Business Angel Knowledge for Entrepreneurs

The need to enhance entrepreneurial and innovative capabilities in the EU was highlighted in initiatives such as 'Innovation Union,' 'Youth on the Move,' and 'A New Skills Agenda for Europe.' Euro...

The aim of the project was to strengthen knowledge and skills in financing schemes for VET students, entrepreneurs, start-ups, and the education sector. It focused on bridging the language gap between entrepreneurs and investors, empowering the former to attract investments from business angels. It enhanced linguistic and professional skills in start-ups, strengthening key transversal competencies in VET. Educational materials were developed to be integrated into VET curricula, preparing students and institutions to operate at the European/international level in fundraising. The BAKE training facilitated equitable and successful communication between entrepreneurs and investors through training tools and guides that provided entrepreneurs with the necessary knowledge for effective communication. The project combined specific knowledge, skills, and competencies from a diverse consortium of partners, companies dedicated to the BA investment sector, and providers of formal and non-formal VET, to develop an online training course and a curriculum tailored to the needs of users.

The consortium developed tools for promoting fair investment relationships by collaborating with business angels, companies, entrepreneurs, and vocational institutions. BAKE focused on creating educational materials to enhance negotiation and investment training. Key achievements included a toolkit with case studies, a code of conduct, and equal-language guidelines, despite challenges in selecting authentic cases and harmonizing conduct codes. A European Qualifications Framework for Business Investment Officers was created, standardizing competencies and offering a curriculum in five languages covering financing strategies. Adapting content to different knowledge levels and experiences posed significant challenges. A Learning Management System (LMS) was developed with multilingual content, videos, and interactive tools. Despite early termination, internal validation improved LMS functionality. FEH managed communication, updating the project website, distributing materials, and using social media, reaching over 28,000 people through events and media. Early project termination affected some objectives.

The BAKE project achieved key outcomes that improved the investment process between entrepreneurs and Business Angels, aiding their understanding and use of key terms in negotiations. PR1: Created the 'Toolkit on Fairer Funding Schemes with Business Angels,' featuring 37 case studies, a code of conduct, a glossary of key terms, and contract models for equitable collaborations. This toolkit guides and supports fair negotiations, enhancing investment and funding practices for startups. PR2: Established an EQF for Entrepreneur Investment Officer, based on ECVET. It standardizes competencies for managing investment relationships and includes a curriculum of 7 modules in five languages for early-stage investors, along with a trainer's guide and a methodological guide. PR3: Developed an open-source Learning Management System (LMS) and integrated training content. Initially designed in English and translated into several languages, the LMS includes interactive content such as videos, documents, and self-assessment tools, providing an engaging online educational environment. In summary, BAKE provides practical tools and key knowledge to enhance entrepreneurs' negotiation skills and funding opportunities with Business Angels.