Please note that programme fees are for one start-up team with two founders, not per-person. The third member of the team should pay 75% of the programme, the fourth member of the team should pay 50% of the programme. However, each team member should have an EIR ID Number. One-to-One Session means it is a session for the start-up team in one group.

The mission is to showcase the world’s top start-ups and scale-ups, which, typically, are funded companies in the process of raising €100K – €10M, with to expand globally. WSEP uses a four-step process to identify the best candidates, starting with intense press coverage and marketing to announce the start of the admission process.

Step 0:Entrepreneur should get an EIR ID Number Please note that only entrepreneurs with and EIR ID Number can move into the selection process.
Step 1: An online application via wbaforum.org or wipa.agency
Step 2: Jurors score applications online on the platform
Step 3: Accepted start-ups pitch online on the Global Fundraising Stage
Step 4: Accepted start-ups showcase their businesses online exhibition booths
Step 5: The Investment Committee of the WBAF Angel Investment Fund announces start-ups for next steps and official pre due-diligence
Step 6: WBAF Angel Investment Executive Investment Committee conducts pre - due diligence. Start-up proposes a local co-investor(s).
Step 7: The WBAF Angel Investment Fund conducts a due-diligence on proposed co-investor(s) by start-up.
Step 8:

• For each selected start-up, the Executive Investment Committee of the WBAF Angel Investment fund decides on investment terms and conditions, valuations and other important investment conditions. The term sheet is defined at this stage.
• An MOU is signed between the Co-investor (if approved by the Fund) and the WBAF Angel Investment Fund for next steps.
• The lead investor is assigned by the Investment Committee.

Step 9: The Executive Investment Committee announces the start-ups who will be accepted for discussing term sheet and proposal of the WBAF Angel Investment Fund.
Step 10: The lead investor negotiates with the start-up on behalf of the WBAF Angel Investment Fund according to the investment term sheet provided by the Investment Committee.
Step 11: The term sheet is signed by the WBAF Angel Investment Fund and the start-up venture.

The basic evaluation criteria to be used by the Selection Committee include:

• Stage of Development
• Market attractiveness
• Innovation and technology
• MVP and traction
• Business model
• Potential for growth
• Quality of the Team, and
• Pay the fees for the  programme into which they have been accepted [on time and in full].

[Current] industries of particular interest to investors of the Global Fundraising Stage are:

• Aerospace;
• AI;
• Agriculture;
• Biotechnology;
• Blockchain;
• Business Products;
• Business Services;
• Chemicals and Chemical Products;
• Clean Technology;
• Computers and Peripherals;
• Construction;
• Defence Industry;
• Digital Marketing;
• E-commerce;
• Education;
• Electronics / Instrumentation;
• Fashion;
• Financial Services;
• Fintech;
• Gaming;
• Healthcare Services;
• HR;
• Industrial/Energy, Internet / Web Services;
• IT Services;
• Legal Services;
• Logistics;
• Manufacturing;
• Marketing;
• Mobile Technologies;
• Nano Technologies;
• Payment Systems;
• Renewable Energy;
• Robotics;
• Security;
• Software;
• Telecommunications;
• Transportation;
• Tourism;
• Virtual Reality; and
• Wearable technologies

After the Executive Investment Committee of the WBAF Angel Investment Fund announces the list of successful start-ups for next steps and official pre due-diligence, the WBAF Angel Investment Executive Investment Committee will conduct pre - due diligence. While the pre-due-diligence process is underway, the start-up will propose a local co-investor(s). After the start-up introduces the co-investor, the WBAF Angel Investment Fund will conduct a due-diligence exercise on that proposed co-investor.

This exercise will include WBAF producing:

• A Pre-due diligence Report on the business, and
• A due-diligence Report on the proposed co-investor

Angel investors and the WBAF Angel Investment Fund are broadly looking at the following factors in the businesses in which they invest:

• The business should solve an intense pain that is known to a large, global market. The local market size for the opportunity be >$10M
• The business must demonstrate a clear competitive edge with the potential for leverage and scale as the business grows, attractive unit economies through validated distribution channel. Competitors should be identified, and differentiators validated. There should be a clear sense of how the business competes in the competitive environment and how the market changes over time.
• There should be a unique contract / technology that almost guarantees business & market position
• A complete and committed (invested own money and resources) core group of talent individuals who  work well as a founding team and can execute on a clear set of milestones. The team should have relevant industry experience (previous start-up experience would be an asset)
• The revenue model & metrics, pricing, average account size, sales & distribution model and customer pipeline should be presented in a clear and logical manner. There should be clear milestones that the business will realistically hit with the new capital. 5 year financial projections (P&L and cash flow forecasts), should be realistic and achievable. It is critical for the founders to convey is that they understand the economics and likely evolution of a growing, dynamic business, and that the vision of growth is grounded in an understanding of practical reality.
• Amount of capital sought that will make the business a success, as well as the expectations of the angels in the partnership. The amount to be raised should not be arbitrary – the numbers should reflect the “story” and the Founders’ pre-money valuation of the business, as well as a plan for funding against milestones. Investors want to see that the team can hit the key milestones and that the right amount of money is being requested to get the business to a meaningful next step in its growth cycle.
• Information on future funding requirements
• An exit strategy for the investors
• Additionally, the WBAF Angel Investment Fund is looking at the quality of the co-investor proposed by the start-up.

If there is a decision [by WBAF Angel Investment Fund] to invest after the Pre-due diligence Report on the business and the Due-diligence Report on the proposed co-investor,  the Founder will be apprised of the next steps in the process, called the due diligence phase.

The founder will be given due diligence checklist to complete and certain key documents will be requested.

All due diligence will be conducted by the Executive Investment Committee of the Fund and the Due Diligence Committee of the Fund, who will meet with the Founder(s) as regularly as necessary to answer questions, not answered in the completed due diligence checklist.  They will also discuss the investment terms and the proposed valuation of the business. 

If the Executive Investment Committee of the Fund [and] Due Diligence Committee of the Fund [are] satisfied that the business is investment ready, the Executive Investment Committee will then recommend the issue of a Term Sheet to the entrepreneur, setting out the terms and conditions of the offer. The Founder typically has 2 weeks to sign and return the Term Sheet, which also indicates the projected time for completion of the deal.

Once the Term Sheet is signed, the due diligence continues and legal documentation, including draft Subscription and Shareholders’ Agreements are shared with the Founders. Simultaneously, a Capital Call is issued to WBAF Angel Investment Fund investors, to deposit the investment funds in an escrow account.

The deal is completed when:

• the Founders and the Investors sign the Subscription and Shareholders’ Agreements;
• the Founders satisfy other legal requirements;
• Capital Call of the Fund achieves raising the investment needed; and
• the funds are disbursed.

WIPA typically issues a press release, or hosts an event to officially announce its investment in selected ventures. To satisfy a key element of the Shareholders’ Agreement, at least one WBAF Angel Investment Fund investors are named to the Board of Directors.The new board and the founders will also agree with  WBAF Angel Investment who should be appointed as the Independent Chairperson of the Board. Founders are required to participate in post-investment training and coaching, which WIPA will provide. WBAF Angel Investment Fund may assign an investor director who monitors the company but does not sit on the board.

Procedures to Monitor Progress During Programme Participation

The lobal Start-up Investment Promotion Agency (WIPA) has well-defined criteria for entrepreneurs graduating from the Start-up Exchange Programmes. An entrepreneur, start-up venture or SME would have been deemed to have graduated if he/she has:

• Completed the mapping of the Founder’s vision with defined goals and objectives for the pre- incubation, incubation or acceleration period and identified the gaps between the current status and the vision,
• Completed a strategic growth plan that will fill these gaps and facilitate the business achieving the vision,
• Identified new members to be recruited to the management team or onboarding them in response to identified weaknesses, and
• Completed all the components of the programme s/he was accepted.

Additionally, participants of the Smart Money and Smart Capital Programmes need to have 
Pre-Incubation and Acceleration

• Met with the assigned ISAB Board Members (Board Members of the Individual strategic Advisory Board),
• Participated in the board meeting with the WIPA Executive Committee - Check-up Meeting
• Delivered a practice pitch to a panel of investors or developed a financing proposal to present to an investor,
• Signed strategic partnership agreements with key suppliers or clients,
• Attended the Weekend-Retreatsth, Ideathons, Starthons or Hackathons the roundtables,
• Opened exhibition booths
• Attended the Global Exchange and Networking Forum
• Provided the requested content for start-up communication department
• Joined the business and digital transformation programmes
• Pitched on the Global Fundraising Stage
• Pitched at the Global Fundraising Stage Demo Days

An entrepreneur or start-up venture will have an early exit from the programme if one or more of the following occurs

• The entrepreneur has early achieved the agreed-upon milestones and has no further need to remain in the WIPA Start-up Exchange Programme
• The entrepreneur has failed to meet certain benchmarks or milestones
• The business assistance needs of the entrepreneur are beyond what the WIPA can provide
• The Founder fails to abide by the rules of the WIPA or is not a good fit for the Programme
• The Founder fails to pay the fees for the programme s/he is accepted.

Procedures to Monitor Progress After Programme Participation

In order to gauge WIPA’s effectiveness over time, it will be important to continue to gather data on the performance of graduated entrepreneurs and companies to assess the longer-term impacts of the platform’s activities in terms of graduates’ revenue and profit performance, new job creation, tax revenues earned by the government as well as multiplier effects. WIPA will also  gauge other indirect effects, such as possible opportunities for graduated Founders to provide peer mentoring support to EIRs, and contribute as guest speakers in the educational programme, meetups and other events.

Founders Alumni Network: The WIPA Alumni Network is a network of graduates or, more broadly, of former participants of the Startup-Exchange Prof-grammes (alumni). The Network often organizes social events, publishes newsletters or magazines, and raises funds for the start-ups of the WIPA. It provides a variety of benefits and services that help alumni maintain connections to the WIPA and fellow graduates. At the WIPA, all graduates of the programmes automatically become members of the WIPA Alumni Network and will be entitled to enjoy its privileges. One of the main purposes of the alumni network is to support a network of programme graduates who will, in turn, help raise the profile of the Agency. It aims to bring together like-minded individuals.

Homecoming: We hope to make homecoming an annual tradition at the WIPA. Graduates, participants, global partners, lecturers, entrepreneurs, mentors, coaches, advisors and angel investors will come together in late September or early October to welcome back former graduates of the WIPA Start-up Exchange Programmes. It will be built around a central event, such as a roundtable, workshop, open forum or study trip for participants and alumni.

Fund Investor: The WBAF Angel Investment Fund is designed to capitalise on the worldwide growth in entrepreneurial activity and venture financing for start-ups and scale-ups and to benefit from WBAF’s extensive network of global investors, including angel investors, private equity funds, co-investment platforms, wealth management institutions, family offices, VCs and acceleration centres. Members of the WIPA Alumni Network can join the Fund as an angel investor if they hold QBAC+ ID Card.

Ventures that are accepted into the WIPA Start-up Exchange Programmes (WSEP) will enjoy improved success rates as they are nurtured through the early stages of enterprise development. Specific benefits include a better appreciation on the part of Founders of how prepared the business needs to be to attract investment capital. The programmes will help entrepreneurs understand what funding is appropriate for their business, considering the specific personal and business ambitions and the current stage of development and growth of the business. They will also better appreciate how developed the business needs to be in relation to customer engagement and market validation.

• Networking and Mentoring – WIPA will draw on the know-how of the WBAF’s extensive network (individual investors and corporate members) and other partners to address entrepreneurs’ / founders’ unique needs for business knowledge, access to markets, suppliers, and sources of capital.
• Learning how to pitch to investors – Entrepreneurs / founders will learn how to best present their proposals to potential investors (or other sources of financing); better understand how the investment process works, before investment, during the deal-making process (due diligence and legal negotiations) and post-investment.
• Increased Visibility and Stature – Being in the WIPA would significantly increase the visibility of entrepreneurs / founders and their teams in the marketplace, thereby improving their success potential. Admission to the programmes provides a clear endorsement of the quality of a business, which will enhance its  the stature and increase their chances of securing financing.
• Improved business acumen – WBAF Business School education programmes are designed to be practical and address many of the issues where many entrepreneurs have weaknesses It aims to remove that obstacles companies face which limit the commercial success of their ventures and their access to finance.
• Greater access to appropriate finance – WBAF’s global network with angel investors, banks and VCs will prepare entrepreneurs / founders to more easily access finance appropriate for their stage of growth, including debt and equity.
• Increased focus and growth – The structured, yet flexible nature of the WIPA Start-up Exchange Programmes will suit entrepreneurs / founders who are interested in growing their businesses and taking advantage of the resources WIPA has to offer.
• WIPA will offer entrepreneurs / founders the opportunity to network with like-mind individuals who are also building and growing their businesses.

From the perspective of entrepreneurs / founders of early and growth-stage companies, there are several reasons why they would want to participate in an incubation, acceleration or, co-working programme at the WIPA.

WIPA:

• Provides validation of the business idea and business model,
• Offers access to experienced mentors,
• Provides opportunities to connect with potential customers,
• Encourages peer learning and support through its cohort structure,
• Gives entrepreneurs / founders the chance to really develop their businesses because of the flexibility of the programme and the support provided,
• Provides hands–on experience, including entrepreneurial education; and
• Provides the opportunity of getting longer-term, patient capital from angel investors, working capital from banks and growth capital from venture capitalists.

For WBAF’s global partners in particular, WIPA will provide enhanced deal flow as well as other potential benefits such as:

• The opportunity to scout for and filter talent,
• The potential to build a pipeline of investable and bankable companies,
• The chance to provide hands–on support, guidance and information; and
• Connecting SMEs with which the financing partners are involved with strategic resources.