Abstracts

WBAF Ministerial Roundtable:
18 February 2019, Monday
11.00 – Fuji Hall 1

Developing an International Dialogue Between Global Leaders of Public and Private Stakeholders to Play a Role in the G20 Agenda for the Global Partnership for Financial Inclusion

Investing globally provides huge opportunities, but before investing, one needs extensive knowledge about the ecosystem. The post-digital revolution world will be informed by decisions made today, and the leaders of global ecosystems are authorized to drive this revolution on behalf of their community.

With this in mind, as an affiliated partner of the G20 Global Partnership for Financial Inclusion (GPFI), the World Business Angels Investment Forum is hosting this roundtable as a global convergence of global leaders of early and post-early stage equity and capital markets to discuss in detail the G20’s agenda to increase financial inclusion in the world.

This WBAF Ministerial Roundtable is bringing together government ministers from various countries, angel investors, policymakers, and representatives of innovation and science parks, chambers of commerce and industry, and government investment promotion agencies. The discussants, prominent global leaders of the world’s investment value chain, will explain how they plan to encourage collaboration between the ecosystems they lead. They will also explore ways to develop an international dialogue between public and private institutes that will empower early and post-early stage equity markets in response to the worldwide digital transformation.

Moderator
H.E. Mehmet Simsek, Former Deputy Primer Minister, Rebuplic of Turkey

H.E. Besim Beqaj, Minister of Innovation, Republic of Kosovo
H.E. Darko Horvat, Minister of Economy, Entrepreneurship and Crafts, Republic of Croatia
H.E. Dr Alhaji Mohammed Ibrahim Awal, Business Development Minister, Republic of Ghana
H.E. Prof Zoran Sapuric, State Minister, Republic of Macedonia
Baybars Altuntas, Chairman, World Business Angels Investment Forum (WBAF)
Abdul Malek Al Jabaar, President, The Middle East Trade Association for Business Angels (MBAN)
Matthew Gamser, Chief Executive Officer, SME Finance Forum - IFC, World Bank Group
Peter Cowley, President, The European Trade Association of Business Angels (EBAN)
Dr Hashim S. Hussein, Head, The United Nations Industrial Development Organization - ITPO, UNIDO

 Panel 1: 
18 February 2019, Monday
14.30 – Fuji Hall 1

Knowledge Digitization as the Future Norm in Investment Management: Optimizing the Decision-Making of Angel Investors, Crowdfunders, Private Equity Funds and VCs 

Financial markets have undergone significant structural changes since the 1950s, when the Modern Portfolio Theory was formulated. Markets and financial products were fairly simple—until the financial deregulation of the early 1980s, which changed all that. In the aftermath of the 2008 global financial crisis, regulations were introduced throughout the world to impose higher transparency in investment decision-making and reduce the information asymmetry of financial markets. Although markets are still complex, financial products are getting progressively simpler and transparency is the new mantra. It is thus increasingly important to help investors optimize their decision-making by providing intuitive insights into the risks and uncertainties of early and post-early stage equity markets. This panel will focus on how scenario-based contextualization can facilitate engagement that is based on a solid understanding of financial risks and for making better decisions about investing in start-ups, scale-ups and high-growth businesses.

Moderator
Ghada Teima, Lead Financial Sector Specialist, World Bank Group, USA

Brad Bulent Yasar, Co-Founder, Blockchain Investors Consortium (BIC), USA
Israel Pons, CEO and Co-Founding Partner of Angels Net LATAM, Mexico
Nikhil Agarwal, Senior Advisor, Federation for Indian Chambers of Commerce & Industry (FICCI),  India

Panel 2: 
18 February 2019, Monday
15.30 – Fuji Hall 1

Empowering the Early and Post-Early Stage Investment and Equity Markets: Providing a Better Environment and Better Tools for Angel Investors – Private Equity Funds Co-Investments in Start-Ups, Scale-Ups and High-Growth Businesses 

An investment is syndicated when a group of investors or funds cooperate in providing funds for a portfolio company. It is a reciprocal, ongoing, informal relationship where investors collaborate by taking turns as lead investor or co-investor. Syndication enables angel investors to remain in control and to mitigate risk. It can also strengthen the selection process through improved screening, due diligence and decision-making. Private equity funds and venture capitalists use syndication to enhance the performance of individual investments by pooling the resources of the syndicate partners. Syndication provides portfolio companies with enhanced support for their development and is therefore expected to have a positive effect on investment performance. This panel will focus on how we can empower the early and post-early stage investment and equity markets by providing a better environment and more powerful tools that will encourage angel investors and private equity funds to co-invest in start-ups, scale-ups and high-growth businesses.

Moderator
Marcel Dridje, President, Sophia Business Angels, France

Abdul Malek Al Jabaar, President, The Middle East Trade Association for Business Angels (MBAN), UAE
Candace Johnson, Emeritus President, The European Trade Association of Business Angels (EBAN), Belgium
Mohammed Sh. Al-Rashidi, Founder One Global Group, Kuwait

Panel 3: 
18 February 2019, Monday
16.30 – Fuji Hall 1

Startup Stock Exchanges or Startup Private Markets?

On the agenda of many stock exchanges today is the question of providing  a regulated marketplace where investors can buy shares of vetted start-up companies, and where start-ups can raise the capital they need from these investors.  

Up to now, back-door listings and reverse listings have been the only ways for start-ups to be listed on stock exchanges. Today, however, new opportunities are emerging. The Stock Exchange of Thailand, for example, hopes to play a role in pushing start-ups as a base for development in the digital era; their aim is to foster the start-up ecosystem. They believe that stock exchanges have a duty to help develop financial technology, or fintech, and to create platforms that will enable start-ups to raise the capital they need if they are to grow and make a real profit. 

Navigating financial regulations can be a real challenge. In the new exchange model (for example, the Stock Exchange of Thailand), stock exchanges strike a balance between popularity, that is, the number of start-ups listed, and the quality of the start-ups it lists. The relative lack of financial stability and low liquidity of start-ups—compared to blue-chip stocks—is a risk, but it is not difficult to imagine that start-ups would be willing to disclose more information in order to get listed. The more they disclose, the better the investor protection. 

To address the needs of the start-up ecosystem, some stock exchanges have launched start-up private markets, which do not require authorisation from regulators, given that these private markets basically act as owners and therefore provide a secure environment for investors and start-ups. Other alternative markets include the Elite Program of the London Stock Exchange, the Private Market of the Istanbul Stock Exchange, and Funderbeam, where growth companies are funded and traded across borders and a start-up marketplace powered by blockchain in some cases.

This panel will focus on the future trends of start-up markets and stock exchanges and will discuss the pros and cons of start-up markets, aiming to provide a better understanding of what the possible trajectory might be for start-up stock exchanges and start-up private markets.

Moderator
Zsolt Katona, Former CEO of the Budapest Stock Exchange, Hungary

Carsten Borring, Associate Vice President Listings EMEA
Dr Yilmaz Arguden, Chairman of the Board, Rothschild Investment Bank Türkiye