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No part of this publication may be reproduced in any form or by any means – graphic, electronic, or mechanical, including photocopying, recording, taping,
and information storage and retrieval systems – without the express written permission of EIT and EBAN.
Supernovas: to bring more women into the entrepreneurship
ecosystem
Supernovas is an EIT Community programme managed by EIT Food, EIT Manufacturing and EIT
Urban Mobility. It includes 4 activities:
• Rocket up: We support female-led startups to enter a new European market with a solid
strategy and local validation of the solution, to maximize their growth & fundraising potential.
• Women2Invest: We help women with STEAM studies start their careers in venture investment
by training them in the fundamentals of this profession and matching them with investors for
internship opportunities.
• Mentoring for women leaders: We offer EIT community women access to a broad network,
mentoring, coaching and training opportunities to take their managerial and leadership skills to
the next level
• Women Investor Network: We provide women working in VC (junior or senior positions), and
female business angels (active or to-be) with training, networking opportunities and access to
deal flow, particularly in tech female-led startups.

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Supernovas Women Investor Network
The place where female investors (both in venture capital
and business angels) meet to learn and grow
professionally, access investment opportunities in female-
led startups and expand their network with the support of
the EIT, the largest innovation ecosystem in Europe.
• WIN Business Angels Academy We help new and
experienced investors optimize their approach.
• WIN Venture Capital Academy: We help women
working in VC, both in entry and senior positions,
advance in their careers.
• WIN Investment Forums: We provide access to
female-led deal flow in Food & Health,
Manufacturing and Mobility & Energy (next in line,
November 22nd, registrations for investors open).

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 To learn more about SUPERNOVAS visit our website:

Blanca Chocarro Ruiz

Senior project manager
Blanca.chocarro@eitmanufacturing.eu

Ana Alcaine
Cross-KIC Project manager
ana.alcaine@eitmanufacturing.eu

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 It’ women’s time to shine
in the STEAM universe. Supernovas

Supernova Junior Angel Investors Course 1:

An Overview of Angel Investing

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Welcome to my
world of
Entrepreneurship!

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Selma Prodanovic
▪ “Startup-Grande-Dame” & “Europe’s most influential
women in the startup & VC space”
▪ 20 years shaping the startup & angel investing
ecosystem in Europe
▪ Keynote speaker. Leadership coach. Serial
entrepreneur. Passionate about empowering people &
creating a better future
▪ Vice President EBAN, Founder AAIA & 1MillionStartups
& 1MS SDG Accelerator
▪ Investor 2Minutes2Millions (startup TV show), host of
Masters of Angel Investing, mentored & supported
1.000+ startups
▪ Initiator of the EBAN Manifesto for Gender Balanced
Investing
▪ Proud mom of two young adults & happily married to
her first love
▪ www.selmaprodanovic.com

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Course Content

The SUPERNOVAS Business Angels Training

Programme

▪ Overview of Angel Investing

▪ Valuing Startups and Doing Due Diligence
▪ Sourcing Quality Deal Flow and Building
Your Investment Criteria and Portfolio
Strategy
▪ Deal Structuring and Legal Docs for Angels:
Ensuring Proper Governance, your role in
the startups

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Module Content

An Overview of Angel Investing

An Overview of Angel investing

▪ The startup lifecycle & the ecosystem

▪ How to start - deal flow
▪ Connecting locally and internationally
▪ Business angel networks & clubs

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The Startup Ecosystem

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 Understanding the
Lifecycle of a Startup

11 including
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The Big Picture: Problems into Opportunities

12$ TRILLION
OPPORTUNITY
& MEGATREND

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Understanding Founders

FOUNDER’S ROAD
TO SUCCESS

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The Startup Lifecycle

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Financing Cycle

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What are the Key Characteristics of a Startup?
• Company - new, recently created.
• Innovation - To differentiate from the competition, startups need to be very innovative.
• Growth - startups need to grow quickly.
• Product - the company's activities occur around a single product / service.
• Team - the environment requires small team, which usually includes some recent
graduates with little experience but a lot of skill and speed, it is required rapid delivery,
usually under pressure.
• Structure - at the beginning, still experimenting and learning, they are unstructured
and virtually with no hierarchy and managers.

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16 including
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What are the Key Characteristics of a Startup?

• Resources - in startups economic resources, human and physical are usually extremely
limited. Generally need financial resources from investors (the owners, Venture Capital,
Angels, ...)​
• Partnerships - to make things happen quickly and with few resources, startups need to
focus on the product / core-business, using wherever possible third-party components
to build the product, such as platforms, APIs, Open Source software, etc. And
also outsourcing some activities.​
• Uncertainties - Startups deal with many uncertainties from different perspectives:
market, product resources, competition, people and finances.​
• High risk - due to innovation and the various uncertainties involved, the failure rate is
high.​
• Adaptability - Startups often are very dynamic and able to react quickly to market
changes, new technologies and competitive products.

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In short:

Exponential
Startup = Innovation + + Global
Growth

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Being an Angel
Investor

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What do Business Angels Invest?

3 sorts of capital combined with engagement

▪ Financial capital
BUSINESS ANGELS ▪ Human capital
▪ Social capital

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Investing as a Business Angel

Sector and Industry

Knowledge

Private individuals
Contacts and investing more than
Networks just the money to help
you succeed

Been There, Done

That as an
Entrepreneur

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Different From Other Investors?
Angels are known as
“Smart Investors” for
their value-added
contributions to the
startup (more than
just the capital) BUT
also known as
“Patient” investors
because they don’t
have a timeline to
invest and exit like
VCs do.

Everyone else –
Angels – it’s theirs manages other
people’s money

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Key Concepts – The Value an Angel Adds

A Business Angel is “Smart Money” Toxic Money

• Experience • Burdening/time wasting
• Aggressive
• Expertise
• Passive (not necessarily toxic)
• Honesty
• Trust
• Mentoring
• Transparency And should
never be
• Patience
• Connecting
• Governance

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Funding Process & Decision-Making

What do we like to see?

▪ PASSION = resilience, determination

▪ UNIQUENESS = defensibility, barriers of entry,

BUSINESS ANGELS edge on competition

▪ BIG or GROWING MARKETS = large returns,

indication of demand

▪ TEAM TEAM TEAM = competent, result oriented,

execution skill, diverse skill set; coachable

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Being a Woman in the
Startup World

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Being a Woman in the Startup Investment World

▪ How do you feel as a woman investor?

SPECIFICS, ▪ Stats – 10% of business angels are women
CHALLENGES, ▪ Rise of female founders, female angel investors and
ADVANTAGES funds for female founders
▪ You are the exception to the rule but moreover You are
also an example and role model

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Driving Change

EBAN Board

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Shaping the Future

EBAN GENDER
COMMUNITY

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Being a Woman in the Startup World

WHAT IF
#motherhoodasanasset

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 The Time is Now

INVEST LIKE A GIRL

watch & share

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Being a Woman in the Startup Investment World

▪ Risk averse vs risk aware

PERCEPTIONS & ▪ Unconscious gender bias
BIASES ▪ Early-stage investing is about trust!

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Being a Woman in the Startup Investment World

▪ 90:2 ratio

WHY INVEST INTO This is your opportunity because:

FEMALE-LED & ▪ 35% higher returns
DIVERSE TEAMS ▪ For every 1$ invested double the revenue
▪ 65% better performance

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Investment Process

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How Business Angels Invest In Startups
Active way of investing – more hands on in the Passive way of investing – less or zero
entire investment process, and post investment involvement in sourcing, negotiating
support deal and post investment support

Through Angel Networks As Direct Investors Through Funds Through

/ Clubs / Associations and by investing as an Platforms (online)
SPVs LP and trusting
the Fund’s team

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Supported by:
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Before you Start Investing
▪ Silence the noise!

▪ Why do you want to invest

▪ Your expectations & values

MAKE YOUR ▪ What is your big vision / dream

DECISION ▪ What do you really need to get there

▪ Available resources: money & time & network

▪ Who is your support network

▪ Your rules & terms

▪ Be open to change

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Before you Start Investing

▪ Invest only as much as you can lose!

▪ Define your investment thesis

▪ Regularly identify resources: money, time,

network
STRATEGIC APPROACH ▪ Build a portfolio

▪ Invest into “field of expertise” or co-invest

▪ Diversify your portfolio (industry, geography,..)

▪ Review your unconscious bias

▪ Re-invest

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Startup & Business Angels Negotiation

▪ The premise: Clarity

THE 3Cs ▪ The 3Cs cycle:
LEADERSHIP & 1. Communicate
NEGOTIATION 2. Connect
3. Create
MODEL
▪ The umbrella: Currency

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Finding Sources of
Quality Deal Flow

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How to Generate Dealflow?

Active Sourcing & Networking

Startup - Events

Business Angel Networks

Data Provider (Crunchbase, Pitchbook)

LinkedIn Network

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How to Generate Dealflow?
Working with partners in Ecosystem

Incubators & Accelerators

Crowdfunding & Crowdinvesting

Public Funding & Grants

Business Angels

Venture Capital Funds

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Tapping into the Local and
International Ecosystem to
Source the Best Deal

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How to Map and Connect with Key Players in
both Local and Global Ecosystems
Strategic approach:

• Vertical

• Horizontal

• Web

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Joining a Club or Angel
Network

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What Does an Investor Need to Make a Good Investment Decision?

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Investing Alone

• A bigger % of equity
• No support
• Limited network
• Limited industry knowledge
• Possibly limited follow-on funds
• Stressful

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Co-Investing Benefits
• More deals

• More diversified
expertise

• Larger pool of capital

• Learning from others

• Fun and friends

Ultimately increases • Potential usage of co-

chances of better investment facility with
returns on your portfolio! public money

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Joining an Angel Network

• Know what you want from a network!

• You can join one (focus) or multiple networks
• Join a local network but also national &
international

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Building Relationships and Partnerships

• Long-term relationship building is key! It’s a marathon

not a sprint!
• Be strategic with your time!
⮚ Build trust
⮚ Share your successes & failures,
⮚ Create relationships with all stakeholders
⮚ Be sure to communicate!
• Your main currency is your reputation!

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Scouting for Emerging Trends and
Opportunities across Markets and Sectors

• The number one advice is to join

networks & go to events!

• Make sure to “follow” experts &

inspiring people

• Be very selective, but open so you don’t

miss out

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 SYNDICATION
MODELS, ▪ Investing alone or co-investing with others
LEADING DEALS ▪ Lead and follow investors
OR FOLLOWING ▪ Syndication models and structures
OTHER
INVESTORS

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Professional angel investing

Use Case 1

You already made one investment more or less “by

coincidence”, but now want to strategically approach angel
investing. How will you proceed? What should you consider?
Which steps will you take?

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Professional angel investing

Use Case 2

You are a member of a business angel network in your city. Now

you want to expand your network on an international level. What
will you do? How will you position yourself within the ecosystem?

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Conclusion: Woman Investor

THE MOST
It’s never been a better time to
EXCITING “JOB”
be a woman!
YOU MAY HAVE

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Q&A

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 Dream Big. Be the Voice.

#TheSelmaEffect
selmaprodanovic@brainswork.at
www.selmaprodanovic.com

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 Quick Assessment:

Please complete this 2-minute multiple choice

questionnaire

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 The
end

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