WBAF 2018 Conference

WORLD BUSINESS ANGELS INVESTMENT FORUM: The Annual Meeting 2018 Unlocking the Potential for Innovation: Angel Investors Partnering with Family Offices and Wealth Management Institutions, 19–20 February 2018, Istanbul Building on the success of the 2017 World Business Angels Investment Forum (WBAF), this year’s forum will focus on the theme ‘Unlocking the Potential for Innovation: Angel Investors Partnering with Family Offices and Wealth Management Institutions’. The discussions will explore how family offices and wealth management institutions can foster open innovation and deliver more business value through partnerships with angel investors, start-ups, scale-ups, high-growth businesses and SMEs. I invite you to join our global effort to ease access to smart finance.

As the Chair of the World Business Angels Investment Forum, I invite you to join us in our global effort to ease access to smart finance, which will help create more jobs and more social justice worldwide. Your efforts to convert the world economy into a smart economy in cooperation with the World Business Angels Investment Forum are very important.

By working together across borders, with a common vision, and with these smart dynamics in mind, we are well placed to create positive change in the global economy.

I am sure you will find WBAF 2018 a rewarding experience!

Yours sincerely,

Baybars Altuntas

Chairman, World Business Angels Investment Forum (WBAF)

“The attendance by hundreds of investors, corporate representatives and international organizations was impressive�

Inderjit Singh, Co President, World Entrepreneurship Forum

wbaforum.org

WBAF 2018 Building on the success of the 2017 World Business Angels Investment Forum (WBAF), this year’s forum will focus on the theme ‘Unlocking the Potential for Innovation: Angel Investors Partnering with Family Offices and Wealth Management Institutions’.

The discussions will explore how family offices and wealth management institutions can foster open innovation and deliver more business value through partnerships with angel investors, startups, scale-ups, high-growth businesses and SMEs. Family offices and wealth management institutions are booming globally. Internationally recognised reports indicate that there are more than 10,000 single-family offices in operation throughout the world, at least half of which have been established in the past 15 years. A family should normally be worth between $100 million and $500 million for a single-family office to be financially viable.

Multi-family offices, by contrast, offer affordable services for ultra-high net worth families with assets of approximately $50 million. In North America alone, the next three decades will see nearly $30 trillion in assets transferred from baby boomers to their heirs.

WBAF 2018 Angel investment too is booming worldwide.

More than 90% of the early-stage investments in Europe come from angel investor capital.

The angel investment market size is more than €6.7 billion in Europe and more than US$26 billion in the US and Canada. The total size of the world’s early-stage investment market is expected to exceed $50 billion by 2020.

The $50 billion market for angel investment promises a $150 billion exit in the next 5 to 7 years.

SMEs, entrepreneurs and start-ups: OECD reports show that more than 96% of the world’s economy is driven by SMEs, entrepreneurs and start-ups. Many governments have understood the importance of the early-stage investment market in the creation of new jobs and social justice in their countries and have therefore implemented new regulations that provide tax incentives for angel investors, corporate ventures and start-ups.

As a global organisation, the World Business Angels Investment Forum is bringing together key players of the equity market to discuss the benefits of and the challenges to the angel investment community’s achieving successful growth for their businesses and to discuss what more can be done to connect the early-stage market ecosystem.

Global Agenda 2018 With the participation of a wide range of participants from the UK’s best angel investor to Singapore’s super angel, from UNIDO Executives to the Innovation Ministers, the global agenda on developing innovative financial and non-financial instruments to fuel the early and post-early stage investment markets will be shaped in the panel discussions and fireside chats of the World Business Angels Investment Forum.

Fireside chats will cover hot topics such as Best Practice: Corporate Ventures as an Exit Strategy; Focus on the WBAF Regional Report: Early-Stage Investment Markets - Southeast Europe; Focus on the African continent: Agenda 2063 – The Africa We Want, Secrets of the Turkish Carpet.

Panel topics include: • Global Action Plans for the Future of Corporate Venturing and Angel Investment Collaboration • A New Roadmap: From Start-ups to Angel Investors to Corporate Ventures to Stock Exchanges • Innovative Policies for the Promotion of Innovative Financial Instruments for SMEs and Early-Stage Investment Markets • The Changing Role of Banks in the Early-Stage Phases of Capital Markets • Technoparks 3.0: New Rules of the Game to Accelerate Investment Readiness for Angel Investors and Corporate Ventures • The Strategic Role of Global Corporate Ventures in Building and Maintaining National Competitiveness • Global Trends and Expectations for FinTech 2020 • The Impact of Brexit on Early-Stage Investment Markets in Europe and Other Parts of the World • G20 Vision for the proliferation of Collaboration Between Corporate Ventures and Angel Investors • The Science of Success: Investigating an Innovative Methodology Charting Possible Steps to Start-up Success • The Role of the United Nations Global Youth Empowerment Fund in the World’s Early-Stage Investment Markets • The Role of Corporate Ventures as Sources of FDI in Creating Sustainable Cross-Border Investments.

WBAF 2017: 14 Panel discussions with over 100 global speakers WBAF shines a spotlight on the importance of corporate ventures to accelerate the angel investment market.

But WBAF is proposing another path: Instead of wasting time and energy trying to convert employees to “intrapreneurs”, we’re saying: why not to bring in entrepreneurs from outside the company Let us give you an example of what corporate ventures are doing to create innovation: • they are setting aside a certain amount of their company’s budget to set up R&D departments, and • they are creating employee teams that will focus on innovation, and • by doing this, they are trying to convert their employees to entrepreneurs who create innovation.

But WBAF is proposing another path: Instead of wasting time and energy trying to convert employees to “intrapreneurs”, we’re saying: why not to bring in entrepreneurs from outside the company — entrepreneurs who have already raised angel money.

These entrepreneurs bring with them not only their know-how (including how to raise angel money), they also bring their network and an ability to mentor. The

result is much better innovation in a shorter period of time because.

Such a new roadmap will open the way for early exits. If international companies follow this road, it can create further rounds of investment in the country.

We are fortunate to have a wide range of participants at WBAF 2017, including the UK’s best angel investor, Singapore’s super innovator, UNIDO Executives, and the Trade and Industries Minister of Kosovo. These colleagues lad discussions on developing innovative financial and non-financial instruments to fuel the early and post-early stage investment markets.

Over 100 global speakers from 54 countries and 5 continents The Forum hosted more than 100 global experts as keynote speakers, panel discussion speakers, moderators, and fireside chat speakers from over 54 countries and 5 continents. Speakers included government ministers, world-class angel investors, super angels, chairpersons and presidents of some of the world’s leading NGOs, chairpersons of leading stock exchanges, technopark CEOs, and world-renowned academicians.

Key-note speech from Paul Doany Paul Doany, CEO of Turk Telecom, addressed the issue of empowering the world’s economies through partnerships between corporate ventures and angel investors.

The world early-stage investment markets need innovative approaches to leverage start-up and SME ecosystems worldwide. Almost all global corporates have departments that leverage the innovation pipeline within the company. This keynote speech addressed the importance of global corporates forming partnerships with angel investors and angel networks and the impact of such partnerships the competitiveness of local economies with global markets. In this keynote speech, Paul Doany, a private angel investor, presented an innovative exit roadmap for angel investors and ideas for leveraging the efficiency of innovation teams and increasing the impact of R&D departments – both of which would empower economies worldwide.

A special WBAF masterclass on FinTech was hosted

by Paolo Sironi of IBM Watson Financial Services, and a global thought leader on FinTech Paolo Sironi of IBM Watson Financial Services and a global thought leader on FinTech hosted a special master class at the World Business Angels Investment Forum on 12 February at the Swissotel The Bosphorus in Istanbul.

Financial Services are facing a perfect storm: margins are squeezed due to zero to negative interest rates in Europe, Japan and the US; reputational damage in the aftermath of the global financial crisis; increasing capital charges; skyrocketing compliance costs; generational shifts towards mobile oriented Millennials; and progressive disintermediation by technology-enabled start-ups.

FinTech companies have grabbed the opportunity globally to create compelling propositions that can ultimately replace or revolutionize the operating models of incumbent institutions. Yet innovation is not an easy journey. Proactive financial centres and forward-looking regulators across the globe have started to flex their muscles in the attempt to gain a competitive international advantage by

promoting sound transformation of the banking, asset management and insurance industries.

The FinServ marketplace has never been so competitive, creating threats for incumbents and opportunities for innovators. This master class helped identify key trends globally and the strengths and weaknesses of the new technology that is shaping the FinTech revolution.

Paolo Sironi is the recognised author of the book Portfolio Management and Financial Innovation. In his current role as FinTech thought leader and spokesperson for IBM Investment and Risk Analytics, he links strategic innovation in finance and technology, demonstrating international expertise in wealth and asset management, risk management, trading and digital transformation.

Most of the early-stage equity markets today are in G20 countries The 50 billion dollar market for angel investment promises a 150 billion dollar exit in the next 5 to 7 years. As you know, most of the early-stage equity markets today are in G20 countries. So, cooperation with G20 administrations is very important if angels are going to meet the challenge. WBAF is happy to announce that WBAF is co-operating with the Germany team this year.

The aim is to raise awareness about the needs of angel investors. One of WBAF first events will be an investment forum for young entrepreneurs, and will be organised in cooperation with the G20’s Child & Youth Finance International on the 3rd of May in Berlin.

Two important reports released to the public

Exciting new partnerships signed in Istanbul

Two important reports of the World Business Angels Investment Forum (WBAF) released at WBAF 2017.

The World Business Angel Investment Forum 2017 marks the beginning of a new era for the organisations that are about to sign partnership agreements with the World Business Angels Investment Forum (WBAF):

The WBAF South East Europe Regional Report provides insights into issues and challenges in the region. Contributors to the report include the South East Europe Research Centre, the International Faculty of the University of Sheffield, and HeBAN. Many thanks go to Professor Ketikidis and his team.

The WBAF Country Report: Turkey provides insights into issues and challenges in Turkey. Contributors to the report include the Turkish Trade Association for Business Angels (TBAA) and the Treasury Department of the Republic of Turkey.

• the London Stock Exchange Group (LSEG), • the World Association of International Investment Promotion Agencies (WAIPA), • the European Trade Association for Business Angels (EBAN), • the African Trade Association for Business Angels (ABAN), • and the Middle East Trade Association for Business Angels (MBAN),

These MOUs are all aimed at supporting and empowering business angels and

early- and post-early stage investment markets around the world.

WBAF will be working together with LSEG, WAIPA, EBAN, ABAN and MBAN in several respects, the main areas of cooperation being the following: • Mutually supporting the development of angel activities in the world by collaborating on relevant projects, fostering cross-border investments among members, supporting training activities for business angels, etc.

• Promoting each other’s initiatives and the annual WBAF event.

The World Business Angels Investment Forum is pleased to expand its network of collaborators and is looking forward to working together with the World Business Angels Forum to achieve shared goals and support the advancement of the early stage eco-system.

Delegates will have an opportunity to attend WBAF Academy courses On the second day of the Forum, 20 FEBRUARY 2018, DELEGATES WILL HAVE AN OPPORTUNITY to attend one of four WBAF Academy courses, all taught by WBAF Academy Faculty Members.

The first course (How to become a business angel) was for potential angel investors, and was offered by WBAF Academy Faculty Member Harry Tomi Davies, from the UK, Chairman of the African Trade Association for Business Angels (ABAN).

The second course (How to set-up a business angel network – BAN) was for business angel network managers, and was delivered by WBAF Academy Faculty Member Peter E.Braun, an EBAN Board member from Switzerland.

The third course (How to raise fund from angel investors) was for entrepreneurs,

start-ups, scale-ups and SMEs aiming to raise funds from angel investors. This course was run by WBAF Academy Faculty Member Modwenna Rees-Mogg, Founding CEO of Pitching4Management and Chair of AngelNews, UK. She is also the author of Dragons or Angels, an internationally known book about the TV show Dragons’ Den. The fourth course (How to mentor entrepreneurs efficiently), for mentors and start-ups, was led by WBAF Academy Faculty Members from Greece, Adriane Thrash and Argyrios Spyridis, Co-founders of Innovation Farm.

Community Assessment

Building the Framework for Your Business Angel Network

Launching Business Angel Network Operations

Identifying Deals Follow-on and Investing 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

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 investmentgroup from their own network, anyone interested in becoming a professional business angel networkmanager or executive.

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 butinnovation that counts. In those earlier times,entrepreneurial skills were not needed to get aninvention to the marketbecause it was a seller’seconomy, where customerswere ready to buy anythingnew.

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 theirinnovative idea into themarket and to ensure itsucceeds. The current, highlycompetitive economicenvironment means thatscaling up businessesdemands special skills ofentrepreneurs, who are obliged to secure financing as quickly as possible. Yet finance alone

is not sufficient tocreate global successstories.

The entrepreneur needs not simply finance, but the best finance.What is ‘the best finance’?The best finance is a miraclethat 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 internationallyrecognised 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 oftenencounter.

Certification Participants of this course will be awarded acertificate of attendance.

Time: 3 Days Registration fee: 1250 EUR

Who should attend?

This is an ideal course for entrepreneurs lookingfor smart finance to start up a business,start-ups looking for smart finance to scale up theirbusiness, SME executives looking for investorsto help scale up their business, technoparkprofessionals and inventors who want to turn theirinventions to innovation.

Day 1: Equity Raising Process

Day 2: Company Valuation & Investment Term Sheets

Day 3: Pitching Techniques to Investors

• Technical terminology every SME • Executive / Startup / Entrepreneur should know • Equity raising process • Top three investor criteria • Company executive summary • Developing a promising business model

• 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 witth 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

WORLD EXCELLENCE AWARDS The annual World Business Angels Investment Forum, through its World Excellence Awards, celebrates high growth and success in the angel and early-stage investment market – recognising the fastest growing brands and acknowledging the founders, angels, crowdfunders and early-stage venture capital investors behind them.

Open to both companies and investors, these awards seek to recognise the year’s most disruptive new market entrants and provide a definitive list of the most exciting ones to watch in the angel and early-stage investment space.

146 nominations from 32 countries This year the jury’s job was a very tough one. WBAF received 146 nominations from 32 countries for 20 categories of the World Excellence Awards, but the international jury decided to award 6 finalists in 6 categories.

Jury members are (in alphabetical order): This year’s jury was chaired by Peter Braun from Switzerland, Board Member of the European Trade Association of Business Angels (EBAN).

• Mr Andrew Work, Editor in-chief of the Harbour Times, from Hong Kong • Mr Inderjit Singh, Co-President of the World Entrepreneurship Forum and former Parliament Member of the Republic of Singapore • Mr Michal Ciemenski, Chair of the Polish Business Angels Network, from Poland • Mr Paolo Sironi, Global Thought Leader and Spokesperson for the IBM Watson Financial Services, from Germany

ANGEL INVESTORS & CORPORATE VENTURES & WEALTH MANAGEMENT INSTITUTIONS & FAMILY OFFICES Building on the success of the 2017 World Business Angels Investment Forum (WBAF), this year’s forum will focus on the theme ‘Unlocking the Potential for Innovation: Angel Investors Partnering with Family Offices and Wealth Management Institutions’. The discussions will explore how family offices and wealth management institutions can foster open innovation and deliver more business value through partnerships with angel investors, start-ups, scale-ups, high-growth businesses and SMEs. Family offices and wealth management institutions are booming globally. Internationally recognised reports indicate that there are more than 10,000 single-family offices in operation throughout the world, at least half of which have been established in the past 15 years.

A family should normally be worth between $100 million and $500 million for a single-family office to be financially viable. Multi-family offices, by contrast, offer affordable services for ultra-high net worth families with assets of approximately $50 million. In North America alone, the next three decades will see nearly $30 trillion in assets transferred from baby boomers to their heirs.

NEW BOARD MEMBERS OF THE WORLD BUSINESS ANGELS INVESTMENT FORUM The World Business Angels Investment Forum (WBAF) is an international organisation that aims to ease access to finance for businesses from start-up to scale-up to exit, with the ultimate goal of generating more jobs and more social justice worldwide. It is committed to collaborating globally to empower world economic development by creating innovative financial instruments for innovators, start-ups, and SMEs. It is developing a global agenda to accomplish this mission with the cooperation of its highly dedicated international board members.

Chairman: Baybars Altuntas, World Business Angels Investment Forum • Abdul Malik Al Jaber, Chair, the Middle East Trade Association for Business Angels & EARLY-STAGE Investment Market Players (MBAN), Dubai • Abdulaziz N. Al-Khalifa, CEO, Qatar Development Bank, Qatar • Charles Sidman, Managing Partner and Member, ECS Capital Partners and Angels, USA • Dr Hashim S. Hussein, CEO, United Nations Industrial Development Organization - Investment & Technology Promotion Office (UNIDO-ITPO), Bahrain • Harry Tomi Davies, Chair, the African Trade Association for Business Angels & EARLY-STAGE Investment Market Players (ABAN), Nigeria • Inderjit Singh, Co-President, the World Entrepreneurship Forum (WEnF), Singapore • Peter Cowley, UK Angel Investor of the Year 2014 & 2015, Chair of Cambridge Angels, UK

HEADLINE SPONSOR OF WBAF 2017: London Stock Exchange Group ELITE is a two year programme for high-growth, ambitious companies designed to provide their CEOs and senior management with access and support from blue chip advisors and investors, as well as a bespoke management course delivered by various business schools across Europe. The London Stock Exchange Group launched ELITE because entrepreneurs often find that that their passion and ideas are enough to launch them a business, but accessing on-going growth finance from institutional investors, private equity funds or venture capital is much harder. ELITE facilitates company access to a full range of funding options, increases company profile and visibility, promotes relationships and opportunities with potential investors, and supports management best practice and entrepreneurship.

Enjoy a short interview with the CEO of Elite Programme – London Stock Exchange Group

How many companies have joined the programme?

We have welcomed more than 400 companies to the ELITE programme as well as over 150 financial advisers and professional bodies. In addition, the programme now also boasts more than 100 institutional investors including private equity firms as we all as specialist debt investors.

The 400 companies come from 23 European countries, the programme having been rolled out across Europe in 2015. The companies have a combined revenue of more than EUR 33bn,come from 33 sectors and employ more than 140,000 employees. This is now a very serious and impressive pan-European programme.

Why did LSEG launch this programme across Europe?

High growth SMEs are the major source of new, high quality jobs. For the EU economy to grow we need to ensure these types of companies are nurtured and supported as fully as possible. We want to create a community for Europe’s most ambitious high growth businesses. We have brought together over advisors and investors, including leading accountancy and legal firms; business angels, VCs and private equity houses; institutional investors; PR firms; banks; brokers, as well as the major trade and investment bodies.

How do you select the participants? Do they have to pay to be part of ELITE? We look for high quality, highly ambitious businesses. This can include an established successful family run business as well as a high growth, high tech next generation company. All applicants are selected following detailed discussions with the ELITE team. There is a financial commitment from the companies participating to cover the cost of running the programme - €10,000 per year.

How have companies performed since joining ELITE? The results have been truly impressive: • 45 Companies have completed a deal with a Private Equity firm • 15 Companies publicly announced an intention to IPO • 21 Companies have issued bonds, raising EUR 410m • 120 M&A / JV deals completed by ELITE comapnies

WBAF 2018 19 - 20 February 2018 Istanbul

JOIN OUR GLOBAL EFFORTS AT WBAF 2018 TOO 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