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BAKEIN A NUTSHELL
Business Angels Knowledge for Entrepreneurs (BAKE) is an innovative training for entrepreneurs on how to effectively raise finance and establish successful relationships with business angels.
The project will develop an innovative training programme with a strong work-based learning component that will involve adults employed in the start-up or growth phase companies in on-the-job and online training, focusing on reducing the economic, relational and skills gap between different income groups and collectives at risk of exclusion.
IS BAKE NECESSARY?
The need to improve people’s entrepreneurial and innovative skills has been highlighted in three of the flagship initiatives of the Europe 2020 strategy for smart, sustainable and inclusive growth.
Indeed, one of its objectives is to make an efficient European venture capital market a reality, facilitating direct business access to markets and exploring incentives for private sector funds that make financing available for start-up companies, as well as for innovative SMEs.
Due to entrepreneurs’ lack of knowledge about business angels, relationships between entrepreneurs and investors can be ineffective and frustrating for both parties.
In addition, conflicts can arise during these relationships due to different perceptions of the venture, expectations and contractual agreements.
This leads to tensions, misunderstandings and an imbalance of control and power between entrepreneurs and business angels, which affects the performance of the venture, the innovativeness of the company and the trust in the cooperation of the partners.
WILL BE THE THE IMPACT?
Given this situation, BAKE will develop a toolkit for both profiles (entrepreneurs and investors) with fair and balanced guidelines, training materials, vocabulary usage and case studies.
This will enable entrepreneurs to participate in cutting-edge and forward-looking training ourses, adapted to the needs of the sector they are targeting.
On the other hand, the project will enhance access to high quality entrepreneur fundraising training materials for free to participants with fewer opportunities.
VET providers, business angels and business innovation experts will cooperate closely with these collectives, in order to develop and pilot the training programme in each partner country, and to give the opportunity to both learners and trainers to apply raising funding skills directly at work and in real work life situations, thus enhancing the learning experience and improving the management of their financial and human resources.