EIC-funded ESIL event: funding technology projects and start-ups at international level - the role of business angels and other innovation actors

How do groundbreaking ideas turn into global ventures? On 16 June 2025, an online workshop organised by ESIL (an initiative supported by the EIC), explored the central role played by international business angel investing in transforming early-stage innovation into real-world impact.

Key workshop outcomes and recommendations

1. Stronger EU-Angel integration

• Simplify business angel access to EIC and EU R&I programs
• Provide training on engagement with European instruments
• Improve visibility of co-investment opportunities

2. Standardised cross-border framework

• Develop harmonized legal templates for term sheets and syndication agreements
• Create standardized due diligence processes across EU jurisdictions
• Establish shared investment tools to reduce friction and risk

3. Enhanced platform ecosystem

• Strengthen digital matchmaking platforms for cross-border deal discovery
• Support angel-friendly co-investment funds with flexible terms
• Promote public-private funds that complement rather than compete with angels

4. Capacity building for emerging markets

• Deliver targeted education programs for new angel networks in CEE and Southern/Eastern Europe
• Focus on legal, tax, and international deal-making expertise
• Facilitate peer learning and best practice sharing

Workshop sessions

Opening and EIC presentation

Luigi Amati, ESIL Project Director and honorary Business Angels Europe president, opened the workshop by reflecting on angel investing's evolution from local individual efforts to a globally connected ecosystem. Nuno Quental, EIC Project Adviser, provided an overview of the European Innovation Council's ecosystem and its role in driving innovation across Europe.

Session 1: Insights from International and European Ecosystems

Moderated by Jenny Tooth OBE, VP Diversity at Business Angels Europe

• US Angel Syndicate Network (ASN): Richard Sudek, Laura Beken, and Joann MacMaster detailed ASN's evolution since 2010, facilitating collaboration among hundreds of angel groups nationwide. ASN operates without government funding through a volunteer model, screening three deals monthly via Zoom and connecting interested groups directly to deal leads. The network has helped over 70 companies raise more than $4 million in the past year.
• Medical Monday Syndicate: Laura Beken described this healthcare-focused syndicate launched in 2022, partnering with Small Business Development Centers to connect investors with hospitals for therapeutics, medical devices, and digital health deals. The unique model includes immediate 10-minute post-pitch debriefs among investors and hospitals for knowledge sharing.
• Indian Angel Network (IAN): Padmaja Ruparel showcased India's rapid startup ecosystem growth, with IAN investing $125 million across 235 startups, creating 175,000 jobs and producing 3 unicorns. Despite regulatory restrictions on direct overseas investment, IAN's 500+ angel network spans 11 countries and focuses on emerging sectors like deep tech, biotech, space tech, and semiconductors.
• Global Perspective: Hubert Anyżewski shared insights from 2.5 decades of global investing, emphasizing the value of syndicate dynamics and reporting impressive returns (7-10x for angel investing, 3-8x for VC investments).

Session 2: Role of Platforms and Angel-Friendly Co-Investment Funds

Moderated by Mary McKenna, Co-Founder of Awaken Women Angels

• Ingenium Fund: Francesca Natali presented their experience managing public-initiated funds across Poland, Slovenia, and Italy, investing over €35 million in 14 companies while working with 100+ business angels. The fund demonstrated successful collaboration between public funding and private angel networks.
• European Crowdfunding: Oliver Gajda highlighted the European Crowdfunding Service Provider Regulation (ECSPR), enabling harmonized cross-border investments up to €5 million annually per SME. This regulation significantly reduces barriers for international investment through simplified legal structures.
• Invesdor Platform: Lukas Linn described Europe's leading impact investment crowdfunding platform, with 200,000+ retail investors from 100+ countries facilitating approximately €600 million in transactions. Their selective approach accepts less than 1% of companies, requiring strategic lead investors for about one-third of funding rounds.
• Euroquity Network: Gilles Le Cocguen presented their platform connecting 24,000 active companies with 1,600+ investors across Europe and Africa. In 2024, companies using Euroquity raised over €350 million through 64 pitching sessions and 1,300 qualified matchings.