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FiBAN recently showcased the successful outcomes of the BAKE project at the *ship Startup Festival on May 17th and at a Startup Clinic at Maria01 on May 28th.

Business Angels Knowledge for Entrepreneurs (BAKE) is an EU-funded innovative training program for entrepreneurs on how to effectively raise funding and establish successful relationships with business angels, which was a fitting match to these startup events. In this article, we’ll share with you the highlights of our two events that were targeted to help startups and foster the relationships between angels, startup founders, and key ecosystem partners.

Success Stories from the Pitch Captain Competition

The *ship Startup Festival stands out as a prominent student entrepreneurship event in Finland, organized by XAMK students in collaboration with esteemed partners such as Google, Cursor Oy, and FiBAN. Cursor Oy, a member of FiBAN’s extensive network of ecosystem partners across Finland, plays a crucial role in fostering innovation and entrepreneurship. Supporting early-stage start-ups and university cooperation is important for FiBAN to ensure that potential start-ups find FiBAN at an early stage, which is why the BAKE project’s mission is important to our network.

Notably, the top three finalists of the *ship Startup Festival’s Pitch Captain Competition: HOPES Energy, Berrytron, and Wave were all participants of the Idearace startup competition, an event organized by LAB Business Mill, another valued partner of FiBAN. It’s a great example of how high-quality startups are being fostered in our vast partner network! Our network does not only span to organizations but to people, too! Did you know that FiBAN has numerous regional angels across Finland, practically in every major city?

At *ship Startup Festival and Idea Race finals, we had indeed one of our local angels present, regional angel Antti Pellinen from Lappeenranta, together with our Training and Development Manager Mari Kirjalainen, who represented FiBAN and shared their insights as the jury members of the Idea Race Finals.

Numerous startups gathered for the startup clinic in Maria01

A major connecting point was our Startup Clinic, organized together with Kiuas Accelerator, Business Helsinki, Baltic Sandbox Ventures, and the BAKE project. To have more success cases in the Finnish startup sector, collaboration and uniting forces are key. Very often startups face similar problems, so why not help them all at once in events like this?

This is why we decided to offer coaching and help for startups in these hard economic times and in the name of the BAKE Project, where collaboration with angels and startup founders is at the core. This was a chance for founders to ask their questions about angel funding, get free coaching, solve their most pressing problems, or simply share what they are going through now in their startup journey.
Some of the topics that were covered with startups were:

• Help in Early-stage funding
• Business and product road map
• Fundability and prepping you for what investors are looking for.
• Go-To-Market Strategy

These events are great examples of the significance of a strong ecosystem partner network in driving entrepreneurial success. Our team remains committed to empowering early-stage entrepreneurs and believes that collaboration within the Finnish startup ecosystem is essential for sustainable growth and innovation. Investors can only thrive with successful startup founders.

On May 9th, Materahub hosted a successful event organized by the BAKE project, an initiative dedicated to empowering entrepreneurs with the knowledge and skills necessary to secure funding and build strong relationships with private investors, at the Università degli Studi della Basilicata in Matera (COMIN CENTER). The event not only provided valuable insights into the world of angel investing but also facilitated networking and knowledge sharing among participants through engaging World Cafés.

World Cafés: Enriching Discussions and Fostering Connections

World Cafés, a dynamic and interactive networking format, played a central role in the BAKE project event. These facilitated discussions provided a platform for participants to exchange ideas, share experiences, and build connections with fellow entrepreneurs and business professionals.
The World Cafés were structured around key themes relevant to the event’s focus on angel investing and startup financing. Participants rotated between tables, engaging in brief discussions on specific topics such as:

• Identifying and approaching potential business angels
• Preparing a compelling investment proposal
• Negotiating and structuring investment deals
• Building and maintaining relationships with investors

The World Cafés fostered a collaborative and engaging atmosphere, allowing participants to gain diverse perspectives, learn from each other’s experiences, and expand their professional networks.

Key Takeaways from the World Cafés:

• Networking and knowledge sharing are crucial for entrepreneurs seeking angel funding.
• World Cafés provide an effective platform for exchanging ideas and building connections.
• Diverse perspectives and shared experiences can enrich the entrepreneurial journey

The Bake Project: Empowering Entrepreneurs through Knowledge and Networking

The BAKE project, funded by the Erasmus+ program of the European Union, is a two-year initiative that aims to bridge the gap between entrepreneurs and business angels. By providing comprehensive training, support, and networking opportunities, the project empowers entrepreneurs to navigate the complexities of securing funding and building successful ventures.

The Matera event, with its focus on angel investing and the incorporation of World Cafés, exemplified the Bake project’s commitment to empowering entrepreneurs through knowledge sharing and networking.

Additional Resources for Entrepreneurs:

Bake project provide numerous resources, available to entrepreneurs seeking angel funding and support.These resources include:

• Toolkit on fairer financing schemes with business angels
• Development of an innovative curriculum on funding schemes for entrepeneurs
• Development of an open source learning management system (LMS) and integration of the training course content

Entrepreneurs in Matera and beyond can leverage these resources, along with the valuable insights and connections gained from the #Bake project, to propel their ventures forward and achieve their entrepreneurial goals.

Investing in startups can be a rewarding venture for angel investors, but finding the right entrepreneur or startup to partner with is essential.

In this guide, we explore some effective strategies to identify promising investment opportunities and build fruitful relationships.

Leveraging Networks and Communities

Networking is a powerful tool for angel investors seeking potential investment opportunities. By connecting with entrepreneurs, industry professionals, and fellow investors, you can gain valuable insights and access to a diverse range of startup ideas. Attend networking events, join industry groups, and engage with like-minded individuals to expand your network and discover new opportunities.

Collaborating Through Angel Groups

Participating in angel investor groups offers numerous benefits, including access to a broader pool of investment opportunities and the collective wisdom of experienced investors. Business angel groups often host pitch events where entrepreneurs present their business ideas, providing investors with a platform to evaluate potential investments collaboratively.

Tapping into Online Platforms

Online platforms like AngelList and Gust provide angel investors with access to a vast ecosystem of startups seeking funding. These platforms allow investors to browse through startup profiles, review business models, and connect directly with entrepreneurs. Utilize online resources to conduct research, explore investment opportunities, and engage with promising startups from anywhere in the world.

Discovering Opportunities at Industry Events

Industry events, such as conferences, trade shows, and startup pitch competitions, offer valuable opportunities to discover innovative startups and connect with entrepreneurs. Attend relevant events in your industry or areas of interest to stay informed about emerging trends, network with key players, and scout potential investment opportunities.

Ensuring Compatibility and Mutual Success

When evaluating startups, it is essential to align your investment goals with the vision and values of the entrepreneur. Look for founders who demonstrate a deep understanding of their market, a clear business plan, and a scalable vision for growth. Treat the investment selection process as an interview to ensure compatibility and set the stage for mutual success.

Nurturing Relationships for Long-Term Growth

Building strong relationships with entrepreneurs is critical for long-term success in angel investing. Once you have identified a promising startup, take the initiative to reach out, establish rapport, and offer support and guidance. By nurturing relationships based on trust, open communication, and shared goals, you can contribute to the growth and success of the startups you invest in.

In conclusion, finding the right startup to invest in requires a strategic approach that combines networking, research, and due diligence. By leveraging online platforms, participating in industry events, and building strong relationships with entrepreneurs, angel investors can identify promising investment opportunities and contribute to the success of innovative startups.

Remember, angel investing is a collaborative journey, and fostering strong partnerships is key to mutual growth and prosperity.

Join the BAKE Project community to stay informed and connected in the ever-evolving world of entrepreneurship!

In the vibrant world of startups, where groundbreaking innovations often take center stage, it is easy for other critical aspects like storytelling, sales, and marketing to be overshadowed. However, these elements are equally vital in shaping the success and growth of early-stage ventures.

Drawing from extensive experience in assisting startups across diverse industries, here are some invaluable communication strategies to help startups effectively connect with their audiences and potential investors:

1. Understand Your Audience: Investors as Partners

When engaging with potential investors, it is essential to view them not merely as financial backers but as strategic partners and customers.

Take the time to create a detailed customer persona for your ideal investor. Consider factors such as their demographic characteristics, investment capacity, industry expertise, values, and the type of relationship you envision having with them.

By understanding your audience on a deeper level, you can tailor your approach and messaging to resonate with their needs and preferences.

2. Craft Compelling Stories: The Power of Storytelling

In a competitive landscape where numerous startups are vying for investor attention, what sets you apart? Often, it is the compelling narrative behind the team and the business idea.

Take the opportunity to reflect on your entrepreneurial journey and the experiences that have shaped your vision. What motivated you to embark on this venture? What challenges have you overcome, and what lessons have you learned along the way?

By sharing your story authentically, you can create a powerful connection with investors, showcasing your resilience, passion, and commitment to your mission.

3. Build Trust Through Branding and Authenticity

In the world of startup fundraising, building trust with investors is paramount. This goes beyond delivering a polished pitch deck—it’s about showcasing your authenticity and credibility as a founder and as a business.

One effective way to build trust is by engaging with your audience on a personal level. Instead of solely relying on your company’s brand, leverage your personal profile to share insights, anecdotes, and behind-the-scenes glimpses of your entrepreneurial journey.

Additionally, actively participate in discussions, networking events, and collaborations within the startup ecosystem.

By demonstrating your accessibility, transparency, and willingness to connect with others, you can establish credibility and forge meaningful relationships with investors.

Furthermore, investing in your brand presence—both online and offline—is crucial for establishing credibility and visibility in the market. Consider leveraging social media platforms, PR initiatives, and networking opportunities to amplify your brand’s message and reach a broader audience. By consistently communicating your values, vision, and unique value proposition, you can differentiate your startup and attract the attention of potential investors.

While groundbreaking innovations may be the hallmark of the startup world, effective communication is the key to unlocking opportunities and driving success. By understanding your audience, crafting compelling stories, and building trust through branding and authenticity, you can position your startup for growth and secure the support of investors who share your vision for the future.

Keep an eye out for further updates from the BAKE Project, dedicated to fostering stronger bonds between entrepreneurs and Business Angels, paving the way for a brighter future.

In the dynamic world of business, the relationship between business angels and entrepreneurs plays a vital role in fostering innovation and driving economic growth.

Business angels, often experienced entrepreneurs themselves, provide funding and expertise to early-stage ventures. Effective communication is the cornerstone of these relationships, enabling both parties to align their goals, share knowledge and overcome challenges together.

The role of communication in building successful business angel-entrepreneur relationships

Communication lies at the heart of any successful relationship, and the business angel-entrepreneur dynamic is no exception. Effective communication fosters trust, transparency, and mutual understanding between both parties. It allows business angels to gain a deep understanding of an entrepreneur’s vision, business model and growth strategy.

Likewise, entrepreneurs can articulate their ideas, seek feedback, and tap into the wisdom and experience of business angels. Through open and frequent communication, business angels and entrepreneurs can align their expectations, clarify goals, and establish a shared vision for the venture.

Common communication challenges and how to overcome them

While effective communication is crucial, it is not without its challenges. Let’s explore some common communication hurdles in business angel-entrepreneur relationships and how to overcome them:

• Mismatched Expectations: Business angels and entrepreneurs may have different expectations regarding the level of involvement, decision-making power, or desired outcomes. Open and honest communication from the outset can help align expectations and avoid potential conflicts.
• Communication Styles: Individuals often have unique communication styles, which can lead to misunderstandings. By recognizing and adapting to each other’s communication preferences, business angels and entrepreneurs can bridge the gap and ensure effective communication.
• Language Barriers: In an increasingly globalized world, business angel-entrepreneur relationships may involve individuals from different linguistic backgrounds. Employing translators or interpreters, using simple language, and providing written materials in multiple languages can help overcome language barriers.
• Time Constraints: Both business angels and entrepreneurs lead busy lives, making it challenging to find mutually convenient times for communication. Utilizing technology tools such as scheduling apps or project management platforms can help streamline communication and ensure timely interactions.
• Cultural Differences: Cultural nuances can impact communication styles, expectations, and even decision-making processes. Being culturally sensitive, actively learning about each other’s backgrounds, and seeking to understand different perspectives can bridge cultural gaps and foster effective communication.

Harnessing the power of communication for successful business angel-entrepreneur relationships

In the realm of business angel-entrepreneur relationships, communication is the key to unlocking potential and driving success. Effective communication fosters trust, aligns expectations, and enables both parties to overcome challenges together. By employing active listening, regular check-ins, clear and concise communication, honesty, and empathy, business angels and entrepreneurs can build strong foundations for their relationships.

While communication comes with its challenges, proactive efforts to address mismatched expectations, communication styles, language barriers, time constraints, and cultural differences can ensure effective communication. Case studies, like the 37 practical cases developed by the BAKE Project, illustrate how successful relationships are driven by open and honest communication, resulting in transformative outcomes.

Ultimately, trust is the bedrock of communication within these relationships. Trust empowers entrepreneurs to share their challenges and seek guidance while enabling business angels to provide support and resources with confidence.

Stay tuned for more news and updates related to BAKE Project, aimed at enhancing the relationship between entrepreneurs and Business Angels, creating a brighter future for all!

Entrepreneurship is a thrilling journey of innovation and risk-taking. Yet, it demands more than just a brilliant idea. Initiatives like the BAKE project play a crucial role in nurturing the entrepreneurship mindset, providing them with the necessary tools and connections to thrive in today’s dynamic business world within Europe.

The Entrepreneurial Challenge

Entrepreneurs embark on a journey from idea generation to business execution, facing numerous hindrances like funding shortages, market competition and the challenge of scaling up. Despite these obstacles, the entrepreneurial spirit is driven by innovation, resilience, and adaptability. Success stories from entrepreneurs globally continue to inspire and guide new people in this journey, exemplifying the power of determination and creative problem-solving. 

Building a Supportive Network

No entrepreneur can succeed in isolation. A robust support system, including mentors, networks, and investors, is vital. Projects like BAKE come into play here, offering a platform to aid the new entrepreneur in networking, mentorship, and learning. They bridge the gap between aspiring business owners and experienced industry players, providing resources for overcoming common challenges and prepare them with suggesting actions to avoid as many mistakes as possible. 

Business Angels are more than investors; they’re mentors and advisors. Their financial support is paired with strategic guidance and mentorship, industry insights, and networking opportunities. Through BAKE, entrepreneurs can be aided to gain access to such angels, who help transform promising ideas into successful businesses. As the business landscape evolves, so does the nature of entrepreneurship. Emerging trends like digital transformation and sustainable business practices are shaping the future. Innovative initiatives like our project are essential in this evolving landscape, equipping entrepreneurs with the skills and knowledge to stay ahead of the curve. 

The entrepreneurial journey is challenging yet rewarding. Supportive projects like are instrumental in this adventure, offering guidance and free resources. 

As we look forward, the role of such initiatives becomes even more crucial in empowering the next generation of entrepreneurs to innovate, grow and succeed.

Join the BAKE community to stay informed and connected in the ever-evolving world of entrepreneurship! 

*Image by rawpixel.com on Freepik

In June 2023, our partner organisation ​Finnish Business Angels Network (FiBAN) sent a startup survey which received answers from 90 startup entrepreneurs. Learn more about the survey highlights, such as reasons to seek angel funding and insights on application diversity.

Startups seek more than just funding from business angels – diversity, clearer instructions, and more thorough feedback are requested.

Last June, sent a startup survey which received answers from 90 startup entrepreneurs who have sought funding through the Finnish Business Angels Network.

80% of the respondents stated that, in addition to seeking funding, they also look for industry expertise, networks, and strategic knowledge from angels to support their growth.

Angel investors’ networks are seen as valuable, particularly for internationalization, growth strategy, and commercialization. While the majority of feedback was positive, startup entrepreneurs expressed a desire for increased focus on enhancing diversity, transparency of the evaluation process, and clearer guidance for funding applications.

According to FiBAN’s data, male-dominated teams still prevail: among startup teams seeking angel investment, only 6% are composed solely of women, while 49% are composed solely of men. 45% of the applying teams are mixed teams with both women and men as founders.

Attention to diversity is requested 

Among teams that have progressed to the investment negotiation phase, 52% of teams consist only of men. 41% of these teams are composed of individuals of different genders, and 7% are composed solely of women. The negotiation phase is where companies and investors perform due diligence and agree on the terms of investment.

Diversity of teams and ideas are requested by angels too. “More diverse teams also predict better success for startups,” says FiBAN’s CEO Tiina Laisi-Puheloinen.

Validate your business before seeking an investment 

However, according to FiBAN’s application data, companies often paint a rosier picture of their situation. Most of the respondents assessed their companies to be in the product’s initial version (MVP/seed), product-market fit, or rapid growth stage (scaling). Only a small fraction considered themselves to be in the ideation phase among the respondents.

A significant portion of companies seeking funding from FiBAN are not yet ready for an investment – the product and idea may be great, but credible numbers are still lacking.

“As an entrepreneur, it’s good to assess your company from the perspective of whether you would invest in it yourself if you were looking at it from an outsider’s point of view”. Moreover, “it’s important that the business has been validated to some extent before investors join in. Angels as well as other investors want evidence of the viability, scalability, and demand. ” Laisi-Puheloinen emphasizes.

Having been a startup entrepreneur herself, she understands the challenges of seeking funding. “Applying is a tough job for every entrepreneur, but I’d encourage you not to give up. Though submitting an application doesn’t guarantee funding, you can always reapply for funding when your business is a bit further”, she adds.

Survey Results Highlights

80% of startups seek more than just funding

• Startups look for industry expertise, networks, and strategic guidance for growth from business angels.
• Angel investors’ networks are seen as valuable for internationalization, growth strategy, and commercialization

Diversity and More Guidance Requested

• Startup entrepreneurs say they wish to see more diversity within the startup ecosystem.
• More clear guidance for the funding process and application are requested.

This recent survey revealed critical insights into startups seeking angel investments. The data emphasizes the demand for more diverse startup ecosystems and clearer funding guidance. Moreover, FiBAN’s CEO, Tiina Laisi-Puheloinen, highlights the importance of validating businesses before seeking investments and encourages persistence in the face of funding challenges.

The survey’s key takeaway: startups aspire for more than just capital; they seek supportive partnerships and a more inclusive entrepreneurial environment.

Stay tuned for more news and updates related to BAKE Project, aimed at enhancing the relationship between entrepreneurs and Business Angels, creating a brighter future for all!

Are you an aspiring entrepreneur in the dynamic world of startups? Do you have a groundbreaking business idea that is ready to take flight but lacks the financial wind beneath its wings?

If so, you are not alone. Many innovators like you turn to business angels for the vital investment needed to bring their dreams to life. But here is the challenge: How do you choose the right business angel for your project?

As a part of the BAKE Project, we have been on a mission to reshape the entrepreneurial landscape in the EU. We are developing an extensive toolkit to empower you in selecting the perfect business angel for your venture. But for now, let’s unlock the keys to this process!

1. A Shared Vision:

First and foremost, a business angel should share your vision. Beyond the funds, you need an investor who believes in your idea and is equally passionate about its success. A shared vision ensures that you and your business angel are moving forward in harmony, increasing the chances of success.

2. Industry Expertise:

When seeking a business angel, look for someone with relevant industry expertise. Your ideal business angel should possess experience in your industry or a closely related one. Their insights, mentorship, and guidance can be invaluable as you navigate the challenges of your entrepreneurial journey.

3. Networking and Resources:

Consider the breadth of your business angel’s network and available resources. Well-connected investors can introduce you to potential clients, partners, or even other investors. This expanded network will open up new horizons and opportunities for your business.

4. Appetite for Risk:

A successful startup often involves risks. You need a business angel who is willing to take calculated risks. Remember, entrepreneurship can be uncertain, so having an investor who is not afraid to embrace the unknown is a significant advantage.

5. Long-term Commitment:

Startup journeys can be lengthy and unpredictable. To ensure a strong and enduring partnership, you should choose a business angel who is committed for the long term. They should understand that overnight success is rare and be prepared to support you throughout your journey.

6. Transparent Communication:

Effective communication is the cornerstone of any fruitful partnership. Seek a business angel with whom you can maintain open and transparent communication, whether times are good or tough.

7. Realistic Expectations:

Look for a business angel with realistic expectations. Entrepreneurship does not always yield immediate results. You need an investor who comprehends that success might take time and is patient with your venture’s growth.

8. Aligned Interests:

Finally, select a business angel whose interests align with yours. Some investors may have motivations beyond just financial returns. It is essential to be on the same page from the beginning.

In your quest to find the perfect business angel for your startup, remember that this partnership is not just about securing investment. It is about discovering a strategic ally who shares your vision and is ready to walk the entrepreneurial journey with you.

Evaluating potential business angels based on these keys will help you establish a partnership that is not only financially rewarding but also empowering for your startup.

Here at the BAKE Project, our mission revolves around empowering entrepreneurs, startups, and business angels to thrive in the ever-evolving world of investment and entrepreneurship. Our commitment to this endeavor is the driving force behind the creation of a rich set of resources aimed at fostering success and equitable partnerships.

Together, we are shaping a brighter future for startups across Europe!

What is a Business Angel?

In the dynamic world of entrepreneurship, a Business Angel shines as a beacon of support. These individuals are the unsung heroes of startup success, providing not just capital but also wisdom and guidance to early-stage, non-listed companies.

While they can join the journey at various stages, Business Angels are most influential in the nascent phases, igniting innovative enterprises. In fact, giants like Amazon and Google all owe a part of their origin story to a Business Angel’s nurturing touch.

Decoding the Term

In the United States, they go by the name “Angel Investors” or simply “Angels,” a nod to the early 20th-century entrepreneurs who backed Broadway productions. Yet, “Business Angel” remains the dominant term in Europe to describe these investors who offer more than just financial support. 

Distinctive Traits of Business Angels

Their Money, Their Choice: Business Angels invest their personal funds, setting them apart from Venture Capital firms that manage pooled investments.

Independent Decision Makers: They call the shots when it comes to investments, basing decisions on their insights and expertise.

No Strings Attached: These investors back ventures led by individuals with whom they have no familial or friendship ties.

Profit with Purpose: While profit is a motive, it’s not the sole driving force behind their investments. They often have a deeper purpose, such as fostering innovation.

The Multi-Faceted Role

Beyond the infusion of capital, Business Angels often wear a mentor’s hat. Their involvement extends to guiding entrepreneurs, sharing their network of contacts, and leveraging their experience to help businesses thrive.

In conclusion, Business Angels are the unsung heroes of the entrepreneurial world, offering not only financial support but also invaluable wisdom and guidance. As they continue to shape the startup landscape, their influence extends far beyond their investments, making them vital players in the dynamic world of entrepreneurship.

Stay tuned for more news and updates related to , aimed at enhancing the relationship between entrepreneurs and Business Angels, creating a brighter future for all! 

Welcome to the BAKE project newsletter! We’re excited to announce the first outcome—a toolkit on fairer funding schemes with business angels. It promotes equitable venture relationships, covering aspects like assessing collaborators and managing conflicts. Valuable resources will be on the BAKE website soon. Stay tuned for updates!

Read the 2nd BAKE Newsletter here.