WBAF HIGH COMMISSIONERS PUBLISHED BY THE WORLD BUSINESS ANGELS INVESTMENT FORUM
2018 EDITION
INCLUDING: MEET THE WBAF HIGH COMMISSIONERS KEY COUNTRY INSIGHTS FOR INVESTORS EXCLUSIVE INTERVIEWS MEET THE WBAF BOARD
A GOOD EXIT
WBAF HIGH COMMISSIONER TO CROATIA, RENATA BRKIC, SHARES HER JOURNEY IN SOCIAL-IMPACT INVESTING www.wbaforum.org
1
HIGH COMMISSIONERS
2
WBAF High Commissioners
WELCOME
Empowering global partnerships with WBAF High Commissioners
T
he World Business Angels Investment Forum (WBAF) is an international organisation aiming to ease access to finance for businesses from start-up to scale-up, 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, startups, scale-ups, high-growth businesses and SMEs.
The Forum interacts with leaders in all areas of society, first and foremost in business and political spheres, to help assess needs and establish goals, bearing in mind that the public interest is of paramount importance. We engage a wide range of institutions – public and private, local and international, commercial and academic – to help shape the global agenda. We hold that, with
the participation of individuals and institutions from multiple sectors and from all parts of society, real progress can be achieved. To honour individuals who have clearly demonstrated their commitment to furthering early-stage investment markets, WBAF offers key individuals the title and role of ‘WBAF High Commissioner’. A WBAF High Commissioner will take on responsibility for activities that are designed to serve the global community and the WBAF membership. With the combined contributions from dynamic WBAF High Commissioners around the world, everyone involved benefits from the shared knowledge, better networking, and increased exposure. This magazine profiles our WBAF High Commissioners and the early-stage investment markets they represent in 40
countries around the world. In addition to a personal profile, each WBAF High Commissioner shares valuable insights into their local markets, outlining the landscape and opportunity for early-stage investment in their respective countries. Furthermore, this magazine also showcases our WBAF Board Members representing 8 different regions across the globe, each committed to promoting the WBAF global agenda. Establishing WBAF with wonderful friends and colleagues has been one of the most exciting and rewarding initiatives of my life. All the best,
BAYBARS ALTUNTAS CHAIRMAN, WORLD BUSINESS ANGELS INVESTMENT FORUM (WBAF)
www.wbaforum.org
3
HIGH COMMISSIONERS
4
WBAF High Commissioners
WBAF
HIGH COMMISSIONERS 2018 EDITION
CONTENTS 4
4
COVER FEATURE As a social-impact investor, Renata Brkic believes in pursuing a good feeling before a good exit. Here she shares her journey in achieving triple bottom line success through Angel Investments.
8
BOARD MEMBERS Meet our WBAF Board Members - individuals representing 8 different regions across the globe, each committed to the promotion of the WBAF global agenda.
14 18
HIGH COMMISSIONERS Meet our WBAF High Commissioners - individuals from across the globe who are recognised for demonstrating a commitment to furthering early-stage investment markets in their respective regions.
78 WBAF HIGH COMMISSIONERS is a publication of the World Business Angels Investment Forum
EDITOR-IN-CHIEF EDITORIAL DIRECTOR EDITORIAL ASSISTANT ART DIRECTOR PRODUCTION MANAGEMENT STOCK IMAGES
102
INDEX
DAVID JENKINS CHRISTOPHER CAMPBELL GEOFFREY FORBES MONIQUE MOUISSIE SOCIUS SHUTTERSTOCK
www.wbaforum.org
5
COVER FEATURE
Good feeling BEFORE GOOD EXIT
As a social-impact investor, Renata Brkic believes in pursuing a good feeling before a good exit. Here she shares her journey in achieving triple bottom line success through Angel Investments.
R
enata Brkić, WBAF High Commissioner to Croatia, is a serial entrepreneur and investor, CEO and owner of a company active in licensing, consulting and organising worldwide supply chain operations for licensed products. She has been leading the team working on the global revival of the ‘Professor Balthazar’ animated series, which became a unique cultural phenomenon in the 1960s promoting sustainable development goals. Its unique selling proposition lays in fostering social responsibility by promoting innovation, creativity, science, entrepreneurship and non-violent problem solving - with a proven track record in mobilising positive social impact.
How did you become a social impact investor? Ever since I started my career I have been strongly devoted to fostering social impact orientation in business with the following key words: science, women, education and children. Regardless, if I was working in the public or private sector, or as an entrepreneur, these have always been the topics of my businesses. So, when I started my entrepreneurial journey with the Professor Balthazar 6
WBAF High Commissioners
movement a decade ago it came naturally that I was able to identify myself with the brand’s edutainment values, which guide me towards considering the triple bottom line when measuring success – people, profit and planet. As Professor Balthazar’s global business plan was evolving, the mindset that was in its foundations provoked the emergence of many spin off projects that
I felt were precious and needed support; I couldn’t resist the challenge and this is how I became an Angel Investor. You are also running a Social Impact Investment Hub in Croatia? It was from the experience of developing and raising funds for my entrepreneurial project that I have realised I could also help impressive teams and individuals
who share the same values - the only difference being that they have less experience. They are either entrepreneurs, inventors, educators, science communicators, or artists. It led to the establishment of the Professor Balthazar Social Impact Investment Hub for the incubation of start-ups and scale-ups, which I have been running in Croatia since 2010 with a group of dear and devoted partners. The association also serves as a platform for gathering positive social forces to help create an atmosphere of general social responsibility and commitment to the sustainable development and education of children in accordance with the positive values. Some of our great results start with the pioneering of the science communication and helping to provoke curricular reform, to gathering different entities in a joint effort to create the first Science & Edutainment Center in Croatia. It is for this reason that in 2016 we were rewarded by TBAA for the best social impact investment in the South East Europe.
“We will invest in wonderful ideas that do not necessarily have fast payback, but that can change the world for better and push the human race forward.” What is your role for WBAF? I was lucky to meet Mr. Baybars Altuntas, the President of WBAF, two years ago. With time, we realized that we share the same values and possess similar energy to get things done. Among many other impressive achievements, he is the author of the most inspiring entrepreneurial book “Off the Bus, Into a BMW” which was translated and published in Croatia by the Professor Balthazar Social Impact Investment Hub. It was a great success
Renata and her daughter in Zagreb
in Croatia due to its valuable content for young entrepreneurs to help them on their journey. I was honored to be appointed the World Business Angels Forum Commissioner to Croatia at the beginning of 2017. I admire the unique value of WBAF, which aims to convert the world economy into a smart economy. Being a part of the WBAF High Commissioners’ network also enables me to share and receive - in real time - news from the worldwide entrepreneurial ecosystems. Apart from representing the organization in Croatia, I am also involved in building the WBAF impact community. We are establishing cooperation with many esteemed organizations promoting impact investment worldwide. I have just recently represented the WBAF at The World’s Entrepreneur’s Investment Forum - organised in Manama by UNIDO, the Kingdom of Bahrain, CEE Impact Vienna, Creative Business Cup Copenhagen, and Social Innovation Forum Western Balkans, just to name a few. What are some of the key things you promote about Investing? Investing is an action-reaction iterative process between the investor and investee. For me, it is of upmost importance that we share common values. I am an impact investor. Beyond making a profit, it is important to me that the project matters in terms of making the world a better place. I therefore prefer a hands-on approach. And when it comes to exit, it’s not only
exit, it’s all about good feeling before good exit. What advice would you give to those seeking funding? Use the thorough approach; work on professional presentation and pitch; invest in attending industry conferences and start-up competitions; and have a record of first sales - at least pilot ones. Also, make sure you adjust the target investor to the development level and nature of your project by finding out your best match - whether it is business angel, crowdfunding campaign or venture fund – and go for them. What are your plans for the future? During my lifetime career I have passed all the necessary steps from corporate manager, via serial entrepreneur, followed by running the science communication start-up incubator, to investor. Going step-by-step led me to my present position as founding partner and closing my own investment fund with inspiring partners - the Feelsgood Social Impact Venture Fund. The fund will become operational in 2018. We will invest in wonderful ideas that do not necessarily have fast payback, but that can change the world for better and push the human race forward. Who inspires you? Exceptional people who create a symbiosis of science and business in the effort to come up with solutions for making the world a better place on a global scale. > www.wbaforum.org
7
HIGH COMMISSIONERS COVER FEATURE
Take Invest Summit
Renata Brkić - WBAF High Commissioner for Croatia
Achievements in 2017 Social Innovation Forum Belgrade April 2017 A Social Innovation Forum 2017 was organized in Belgrade in April 2017 by the Smart Kolektiv, EBRD and NESsT. The forum gathered different stakeholders from the regions of Western Balkans, Croatia and Slovenia with the main purpose of presenting the results of a mapping study of social enterprise ecosystems in Croatia and Western Balkans. The study is the first comprehensive research of its kind, covering seven countires in the region: Albania, Bosnia & Herzegovina, Croatia, Kosovo, FYR Macedonia, Montenegro and Serbia. It was concluded that the most effective way to scale up loan financing for social enterprises in the region is to create new financial products for social enterprises, and/or adapting existing products for small and medium enterprises to make them more appropriate for the social economy.
CEE Impact Day Vienna June 2017 In June 2017 WBAF partnered with the CEE Impact Day 2017, organized in Vienna by 8
WBAF High Commissioners
Impact Hub Vienna and OeKB. As WBAF is keen to provide the essential conceptual and practical building blocks for its members who want to consider and get involved in impact investing, it decided to support the event as an outreach partner. CEE Impact day gathered interested stakeholders in Central and Eastern Europe – celebrating the region’s diversity and forging solid connections among the partners with the aim to strengthen the impact ecosystem in Central and Eastern Europe.
The World Enterpreneurship and Innovation Forum Manama October 2017 Ms. Renata Brkić was representing WBAF and speaking at the investing for global impact panel at the World Entrepreneurship and Innovation Forum - organised by UNIDO and the Kingdom of Bahrain. The three day forum included: a number of key events on the Maritime-Continental Silk Road, investing for global impact, women in industry, private sector engagement for implementing SDGs, promoting inclusive investment in Africa, and forging partnerships between entrepreneurs.
Creative Business Cup Copenhagen November 2017 For the sixth year, the World Cup of creative start-ups – The Creative Business Cup Challenge – welcomed start-ups, inventors, innovators and investors from more than 50 countries around the globe to Copenhagen in November. The Creative Business Cup focuses on the creative industries - defined as those that create something where nothing existed before - representing a major economic movement. WBAF was the partner for the Cup, with Ms. Renata Brkić serving as jury member.
Take Invest Summit Croatia November 2017 A national competition for the WBAF Take Invest Summit was organized in Zagreb by Ms. Renata Brkić in partnership with TIKA – Turkish Cooperation and Coordination Agency - and under high auspices of the Ministry of Economy, Enterpreneurship and Crafts of the Republic of Croatia. Five promising start-up projects were selected to be invited to present in Istanbul, on the occasion of the WBAF Take Invest Summit in February 2018.
SUCCESS IS IN OUR DNA ! Make a world of difference in the sector with our customer-oriented service and end to end solutions provided to our business partners, while actualize the all safe and effective financial transactions in accordance with international standards; is in our DNA. That is why we are the preferred choice of the very best in Turkey. Now it’s time to share our success with the whole world.
fineksus.com
www.wbaforum.org
9
HIGH COMMISSIONERS
BOARD MEMBERS WBAF
Meet our WBAF Board Members - individuals representing 8 different regions across the globe, each committed to the promotion of the WBAF global agenda.
10
WBAF High Commissioners
The San Francisco–Oakland Bay Bridge is a complex of bridges spanning San Francisco Bay in California. It has one of the longest spans in the United States.
www.wbaforum.org
11
EUROPE
BOARD MEMBERS
Baybars Altuntas
B
World Business Angels Investment Forum, Chairman Vice President, The European Trade Association For Business Angels (EBAN)
aybars Altuntas is a former Senior Advisor of the Elite Programme of the London Stock Exchange Group (LSEG); entrepreneurship and innovation guru; global leader; best-selling author; angel investor; columnist; star of the Turkish version of the television show Dragons’ Den; Chairman of the World Business Angels Investment Forum (WBAF); Vice President of the European Trade Association for Business Angels, Seed Funds, and Early Stage Market Players (EBAN); President of the Business Angels Association of Turkey (TBAA); the World Entrepreneurship Forum Ambassador to Turkey and the Balkan countries; and President of
12
WBAF High Commissioners
Deulcom International. One of the top global speakers on entrepreneurship, innovation and Angel Investment, Mr Altuntas was invited by former US President Obama to speak at the Global Entrepreneurship Summit in Kenya, and was the only entrepreneur to be granted a personal audience with former President Obama at the Presidential Summit on Entrepreneurship in Washington, DC. In addition, Mr Altuntas is the developer of the worldrenowned entrepreneurship theory, the Altuntas Start-up Compass Theory; author of ‘Off the Bus, Into a Supercar! How I Became a Top TV Star and Celebrated Investor’; and a co-author of ‘Planet Entrepreneur: The World
Entrepreneurship Forum’s Guide to Business Success Around the World’. He is an advisory board member of the South East Europe Research Council in Greece, and follows Ban Ki-moon (former Secretary General of the United Nations) as an Ambassador for JCI. Mr Altuntas has also been recognised by the European Trade Association of Business Angels (EBAN) as ‘the Best Individual in Europe Engaging with the Global Entrepreneurial Ecosystem’ in 2014 (Ireland), 2015 (Netherlands), 2016 (Portugal) and 2017 (Spain).
baybars.altuntas@wbaforum.org
QATAR
Abdulaziz Al-Khalifa
A
World Business Angels Investment Forum, Board Member Chief Executive Officer, Qatar Development Bank (QDB), Qatar
bdulaziz Bin Nasser AlKhalifa is the CEO of Qatar Development Bank (QDB) - the leading development and financing body driving the growth of Qatar’s private sector and its contribution to GDP. He previously held leadership positions at QDB, where he was the Executive Director of Strategy & Business Development
for three years, serving simultaneously as Vice President of several internal and external committees. Prior to joining QDB, Mr Al-Khalifa worked at Qatar Shell as a Business Development Manager for nearly three years; and held technical and managerial positions at The Qatar General Electricity & Water Corporation for six years prior to that. He has extensive experience in
“Mr Al-Khalifa has has extensive experience in the SME, private and entrepreneurship sectors; and has played a leading role in the launch of several flagship development initiatives.”
the SME, private and entrepreneurship sectors. He played a leading role in the launch of several flagship development initiatives, including the Al Dhameen Partial Guarantee Program, Tasdeer Qatar Export Development Agency and the Housing Loan Program for Qatari citizens. Mr Al-Khalifa holds an MBA degree from Qatar University, a Bachelor’s degree in Electrical Engineering from the University of California and has received several specialized diplomas from Harvard and INSEAD Universities.
abdulaziz.al-khalifa@wbaforum.org
www.wbaforum.org
13
MIDDLE EAST
BOARD MEMBERS
Abdul Malek Al Jabaar World Business Angels Investment Forum, Board Member
D
President, The Middle East Trade Association for Business Angels (MBAN), UAE
r Abdul Malek Al Jabaar has a wealth of experience and a long record of achievements locally and regionally in the ICT, Services and Financial industry. He is the Founder and Chairman of MENA Apps, the former COO of Zain Group and CEO of Zain Jordan. Prior to joining Zain, Dr Al Jabaar served as CEO and Vice Chairman of Paltel Group, where he was responsible for profit growth from $15 million to $100 million in a record time. During his tenure, the Paltel Group became the first Palestinian company (and 2nd company in MENA) to adopt the Global Reporting Initiative (GRI) standards
14
WBAF High Commissioners
on Corporate Social Responsibility and Sustainability Practice and Reporting, as well as the first company in the country to form a corporate foundation. Dr Al Jabaar serves as chairman of the Golden Wheat Mills Company and is Chairman of Middle East Payment Services - the leading payment processor in the Middle East. He also sits on a handful of regional and global boards of companies and institutions. In 2010, Dr Al Jabaar was ranked by Global Telecoms, # 62 on its annual power 100 list. He is the first Jordanian recognized on this list. He was ranked again in 2011 at #69 and # 70 in 2012. In addition to this, in June 2011 Dr Al Jabaar was also ranked
number 21 in the top 50 most powerful people in the Media, Marketing and Advertising. He was also awarded by HRH Sheikh Mohamed Bin Rashid (PM of UAE) as Best Arab Manager. Dr Al Jabaar is a member of the Arab Business Council, WEF, The Arab Technology Forum, YPO and the Global Agenda Council. Dr Al Jabaar is a member of the Advisory Council of Kuwait National Fund for Entrepreneurship, Chairman of Oasis Venture Fund and Founder or Arabreneur.
abdul.malek.jaber@wbaforum.org
AMERICA
Dr Charles Sidman World Business Angels Investment Forum, Board Member
C
Founding Member, Angel Capital Association (ACA), USA
harles Sidman, MBA, PhD, is an Angel Investor and managing partner of ECS Capital Partners, LLC - a global innovative early-stage venture fund based in Bar Harbor, Maine, USA. He is a founding member of the American Angel Capital Association, past president
of the Crowdfunding Professional Association, and a frequent advocate for, contributor to and speaker on financial and entrepreneurship issues in Washington, D.C. and beyond. Dr Sidman retired as Professor of Molecular Genetics, Biochemistry and Microbiology from the College of Medicine at the University of
“Charles Sidman is a founding member of the American Angel Capital Association and a regular speaker on financial and entrepreneurship issues in Washington, D.C.�
Cincinnati, where he also served for many years as Professor of Management in the College of Business and in the universitywide Honors Scholars Program. His education includes a PhD in Immunology from Harvard University, an MBA specializing in Management from the University of Cincinnati, and sabbatical study in Complex Systems at the Santa Fe Institute.
charles.sidman@wbaforum.org
www.wbaforum.org
15
AFRICA
BOARD MEMBERS
Harry Tomi Davies World Business Angels Investment Forum, Board Member
H
President, The African Trade Association for Business Angels (ABAN), Nigeria
arry Tomi Davies (TD) is an ICT Expert with a background of technology management for FTSE 100 level companies in the UK, US and Africa. He directs and advises a broad range of organisations globally, writes and blogs (occasionally) while maintaining a significant network of connections across most of the major social media platforms. He is a regular public speaker and mentor of a broad range of individuals with a personal goal of “maximizing the creation of social and economic value using digital technologies better”.He is an acclaimed
16
WBAF High Commissioners
expert in project management of technology systems analysis, design & implementation, an area that is the subject of his 2014 book “The African Project Manager”. Mr Davies’ focus in
“Tomi Davies’ focus in the last decade has been on technologybased entrepreneurship in Africa.”
the last decade has been on technologybased entrepreneurship in Africa, where he invests, mentors and continues to work on developing an ecosystem of technology start-ups based around coworking spaces; incubators; accelerators; angel funding; VC Capital; entrepreneur capacity development; and national and state government policies. He is the founder of the Lagos Angel Network and President of the African Business Angels Network (ABAN).
harry.tomi.davies@wbaforum.org
UNIDO
Dr Hashim S. Hussein World Business Angels Investment Forum, Board Member
D
Head, The United Nations Industrial Development Organization - ITPO, UNIDO
r Hashim S. Hussein is the Head of the United Nations Industrial Development Organization - Investment & Technology Promotion Office (UNIDO-ITPO) and Director of the Arab International Centre for Entrepreneurship and Investment Training (ARCEIT) – Kingdom of Bahrain. Dr Hussein has acquired rich experience in the field of Industrial Development as well as Investment and Technology Promotion in the last 22 years. He’s had extensive experience of over 20 years in SME and Entrepreneurship development
and he is an international advocate for Women’s Economic Empowerment. Dr Hussein holds a PhD (Honors) in International Law from the Universite de Nantes, France; and has obtained a Doctoral Research Programme from the University of Maryland at College Park, Centre for International Development and Conflict Management (CIDCM). He has worked at various responsibility levels in different countries like USA, Egypt, Sudan, Austria and the Kingdom of Bahrain. He joined UNIDO in 1991 as a Program Officer posted in the Kingdom of Bahrain to eventually become the Head of UNIDO-ITPO in
1996. Dr Hussein is also the Director of the Arab International Center for Entrepreneurship & Investment (AICEI), playing an instrumental role in its establishment in Bahrain in 2001. Through AICEI, he initiated and developed the Enterprise Development & Investment Promotion Program (EDIP), which is currently implemented in over 49 regions from Uruguay, to Africa, to the MENA region and all the way to China.
hashim.hussein@wbaforum.org
www.wbaforum.org
17
ASIA
BOARD MEMBERS
Inderjit Singh World Business Angels Investment Forum, Board Member
I
Co-President, World Entrepreneurship Forum (WENF), Singapore
nderjit Singh serves as President and Chief Executive Officer of Infiniti Solutions Ltd; as well as President of the Singapore Chapter of The Indus Entrepreneurs - a network of entrepreneurs and professionals founded in 1992 in Silicon Valley, California. He served as Head of Knowledge Management Centre at Escorts Agri Machinery, Inc. since February 2007. Previously, Mr. Singh founded United Test and Assembly Centre Limited, or UTAC, a Singapore-based semiconductor test and assembly company, and served as UTACs President and Chief Executive Officer. Before founding UTAC, Mr Singh served at Texas Instruments Singapore
18
WBAF High Commissioners
(known as Micron Semiconductor Asia since 1999) for 13 years, holding the post of Director of Assembly and Test Operations for the Memory Division from 1996 to 1998. Mr Singh also serves as a Member of Parliament and Deputy Chairman of the Singapore Government
“Mr Singh serves as Deputy Chairman of the Singapore Government Parliamentary Committee for Finance, Trade and Industry.”
Parliamentary Committee for Finance, Trade and Industry. Mr Singh serves as a Member of the Board of Several Statutory and Public Bodies, including the Urban Redevelopment Authority and the Standards, Productivity and Innovation Board. He also holds directorship positions and investments in a number of startup companies. Mr Singh holds a degree in Electronics Engineering from the Nanyang Technological University, Singapore and an MBA from the University of Strathclyde, United Kingdom.
inderjit.singh@wbaforum.org
UNITED KINGDOM
Peter Cowley World Business Angels Investment Forum, Board Member
P
The Best Angel Investor of UK in 2015 and 2016, UK
eter Cowley is a Cambridge University Engineering/ Computing graduate who has founded and run over ten technology and construction businesses for 35+ years. Since then, has invested in over 55 start-ups,
mainly in Cambridge and London, having been named UK Angel of the Year for 2015 and 2016. He is a non-executive director of five of those startups and a board observer of four others. Mr Cowley is chair of the Cambridge Business Angels,
“Peter Cowley has personally invested in over 55 startups - earning him recognition as the ‘UK Angel of the Year for 2015 and 2016’ by the UKBAA; and ‘Best Angel of the World in 2017’ by WBAF.”
is a Fellow in Entrepreneurship of the Cambridge Judge Business School and has mentored countless entrepreneurs. He set up, and now runs, the Martlet early stage corporate Angel Investment fund of Marshall of Cambridge, which has invested £5M in 40+ startups, and is a member of the investment committee of the £100M UK Government Angel CoFund. For over 15 years, Mr Cowley has also been involved in charity and social enterprise governance as chair and treasurer of various trustee boards..
peter.cowley@wbaforum.org
www.wbaforum.org
19
HIGH COMMISSIONERS
HIGH COMMISSIONERS WBAF
Meet our WBAF High Commissioners - individuals from across the globe who are recognised for demonstrating a commitment to furthering early-stage investment markets in their respective regions.
20
WBAF High Commissioners
Turkey’s Annual Hot Air Balloon Festival in the Cappadocia Hills
www.wbaforum.org
21
HIGH COMMISSIONERS
BAHRAIN
Osama Al Khajah O WBAF High Commissioner Bahrain
CONTACT HIM: osama.khajah@wbaforum.org
22
WBAF High Commissioners
www.gisbah.com
sama Khajah has initiated, founded, developed, and managed several initiatives, companies, mega projects, international forums, and NGOs. Osama became a CPA in 1994, and was the youngest Bahraini CPA at that time. Today, he holds leadership and professional experience of over 27 years in Islamic banking, project finance, corporate finance, investment banking, development banking, real-estate development, energy, petrochemicals, international events management, SMEs, entrepreneurship development, science & technology parks, industrial parks, and innovation development. Mr Khajah started his self-made career just out of high school in 1986, working for GPIC for 10 years where his final position was Treasurer. He then joined Gulf Powerbeat Co., working as a Financial Controller for 2 years. Subsequently, he diversified his career by joining Bahrain Development Bank where he worked for 5 years as Head of Business Development and Project Finance. In 2002, Osama joined Kuwait Finance House (Bahrain) as Head of Corporate Finance; and in 2004 became Head of Project Development. In this capacity he was actively involved in initiating, conceptualizing, and developing new businesses and projects worth billions of USD; spanning areas like energy, petrochemicals, infrastructure, and master plan development. In March 2017, Osama resigned and started his own business, founding Global Innovative Solutions Co. WLL, which he now leads as Executive Chairman. Further, he leads special initiatives like Ebtikar Association which he founded in 2013,
Manama
and sits on several private and public boards, locally and internationally, including OECD - Mena Investment Centre (Advisory Board Member), Chartered Institute for Securities and Investments (Advisory Board Member), Baytik Industrial Investment Co. (Vice Chairman), Baytik Industrial Oasis (Chairman), Baytik Infrastructure Investment Co. (Vice Chairman), the National Institute for Industrial Training (Vice Chairman), Meena Towers Co. (Chairman), Labour Market Regulatory Authority (Audit Committee Member), Applied Science University (Member of Consultative Committee), Eskan Bank (Former Board Member), and Ebtikar Association (Advisory Board Member).
BAHRAIN
What is Bahrain’s biggest local Angel Investment success story? Mena Telecom Company What is your advice for Business Angels visiting Bahrain? There is good potential for better Angel Investments through collaboration. What are your top tips for startups seeking Angel Investment? Be creative in your plans and implementation. Consider your Angel Investors as your partners. Be selective in choosing your Angel Investors money is not enough; but, in addition, try to get non-financial contributions essential for the success of your business. In 2018, what are you most looking forward to for Bahrain when it comes to Angel Investing? Get incentives for Angel Investors. What have you learnt about yourself through Angel Investing? I have built greater knowledge and a better understanding about Angel Investments.
Quick facts
OVERVIEW Population
1.45 million
GDP per capita USD 23,353 Active Angel Investors
20 (approx)
Capital City
Manama
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
What is your main goal as WBAF High Commissioner to achieve in Bahrain? Promote and support WBAF objectives and plans in Bahrain. www.wbaforum.org
23
HIGH COMMISSIONERS
BANGLADESH
Md. Sabur Khan BANGLADESH M WBAF High Commissioner Bangladesh
r. Md. Sabur Khan is Chairman of Daffodil Family. He has involved himself with various challenges through his serving as the President of the Dhaka Chamber of Commerce and Industry; President of the Bangladesh Computer Samity; Member of the Prime Minister ICT Task Force; and several further organisations. He has made significant contributions to establishing an ICT Ministry, the IT Incubator, and BCS Computer City. Mr. Khan is the Chairman of the Global Trade Committee and also Director of World IT & Services Alliances, the world’s foremost IT organization. He has written & published several books including “Uddokta Unnoyon Nirdeshika” (Bengali), “Art of Living”, “A Journey towards Entrepreneurship”, and “Employability 360°”. In 2013, Mr. Khan initiated a project to foster 2000 new entrepreneurs with a vision to develop a self-employed generation. Therein he aims to create more job opportunities through his
Quick facts
INVESTMENT INCENTIVES
OVERVIEW
Population
162 million
GDP per capita USD 1,544 Active Angel Investors
>10 (approx)
Capital City
Dhaka
initiatives like business incubators, several startups, venture capital involvements, and establishing a Department of Entrepreneurship at the university level. He has been awarded an honorary professorship from Adam University, Kyrgyzstan and Issyk-Kul State University, Kyrgyzstan.
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds Further, he has been awarded an honorary Doctorate Degree from AlaToo International University, Bishkek and Naryn State University, Naryn. For his contributions, Mr. Khan has achieved many awards nationally, and internationally. He also established the ‘Daffodil Foundation’ from a desire to further develop the less privileged facets of society.
Lalbagh Fort or Fort Aurangabad at Dhaka City
24
WBAF High Commissioners
What is Bangladesh’s biggest local Angel Investment success story? Sajid Rahman is a successful entrepreneur and an investor. He is an active angel investor and sits on the board of many financial services, technology, and energy companies in US, Europe, and Asia. He is the CEO of Telenor Health and Director of Founder Institute Bangladesh. Some of his investments include Hyperloop One, Shyp, Human Longevity Index and Zendrive.
CONTACT HIM:
sabur.khan@wbaforum.org
@mdsabur
www.sabur.me
www.daffodil.family
What Angel Investment incentives does Bangladesh have? At present, there are no tax incentives for Angel Investors in Bangladesh, but this form of investment is getting momentum and has huge future prospects, especially for the startups, as raising capital is not easy in the country. We hope that policies for alternative sources of fundraising are going to be created with tax incentives soon. The Bangladesh Government have already passed the “Bangladesh Securities and Exchange Commission (Alternative Investment) Rules, 2015” for the development of alternative investment like Angel Investment in the country.
What is your advice for Business Angels visiting Bangladesh? Driven by a rising rate of national savings, the rate of investment as a percent of GDP has been on the increase at a rapid pace in the past two decades in Bangladesh. So, there is a huge scope for Angel Investors to invest in Bangladesh. What are your top tips for Business Angels considering investment? Have a good idea of how much you are going to invest and have a pool of money reserved before making an investment. Scrutinize the industry and understand the field in which the company operates. Ensure that the market is large enough, understand the competition and the company’s competitive advantage. Understand Angel Investing is high risk, with the possibility of the complete investment being lost. In 2018, what are you most looking forward to for Bangladesh when it comes to Angel Investing? I would like to see the ecosystem generate handsome cash flows to compensate Angel Investors for assuming risk with start-ups. Furthermore, while there are some organizations assisting Venture Capital firms, there is little guidance or information for Angel Investors. As a result, Angel Investors do not have the national recognition that their Venture
Capitalist counterparts enjoy. Some organizations have started to officially make more information available for Angel Investors through their initiatives, which will be more organized in coming years. What have you learnt about yourself through Angel Investing? Angel Investors have more informal investment criteria compared to the traditional financial lenders, including Banks and Venture Capitalists. Since Angel Investors invest their own money, their business deals can often be negotiable. Because of this flexibility, they are more likely to be a good source of capital for early-stage businesses. What is your main goal as WBAF High Commissioner to achieve in Bangladesh? My major goal will be to encourage the mainstream Angel Investors of both Bangladesh and abroad by convincing the government of Bangladesh to formulate a specific and separate policy and guidelines in favour of Angel Investment. I will also take initiative to discuss with various government agencies to provide tax incentives for the Angel Investors, so that in near future Angel Investment can be considered one of the major alternative fundraising sources in Bangladesh. At the same time, efforts will be taken to formalize and organize Angel Investors through the creation of effective Angel groups and networks in the country. www.wbaforum.org
25
HIGH COMMISSIONERS
BRAZIL
Cassio A. Spina WBAF High Commissioner Brazil
C
assio Spina graduated from the Escola Politécnica of the University of São Paolo, having studied Electronics Engineering. Cassio was an entrepreneur for 25 years in the tech sector and currently is a Mergers & Acquisitions and Corporate Venture advisor, Angel Investor, and corporate board member. Cassio is the Founder of Altivia Ventures, as well as Anjos do Brasil - a nonprofit organization with a mandate to foster and develop Brazilian Angel Investment. He is also a columnist and contributor to several major publications, an Endeavor Mentor and author of the book “Angel-Investor - A Practical Guide for Entrepreneurs and Investors”.
CONTACT HIM:
cassio.spina@wbaforum.org
@CassioSpina
www.cassio.familiaspina.com.br
www.anjosdobrasil.net
26
WBAF High Commissioners
Rio de Janeiro
BRAZIL Quick facts
OVERVIEW Population
208 million
GDP per capita USD 8,650 Active Angel Investors
7000 (approx)
Capital City
Brasilia
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
What incentives does Brazil have for Business Angel investment? Recently a bill was approved to protect Angel Investors from any liabilities the invested startup may have.
What is Brazil’s biggest local Angel Investment success story? We have some very successful Angelfunded companies, like BuscapÊ, which exited for over USD $370 million. What is your advice for Business Angels visiting Brazil? Get in contact with all agents of the startup ecosystem. What are your top tips for startups seeking Angel Investment? Know your market very well. Get to know the Angels before pitching to them. Know your audience. Be humble. In 2018, what are you most looking forward to for Brazil when it comes to Angel Investing? Angel Investment tax incentives. What is your main goal as WBAF High Commissioner to achieve in Brazil? To spread the entrepreneurial spirit. www.wbaforum.org
27
HIGH COMMISSIONERS
BULGARIA
Nikolay Mavromatis BULGARIA N WBAF High Commissioner Bulgaria
Quick facts
OVERVIEW Population
INVESTMENT INCENTIVES
7.2 million
GDP per capita USD 7,350 Active Angel Investors
150 (approx)
Capital City
Sofia
National Palace of Culture, Sofia
28
WBAF High Commissioners
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
ikolay Mavromatis is a serial Business Angel; entrepreneur; and cofounder and President of the Bulgarian Association of Business Angels (BABA). He is a C-level executive with extensive finance experience in fields such as Valuations, Mergers & Acquisitions, Private Equity, Venture Capital, Financial Management, and Fundraising. Nikolay has organized numerous events and seminars with the desire to aid the development of the local
entrepreneurial ecosystem. These events include ‘Get In The Ring Bulgaria Angels’ and other events under BABA. His experience includes positions in leading corporations and startups in the field of IT, Publishing, Building Automation, Healthcare, Manufacturing, and FMCG. He is also an Independent Certified business appraiser. What is Bulgaria’s biggest local Angel Investment success story? We have recently developed as a startup destination and we are waiting for first exits, which we would expect to see in the next few years.
CONTACT HIM:
nikolay.mavromatis @wbaforum.org
@NM_AgeliLikon
www.bulgariaangels.org
What is your advice for Business Angels visiting Bulgaria? Look for local Business Angels or consider syndication with Angels that have experience in the local ecosystem. What are your top tips for startups seeking Angel Investment? Build a strong and dedicated team. Develop a sound business project. Demonstrate your potential for scaling up. In 2018, what are you most looking forward to for Bulgaria when it comes to Angel Investing? Implementation of Tax incentives for Business Angels and VCs What have you learnt about yourself through Angel Investing? The art of entrepreneurship. What is your main goal as WBAF High Commissioner to achieve in Bulgaria? To develop the Business Angel community and create a culture of risk investments.
www.wbaforum.org
29
HIGH COMMISSIONERS
CAMEROON
Georges Tchokoua
G
WBAF High Commissioner Cameroon
eorges Tchokoua is the founder of Africa Rising Invest LLC, a company offering financial advisory and capital-raising services to promising entrepreneurs and fastgrowing companies in Africa. Tchokoua has vast experience in providing technical assistance for the financial structuring of projects (particularly in the extractive and infrastructure sectors) to governments as well as private companies. Tchokoua has collaborated with some regional institutions, like UNECA for instance,
CAMEROON Quick facts
INVESTMENT INCENTIVES
OVERVIEW Population
23 million
GDP per capita USD 3,340 Active Angel Investors
100 (approx)
Capital City
Yaounde
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
Yaounde
30
WBAF High Commissioners
as an expert consultant in training government officials and revising the country’s Mining Codes. Prior to founding Africa Rising Invest, Tchokoua was Director of Casablanca, a Moroccan based investment boutique focusing on Frontier Markets across Africa. From 2013 to 2016, he advised clients on capital intensive projects, including the world’s fourth largest iron ore mining and infrastructure integrated project (USD $10 billion project). Before that, Tchokoua worked as a credit quant with Nomura in London. In 2009 and 2010, as a junior quant trader at Natixis, New York, he helped manage USD $1.5 billion index arbitrage books and designed market neutral strategies to identify and profit from statistical arbitrage opportunities in equity markets. He started his career as a junior foreign exchange and money market trader at BMCE Bank in London. Tchokoua earned his Masters in Financial Econometrics from ENSAE ParisTech, a French Ivy League school specializing in Statistics and Economics. He is a Certified Public Private Partnership Professional and a CFA level III Candidate. Tchokoua is also a member of the New York CFA Society and founder of New York Invest in Africa - a rapidly growing network of over 80 members interested in business opportunities in Africa.
What is Cameroon’s biggest local Angel Investment success story? Njorku.com, the “Google search engine for jobs in Africa”, is one of the biggest job search and career platforms for Africans worldwide, with a very unique business model and the first mover advantage in Sub-Saharan Africa. The company benefited from mentorship and funding from a Cameroonian diaspora angel. In the five years since the founder set up the site in his bedroom in Buea, Cameroon, njorku. com has served over 2 million unique users across 11 African countries. What is your advice for Business Angels visiting Cameroon? Be patient and flexible. Angel Investment is still in its very early stages in the country and even the most promising entrepreneurs may not know how to interact with Angel Investors. What are your top tips for startups seeking Angel Investment? Invest in your financial education. Find out as much as you can about your target investors. Summarise your business proposition into a 10 page summary, a one-pager, and a 1 to 2 minute pitch.
In 2018, what are you most looking forward to for Cameroon when it comes to Angel Investing? The creation of an enabling environment for Angel Investment with a proper framework, fiscal incentives and exit opportunities. What is your main goal as WBAF High Commissioner to achieve in Cameroon? Develop a national entrepreneurial ecosystem and connect all players of the early and post early stage equity market to world capital markets.
CONTACT HIM:
georges.tchokoua@wbaforum.org
www.afrikinfrastructure.com
www. africarisinginvest.com
www.wbaforum.org
31
HIGH COMMISSIONERS
CHINA
Vicky Wang
W
WBAF High Commissioner China
ANG Hui (Vicky Wang) serves concurrently as the Director of International Department of Macro Euro-China Entrepreneurs’ Club (MECEC), Horizion2020 and OASC China representative of the European Commission. WANG Hui graduated from Northeast Normal University with two bachelor degrees of Administration (E-Business) and of Literature (High English Education), and a Master’s Degree of Translation and Interpretation. Since 2011, she began working for MECEC’s missions in China and abroad, and participated in the European Commission and Eurochambres projects, such as Euro-China Business Meeting, FI-WARE and Industry 4.0. She was responsible for everything from dailyliaison, topic-research, project-promotion and mission-building to event-organizing, delegation leading, and reception. She advanced from project secretary and regional representative (2011 July) to the Director of International Department (2016 May). During these working
CHINA Quick facts
INVESTMENT INCENTIVES
OVERVIEW Population
1.3 billion
GDP per capita USD 9,108 Active Angel Investors
1000 (approx)
Capital City
Beijing
years, Wang Hui has often visited cooperated cities of European countries, Turkey and Australia, and successfully accomplished her tasks. She has built excellent cooperative relationships with international and regional governments, embassies, chambers, associations, institutions, universities and SMEs. With positions on national SME associations and professional intelligent manufacturing alliance of
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds MIIT in China, she has contributed to policy studies of industry and commerce, project investigations, and SME visits & research for many years. Additionally, she has been involved on an extended basis with international organizations like the United Nations, the World Chamber Congress, and the International Chamber of Commerce, as well as with global partners from the US, Dubai, and the UK.
The Great Wall
32
WBAF High Commissioners
What tax incentives does China have for Business Angel investment? In 9 pilot areas including Guangdong and Shanghai, both entrepreneurs and investors in the form of equity investment in early stage science and technology enterprises, manufacturing, tech, artificial Intelligence, biological medicine, industry parks and other innovative fields enjoy 70% taxable income deduction. What other incentives does China have for Business Angel investment? Projects in regions with relevant National policies, such as the ‘Belt and Road Initiative’ and ‘Made-in China 2025’ also receive unique policy and return on investment support according to discussion meetings with government. What is China’s biggest local Angel Investment success story? The Angel Investment in OfO (bikesharing), an innovative way to transfer people into cities. This is a perfect combination of public use, shared economy, capital ROI and national to international reach. What is your advice for Business Angels visiting China? Be serious - do enough research and investigation about the projects you have an interest in. Face-to-face
discussions and professional meetings are very important. Recommended partners are your priority. What are your top tips for startups seeking Angel Investment? Have a clear concept about your product, do enough research on the market and your industry, and foresee future intention and development. Also have a steady team and selected partners. Have local liaison officers and local investment partners in China to incubate and support projects. Design practical exit mechanisms. In 2018, what are you most looking forward to for China when it comes to Angel Investing? In my view, integration of industry and finance becomes the key to supporting development. More Angels investing in manufacturing and innovation fields will be very welcomed, especially those that facilitate government, association and SME cooperation for China and foreign countries. What have you learnt about yourself through Angel Investing? I got to know WBAF’s missions and partners as well as the different commissioners. I learnt about how I could best function within these structures. Furthermore, I have become more familiar with the unique
requirements of Angel Investing in different provinces in China. What is your main goal as WBAF High Commissioner to achieve in China? To process integration of industry and finance. To promote Angel Investing to support China’s national policies and international cooperation, specifically on the ‘Belt and Road Initiative’ and ‘Made in China 2025’. To create value and capital return to both entrepreneurs and investors.
CONTACT HER:
victoria.wang@wbaforum.org
www.weibo.com/victoria8euchina
www.euro-china.net www.ca-sme.org
www.wbaforum.org
33
HIGH COMMISSIONERS
COTE D’IVOIRE
S
Etienne Kouadio Doh WBAF High Commissioner Cote D’Ivoire
ince enjoying a leading position as Country Director of a Pan-African telecom group, Alink Telecom, in Niger, Ghana, and Cote d’Ivoire from 2006 to 2013, Etienne is now playing a leading role in the ICT sector as Chief Operating Officer at VITIB S.A - the first Technology Park in Western Africa. VITIB S.A is a government and private joint venture company in charge of promoting and managing the ICT & Biotechnology free trade zone of Côte d’Ivoire. His role consists of attracting Investors, analysing business plans,
COTE D’IVOIRE Quick facts
INVESTMENT INCENTIVES
OVERVIEW Population
25 million
GDP per capita USD 1,560 Active Angel Investors
500 (approx)
Capital City
Yamoussoukro
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
Basilica of our Lady of Peace, Yamoussoukro
34
WBAF High Commissioners
and supporting business incubation & development. With a background in international marketing, Etienne worked for Unilever as a Regional Brand Manager. He is currently leading the national and international promotion strategy of the Technology Park of Côte d’Ivoire. Etienne has been ranked by ITnewsAfrica among the Top 10 Telecom Leaders in Africa. He is also the President and the Founder of Ivoiro Suisse - an NGO which is active in education and women & youth empowerment for social justice. What incentives does Cote d’Ivoire have for Business Angel investment? Cote d’Ivoire has the free trade zone dedicated to ICT and Biotechnology. What tax incentives does Cote d’Ivoire have for Venture Capital funds? Corporate tax exemptions; social and salary tax reductions; working permit facilitation; and free dividends transfer are some tax incentives for VC fund investments in the free trade zone.
CONTACT HIM:
etienne.kouadio.doh @wbaforum.org
@kouadiodoh
www.vitib.ci
What is Cote d’Ivoire’s biggest local Angel Investment success story? Taxi Jet. What is your advice for Business Angels visiting Cote d’Ivoire? Visit the ICT & Biotechnology Free Trade Zone, VITIB. It can assist Angels with identifying business opportunities and can link them to some local business networks. What are your top tips for startups seeking Angel Investment? Work on the business model – specifically how you plan to profit from your business idea. Work on your business plan for the 5 first years from business launch and get some market evidences. Be open to Business Angels or Venture Fund networks. In 2018, what are you most looking forward to for Cote d’Ivoire when it comes to Angel Investing? Promoting WBAF and creating a local Angel Investing ecosystem. What have you learnt about yourself through Angel Investing? A bright idea does not mean a successful business. What is your main goal as WBAF High Commissioner to achieve in Cote d’Ivoire? To contribute to the development of startups and to promote WBAF in Cote d’Ivoire. www.wbaforum.org
35
HIGH COMMISSIONERS
CROATIA
Renata Brkic WBAF High Commissioner Croatia
R
enata Brkić is a serial entrepreneur and investor; as well as CEO and owner of a company active in licensing, consulting, and organization of worldwide supply-chain operations for licensed products. She is strongly devoted to fostering social impact orientation in businesses that are science, women, education, and children oriented. In her capacities as President of the General Assembly at ZEZ centre, and Head of the Social Impact Investment Hub Professor Balthazar, Renata is responsible for the revival of the Professor Balthazar character as a unique, artistic, socially responsible brand. For this role she is also a TBAA award-winner for the best social impact investment in South East Europe. As founding partner of Feelsgood Social Impact Venture Fund, she invests in wonderful ideas that do not necessarily have fast payback, but that can change the world for the better and push the human race forward. Renata is also a mother of three.
CONTACT HER:
renata.brkic@wbaforum.org
@RenataBrkic
www.professor-balthazar. weebly.com
36
WBAF High Commissioners
Dubrovnik
CROATIA
What is Croatia’s biggest local Angel Investment success story? Bellabeat. What is your advice for Business Angels visiting Croatia? Look at the tourism sector, as the fast growing sector with undiscovered opportunities.
Quick facts
OVERVIEW Population
4 million
GDP per capita USD 14,372 Active Angel Investors
10 (approx)
Capital City
Zagreb
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
What are your top tips for startups seeking Angel Investment? Have a record of pilot or first sales. Work on professional presentation and pitch. Attend industry conferences and start-up competitions. In 2018, what are you most looking forward to for Croatia when it comes to Angel Investing? Co-investment possibilities with EU structural funds. What have you learnt about yourself through Angel Investing? I have discovered the joy of giving and sharing knowledge, information, connections. What is your main goal as WBAF High Commissioner to achieve in Croatia? Increase government’s attention and response to the investors community.
www.wbaforum.org
37
HIGH COMMISSIONERS
GHANA
Tina T Allton WBAF High Commissioner Ghana
CONTACT HER:
38
tina.allton@wbaforum.org
@tinaallton
www.tinaallton.com
www.undefeeted.org
WBAF High Commissioners
ina Allton is the London chapter director for EBW2020 (Empowering a Billion women by 2020) - a global FinTec company that connects women entrepreneurs to funding resources by providing an education system, a range of digital technology tools , leadership skills, a financial plan, and access to a community of like-minded thinkers who help accelerate business growth for a bigger impact. Tina also sits on a special advisory board for EBW2020. Tina is a qualified Educational Psychologist with over 20 years’ experience in business. She is an award-winning entrepreneur, mentor, international speaker, and world-leading influencer. She is also renowned for teaching leadership skills, business growth and global branding across the globe, especially to femaleowned businesses. Tina is the Co-Director of Circle Podiatry, UK’s #1 private Podiatry brand, awarded as the best SME business for customer experience in the whole of London. Tina is the CoFounder of Undefeeted.Org, another award-winning global nonprofit organisation which provides countries with education, raising awareness, and strategies to aid the prevention of avoidable diabetes-related lower limb amputations. Tina is the global Director for Usense, which seeks to solve technological problems across several industries such as education, health, media, retail, business, and finance. Usense provides digital products, like mobile applications, helping entrepreneurs to gain greater customer reach. Tina works with business owners, corporations, and organisations helping them to attain faster business growth, and increasing their bottom line in 90 days or less. Most recently Tina is also leading a global humanitarian project in India called HUM, which supports disadvantaged women. She is revered as an entrepreneur of excellence, and her work has seen her take many stages in the USA, the Bahamas, Europe, India, Africa, and elsewhere.
What tax incentives does Ghana have for Venture Capital funds? Full tax exemption for investors on capital gains, dividend tax and corporate income tax for a period of 5 years.
GHANA Quick facts
OVERVIEW Population
29 million
GDP per capita USD 4,685 Active Angel Investors
<30 (approx)
Capital City
Accra
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
What tax incentives does Ghana have for Business Angel investment? 0% tax on investment income for 5 years, with 100% repatriation of revenue from the country with no restrictions for foreign investors. What other incentives does Ghana have for Business Angel investment? Losses can be carried forward for a further 5 years, making it a very attractive incentive as an investor.
What is Ghana’s biggest local Angel Investment success story? OMG Digital. Dominic Mensah, Prince Boakye Boampong and Jesse Arhin Ghansah started OMG Ghana in 2012 when they were in college. Smartphones were becoming more popular back then, but Jesse and his friends had a hard time finding interesting things to read online. So they decided to create a media company that provides content for young and internet-savvy Africans. Today, the company’s brand and following has spread from Ghana into Nigeria and Kenya. It’s set to launch sites for South Africa, Uganda, Zambia and Tanzania. The team of three entrepreneurs were accepted into Y Combinator, one of the world’s most prestigious accelerator programs.; and in June 2017, they raised $1.1 million from a group of venture capital firms and Angel Investors. What is your advice for Business Angels visiting Ghana? Seek to collaborate/partner with existing investors to minimize your risk and also to gain maximum ROI. Do your due diligence and be diligent about it. What are your top tips for startups seeking Angel Investment? Do your due diligence on the Angel Investor and don’t just take what comes first, consider all your cards/deals on offer. Never over inflate your numbers as ultimately any investor will only come on board based on the numbers, so make sure they are as close to reality as possible. Preparation is always key, so plan and adequately prepare to give the best pitch of your life. This not
only conveys confidence but it also shows you are equally interested, committed and excited about your business - a sure sign that with the right advisory/mentorship you can succeed and the investor will get ROI. In 2018, what are you most looking forward to for Ghana when it comes to Angel Investing? Being able to create a successful partnership between Ghana’s Angel Investors and the international community of investors to increase the number of Angels in Ghana to at least 35. What have you learnt about yourself through Angel Investing? Always go with your gut when you are selecting which projects to invest in. Plus, I have come to appreciate the power of collaboration/partnering with other investors, as this has a huge impact on the level of risk that one can be exposed to. What is your main goal as WBAF High Commissioner to achieve in Ghana? To create a self-sustaining ecosystem for up and coming entrepreneurs to gain early insight into how to stress test their ideas for business and its scalability, thereby knowing the best point at which to seek investments and/or mentors to grow and scale. www.wbaforum.org
39
HIGH COMMISSIONERS
GREECE
Panayiotis H. Ketikidis P WBAF High Commissioner Greece
rofessor Panayiotis Ketikidis is the co-founder of the Hellenic Business Angels Network (HeBAN), Chairman of the South East European Research Centre (SEERC) and the Vice Principal for Research, Innovation & External Relations of CITY College; an International Faculty of the University of Sheffield. He has over 30 years of experience in management, education, innovation, research, and competitive research funding, with several networks established as a result of this experience. He is regularly invited as keynote speaker to various national and international business and academic conferences. Prof. Ketikidis is the president and founder of the Triple Helix Association Chapter of Greece (established in 2013); Member of the Board of the Innovation Zone of Thessaloniki [(AZK) 2013-present]; Member of the Board at Technopolis â&#x20AC;&#x201C; Thessaloniki ICT Business Park (2010-present); Emeritus Member of the Exportersâ&#x20AC;&#x2122; Association of Northern Greece Management Board [(SEVE) 2006-present); and Member of the
CONTACT HIM:
panos.ketikidis@wbaforum.org
@KetikidisP
www.seerc.org
40
WBAF High Commissioners
Administration Board â&#x20AC;&#x201C; Centre for the support of female employment and entrepreneurship [ERGANI (20062016)]. For many years, he was also an expert reviewer of DG XIII (Telecommunications, Information Industries, and Innovation) for the European Commission, and has further been involved in many European Information Technology projects funded by the European Commission (1992-current). Prof. Ketikidis is the Chief Editor of the International Journal of Innovation & Regional Development (IJIRD), European Editor of the International Journal of Enterprise Network Management (IJENM), and founder of the International Conference for Entrepreneurship, Innovation, and Regional Development (ICEIRD).
GREECE Quick facts
OVERVIEW Population
10.9 million
GDP per capita USD 17,900 Active Angel Investors
200 (approx)
Capital City
Athens
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
What tax incentives does Greece have for Venture Capital funds? Yes. Jeremie Funds and EquiFund offer seed and early-stage capital as part of a national entrepreneurship and innovation programme.
What are your top 3 tips for startups seeking Angel Investment? Be realistic. Understand finance. Be ready to attend to needs of BAs. What is your advice for Business Angels visiting Greece? Plan for syndicated investment. What is Greeceâ&#x20AC;&#x2122;s biggest Angel Investment success story? TaxiBeat In 2018, what are you most looking forward to for Greece when it comes to Angel Investing? Better BA investment tax incentives. What have you learnt about yourself through Angel Investing? Following others is a good beginners strategy. What is your main goal as WBAF High Commissioner to achieve in Greece? To establish Angel Investing as an essential part of the Greek eco-system, and to embed innovative start-ups in their early stages in an effective global network of finance and expertise providers that enables their growth and development; strengthening local and regional capabilities and skills. www.wbaforum.org
41
HIGH COMMISSIONERS
HONG KONG
Andrew Work A WBAF High Commissioner Hong Kong
ndrew Work is the AsiaPacific Head Content Strategist at NexChange, the social platform connecting the world to finance and innovation. Andrew is also the co-creator of the Fintech O2O brand and events. Mr Work stewards the content of the NexChange and Fintech O2O websites & events with the content team across Asia. Andrew has spoken in, hosted, and moderated panels at a wide range of business, finance, fintech, and innovation-related events around the world. These have included the Fintech O2O Global Summit, the World Bank/ IMF SME Finance Forum, the World Business Angel Investment Forum, the Baringâ&#x20AC;&#x2122;s relaunch in Asia, Qualcommâ&#x20AC;&#x2122;s 4G/5G Summit, RISE Hong Kong, the Canadian Crowdfunding Summit, Standard Chartered events, and many more. Mr Work founded the Hong Kong economic policy think tank, The Lion
CONTACT HIM:
andrew.work@wbaforum.org
@mrgandrewwork
www.harbourtimes.com
www.nexchange.com
42
WBAF High Commissioners
Hong Kong
Rock Institute, and remains an active board member. He is the former Executive Director of The Canadian Chamber of Commerce in Hong Kong and has worked for The Economist, Penton Media, and on  Parliament Hill with a senior Cabinet Minister in Ottawa. He has written extensively on public policy as it impinges on the growth of business and flourishing of technology. He holds a Bachelor of Science from McGill University and an MBA from the University of Victoria.
HONG KONG
Quick facts OVERVIEW Population
7.3 million
GDP per capita USD 43,700 Active Angel Investors
Thousands
Capital City
N/A
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
What tax incentives does Hong Kong have for Venture Capital funds? Currently none. However, Hong Kong has a low and equitable tax system that only taxes profits.
What incentives does Hong Kong have for Business Angel investment? Low taxes and even lower taxes for the smallest businesses. What is Hong Kongâ&#x20AC;&#x2122;s biggest local Angel Investment success story? Kyle Lam What are your top tips for startups seeking Angel Investment? Ask for help in getting your pitch together. Raise more than you need. Never spend all that you have. What is your advice for Business Angels visiting Hong Kong? Partner with a knowledgeable local Angel Investor. In 2018, what are you most looking forward to for Hong Kong when it comes to Angel Investing? Increasing professionalism in the industry. What is your main goal as WBAF High Commissioner to achieve in Hong Kong? To connect WBAF to the Hong Kong Angel Investment community. www.wbaforum.org
43
HIGH COMMISSIONERS
ICELAND
Dr. Eythor Ivar Jonsson WBAF High Commissioner Iceland
D
r. Eythor Ivar Jonsson is the founder of Accelerate Business, which runs accelerator programs like the Growth-Train and CBS MBA Accelerator. Dr. Jonsson is an entrepreneur and an academic, affiliated with Copenhagen Business School and the University of Iceland. In 2008, he created the first accelerator in Iceland and has since run 15 accelerator programs and created 5 distinct types of accelerators in the Nordic countries. In 2006, Dr. Jonsson founded an advisory board program, the A-Board, in collaboration with the Copenhagen Business School Full-time MBA program, which has created advisory boards for more than 100 fast-growing Nordic companies.
CONTACT HIM:
eythor.jonsson@wbaforum.org
www.growth-train.dk
What incentives does Iceland have for Business Angel investment? Incentives for research and development in the form of tax credits for innovation companies. What is Icelandâ&#x20AC;&#x2122;s biggest local Angel Investment success story? The classic stories are around 44
WBAF High Commissioners
ICELAND Quick facts
OVERVIEW Population
340 thousand
GDP per capita USD 59,997 Active Angel Investors
50 (approx)
Capital City
Reykjavik
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
on an international level. Enjoy the culture of entrepreneurship. What are your top tips for startups seeking Angel Investment? Create something remarkable. Think big. Focus on the value creation. In 2018, what are you most looking forward to for Iceland when it comes to Angel Investing? Lots of new exciting companies being created and the increased importance of the stock exchange.
What have you learnt about yourself through Angel Investing? I have learned it is not always the best way forward to have direct answers to problems, sometimes entrepreneurs need to ‘discover’ the way forward. Empathy is a true virtue when building a growth company. What is your main goal as WBAF High Commissioner to achieve in Iceland? To educate local Business Angels and create syndication with international Business Angels.
companies like Össur, Marel and CCP; but there are also recent success stories in companies like Mint solutions, Kerecis and GreenCloud. What is your advice for Business Angels visiting Iceland? It is a unique place with really hardworking entrepreneurs who think www.wbaforum.org
45
HIGH COMMISSIONERS
46
WBAF High Commissioners
WORLD BUSINESS ANGELS INVESTMENT FORUM WORLD CONGRESS 2019 24â&#x20AC;&#x201C;26 FEBRUARY 2019 ISTANBUL www.wbaforum.org
www.wbaforum.org
47
HIGH COMMISSIONERS
INDIA
Prof Nikhil Agarwal WBAF High Co-Commissioner India
CONTACT HIM: nikhil.agarwal@wbaforum.org @nikhilagarwal
48
WBAF High Commissioners
www.entrepreneurcafe.org www.indiaglobal.org www.cgpworldwide.com
D
r Nikhil Agarwal is Indiaâ&#x20AC;&#x2122;s foremost Innovation and Policy expert. He is currently Convener of Denver-based policy thinktank IndiaGlobal. In 2017, he was nominated as Fellow of IC2 Institute, University of Texas, Austin. He is former CEO of AP Innovation Society, Government of Andhra Pradesh in India between 2015 and 2017. Dr Agarwal was involved in developing large scale innovation projects such as a 300 acre cyber security industrial park as well as several rural innovation labs, incubation centres, and startup ecosystems. Further, he was involved in the setup of INR, a $1B startup fund. He is also the founder of Entrepreneur CafĂŠ, a global movement spread in 110 cities and six continents, connecting over 45,000 entrepreneurs. Dr Agarwal has founded businesses and advised firms on strategic matters over the last 20 years of his career. His interviews and work has been extensively covered in international media including Harvard Business Review Blog, Forbes, CNN Money, BBC Radio, and The New York Times to name a few. Professor Agarwal has served on many international think tanks and holds leadership positions in global organizations. Between 2006 and 2013 he served as a high-level advisor to the United Nations Global Alliance on ICT & Development (UNGAID). He is an International Advisory Board Member at the World Entrepreneurship Forum (WEF) and the Open Mind Foundation. He was the first Asian to
New Delhi
be elected as Co-Chair of prestigious Internet Society Advisory Council (ISOC-AC) for 2008 to 2010. He is a recipient of ‘Excellence in Promoting Innovation in Governance’ from the government of Rajasthan, India. Professor Nikhil Agarwal is an alumnus of the University of Cambridge and University of Edinburgh.
INDIA
Quick facts OVERVIEW Population
1.3 billion
GDP per capita USD 1,700 Active Angel Investors
6,000 - 10,000 (approx)
Capital City
New Delhi
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
What tax incentives does India have for Venture Capital funds? VC funds can get access to government funds. Does India have any other Angel Investment incentives? No. India has a startup policy which offers incentives to startups, but not to Angel Investors.
What is India’s biggest local Angel Investment success story? Innov8, Luciedus, Whatfix, CureFit, TaxSutra, Ninjacart and hundreds more. What is your advice for Business Angels visiting India? India is one of the biggest economies in the world. It has to be understood not as a whole but by geographies. For example, Bengaluru culture of investment is different than Mumbai. Therefore, proper advice and local expertise is always good before making any commitment. What are your top tips for startups seeking Angel Investment? Have a revenue model in place. Have a strong team. Have existing paying customers. In 2018, what are you most looking forward to for India when it comes to Angel Investing? A common platform to bring Angel Investors onto one forum. Though a few forums already exist such as Indian Angel Network, LetsVenture, Mumbai Angel Network, they are quite spread out and lack coordination. A common global platform can give more weight to Angel Investors’ issues. What is your main goal as WBAF High Commissioner to achieve in India? Capacity building, awareness drive, consolidation, lobbying with government. www.wbaforum.org
49
HIGH COMMISSIONERS
INDIA
Zakir Hussain Z WBAF High Co-Commissioner India
CONTACT HIM: zakir.hussain@wbaforum.org @zaksUx
50
WBAF High Commissioners
www.usense.co
akir Hussain is a leader, innovator, and a visionary who changed the face of User Experience & Design domain in the Indian subcontinent. Hailing from a remote village in Tamil Nadu, India, he went on to become the Founder, Chairman, and CEO of USense Innovative Solutions. The USense brand also expanded to the United Kingdom, Bahrain, UAE, and Saudi Arabia under his guidance. An Arts graduate from Lucknow University, Mr Hussain began his career as an entry-level designer in the field of advertisement. From junior designer to senior visualizer, his skills were tested at various levels as he sharpened his creativity to a great extent. Gradually changing gears, he shifted focus to the IT Sector, wherein his expertise would bloom while his career took a major turn. As a Creative Director, he would manage high-end clients like HP, Microsoft, and the Reserve Bank of India. One of the key assignments handled by Zakir include JIO 4G. India’s largest telecom provider, JIO 4G has been taken care of by him right from project management, planning, and research to various app design initiatives. Another major turn in Mr Hussain’s career was in 2008, when he initiated his own startup ILM Innovates, wherein he served as CEO and Innovative Consultant. Motivating his 25-member core team, he mentored the young minds with entrepreneurial skills and guidance. Taking his entrepreneurial initiative to the next level, Zakir introduced a similar concept to develop rural parts of India. In the form of Human United Mission, he contributes his bit towards upliftment of society. Under his guidance, HUM is steadily growing to achieve its objectives of poverty eradication, rural entrepreneurship, and women empowerment. Zakir is also an Angel Investor to startups like Edusense Note, Visitor Management System, and Incident Tracking System. He has been named as one of the best 5 designers by Adobe. He has also been recognized for his startup with a nomination for ‘Top 50 Startup’ at Startup Istanbul, 2017.
V
ijetha Shastry has diverse and in-depth experience working in Hospitality, Retail operations, Marketing, and Co-working Community spaces. This experience has taken the form of 20 years in Leadership roles with Taj Hotels, Metro Cash and Carry, Reliance Retail, and Arvind brands. Vijetha is working closely with founders and startups as well as CXO teams, to understand and optimize the new age digital synergy wherein customer engagement, leveraging databases, building strong digital outreach, and PR are focus areas at strategy, execution, and cultural levels. Shastry regularly conducts talks and workshops on digital marketing and digital trends. He is involved with enterprises who are looking at building strong social media outreach and connects with the ecosystem in India and globally to help make this happen. Mr Shastry is also a volunteer with Headstart, TIE Bangalore, and a Consultant with BHIVE Workspace. Vijetha has connected with the entrepreneurial and SEB ecosystems globally, and is partnering with Global Entreprenuer Movement (GEM Malayasia) and TechinAsia to provide synergy, support, and to help tap potential.
Vijetha Shastry
INDIA
WBAF High Co-Commissioner India
CONTACT HIM:
vijetha.shastry@wbaforum.org
@vijethashastry
@vijethashastry
www.wbaforum.org
51
HIGH COMMISSIONERS
IRAN
Mohammad Ramin Komeilian M WBAF High Commissioner Iran
ohammad Ramin Komeilian is an entrepreneur active in several sectors. Abern is the name of Ramin’s company, which is home to a variety of investments. Ramin’s main focus is technology and he is one of the founders of Iran’s first Angel Network. Ramin is also heading his family business, which is now in its second generation in home appliances. The former Forouzan, now named Jenova, is extremely well known in the home appliance business in Iran for its forward thinking management and transparent staff. Ramin has an MBA with a focus on investment banking. He is also an avid runner and home trained chef. What is Iran’s biggest local Angel Investment success story? The whole technology sector is very new, so I can’t put my finger on any specific Angel success stories yet - we still need a few years for the results to come out. What is your advice for Business Angels visiting Iran? My best advice would be to have patience.
CONTACT HIM:
mohammed.komeilian @wbaforum.org
52
WBAF High Commissioners
Azadi tower
What are your top tips for startups seeking Angel Investment? Have a demo or minimal viable product. Know your burn rate. Be fully committed.
IRAN
In 2018, what are you most looking forward to for Iran when it comes to Angel Investing? Encouraging more people to invest in Angel rounds and trying to encourage the government to create policies that encourage Angel Investing. What have you learnt about yourself through Angel Investing? It has been a wonderful learning experience. In particular, I have learnt how much I enjoy coaching and mentoring start-ups. What is your main goal as WBAF High Commissioner to achieve in Iran? To promote and spread the fundamentals of Angel Investment in Iran.
Quick facts OVERVIEW Population
80 million
GDP per capita USD 5,252 Active Angel Investors
50 (approx)
Capital City
Tehran
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
www.wbaforum.org
53
HIGH COMMISSIONERS
Dr Bashar Hawamdeh has become the Middle Eastern IP pioneer.
JORDAN
A
Dr Bashar Hawamdeh WBAF High Commissioner Jordan
firm believer in intellectual property (IP), product roadmaps, and brand development, Dr Bashar Hawamdeh has become the Middle Eastern IP pioneer. Bashar launched MenaIP, a holding entity with the objective of encouraging creative minds to come up with innovative ideas related to the IT sector. He also created the well-known brand MenaITech’s HCIS, the first localized HCIS in the MENA region - implemented in more than 10 countries by over 1200 enterprises such as Vodafone, Jazeera Satellite Channels, Olayyan group, Zain, Emaar and many more. Bashar’s areas of expertise cover HR systems development; project 54
WBAF High Commissioners
management; process improvement and redesign; business development; and IT applications within organisations. In addition, he has hands-on experience in several areas of management consulting and training, which has enabled him to develop business-centric IT products and services. In October 2007, Bashar received an Honorary Doctorate in Human Resource Management, from Oxford College, for PhD Studies based on his extraordinary achievements in his field in Jordan and the MENA region. Bashar is currently the Chairman of the Information and Communication Association of Jordan “INTAJ”, along with being Chairman and Co-Founder of the region’s first Human Capital Forum. He holds a BSc in Computer Science
from the University of Mutah, Jordan. An accomplished entrepreneur, Bashar has a never-ending drive to get things done on time, regardless of effort and cost, rendering him a true leader and innovator.
CONTACT HIM:
bashar.hawamdeh @wbaforum.org
www.menaitech.com
www.wbaforum.org
55
HIGH COMMISSIONERS
KAZAKHSTAN
Pavel Koktyshev P WBAF High Commissioner Kazakhstan
avel Koktyshev is an entrepreneur, angel investor, TV presenter, and co-founder & head of the MOST Business Incubator. Pavel is a graduate of the Suleyman Demirel University, and Stanford University’s Fellowship Program. He is the Director of the Institute for Development and Economic Affairs, as well as Vicechairman of the Kazakh Association of Business Angels. Pavel represents the Global Entrepreneurship Network in Kazakhstan as well as being a member of the Global Shapers community of the World Economic Forum. He is a presenter on the “Kazakh TV” channel and an avid blogger. Further, he is a speaker and moderator of many prestigious conferences in Kazakhstan and abroad, including the WEF Annual Meeting, Switzerland 2014; the World Economic Forum’s Special Meeting on Unlocking Resources for Regional Development, Turkey 2014; One Young World, Ireland 2014; World Business Angel Forum, Turkey 2016; and numerous other conferences and events. Koktyshev is a consultant to and manager of international and local projects in the field of entrepreneurship development. He leads training in leadership, project management, design thinking, social entrepreneurship, fundraising, business models, and customer development. Pavel has experience in business, international organizations, and the civil sector.
CONTACT HIM: pavel.koktyshev@wbaforum.org www.most.com.kz
56
WBAF High Commissioners
@koktyshev
What incentives does Kazakhstan have for Business Angel investment and Venture Capital funds? The Astana International Financial Centre (AIFC) is a planned financial free
Oskemen
KAZAKHSTAN Quick facts
OVERVIEW Population
18.1 million
GDP per capita USD 8,585 Active Angel Investors
53 (approx)
Capital City
Astana
INVESTMENT INCENTIVES
zone located in Astana, Kazakhstan. AIFC is scheduled to come into full operation on 1 January 2018. Constitutional Law provides a legal framework for the functioning of the AIFC, as well as a favourable environment for its participants, including: a corporate tax waiver (until 2066) for AIFC participants providing legal, financial and consulting services; land and property tax exemptions for objects located in the AIFC territory; an individual income tax waiver (until 2066) for foreign employees of AIFC participants; and income and corporate tax (on capital gains, dividends and compensation) exemptions on the securities listed on AIFC Exchange, as well as the capital gains and dividends on the shares of AIFC participants. What is Kazakhstan’s biggest local Angel Investment success story? Nurzhas Makishev, an Angel Investor born and raised in Kazakhstan, has invested his own money and funds he has raised in more than 50 different start-up projects, including Lyft, Beepi, Sproutling, Ripple Labs and many others. One of his more recent projects is the Kazakh website Chocolife.
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
What is your advice for Business Angels visiting Kazakhstan? Kazakhstan is the world’s ninth-largest country and is the most economically advanced of all the ‘stans’ thanks to its abundant reserves of oil and most other valuable minerals. This means better standards of accommodation, restaurants and transport than elsewhere in Central Asia. Kazakhstan’s economy started to stabilize after a difficult period between 2014-2016, with GDP growth in the 10 months of 2017 reaching 4%. Private investments and the country’s consumer activity are steadily recovering. Today, Kazakhstan takes 18th place among 189 countries on the tax climate level. In addition, Kazakhstan takes 36th place among 190 countries in the World Bank’s Doing Business Report. The country has progressed on all 10 indicators of the rating. We are the first on the ‘Protection of Minority Investors’ indicator and sixth place on ‘Enforcing Contracts’.
What are your top tips for startups seeking Angel Investment? Have traction. Be focused on business growth. Have empathy. In 2018, what are you most looking forward to for Kazakhstan when it comes to Angel Investing? Astana International Financial Centre (AIFC) is expected to become a centre of attraction of fintech projects. Furthermore, development of a new class of high-tech financial services on the AIFC platform shall allow for a reduction in the cost of traditional financial services, facilitating integration with global markets and accelerating the development of the local financial market. Finally, we are also expecting that government will set up a co-investment fund for Angel Investors later in 2018. What have you learnt about yourself through Angel Investing? Talent is everywhere. There is a strong need for smart money and cross-border investment. Central Asia is developing very fast with a population of over 60 million people. What is your main goal as WBAF High Commissioner to achieve in Kazakhstan? Build a favourable environment for Business Angels and increase their number from 35 up to 200 in the next 2 years.
www.wbaforum.org
57
HIGH COMMISSIONERS
KENYA
Wangeci Gathinji KENYA W WBAF High Commissioner Kenya
Quick facts
INVESTMENT INCENTIVES
OVERVIEW Population
45 million
GDP per capita USD 1,143 Active Angel Investors
1165 (approx)
Capital City
Nairobi
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
angeci is a telecommunications expert with 17 yearsâ&#x20AC;&#x2122; experience in the industry, which covers the finance, commercial, and governance sectors. This has given her opportunities to work on interesting projects and dynamic partnerships. Among her key roles, she is the Head of Wholesale at Safaricom, where she oversees all international voice, data, and VAS business - which has extensive services within the East Africa region.
Diani beach, Mombasa
58
WBAF High Commissioners
What tax incentives does Kenya have for Venture Capital funds? Reduced corporate tax rate of 27 percent for 3 years for any company with at least 20 percent of its capital listed on the stock exchange. Where this increased to 30 percent of the capital of the organization being listed on the stock exchange, the corporate tax rate is 25 percent for 5 years. Further, capital gains tax has been reduced from 5 percent to 0.3 percent.
Another of her principal roles is that of Safaricom Pension Trustee, making a contribution to a growing USD $ 100 million fund. Wangeci is Chair of the Finance & Agreement Committee for Teams Limited - a successful private & public partnership framework which was one of the pioneering Kenyan projects unifying private and public forces to deliver undersea cables to the East Africa region. She is passionate about networking and learning from diverse cultures. She is proudly Kenyan and her life goal is to make a significant contribution to the transformation and progress of Kenya.
CONTACT HER:
wangeci.gathinji@wbaforum.org
www.safaricom.co.ke
What is Kenyaâ&#x20AC;&#x2122;s biggest local Angel Investment success story? Spark Fund. What is your advice for Business Angels visiting Kenya? It is important to meet the right people and target the right events or networks for good recognition and brand building going forward. What are your top tips for startups seeking Angel Investment? Have a well-documented commercial proposal and preferably a tested, working concept in your marketplace already. Have a strong governance framework with strong and clear accountability within the startup ecosystem. Demonstrate ability to scale and grow the business with a sound understanding of the key market dynamics. In 2018, what are you most looking forward to for Kenya when it comes to Angel Investing? To see more Angel Investing across all key sectors of the economy and
the creation of more sustainable job opportunities as startups scale through increased Angel Investing. What have you learnt about yourself through Angel Investing? It requires strong collaboration and awareness for both the Angel Investor and the target investment group or individual, and it takes time to get it right and working to the mutual benefit of all stakeholders involved. What is your main goal as WBAF High Commissioner to achieve in Kenya? To increase the touch points and networking opportunities for Angel Investors and startups; and harness the investment pipeline within Kenya to make Angel Investing a strong investment alternative for many dynamic and promising startups facing funding challenges across the country. www.wbaforum.org
59
HIGH COMMISSIONERS
KOSOVO
Alejtin Berisha KOSOVO A WBAF High Commissioner Kosovo
Quick facts
INVESTMENT INCENTIVES
OVERVIEW Population
1.8 million
GDP per capita USD 3,700 Active Angel Investors
15 (approx)
Capital City
Prishtina
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
lejtin Berisha is the Founder and Chairman of Finnish Schools International - a K12 school network based on the Finnish education system. He is also CEO of Universum College - the leading higher-education institution in Kosovo - where he lectures in Creativity, Innovation, and Entrepreneurship as well as the Microeconomics of Competitiveness (MOC) - a course developed by Michael Porter and his team at Harvard Business School. Universum is an approved MOC teaching institution by HBS. Alejtin
Prizren
60
WBAF High Commissioners
is an Angel Investor and Founder of Kosovo Business Angels Network (KOSBAN), and winner of ‘Most promising BAN in South East Europe’ at European Business Angel Forum (EBAF) in 2014. Berisha is also a serial entrepreneur and a Co-Founder of iziSurvey.com, along with several other businesses. The launch of iziSurvey made headlines in over 150 world portals including Reuters, Yahoo News, Boston Globe, and so on. He is the National Team Leader in conducting the Global Entrepreneurship Monitor (GEM) - the premier entrepreneurship research project in the world. He is also a Co-Chair and Co-organiser of the region’s biggest Tech festival, KosICT (2016, 2017) with over 1,700 attendees. Alejtin is an innovator in education and has been featured on the cover page of CIO Magazine for a project in ‘Teaching with Social Media”. He is also the host and executive producer of two TV shows, namely “The Young Manager” and “Startups Battle”, which are aired during primetime on Kosovo’s main national TV station. Alejtin is a Global Shaper at World Economic Forum; a Fellow at New York University, Steinhardt Institute for Higher Education Policy; a former Executive Board Member at EAIR (the European Higher Education Society); and a Visiting Professor at the ‘New start-up creation program’ at Chulalongkorn University in Thailand. What incentives does Kosovo have for Business Angel investment? A new ‘Startup Fund’ which will be launched in 2018. What is Kosovo’s biggest local Angel Investment success story? Gjirafa.com. Building the digital economy of Albanian speaking countries, after receiving Angel investment at seed round, they went
to raise $2 million Series A and are currently closing Series B at around $10 million. What is your advice for Business Angels visiting Kosovo? Kosovo has great potential as the country with the youngest population in Europe, with an average age of only 27. What are your top tips for startups seeking Angel Investment? Don’t come only with an idea - I have thousands and Google has millions. If you don’t take the necessary risks, don’t expect that I will. Your track record is important. In 2018, what are you most looking forward to for Kosovo when it comes to Angel Investing? Creation of a co-investment facility with government, tax incentives, as well as education programs for both Angel Investor and Startups (Ready for Finance Programme). What have you learnt about yourself through Angel Investing? Angel Investing is a long process and you need to have patience if you are to be successful. What is your main goal as WBAF High Commissioner to achieve in Kosovo? Increase the number of Angel Investors and the amount of Angel investing.
CONTACT HIM:
alejtin.berisha@wbaforum.org
@alejtin
@alejtin
www.finnish.school
www.wbaforum.org
61
HIGH COMMISSIONERS
MACEDONIA
Simona Sosolceva WBAF High Commissioner Macedonia
S
imona Sosolceva is Senior Loan Officer in Crimson Development Foundation (CDF), Macedonia - an innovative Trade Financing Fund that brings trade on a greater scale, enhancing SMEs to step up their efforts to grow, employ more people, increase exports and become competitive and viable for the longterm. She helped Macedonian SMEs to understand Trade Financing as crucial to working capital and supply chain management, as well as led over US$ 20 million in financing to MSME’s. Prior to joining the CDF, Simona worked at Macedonian Business Resource Center (MBRC), managed by Crimson Capital. For nearly five years, she worked as a Marketing and Investment Specialist assisting in development of investment proposals, identifying sources of finance, as well as attracting foreign investments. Simona also participated in organizing crucial conferences, including: multiple international ‘The Economist’ conferences with the Government of Macedonia; B2Bs; trade fairs; Investment conferences; and many more. She holds a Bachelor’s degree in Economics and ongoing study on European Studies, from Stafford University.
CONTACT HER:
simona.sosolceva @wbaforum.org
62
WBAF High Commissioners
...
MACEDONIA Quick facts
OVERVIEW Population
2.1 million
GDP per capita USD 5,222 Active Angel Investors
20 (approx)
Capital City
Skopje
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
What incentives does Macedonia have for Business Angel investment? The Constitution of Macedonia guarantees equal treatment for all market participants and the right for foreign investors to freely transfer and repatriate investment capital and profits. The low corporate income tax rate of 10% should also be a favourable incentive for the establishment of operations by foreign investors.
What is your advice for Business Angels visiting Macedonia? You can find opportunities in Macedonia to change the world. What are your top tips for startups seeking Angel Investment? Remember, there is always risk in the business. Be realistic with the projections. Letâ&#x20AC;&#x2122;s do things that change the world (in different ways). In 2018, what are you most looking forward to for Macedonia when it comes to Angel Investing? Creating awareness of the immense importance of fostering the economic growth through Angel Investors in the country. To teach the business sector how they could develop and grow more effectively, both through
capital invested as well as transfer of knowledge. In addition, institutions should be made aware of the impact that the Business Angels have on the economy in order to develop a legal framework for incentives and an economic environment for attracting more Business Angel investments. What have you learnt about yourself through Angel Investing? Listen and never give up - be one step in front of the others and recognize the opportunity. What is your main goal as WBAF High Commissioner to achieve in Macedonia? To create a national ecosystem to connect all players of the early stage equity investment market, and to map the potential successes.
Skopje
What is Macedoniaâ&#x20AC;&#x2122;s biggest local Angel Investment success story? Currently there are no official stories for any Business Angel investments. At the Balkan Venture Forum held in Skopje 2011, an innovator from Kosovo went on to a Venture Contest Semi-Final. Furthermore, regarding the official data, a Joint Venture Fund participated in $500,000 seed round in Cognism - a UK/Macedonian start-up and its state of the art solution that provides sales organizations with a more efficient and privacy compliant way to prospect customers. www.wbaforum.org
63
HIGH COMMISSIONERS
MONTENEGRO
I
Ivan Jovetic WBAF High Commissioner Montenegro
van Jovetic is an entrepreneur and researcher. Mr. Jovetic holds and MSci degree in “Entrepreneurial Economy” Postgraduate Studies and is a PhD candidate in “International Economy” at the UDG. Ivan Jovetic is the cofounder of MSI INVEST Ltd. through which he has been executing his own and his partners’ entrepreneurial ideas, involving himself in several sectors. Since 2007 he has been working at UDG ‘s Faculty for International Economy, Finance, and Business as a Teaching Fellow. Since 2013 he has also been acting as Vice-Dean at the UDG Faculty for Sports Management. Mr. Jovetic is co-founder of MEBAN (Montenegrin Business Angels Network). He has also been working at the Institute for Strategic Studies and Prognoses since 2005 where he has
MONTENEGRO Quick facts
INVESTMENT INCENTIVES
OVERVIEW Population
620 thousand
GDP per capita USD 6,701 Active Angel Investors
7 (approx)
Capital City
Podgorica
been involved in and led numerous national and European projects. He is an Executive Director of the Centre for European Education and Studies, and an ECSA World member. In addition, he is a member of the Working Groups
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
for negotiations with the European Union. Primary areas of interest for Mr. Jovetic include entrepreneurship & business development, international economy, investments, cyber & defense, and the EU & NATO. Mr. Jovetic was
Kotor Bay
64
WBAF High Commissioners
support organizations within our economic reform network. In addition, bring fresh ideas, fresh approach, connections and let’s build great things together. And enjoy the Wild Beauty. Plus, feel free to contact me.
Vice President of the Board of EuroAtlantic Club of Montenegro from 2006 till 2009. He is also a member of the Society of Economists and Managers of Montenegro as well as the World Entrepreneurship Forum. What is Montenegro’s biggest local Angel Investment success story? We haven’t had any exits yet; however, there are four interesting ongoing stories, one of which is pitching at WBAF 2018. What is your advice for Business Angels visiting Montenegro? Visit us and the overall ecosystem, including university and business
What are your top tips for startups seeking Angel Investment? Bootstrap first and show your own initiative. Create a revenue stream and existing customers. Be open for pivot change the approach not the vision. What have you learnt about yourself through Angel Investing? Invest the amount you can afford to “wait” to return. Invest as smart investments and provide startups with your own network’s access. In 2018, what are you most looking forward to for Montenegro when it comes to Angel Investing? The key aim is to ‘create’ more Angel Investors. In that regard WBAF is quite beneficial due to the instruments and know how it offers. This also means
CONTACT HIM:
ivan.jovetic@wbaforum.org
@ivan_jovetic
@ivan.jovetic
www.about.me/ivan.jovetic
www.udg.edu.me
leveraging the WBAF Academy and capacity building events in order to enhance successful entrepreneurs to become Angel Investors. Next, it is to create a draft of legal incentives for Angel Investing. Several options and case studies (Turkey, Portugal) will be examined and tailored to the local context. Third there will be an attempt to closely cooperate with Montenegro Stock Exchange in order to try and replicate case study of Borsa Istanbul’s Private Market for the country and the region. What is your main goal as WBAF High Commissioner to achieve in Montenegro? My main goal is to significantly expand Angel Investor networks; and to educate and train Angel Investors with WBAF supporting instruments. In addition, I aim to examine and analyse legal framework for Angel Investing, and offer recommendations and solutions provisions. Furthermore, I intend to support startups with networking, connections and international event exposure. Lastly, I would like to create/ host a series of events of the larger European and International format (GEN, Startup Europe Week, Startup EU Awards, etc.) www.wbaforum.org
65
HIGH COMMISSIONERS
MOROCCO
D
Deborah MacArthur WBAF High Commissioner Morocco
eborah MacArthur is an entrepreneur and retired corporate executive with over 30 years’ experience leading multinational change programs across the US, Middle East and Africa. Deborah is currently living in Morocco leading multiple not-for-profit and for-profit efforts to build leadership capability and change capacity. She is also an Angel Investor across the continent. In 1981, Mrs. MacArthur launched her first company while attending university. Upon graduation with a degree in Organizational Behavior, she had her first successful exit and began a 20-year corporate career in strategy and human performance consulting. From 1984 - 2004, Mrs. MacArthur rose to Partner with Accenture in the US and Middle East. In this leadership role, she led technology strategy teams and customized human performance programs for financial services organizations in North America and the Middle East. Her clients included Bank of America; Wells Fargo Bank; United Arab Emirates Offset Program Bureau (OFFSET); Mexico’s Bancomer; Canada’s Royal Bank; Fleet Bank & Mortgage Company; Frank Russell Investments; BankOne; Wachovia; Fannie Mae; Principal Financial Group; GMAC; and Equifax. Since 2004, after a successful IPO, Mrs. MacArthur moved to Morocco as a philanthropist to personally invest in education and employment programs for Moroccan youth. She provides scholarships to over 30 Moroccan ‘at-risk youths’ to major universities. She has been the Major Donor to the George Washington Academy - the largest American school in North Africa, with over 80% Arab youth, and over 50%
66
WBAF High Commissioners
girls. In this role, she has raised over USD $10M and personally invested over USD $20M in the region, both as a philanthropist and an Angel. From 2007-2016, Mrs. MacArthur was President of the Board of Global Education and its George Washington Academy. The Academy is the flagship of American education in Africa, with its early introduction of technology and problem-solving curriculum for Moroccan youth. Mrs. MacArthur successfully navigated a legal and religious crisis in 2010, which required rebuilding the Board; the governance processes; credibility with two governments; and the financial models.
In 2012, Mrs. MacArthur launched The MacArthur Company (TMC), Global-Lights, and the Lighthouse for Moroccan Leaders.
CONTACT HER:
deborah.macarthur @wbaforum.org
www.mcarthurcompany.ma
www.wbaforum.org
67
HIGH COMMISSIONERS
NIGER
Yazi Adamou A WBAF High Commissioner Niger
fter completing his engineer degree in Topography from Ecole National dâ&#x20AC;&#x2122;Ingenieurs in Bamako, Mali, Yazi Adamou served as Director and Host for US based nonprofit organizations for more than 24 years, covering the Sahel and Sahara area. Yaziâ&#x20AC;&#x2122;s fields of expertise include personal development, entrepreneurship, and business development. He is also a volunteer mobilizer as evidenced by the faith-based coordination effort around the 2005 francophone games hosted by Niger; where he mobilized more than 500 Volunteers from 10 countries. Yazi is a certified entrepreneurship and personal development trainer by a US-based NGO. As a serial entrepreneur he founded two companies and co-founded a media business in Niger. He co-founded the Niger YMCA and sits on many local nonprofit organizations. He founded
CONTACT HIM:
yazi.adamou@wbaforum.org
@yaziada
@alejtin
www.accentrepreneur.com
68
WBAF High Commissioners
Grand mosque of Zinder
ACCEntrepreneur to support, to train, to link, and to help entrepreneurs access and secure funding. He started an acceleration program called B2B Zaure, funded as a pilot program by USAID and SNV. Yazi initiated and co-founded the Niger Business Angels Network, the first initiative of the kind in Niger. He is a US Exchange Alumni on Entrepreneurship from the University of Findlay, and has attended many programmes including the Global Entrepreneurship Summit in Marrakech and Nairobi, the Global Entrepreneurship Congress in Johannesburg, and the World Business Angel Forum in Istanbul - where he was appointed as Commissioner to Niger. Yazi is the National Host for Global Entrepreneurship Week and other GEN programmes that support the entrepreneurial ecosystem around the World. On Belbin, Yazi is a pioneer, implementer and coordinator.
NIGER
Quick facts OVERVIEW Population
21.5 million
GDP per capita USD 1,100 Active Angel Investors
None
Capital City
Niamey
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
What tax incentives does Niger have for Business Angel investment? There is a mechanism through which co-investment is to be regulated. What other incentives does Niger have for Business Angel investment? We have a national policy on inclusive financing.
What tax incentives does Niger have for Venture Capital funds? Regulation was adopted by the national assembly in early 2017. What is Nigerâ&#x20AC;&#x2122;s biggest local Angel Investment success story? We are yet to start Series A investing, we do pre-seed through grants and competitions and expect to be able to share some success stories very soon. What is your advice for Business Angels visiting Niger? Start small, look for good character first, then the best idea. What are your top tips for startups seeking Angel Investment? Have good character, a good team and commitment to execution. In 2018, what are you most looking forward to for Niger when it comes to Angel Investing? Moving from pre-seed to Series A investment. What have you learnt about yourself through Angel Investing? It is easy to make a sound decision (project vs management team). We need to work harder at training entrepreneurs. What is your main goal as WBAF High Commissioner to achieve in Niger? Training and facilitating cross border investment. www.wbaforum.org
69
HIGH COMMISSIONERS
NIGERIA
Hauwa Yabani
WBAF High Commissioner Nigeria
H
auwa is currently the Chief Executive Officer of Abuja Technology Village FZ Co. As such, she is the Master Developer of a Science and Technology Park and Special Economic Zone development in Nigeriaâ&#x20AC;&#x2122;s capital city, with a programs portfolio comprising of master plan management, largescale infrastructure & real estate development, innovation management & human capital mobilization, and development. Hauwa has provided technical advisory and support services to senior Government officials in the areas of Policy Formulation, Programmes Design & Implementation Management, and Entrepreneurship Development; all under the UN Development Programme. Hauwa is a director and member of several boards including the International Association of Science Parks and Areas of Innovation, where she currently
CONTACT HER:
hauwa.yabani@wbaforum.org
@HauwaYabani / @IRSDNigeria
@hyabani
www.abujatechnologyvillage.com www.enspire.org.ng www.atvfoundation.org.ng
70
WBAF High Commissioners
serves as the Treasurer. Previous Board engagements include the Abuja Enterprise Agency. Hauwa is a Fellow of the Nigeria Leadership Initiative, conferred after a Yale administered seminar on values-based leadership. She is a Trustee of initiatives on Outsourcing Development, Free Zones Management, and an Angel Network (in formation). Hauwa founded a non-governmental Initiative for Revival and Sustainable Development that currently focuses on youth empowerment. Hauwa is an alumnus of the University of Reading and the London School of Economics and Political Science, with degrees in Accounting and Finance; Analysis; and the Design and Management of Information Systems. Does Nigeria have any Angel Investment incentives? No. However, there are ongoing institutional reforms and executive orders towards fostering innovation, potentially including incentives for Angel Investors. What is Nigeriaâ&#x20AC;&#x2122;s biggest local Angel Investment success story? Sproxil Drug Verification Service. What is your advice for Business Angels visiting Nigeria? Although the startup ecosystem in
the country may initially seem like a maze, there are many investment opportunities and sources of relevant information, such as the prominent incubators and accelerators in the country. Listening to the experiences of existing Angel Investors would also be helpful. What are your top tips for startups seeking Angel Investment? Do not think of funding as the most critical requirement from Angel Investors, who typically have much more to offer. Prepare thoroughly before engaging Angel Investors and remain open minded on the possible partnership options to accommodate. In 2018, what are you most looking forward to for Nigeria when it comes to Angel Investing? The establishment of new and growth of existing Angel Investing networks, with these playing deeper roles in influencing related policies, educating potential Angel Investors and facilitating interactions and collaborations between relevant stakeholders. Other Angel Investing frameworks further suited to the local context are also expected.
What is your main goal as WBAF High Commissioner to achieve in Nigeria? Establish a reliable information centre alongside an Angel Investing academy which focuses not just on entrepreneurs as is currently obtainable, but also on policy makers and prospective Angel Investors. This is expected to make related information readily available, grow the number of investors and increase the value of investments by Angel Investors.
NIGERIA
What have you learnt about yourself through Angel Investing? The need to learn some more and explore. Lagos
Quick facts
OVERVIEW Population
184.2 million
GDP per capita USD 2,177 Active Angel Investors
300 (approx)
Capital City
Abuja
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
www.wbaforum.org
71
HIGH COMMISSIONERS
PAKISTAN
D
Dr Shehla Javed Akram WBAF High Commissioner Pakistan
r. Shehla Javed Akram is one of the successful women entrepreneurs in Pakistan. She became a pioneer in the field of healthcare when she launched Pakistanâ&#x20AC;&#x2122;s first hospital for acute medical care. She then broke into the traditionally male dominated sector by setting up a pharmaceutical industry and became the CEO of a real estate development company, JS Developers. In the public sector Dr. Akram struggled for seven years to get approval for establishing a separate Womenâ&#x20AC;&#x2122;s Chamber of Commerce and
PAKISTAN Quick facts
INVESTMENT INCENTIVES
OVERVIEW Population
207.8 million
GDP per capita USD 1,629 Active Angel Investors
21 (approx)
Capital City
Islamabad
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
Islamabad
72
WBAF High Commissioners
Industry in Pakistan. This innovative idea occurred after she won, as executive member, in the LCCI election on open merit in 2002. It was then she realized that women entrepreneurs could not excel in a male dominant chamber because of their own inhibitions, and that women specific products needed a more dedicated platform. Finally the national assembly passed the bill for addition in SRO to allow Women Chambers at provincial, divisional and district levels. Dr. Akram thus became the founder president of the WCCI in Pakistan. As a result, from a single seat in 2002, representation has increased by 172% to date. This increased representation has also encouraged SME policy makers to define better gender specific policies, along with improved legislation for the status of women. Under her leadership WCCI has become internationally recognized. Dr. Akram became the First Vice President of the Federation of Chambers. She also represents as director on Boards of PAMCO, SDC Punjab, PCSW; and she is an Ambassador for International Women (OPS). She was also recently honored with the Mohtarma Fatima Jinnah Award.
CONTACT HER:
shehla.javed.akram @wbaforum.org
www.akrammedicalcomplex.net
www.donvalleypharma.com
What tax incentives does Pakistan have for Venture Capital funds? Pakistan has a tax freedom for venture capital funds. What is your advice for Business Angels visiting Pakistan? Register with SCEP (Security Exchange Commission of Pakistan) and introduce yourself to BOI (Board of Investment) before operating. What are your top tips for startups seeking Angel Investment? Become a member of the Women Chamber of Commerce & Industry, or any others academic institute/ department working with startups. Incubate your business idea in any of the suitable incubators available. Work with Angel Investors which register with the SECP.
startups or become beneficiaries of the Angel Investors. Our chamber is already in the process of creating incubators and listing out opportunities for Angel Investors. What is your main goal as WBAF High Commissioner to achieve in Pakistan? To work with the government of Pakistan to formulate proper policy, conducive for the functioning of Angel Investors in our country.
In 2018, what are you most looking forward to for Pakistan when it comes to Angel Investing? The government is expected to make policy incentives and give tax freedom for Angel Investors - the policy should be passed by national assembly and accepted by FBR for proper facilitation. What have you learnt about yourself through Angel Investing? Once proper policies for Angel Investors are made then we can encourage members of women chamber of commerce industry to either invest in www.wbaforum.org
73
HIGH COMMISSIONERS
PALESTINE
Dr Amal Daraghmeh Masri
D
WBAF High Commissioner Palestine
r Amal Daraghmeh Masri is decorated by the French Republic with Chevalier Legioned de Merite dâ&#x20AC;&#x2122;Ordre National. She is also a winner of Best Woman Entrepreneur in the MENA region. Amal is further listed as one of the Top Ten Global Women Entrepreneurs & Leaders by the International Council of Small Enterprises. Amal is CEO of Ougarit Group; and Editor in Chief, CEO, and Founder at Middle East Business News. Mrs Masri holds many positions in local business organizations, working
74
WBAF High Commissioners
PALESTINE Quick facts
INVESTMENT INCENTIVES
OVERVIEW Population
4.9 million
GDP per capita USD 1,800 Active Angel Investors
None
Capital City
East Jerusalem
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
for the advancement of women in Palestine and across the Arab world. In this pursuit, she is a board member of the Islamic Reporting Initiative IRI, and founding member and former President of the Business Women Forum of Palestine. She is also the Head of the Local Economic Council of Al Bireh Municipality. She is founder and former board member of the Middle East Business Women’s Network; a member of the Arab International Women’s Forum, London; and sits on the steering committee of the Fostering Women Entrepreneurs in the ME initiative. She is member of the advisory board and shareholder of Mixberry Media, USA, and a member of the PalestinianAmerican Chamber of Commerce. She is President of Palestine Accueil and part of FIAFE Paris. Amal is also a member in the Private Sector, Development, and Trade Sector Working Group (PSDT SWG), LACS. Mrs Masri organizes and heads economic events that tackle economic issues such as unemployment. She was voted as being one of the Top Ten Influential Arab Women working in Public Relations in the Arab world, and a Model Arab Woman, appearing regularly on TV and radio in Palestine
CONTACT HER:
amal.daraghmeh.masri @wbaforum.org
and overseas. In 2010, Amal developed and organized the first PR Conference in Palestine, which was celebrated as being the third of its kind in the region. She has spoken at many international conferences such as the New Arab Women’s Forum in Beirut; the Middle East Business Women Forum in Dubai; the Union for the Mediterranean Conference in Spain; and many others. Amal is married to Khaled Masri, her business partner. She has two daughters and one son. Amal was educated in France. What is Palestine’s biggest local Angel Investment success story? None yet, as the concept of Angel Investing does not really exist locally, but rather venture capital and accelerators. What is your advice for Business Angels visiting Palestine? It is important to properly understand the local entrepreneurship ecosystem. What is your top tip for startups seeking Angel Investment? Be sure to understand your product well. In 2018, what are you most looking forward to for Palestine when it comes to Angel Investing? Promoting the concept and officially starting a network. What is your main goal as WBAF High Commissioner to achieve in Palestine? To represent WBAF.
@amal_daraghmeh
www.ougarit.net
www.middleeast-business.com
www.wbaforum.org
75
HIGH COMMISSIONERS
SAUDI ARABIA
Tuba Terekli
T
WBAF High Commissioner Saudi Arabia
uba Terekli is the CEO of an international foundation with focus on developments in 57 countries. In addition she is the Co-founder and MD of Lead Angels and Co-founder of Qotuf Al Riyadah Development Company, the first Private Entrepreneurship Foundation in Saudi Arabia. She has further established the First Accelerator in Saudi Arabia, Flat6LabsJeddah; is the Country Host for Global Entrepreneurship Week in Saudi; and is The Host for The Creative Business Cup, Saudi. These are just a few of the many other initiatives that she has brought to the entrepreneurial ecosystem since 2011. Furthermore, Tuba has reached out to over 70,000 entrepreneurs through various events and works with over 25 countriesâ&#x20AC;&#x2122; top institutes in SME and entrepreneurship development. Tuba works throughout Silicon Valley, Europe, Turkey, GCC, and 13 regions of Saudi Arabia with
CONTACT HER:
tuba.terekli@wbaforum.org
@healmiddleeast
@tubaterekli
www.tubaterekli.com
www.flat6labsjeddah.com
76
WBAF High Commissioners
SAUDI ARABIA Quick facts
OVERVIEW
Riyadh
the various chambers, ministries, universities, accelerator programs, and venture capital funds. As an expert she continues to regularly support the World Bank Studies, UNDP Studies, regional governmental research, legislative reviews, and development towards formulation of knowledge-based economies. As an angel investor, she discovers startups from all corners of the tech world and is on the advisory board for the SXSW pitch event. Tuba also founded the first female-managed healthcare consultancy in the region, which has been awarded by the National Arab US Chamber of Commerce as one of the regionâ&#x20AC;&#x2122;s most promising projects. She supports many national and international causes by lending her services to their boards, in addition to serving on the boards of 39 Saudi Companies, and counting.
Population What is Saudi Arabiaâ&#x20AC;&#x2122;s biggest local Angel Investment success story? There are many, but one I love is that of Wadeh, the company that we invested in and then Saudi Aramco became their institutional investor. They are raising now for a well valued round and I am sure they will grow to scale in the future. What is your advice for Business Angels visiting Saudi Arabia? Saudi Arabia is a heaven for investors with many forms of subsidies and government support programs, so it is the right place to pursue. A lot of great focus is being put on advancing the economy in diversified fields of high tech and deep tech, which requires powerful Angel Investors. Be sure to be thorough when doing your due diligence, and ask around to find out about the various liabilities and former works of the entrepreneurs. What are your top tips for startups seeking Angel Investment? Learn the language of your investors. Value your company properly. Have great mentors that have done it before, but do not forget that it will be different for you, and you will have to live your own story.
32 million
GDP per capita USD 22,480 Active Angel Investors
250 (approx)
Capital City
Riyadh
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
In 2018, what are you most looking forward to for Saudi Arabia when it comes to Angel Investing? The formation of Angel Investment networks that are highly active in putting money in companies of the future. What is your main goal as WBAF High Commissioner to achieve in Saudi Arabia? I would like to promote the formation of a very strong network of Angel Investors across the Kingdom and especially the formation of a female Angel network.
www.wbaforum.org
77
HIGH COMMISSIONERS
SERBIA
Jelena Plavanski SERBIA J WBAF High Commissioner Serbia
elena is Head of the Center for Ecology, Innovation and Technology Transfer at the Chamber of Commerce and Industry of Serbia - Belgrade Chamber of Commerce. She is a team member of various working groups in certain ministries, as well as a mentor for the entrepreneurship programme (specialising in R&D community) at the Center for Technology Transfer of the University of Belgrade. Jelena is also an International Committee Member of International Technology Transfer Network.
Quick facts
INVESTMENT INCENTIVES
OVERVIEW
Population
7.2 million
GDP per capita USD 5,852 Active Angel Investors
50 (approx)
Capital City
Belgrade
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
Belgrade
78
WBAF High Commissioners
As a business oriented person Jelena is very active in creating an innovative and green environment and ecosystem. She works with innovations from the R&D sector and start ups, mentoring them to transfer their innovations to businesses. Furthermore, Jelena is a jury member at Climathon, a competition organized by the European Institute of Innovation and Technology (EIT) - a body of the European Union focused on eco innovation. She is also very active in connecting the science sector and start ups with businesses. What is your advice for Business Angels visiting Serbia? We are at the beginning, but we are ready. Through transferring knowledge and experience within our network, we are going to create a strong and healthy environment. You may have to be patient, but big potential exists. What are your top tips for startups seeking Angel Investment? Invest in an entrepreneurial education. Be thorough in your preparation process. Be aware that AI really exists in Serbia, and that you can raise funds for your idea/project. In 2018, what are you most looking forward to for Serbia
when it comes to Angel Investing? Seeing some real results in Serbiaâ&#x20AC;&#x2122;s Angel Investment ecosystem. What have you learnt about yourself through Angel Investing? Networking is so important for me and it makes my life easier and much more beautiful. Neuroscience and psychology also help me a lot - I spent 4 years learning this with my mentor. Through this kind of knowledge I quickly realise who I am going to cooperate with and what I can expect from them. I have also learnt that there is something positive and useful in every person. Finally, I have learnt that I love my job, and this is very important.
CONTACT HER:
jelena.plavanski@wbaforum.org
What is your main goal as WBAF High Commissioner to achieve in Serbia? To create entrepreneurial education programmes that will help innovators, startups and SMEâ&#x20AC;&#x2122;s to transfer their innovations in to the business sector. Also, I want to create an environment and ecosystem that will facilitate action and success, not just words. Finally, I want to gather investors and to show them what we really have and what we really do in our innovation sector. www.wbaforum.org
79
HIGH COMMISSIONERS
SINGAPORE
Callum Laing WBAF High Commissioner Singapore
C
allum Laing has been an entrepreneur for 20 years across multiple countries and sectors. During that time, he has started, built, and ultimately bought and sold half a dozen different businesses. He is the author of two best-selling business books, and is one of the pioneers behind the â&#x20AC;&#x2DC;Agglomerateâ&#x20AC;&#x2122; methodology to help small businesses access the capital markets. A Partner at The Unity Group Private Equity, Laing is also co-founder of The Marketing Group PLC. As part of his commitment to the entrepreneurial community, he has interviewed and promoted more than 500 entrepreneurs and leaders throughout Asia over the past few years. Regularly featured in the media, Laing is an accomplished speaker on entrepreneurship and
CONTACT HIM:
callum.laing@wbaforum.org
@LaingCallum
@LaingCallum
www.callumlaing.com
www.unity-group.com
80
WBAF High Commissioners
Singapore
small business - especially in ‘Assets, Alliances & Acquisitions’. Both of his books echo his philosophy that we are moving from an era of competition into an era of collaboration. He is a keen sportsman and lives in Singapore with his wife and two young daughters.
SINGAPORE Quick facts
OVERVIEW Population
5.6 million
GDP per capita USD 52,960 Active Angel Investors
10, 000 (approx)
Capital City
Singapore
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
What incentives does Singapore have for Business Angel investment? Tax laws are favourable to investment, but not specifically Angels. What is your advice for Business Angels visiting Singapore? There are plenty of entrepreneur groups that would love to meet you. Get out there and start having coffees! What are your top tips for startups seeking Angel Investment? Before you ask for cash, ask for advice. Build a team of advisors first. Don’t waste your time cold-pitching. Figure out who benefits from your success and approach them first. Pitch what the investor wants, not what you want. In 2018, what are you most looking forward to for Singapore when it comes to Angel Investing? Bringing communities together, assisting with the education process and sharing global opportunities. What is your main goal as WBAF High Commissioner to achieve in Singapore? Share more knowledge and best practices around Angel investing. www.wbaforum.org
81
HIGH COMMISSIONERS
SLOVENIA
Nena Dokuzov WBAF High Commissioner Slovenia
N
CONTACT HER: nena.dokuzov@wbaforum.org @nenadokuzov
82
WBAF High Commissioners
www.k-sevt.si
ena Dokuzov is an expert in the management of EU funds, including financial instruments and other repayable forms of funds. As a Head of Department for Systems and Control in the government office for regional development and local selfgovernment, she was actively involved in the creation of management & implementation systems of EU funds for the programming period 2007 – 2013. As Head of Department for EU Operational Programmes at the Ministry of Economic Development and Technology, she was responsible for the management of the EU Structural and Cohesion Fund for Slovenia. Furthermore, as a Head of Department for Social Entrepreneurship, Cooperatives, and Economic Democracy, she created systemic solutions for a social economy in Slovenia; including developing measures for establishing the ecosystem for a social economy startup community, the supporting environment, and appropriate financial mechanisms. Nena is a member of expert groups on the EU level (Coordination committee for funds, GECES – Expert Group of European Commission for Social Entrepreneurship) where her contribution to policy making process has been significant. She is a member of the board of the National Association for Social Economy and is currently participating in a variety of projects, including the creation of a financially supportive environment for impact investment in Slovenia.
Ljubljana
SLOVENIA
What is Sloveniaâ&#x20AC;&#x2122;s biggest local Angel Investment success story? Celtra. What is your advice for Business Angels visiting Slovenia? Be prepared to motivate people to take Angel Investment. What are your top tips for startups seeking Angel Investment? Innovate. Be willing to accept investors. Scale.
Quick facts
INVESTMENT INCENTIVES
OVERVIEW Population
2 million
GDP per capita USD 24,019 Active Angel Investors
15 (approx)
Capital City
Ljubljana
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
In 2018, what are you most looking forward to for Slovenia when it comes to Angel Investing? Supporting top business ideas. What have you learnt about yourself through Angel Investing? You have to be able to motivate companies to accept Angel Investment. What is your main goal as WBAF High Commissioner to achieve in Slovenia? To connect Angel Investors with startups. www.wbaforum.org
83
HIGH COMMISSIONERS
SOUTH AFRICA
Chris Campbell WBAF High Commissioner South Africa
C
hristopher Campbell is leading efforts in South Africa and Africa to grow the Angel Investor ecosystem. As a co-founder of the South African - and African - Business Angel Networks, he actively promotes a future on the continent where Angels are numerous, well equipped, and networked. He is the Managing Director and Founder of Socius, a UK and South African management consulting and digital communication business. He is the youngest person to have served on the University of Cape Town’s Alumni Board and is a former winner of the All Africa Human Rights Moot Court Competition (Lagos, 2009).
84
WBAF High Commissioners
SOUTH AFRICA Quick facts
INVESTMENT INCENTIVES
OVERVIEW Population
55 million
GDP per capita USD 13,321 Active Angel Investors Capital City
300 (approx) Pretoria (Executive), Cape Town (Legislative) and Bloemfontein (Judicial)
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
What tax incentives does South Africa have for Venture Capital funds? 40% of contributions to an approved VC fund tax deductible in year of contribution, no Capital Gains Tax on the proceeds of the VC fund. What are your top 3 tips for startups seeking Angel Investment? Start by asking for advice rather than funding. Know your numbers. Build relationships when you don’t need funds so that when you do, you already have people you can go to for funding. What is your advice for Business Angels visiting South Africa? Visit Cape Town and Johannesburg. Seek to understand how you can use South Africa as a base for opportunities across Africa and Europe. Look for entrepreneurs earning foreign revenue to capitalise on the low cost of professional services compared to Europe.
Do at least one deal just to justify coming back for Board meetings to one of the world’s most beautiful countries. What is South Africa’s biggest Angel Investment success story? A 10yr old South African business, GetSmarter, was recently acquired by US company 2U for USD 100 million. A great return for the early investors. In 2018, what are you most looking forward to for South Africa when it comes to Angel Investing? Firstly, launching membership to the national Business Angels industry association - SABAN, which has taken two years to get off the ground. Secondly, having a range of Angel events across the year that stimulate energy and networking.
What have you learnt about yourself through Angel Investing? A person or team’s character and track record matter more than the potential of the opportunity at hand. Knowing my own character and building on my track record is not a nice to have - it determines the quality and enjoyment of the opportunities that come across my path. What is your main goal as WBAF High Commissioner to achieve in South Africa? To connect South Africa to WBAF and vice-versa.
CONTACT HIM:
chris.campbell@wbaforum.org
@cicampbell
www.socius.ch
www.wbaforum.org
85
EXECUTIVE CERTIFICATE PROGRAMMES FOR POTENTIAL BUSINESS ANGELS Qualified Business Angel Certification Programme - QBAC PROVIDING THE OPPORTUNITY 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.
WHY ATTEND?
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 advicefor 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.
Certification
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.
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
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.
Understanding your place in the world of angels assessing valuations and closing the deal; establishing a win-win relationship with the entrepreneur; ensuring a return on the investment.
The basics of Angel Investing why the returns are attractive; the importance of portfolio theory; the financial life cycle of astart-up.
Identifying a suitable deal flow sourcing potential deals; investing in individuals rather than businesses; ensuring that a deal fits the investor’s portfolio.
Best practice for structuring, managing and exiting an investment assessing valuations and closing the deal; establishing a win-win relationship with the entrepreneur; ensuring a return on the investment.
DATES 10 – 11 April 2018 TIME 10am – 5pm PLACE London Stock Exchange Group 10 Paternoster Square London EC4M 7LS UK
HIGH COMMISSIONERS
Miguel Martin
SPAIN
WBAF High Commissioner Spain
CONTACT HIM: miguel.martin@wbaforum.org www.immerxing.com
88
WBAF High Commissioners
@allianzing_mm @immerxing @intercuba_com
M
iguel Martin is a qualified lawyer, international eMBA and Angel Investor. He has 15 years living and working experience across Europe, LATAM, CEE & MENA focusing on international business development & investment for MNCs like Carrefour and Mecalux, and startups in Spain and Poland, as well as his own projects. He is the founder & co-investor at Immerxing Hub, an innovative tech & talent accelerator offering a one-stop specialised space with a VR/360/AR academy, demolab, co-working space, and an investment program to boost the immersive talent & startups ecosystem. Immerxing Hub already has two hubs in Spain and is now expanding to the UK, Mexico, and Morocco. In collaboration with WBAF, Miguel Martin is leading the establishment of the first cross-border, vertical Business Angels Network. Miguel is specialised in immersive tech, project management, and earlystage investment, whilst also being an active speaker and an investor in major VR/360/AR tech events such as Asia VR/AR Fair, World VR/ AR, Telefonica VR Hackaton, and SpainVRStartups. In addition to his keen interest in immersive tech, Miguelâ&#x20AC;&#x2122;s expertise, networking, and investment interests focus on EdTech, PropTech, and TravelTech. Miguel is a proactive member of the Spanish startup & Business Angel community, and regularly features as an investor, mentor, or judge in startup events like Telefonica AOF & Bolt Accelerators, MWC/4YFN Investor Network, South Summit, and various Business Angel industry events.
What tax incentives does Spain have for Business Angel investment? 20% equity made to new unlisted companies (<€50K/year). Conditions: Initial equity <€400k, shares acquired in first 3 years of startup life, stake limited to 40%. What other incentives does Spain have for Business Angel investment and Venture Capital funds? Regional Incentives and Soft Loans of public entities (ENISA, CDTI, ICEX/ Invest in Spain). What is Spain’s biggest local Angel Investment success story? Luis Martin Cabiedes’ Angel Investment in PRIVALIA - the leading Spanish discounted fashion e-commerce, bought for €500M by Vente-Privee in 2016 (founded in 2006 and growing from €400K to €422M turnover in 2014). What is your advice for Business Angels visiting Spain? Take advantage of Spanish Angels’ great interest in co-investing (86% according to EBAN 2016 Spain Report) and international investments portfolio (32%) in order to get initial experiences in the Spanish market. Also, keep an open mind to discover great talented projects outside Madrid and Barcelona, which will typically have lower valuations and are eager to get attention from investors. What are your top tips for startups seeking Angel Investment? Be a strong team with a great set of skills, clear role distribution and shared goals and vision. Be realistic about the business numbers and startup valuation. Be honest and empathic, treat everybody like you would want to be treated - putting yourself in their shoes. Show Angels that you are willing to risk your own money in addition to your time and efforts.
Madrid
SPAIN
Quick facts OVERVIEW Population
46.5 million
GDP per capita USD 26,565 Active Angel Investors
2800 (approx)
Capital City
Madrid
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
What have you learnt about yourself through Angel Investing? Put things into perspective and enjoy the good moments. Keep your feet on the ground, stay positive, and learn from your mistakes. What is your main goal as WBAF High Commissioner to achieve in Spain? Boosting WBAF knowledge and activities across all the major players in the Spanish entrepreneurial tech and investment ecosystem (getting at least 500 connections for WBAF among individual BAs, BANs, accelerators, public and private organizations, etc…) and taking advantage of the special relationship between Spain and LATAM to expand WBAF’s international network in Spanish speaking countries. I also intend to promote cross-border startup expansions and investment opportunities.
In 2018, what are you most looking forward to for Spain when it comes to Angel Investing? A bigger, more active Angel community in quantity and quality; with better professional training across the entire entrepreneurial ecosystem - starting with private and public investors; as well as greater investment market insight and valuation transparency. www.wbaforum.org
89
HIGH COMMISSIONERS
SUDAN
Dr Mohammed Elhadi WBAF High Commissioner Sudan
D
r Elhadi is an Accredited Continuing Professional Development Coach (CDP No. 31027) from the United Kingdom. He is a Certified FORTH Innovation Facilitator, and an Associate Professor at the College of Engineering, Karary University, Sudan. He is the Chairman of the Board of Directors for Roadmap Group, an organisation focused on fostering innovation management through various platforms and activities including capacity building programs. Roadmap Group is a member of the International Association of Science Parks and Areas of Innovation (IASP). Dr Elhadi is a Member of the Advisory Board of Khartoum Stateâ&#x20AC;&#x2122;s Ministry of Infrastructure and Transportation; the Head of the National Program for Industrial Developmentâ&#x20AC;&#x2122;s Monitoring and Evaluation Committee under the Ministry of Industry; the
CONTACT HIM:
mohammed.elhadi @wbaforum.org
@mohadi20_elhadi
@mohammed_elhadi20
www.roadmap-group.com
90
WBAF High Commissioners
SUDAN Quick facts
OVERVIEW Population
33 million
GDP per capita USD 2,415 Active Angel Investors
Unknown
Capital City
Khartoum
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
Innovation Advisor to the Ministry of Social Development, Khartoum State; a Member of the Scientific Committee for the International Entrepreneurship Conference to be held in February 2018 at Sudan University of Science of Technology; and the Corporate Strategy and Innovation Advisor to a private agribusiness company. He was also recently nominated to manage the Social Economy Development Program for the State. Dr Elhadi’s most recent capacity building initiatives include: the training of more than 130 engineers in building Business Cases; 10 short courses in “New Products Development” with a total of 165 participants; and more recently a workshop on “Designing, Establishing and Operationalizing Sustainable Business Incubators”, with over 100 participants from 30 organizations at Khartoum. The latter, which was supported by the IASP, was conducted along with one of the Executive Board Members of the Association, as well as the President of its Advisory Council.
Meroe Pyramids
Dr Elhadi has authored a comprehensive workbook for managing technological innovations, while currently pioneering the translation of several global publications on his fields of experience into one of his country’s local languages.
In 2018, what are you most looking forward to for Sudan when it comes to Angel Investing? Raising awareness of Angel Investing and lobbying to improve government policies around early-stage investment.
What are your top tips for startups seeking Angel Investment? Have a plan ready for action. Build an excellent team.
What is your main goal as WBAF High Commissioner to achieve in Sudan? Building the ecosystem in line with WBAF goals.
www.wbaforum.org
91
HIGH COMMISSIONERS
TANZANIA
D
Dr Sabetha Mwambenja WBAF High Commissioner Tanzania
r. Sabetha Mwambenja studied her first degree in Bachelor of Arts at the University of Dar Es Salaam in Tanzania, before obtaining her Masters Degree in Business Administration at the University of Central Michigan in Mt. Pleasant, USA. She is also the holder of diplomas in Agribusiness Management, Rural Credit Development, Industrial Extension services and Micro Enterprises finance. Dr. Mwambenja started her banking career at the National Bank of Commerce (NBC) and was later
TANZANIA Quick facts
INVESTMENT INCENTIVES
OVERVIEW Population
52.1 million
GDP per capita USD 879 Active Angel Investors
None
Capital City
Dar es Salaam
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
Dar es Salaam
92
WBAF High Commissioners
CONTACT HER:
sabetha.mwambenja @wbaforum.org
promoted to become the first woman Director of Credit in the history of the NBC. In January, 1998 she was then appointed General Manager of the newly established Exim Bank Tanzania Limited, being the first Woman General Manager in the history of Tanzania’s banking industry. In 2000, Dr. Mwambenja was then promoted to Chief Executive Officer of Exim bank, once again as the first and only Woman CEO in the Tanzania banking sector. She held this position for 14 years. In 2009, Dr. Mwambenja was appointed to be a member of the Governing Board of the Global Banking Alliance (GBA) for women. In the same year, she was also appointed Board Member of the Southern Highlands University College. In 2010, the TIAW (The International Alliance for Women), named Dr. Sabetha, a winner of the prestigious TIAW World of Difference 100 Awards in the community/ corporate category. In January 2011, Dr. Mwambenja was then appointed the first Managing Director and CEO of the newly established, Covenant Bank for Women Tanzania Limited. Due to her commitment towards empowering
women, Dr. Mwambenja was among the chosen few representing Tanzania as a panelist at the First African First Ladies Summit. In 2012, the President of Tanzania appointed Dr. Mwambenja Chairperson of the Tanzania Trade Development Authority, which is under the Ministry of Industries and Trade. In March 2015, WETATI (Women Empowered to Achieve the Impossible), named Dr. Mwambenja a winner of the ‘Woman Achieving the Impossible in Life and Business’ award for her philanthropy, entrepreneurial and executive leadership savvy, and exemplary character. Furthermore, in 2015 SAMEAWS (South America–AfricaMiddle East-Asia Amazons Awards) named Dr. Mwambenja a winner of the ‘African Female Leadership Impact’ award. On 30 October 2016, the Africa Graduate University conferred upon Dr. Mwambenja a Doctorate of Philosophy Degree in Business Administration and Management. She also emerged the winner of the Africa Women Innovation and Entrepreneurship Forum’s (AWIEF) ‘Empowerment Award’ for 2017. What tax incentives does Tanzania have for Business Angel investment? 0% import duty on project equipment; 10% withholding Tax on dividends, loan interest income and rental income; and VAT deferment on capital goods. What other incentives does Tanzania have for Business Angel investment? It is relatively easy to obtain residence/ work permits - for example, there are automatic permits for employing 5 foreign nationals. The right to transfer profits earned out of the country is also a good incentive. What tax incentives does Tanzania have for Venture Capital funds? 10% withholding Tax on dividends and loan interest income.
What is your advice for Business Angels visiting Tanzania? Angel Investors coming to Tanzania are assured of peace and security. In regards of investing in Tanzanian companies, you should be ready to help businesses look for external markets for their products - as most Tanzanian companies have very good business ideas and products, but are not networked to the correct markets. What are your top tips for startups seeking Angel Investment? Start small. Know your customers. Do some research/a feasibility study before you start your business, in order to establish who your competitors are. In 2018, what are you most looking forward to for Tanzania when it comes to Angel Investing? I am anxiously looking forward to connecting as many Tanzanian innovators, startups, scale-ups, small miners and SMEs to Angel Investors to facilitate the growth of their businesses. What is your main goal as WBAF High Commissioner to achieve in Tanzania? To facilitate easy access to finance for start-ups, scale-ups, innovators, small miners and SMEs in general. This will support the Tanzanian Government’s goal towards industrialization and economic growth. www.wbaforum.org
93
HIGH COMMISSIONERS
TUNISIA
Douja Ben Mahmous Gharbi TUNISIA D WBAF High Commissioner Tunisia
ouja Gharbi is a serial entrepreneur, business and entrepreneurship consultant and mentor with a strong community development motivation. She is a UNIDO expert on entrepreneurship and investment promotion. She is President of the Entrepreneurship Center and Endogenous Development; Vice President of the Confederation of Citizen Companies in Tunisia; and Vice President of Finance Participative en MĂŠditerranĂŠe.
Quick facts
INVESTMENT INCENTIVES
OVERVIEW
Population
11.6 million
GDP per capita USD 4,265 Active Angel Investors
1 (approx)
Capital City
Tunis
Existing tax incentives for BA investment Alternative Business Angel incentives Existing tax incentives for VC funds
Tunis
94
WBAF High Commissioners
Douja Gharbi was a board member of the National Young Entrepreneurs Association and the National Chamber of Women Entrepreneurs from 1996 to 2011; and served as Tunisian Hub Manager to the MENA Business Women’s Network. She is a speaker on entrepreneurship, women entrepreneurs, investment promotion and development; having spoke at the Presidential Obama Summit on Entrepreneurship in Washignton, DC in 2010; at the US-Maghreb Entrepreneurship Conference in Algiers; at WIEF Business Women Forum 2010 in Malaisia; at OCDE Conference 2008 In Koweit; at WED Conference Jordan in 2009; and many other international conferences across Africa and around the world. Douja Gharbi specialises in project management, entrepreneurship and employment projects. She mentors as a volunteer within various business organizations and associations, including: CEDE, CONECT, CJD, CNFCE and FPM. She also consults within UNIDO. Douja Gharbi has a masters degree from the University of Economics and Management of Tunis. She also has condensed training in business administration through the Beyster Institute of the University of California; training on export techniques, management and capacity development of women in Africa via
the ICT and Trade Facilitation Office Canada program; and business training and counselling from UNIDO (ARCEI Program). What tax incentives does Tunisia have for Venture Capital funds? Venture Capital funds could be outside the scope of tax, and are deductible from the tax base, where the income is reinvested in the acquisition of Seed Fund Units. What is your advice for Business Angels visiting Tunisia? Let’s connect and work together to boost entrepreneurship via alternative finance whilst the Tunisian market is untouched. What are your top tips for startups seeking Angel Investment? Be visionary, responsible and committed. Be well-structured and transparent. Show off real growth potential. In 2018, what are you most looking forward to for Tunisia when it comes to Angel Investing? Business Angels is a new concept, and it’s not well known in Tunisia. I would like to promote Angel Investing and alternative finance (crowdfunding,
CONTACT HER:
douja.gharbi@wbaforum.org
etc..) because banks are not responding nowadays to the real needs of entrepreneurs and startups. What have you learnt about yourself through Angel Investing? I love supporting and boosting successful and committed entrepreneurs, particularly women. What is your main goal as WBAF High Commissioner to achieve in Tunisia? I would like to promote Angel Investment and alternative finance, and have as many Business Angels as possible involved in the process.
www.wbaforum.org
95
HIGH COMMISSIONERS
TURKEY
Adnan Akdemir A WBAF High Commissioner Turkey
CONTACT HIM: adnan.akdemir@wbaforum.org
@aaakdemir
@Aaakdemir
www.sifisan.com.tr
www.about.me/adnanakdemir
96
WBAF High Commissioners
dnan is a third generation entrepreneur in the entertainment business. After graduating from Istanbul Technical University in Management Engineering, and achieving an MBA at National University Los Angeles, he attended UCLA Film School. In 1993, after his return home, he founded AFM Cinemas which has since become the leading cinema operator in Turkey. He has introduced a true qualitycinema experience to Turkey, resulting in rapid national growth in the 90’s as the market-maker. In 2000, he completed the first Private Equity deal ever to be done in Turkey, with AIG’ s Blue Voyage Fund. In 2001, he cofounded Istanbul “Independent” Film Festival as a prestigious international event, to rejuvenate the Turkish film production industry. In 2004, Adnan then completed the IPO of AFM Cinemas, becoming the first entertainment company to register on the Istanbul Stock Exchange. Adnan also co-founded the first Turkish film distribution company, Kenda (with top Turkish producers) to support the development of local productions. Kenda became the main driver behind more than half of the local content in Turkish cinema, within just 3 years. He has since sold the majority of AFM Cinemas to Russia’s largest group, Alfa; eventually exiting AFM. Adnan has become the CEO of Eurasia Cinemas, which in its third year has grown to 305 multiplex screens to become the leading cinema chain in the Russia-Ukraine-
Ortakoy Mosque, Istanbul
Turkey region. Adnan exited his cinema ventures in 2011 to focus on his family entertainment business, and founded www.ilsvision.com the largest Youtube Multi-Channel Network in the Middle East region. He is the co-founder of the Turkish Business Angels Association and Turkish Cinema Owners Association, whilst also an active member of Young Presidents Organization. He holds a Group A planes pilot license since 1984, and an open-sea captain license since 1989. In 2012, Adnan received a Red Cross /Crescent Golden Mercy Medal for his lifetime contributions.
What tax incentives does Turkey have for Business Angel investment? Tax breaks of up to 75%. What are your top 3 tips for startups seeking Angel Investment? Stay Focused. Persevere. Be Transparent. What is your advice for Business Angels visiting Turkey? Network to find local investments in different sectors that can lead you in the right direction. In 2018, what are you most looking forward to for Turkey when it comes to Angel Investing? New, bigger incentives and tax breaks for investors.
What is your main goal as WBAF High Commissioner to achieve in Turkey? To promote Angel Investments as well as getting the government to support Angel Investment more.
TURKEY Quick facts
OVERVIEW Population
80 million
GDP per capita USD 14,350 Active Angel Investors
424 (approx)
Capital City
Ankara
INVESTMENT INCENTIVES
Existing tax incentives for BA investment
Alternative Business Angel incentives
Existing tax incentives for VC funds
www.wbaforum.org
97
HIGH COMMISSIONERS
UKRAINE
Tanya Romanyukha WBAF High Commissioner Ukraine
T
anya Romanyukha serves as an Executive Director at UAngel the Ukrainian Business Angels Network. In the three years of its operation, UAngel members have invested $8M+ in 100+ deals around the world. One of the goals of UAngel lies in cross-border syndicating with fellow Angel groups in Europe; as well as inviting international investors to screen Ukranian companies alongside local Angels. Before joining UAngel, Tanya hosted the competition «STEP GPS» for CRDF Global, and served as a Program Manager of Dubai based company IMTIAZ Middle East. She was leading the implementation of Eurasia Mobile Challenge across 8 countries, which gathered 25% startups from the Eurasia region during 2015-2016. She studied the VC executive program at the Haas School of Business at UC Berkeley, serving as an Associate in a $25M VC Fund; and was named the most active seed-investor in Ukraine for that period. Tanya started to boost the Ukrainian startup eco-system in 2012 as a startup-relations manager in the first full cycle US-UA business accelerator - ‘Happy Farm’; with 20+ companies in the portfolio.
CONTACT HER:
tanya.romanyukha @wbaforum.org
98
WBAF High Commissioners
UNITED KINGDOM
M
odwenna has 20 years’ experience working in corporate finance, Business Angel investment, and venture capital. She started AngelNews in 2003, focusing on media and events in the Angel and VC market. From an initial GBP £1,000 of startup capital, she has grown it into the leading information source and commentator for the UK Business Angel market. Her website - www.angelnewsletter.co.uk - is the broadest commentator of the wider UK private investor market (including VCTs and crowdfunding) and a thought leader in UK Angel Investing. Through the Pluralists Club and Pitching for Management initiatives, the AngelNews
Modwenna Rees-Mogg WBAF High Commissioner United Kingdom Group has expanded in recent years into assisting senior executives build second careers in the startup and earlystage entrepreneurial ecosystems. It has also built a private investor conferences business, hosting the Great British Private Investor Summit, as well as the VCT & EIS Investor Forum. Modwenna is a Non-Executive Director of Albion Tech, General VCT and Asset Match; as well as a CoFounder of FCA authorised. She has authored two books: “Crowdfunding, How to raise money and make money in the crowd”; and “Dragons or Angels - a handbook for people wanting to become Business Angels, or raise money from them”.
CONTACT HER:
modwenna.rees-mogg @wbaforum.org
@modwenna
www.angelnews.co.uk
www.wbaforum.org
99
HIGH COMMISSIONERS
UNITED STATES
Dr Norris Krueger UNITED STATES V WBAF High Commissioner USA
ery few are able to make a difference in academe, in education, and in entrepreneurship; yet, Dr Norris Krueger has managed to keep moving the needle for each, with proven, recognised expertise in growing entrepreneurial thinkers and entrepreneurial communities. While considered a leading thinker on how to grow entrepreneurial ecosystems, he has paid his dues as entrepreneur and as entrepreneurial champion, serving as the Co-Organizer for Idaho Startup Weekend, the regional coordinator for Global Entrepreneurship Week, and the lead organizer for 1 Million Cups. Dr Krueger is a World Entrepreneurship Forum delegate, a delegate and presenter at Growing Entrepreneurial Communities, and an invited delegate to Kauffman Foundationâ&#x20AC;&#x2122;s landmark ESHIP meet-up for global ecosystem builders. Armed with professional educator training, Norris is also a thought leader in entrepreneurial learning. His Ohio State program was decorated by the US SBA for innovativeness. His Boise
Quick facts
INVESTMENT INCENTIVES
OVERVIEW
Population
323 million
GDP per capita USD 57,467
Existing tax incentives for BA investment
Active Angel Investors
300, 000 (approx)
Alternative Business Angel incentives
Capital City
Washington, DC
Existing tax incentives for VC funds
Washington, DC
100 WBAF High Commissioners
most-cited articles for two different ‘A’ journals) scholar in his specialty - and his research continues to grow as he collaborates globally. What tax incentives does America have for Business Angel investment and Venture Capital funds? Section 1202 tax exclusion provides Angel Investors and entrepreneurs with a 100% tax break of up to $10 million, a few states have additional credits. What other incentives does America have for Business Angel investment? Lower rates for long-term (>1 year) capital gains.
CONTACT HIM:
norris.krueger@wbaforum.org
@entrep_thinking
@norriskrueger
www.norriskrueger.com
What is America’s biggest local Angel Investment success story? The growth of support organizations that truly ‘get’ Angel Investing. For example, check out: www.venturecapital.org. What is your advice for Business Angels visiting America? Connect with the best local Angels, not just the most prominent. Consider: Who do the entrepreneurs respect? Who do others in the ecosystem respect?
What are your top tips for startups seeking Angel Investment? Do your homework. Understand how Angels invest; understand how your Angels invest. Use multiple mentors to craft your pitch. Be honest. In 2018, what are you most looking forward to for America when it comes to Angel Investing? An increase in the professionalisation and education of entrepreneurs seeking investment. Plus, possible retention on an International Entrepreneur visa. What have you learnt about yourself through Angel Investing? We need to educate both investors and entrepreneurs, so I need to do more of both. I also need to do more to hep grow the local entrepreneurial ecosystem and do a better job of engaging Angels. What is your main goal as WBAF High Commissioner to achieve in America? Work with entrepreneurs, investors and others to craft and implement bold new strategies to grow a richer, healthier entrepreneurial ecosystem. Besides educational activities, encouraging communities to “google map” their ecosystems on where they are and to where they want to go (in-depth listening sessions).
State TEAMS entrepreneurship program earned 6 national and 2 global best practice awards. TEAMS blended project-based learning and community outreach with the motto “Students Are Our Secret Weapon!”. Twice elected as Officer in the Academy of Management and ICSB, Dr Krueger chairs AoM’s Global Scholar Development Committee. He is also an External Fellow for the Max Planck Institute for Economics; a Senior Research Fellow for the School for Advanced Studies, University of Phoenix; a Senior Subject Matter Expert at OECD/EU HE Innovate and Entrepreneurship360; and is the most-cited (Two articles are the #3 www.wbaforum.org
101
HIGH COMMISSIONERS
ZIMBABWE
M
Mathew Mutavayi WBAF High Commissioner Zimbabwe
athew Mutavayi is a highly self-motivated executive; active citizen; and Enterprise Development and Talent retention strategist. Mathew has experience in clothing retail, hardware, coal distribution, tourism & hospitality, and farming. He is also a global traveler, who has traveled across all continents. A risk manager by profession, Mathewâ&#x20AC;&#x2122;s expertise is in human resources, project management, leadership, training, community development and global networking. He also has high skills in administration and motivational speaking. Mathew sits on several boards, including: the Junior Chamber International (JCI) - as 2017 JCI Vice President; the Zimbabwe
Youth Council; the Youth Economic Forum; and the Bulawayo Province Entrepreneurial & Employment Promotion Program (GEEP). Mathew is a Zimbabwe National Chamber of Commerce Sub-Committee for Business and SME Development member. He has also served as 2015 JCI Zimbabwe National President; 2016 JCI Africa & Middle East Development Councilor, and has since been awarded life-time membership of the JCI. In 2016, Mathew was lauded by the Zimbabwe National Chamber of Commerce as the rural businessman of the year. Mathew spends most of his time developing and supporting enterprise development, strategy, and structuring financial models that support SMEs.
CONTACT HIM: mathew.mutavayi@wbaforum.org
@mattmutaz Victoria Falls
102 WBAF High Commissioners
www.wbaforum.org
103
INDEX
INDEX Board Members
pg
High Commissioners
pg
Baybars Altuntas Turkey baybars.altuntas@wbaforum.org
10
BAHRAIN Osama Al Khajah osama.khajah@wbaforum.org
20
Abdulaziz N. Al-Khalifa Qatar abdulaziz.al-khalifa@wbaforum.org
11
BANGLADESH Md. Sabur Khan sabur.khan@wbaforum.org
22
Abdul Malek Al-Jaber Jordan abdul.malek.jaber@wbaforum.org
12
BRAZIL Cassio Spina cassio.spina@wbaforum.org
24
Dr Charles S. Sidman USA charles.sidman@wbaforum.org
13
BULGARIA Nikolay Mavromatis nikolay.mavromatis@wbaforum.org
26
Harry Tomi Davies Nigeria harry.tomi.davies@wbaforum.org
14
CAMEROON Georges Tchokoua georges.tchokoua@wbaforum.org
28
Hashim S. Hussein Bahrain hashim.hussein@wbaforum.org
15
CHINA Vicky Wang victoria.wang@wbaforum.org
30
Inderjit Singh Singapore inderjit.singh@wbaforum.org
16
COTE Dâ&#x20AC;&#x2122;IVOIRE Etienne Kouadio etienne.kouadio.doh@wbaforum.org
32
Peter Cowley United Kingdom peter.cowley@wbaforum.org
17
CROATIA Renata Brkic renata.brkic@wbaforum.org
34
104 WBAF High Commissioners
pg
pg
GHANA Tina Allton tina.allton@wbaforum.org
36
JORDAN Dr Bashar Hawamdeh bashar.hawamdeh@wbaforum.org
52
GREECE Panayiotis H. Ketikidis panos.ketikidis@wbaforum.org
38
KAZAKHSTAN Pavel Koktyshev pavel.koktyshev@wbaforum.org
54
HONG KONG Andrew Work andrew.work@wbaforum.org
40
KENYA Wangeci Gathinji wangeci.gathinji @wbaforum.org
56
ICELAND Dr Eythor Ivar Jonsson eythor.jonsson@wbaforum.org
42
KOSOVO Alejtin Berisha alejtin.berisha@wbaforum.org
58
INDIA Nikhil Agarwal nikhil.agarwal@wbaforum.org
46
MACEDONIA Simona Sosolceva simona.sosolceva@wbaforum.org
60
INDIA Zakir Hussain zakir.hussain@wbaforum.org
48
MONTENEGRO Ivan Jovetic ivan.jovetic@wbaforum.org
62
INDIA Vijetha Shastry vijetha.shastry@wbaforum.org
49
MOROCCO Deborah McArthur deborah.mcarthur@wbaforum.org
64
NIGER Yazi Adamou yazi.adamou@wbaforum.org
66
50 IRAN Mohammad Ramin Komeilian mohammad.komeilian@wbaforum.org
www.wbaforum.org
105
INDEX
INDEX High Commissioners
pg
pg
NIGERIA Hauwa Yabani hauwa.yabani@wbaforum.org
68
Sudan Mohammed Elhadi mohammed.elhadi@wbaforum.org
PAKISTAN Shehla Javed Akram shehla.javed.akram@wbaforum.org
70
90 TANZANIA Sabetha Mwambenja sabetha.mwambenja@wbaforum.org
72 PALESTINE Dr Amal Daraghmeh Masri amal.daraghmeh.masri@wbaforum.org
88
TUNISIA Douja Gharbi douja.gharbi@wbaforum.org
92
SAUDI ARABIA Tuba Ozlem Terekli tuba.terekli@wbaforum.org
74
TURKEY Ahmet Adnan Akdemir adnan.akdemir@wbaforum.org
94
SERBIA Jelena Plavanski jelena.plavanski@wbaforum.org
76
UKRAINE Tanya Romanyukha tanya.romanyukha@wbaforum.org
96
SINGAPORE Callum Laing callum.laing@wbaforum.org
78
97 UNITED KINGDOM Modwenna Rees-Mogg modwenna.rees-mogg@wbaforum.org
Slovenia Nena Dokuzov nena.dokuzov@wbaforum.org
80
USA Norris Krueger norris.krueger@wbaforum.org
98
ZIMBABWE Mathew Mutavayi mathew.mutavayi@wbaforum.org
100
South Africa Christopher Campbell chris.campbell@wbaforum.org
Spain Miguel Martin miguel.martin@wbaforum.org
106 WBAF High Commissioners
82
86
THE WORLD EXCELLENCE AWARDS & VIP GALA DINNER 19 FEBRUARY 2018
19
8
The World Excellence Awards - to be presented at WBAF2018 - will recognise notable activities in various fields and 8 salute outstanding contributors to entrepreneurship, SMEs and Angel Investment ecosystems. Given the diverse challenges the world faces in the twenty-first century, it is important to recognise that entrepreneurship can have a major impact on our future, offering new ways to increase economic opportunities and to foster social justice. From Business Angels to policymakers, and from academics to corporate ventures and SMEs, the awards will salute those who stand out in imagining, discussing, and shaping the future of an entrepreneurial world.
www.wbaforum.org
107