CMC (Chambers Matching Centre) to connect inventors with chamber members to create more innovation in the country and thus more jobs. Time: Full Day Registration fee: 5000 EUR
For Fund Managers: Creating the best co-investment structure for the region
FOR FUND MANAGERS This masterclass is an applied study of structures applied in different countries. The pros and cons of early-stage investment, co-investment, and fund structures are explored as they occur in various forms, including business angel–public funds, public fund–EIF, angel syndication, VC–angels, VC–public fund–angels. • Technical definitions of various types of co-investment funds. • Reasons to engage a business angel in co-investment funds. • Added values for public entities. • How public entities differentiate co-investment initiatives. • Main business angel co-investment funds in Europe. • Structure of these co-investment funds. • Public due diligence – investment decision – term sheets. • How public money enters the game. • How deal flow is handled. • Investment ratios of various types of co-investment. • Management fees and structures. • Asymmetric exits from co-investments. • Main steps of setting up compete BA (PT). • Public entities rate of return on BA co-investment funds. • Key points for the successful implementation of a BA co-investment fund. Time: Full Day Registration fee: 5000 EUR
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For Policy Makers Converting Public Finance to Smart Finance: Policy Building to Ease Access to Smart Finance for Start-ups, Scale-ups, Entrepreneurs and SMEs This master class, powered by a case study in Turkey, will give participants the opportunity to learn first-hand about the obstacles encountered the implementation of laws to support early-stage investment markets, who are the main drivers of the world economy. Participants will hear first-hand about innovative policies for governments from the WBAF Chair, Baybars Altuntas, to whom US President Obama granted a personal audience at the White House to hear his game-changing ideas for governments. He will tell you the main idea behind the governmental policies he proposed, emphasising the importance of converting public finance to smart finance. He will explain why supporting entrepreneurs and SMEs directly (or supporting the supporters of start-ups and SMES) should be given high priority and why governments should foster the concept of ‘investing in the right team’. Topics to be discussed include the following: • • • •
• • •
•
Defining the main players of early-stage investment markets around the world and in your own country. Defining the strengths and weaknesses of your country’s early-stage investment markets. The main pillars of developing support for early-stage investment markets by offering tax incentives and using public finance. Laws developed by various countries and best practices: • The angel investment law of Turkey • The crowdfunding law of the UK • The co-investment law of Portugal • The technopark law of Turkey The best way forward for your country: Supporting entrepreneurs and SMEs directly or supporting the supporters of start-ups and SMEs Converting public finance to smart finance How to involve the players in the early-stage investment market of your country, including • Regional development agencies. • SME agencies. • Innovation agencies. • Acceleration centres. • Chambers of commerce and industry. • Stock exchanges. • NGOs. The impact of the laws of different countries on their economies
Time: Full Day Registration fee: 5000 EUR
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EXECUTIVE WORKSHOPS
to increase the efficiency of qualified angel investors
WHO SHOULD ATTEND? In 2015, more than 300,000 angel investors invested more than $25 billion in startups in the US & Canada and more than 310,000 angel investors invested more than 6 billion Euro in Europe. The estimated total global market size of angel investment is over $50 billion every year. Any business angel who invested in startups will find a value for himself/herself in these executive workshops. 20
WBAF Investment Academy
For Qualified Angel Investors INCREASING THE CAPABILITIES OF QUALIFIED ANGEL INVESTORS IT PROVIDES A FOUNDATION IN DEVELOPING SKILLS OF QUALIFIED ANGEL INVESTORS WITH CASE STUDIES. Developing the Deal Flow • Develop your deal flow: Sourcing and identifying high-potential opportunities • Bet on the Jockey, Not the Horse: Evaluating the entrepreneur and picking the right one to back • Here comes the pitch: Listening to the story – Does it make sense for your portfolio? Time: Half Day Registration fee: 500 EUR
Due Diligence Techniques • Look under the hood and move toward a deal: Coordinating due diligence and running the show • +Case-study Time: Half Day Registration fee: 500 EUR
Term Sheets • Term sheets: Trust everyone, but cut the cards anyway • Closing deals • + Case-study
Time: Half Day Registration fee: 500 EUR
Exits • After the investment: Managing your portfolio and adding as an active angel • Exits and other unicorns: Getting your money out makes all things right • + Case-study Time: Half Day Registration fee: 500 EUR
Co-Investment Techniques • The entrepreneurship financing ecosystem: Grants, venture capital, accelerators and other players • Building your angelic reputation: Getting the best deals to come to you • Joining an angel group: Increasing your opportunities and reducing your risks • Impact investing: Doing well while doing good • Sit back and let someone else do the work: Investing in start-ups through seed funds and venture funds Time: Half Day Registration fee: 500 EUR
Company Valuations • Valuations and expectations: Discovering the secret economics of the angels • Investment rounds and their forms: Common stock, convertible notes or preferred stock • The art of the angel deal: Negotiating a win–win relationship with your entrepreneur • Case-study 2 Time: Half Day Registration fee: 500 EUR
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MASTER PLAN
to turn your country / region to a regional hub for entrepreneurship and Innovation.
If your institution is keen to respond to the needs of the country and wants to create a healthy early-stage investment market that will turn the country into a regional innovation hub, then this unique full-day programme is for the team members of your institution. • create a healthy SMEs and early stage investment market • turn the country into a regional innovation hub • lead the early stage investment maket of your country / region 22
WBAF Investment Academy
Developing a Master Plan for Your Country LEADING THE EARLY STAGE INVESTMENT MARKET OF YOUR COUNTRY / REGION IT PROVIDES A FOUNDATION IN DEVELOPING A PLAN TO TURN YOUR COUNTRY TO A REGIONAL INNOVATION HUB. 96% of the world economy is driven by entrepreneurs, start-ups and SMEs. These small- and medium-sized enterprises are the main drivers of economic stability. They recruit more than 60% of the entire working population of the world. In order for them to contribute more to the economies of their countries, they need to meet with new financial instruments quickly. Unfortunately, after the global economic crisis, SMEs, entrepreneurs, and start-ups were unable to access finance as easily as before. The development of new financial instruments such as crowd-funding, angel investment, acceleration programmes and co-investment funds, and the easing of access to finance for SMEs, entrepreneurs and start-ups therefore play a vital role in economic development. On the other hand, SMEs, entrepreneurs and start-ups should also be supported by smart public money, so the development of new policies to convert public money to smart money plays an important role in creating an entrepreneur-friendly environment. Developing tax incentives, co-investing with angel investors, regulating crowd-funding, providing
incentives for companies based in technoparks, recognising qualified investors, introducing new, innovative financial instruments, providing capacity building programmes, recognising and awarding success, connecting SMEs, entrepreneurs and start-ups with global investment markets and developing new incubation and acceleration programmes are all vitally important factors in the development of an efficient SMEs and early-stage investment market in your country/ region.
• developing tax incentives • co-investing with angel investors • regulating crowd-funding • providing incentives for companies based in technoparks • recognising qualified investors • introducing new, innovative financial instruments • providing capacity building programmes • recognising and awarding the success • connecting SMEs, entrepreneurs and start-ups with the global investment markets This country plan proposes a step-by-step programme to initiate and implement the objective of responding to the need for a healthy SMEs and early-stage investment ecosystem in your country/ region. At the end of the day, you will have developed your own master plan. Duration: One full day Registration fee: 6000 EUR for a
closed group for your institution. Dates: To be determined after consultation with your institution. Course Location: To be determined after consultation with your institution.
WBAF Investment Academy
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JOIN OUR GLOBAL EFFORTS We encourage you to join us in our efforts to harness the force of the world’s rapidly growing early-stage investment market. Join our global efforts to ease access to smart finance to create more jobs and more social justice worldwide. Your efforts to convert the world economy to a smart economy in cooperation with the World Business Angels Investment Forum will be highly valued.
wbaforum.org
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WBAF Investment Academy