MOVE.BG Continues to Support the Innovation Ecosystem in Bulgaria

In October, MOVE.BG in partnership with CEO Angels Club educated Bulgarian angel investors via workshop and a networking event, both supported by the Early Stage Investing Launchpad (ESIL).

От Marin Marinov, публикувана на 28 октомври 2019

MOVE.BG and CEO Angels Club have organized a specialized workshop for angel investors, aiming to support the development of the Bulgarian innovative ecosystem. The event, called “Due Diligence & Company Valuation Workshop for Investors”, took place on October 17 in Sofia and was led by Briggitte Baumann, one of the most successful angel investors in the European Union and the United States. It is the third educational initiative that the pan-European network Early Stage Investing Launchpad (ESIL) supported in Bulgaria this year. The workshop was followed by an ESIL Open Day on October 18.

MOVE.BG works constantly in bolstering up the startup ecosystem in Bulgaria via different initiatives that give access to business, digital, and venture capital knowledge, Sasha Bezuhanova, founder of MOVE.BG, said.

“MOVE.BG partnership with ESIL is very important because the angel investing culture in Bulgaria is very young and still undeveloped enough. It needs initiative like that workshop in order to support the building of skills and knowledge and to develop the innovation ecosystem in the country,” explained Ms. Bezuhanova, who is a local leader of ESIL for Bulgaria.

“In 2015 MOVE.BG founded EDIT - a program, which stands for economic development via innovation and technology, and since then we have managed to create links and dialogue between various stakeholders in the entrepreneurial ecosystem: the founders, the investors, the angles and the European partners.”

Ms. Bezuhanova.

The workshop 

Ms. Baumann is a former senior executive, experienced in bringing new technologies to the US and EU markets. She was chief executive officer of iWorld Group - a VC backed mobile content startup. After that, Ms. Baumann joined American Express Corporate Internet Services as a senior vice president. In 2003 she became a full-time angel investor and three years later founded GoBeyound - a fintech company transforming angel investing into a new scalable asset class for small and large investors as well as to newcomer and experienced ones. The company targets the EU, Switzerland and the US. 

“Angel Investing has a high risk, be prepared to lose all the money invested. Successful business angels create portfolios, which have 10 to 12% annualized returns,” said Ms. Baumann.

The workshop gave the participants rare access to insights from the real process of investing in a company and making proper due diligence procedures as Ms. Baumann has made more than 200 investments so far. The first part of the lecture was focused on the basic rules in making an investment and how to plan a workable investment cycle: 

  • How to develop a successful investment strategy;
  • What are the sources of investments;
  • What are the steps in one investment;
  • How to manage the investment;
  • When to make the exit.


In the second part, Ms. Baumann gave important insights into the due diligence procedure and how to make it successful. 

“For startups, due diligence serves to determine if there are enough “green lights” and that the “red lights” are manageable,” noted Ms. Baumann.

Due Diligence includes evaluating the eight components of a successful startup, the lecturer added:

  • Board and shareholders;
  • Innovation and product;
  • Market access;
  • Scalability and protectability;
  • Business models and financials;
  • Valuation and terms;
  • Exit perspective;
  • Team and values.

All eight components are important, but angels should find answers to at least three main questions, related to the startup team and values, Ms.Baumann explained:

  • Is your team entrepreneurial?
  • Has the team worked together before and “survived” challenges and is complementary?
  • Do the investors and the team share similar values and communication styles?

All angel investors could access the ESIL information toolkit and to find more information, reminded the lecturer.

On October 18, Ms. Baumann also took part in the ESIL Open Day in Bulgaria as Ms. Bezuhanova organized a special meeting with leading Bulgarian female investors. Ms. Baumann shared important ideas and gave advice as she is the founder of Rising Tide Europe - a global movement that strives to create opportunities for women to thrive in their professional and personal lives, and increase the number of women decision-makers across industries.


MOVE.BG is a platform for value creators and a think-and-do tank for innovative solutions. We are looking for workable ideas for social transformation, forging pathways into sustainable development and enabling a culture of constructive dialogue and participatory leadership.

Our program EDIT conducts the exclusive annual study of the startup ecosystem in Bulgaria called "Innovation Ship." The program also organizes a series of specialized webinars that provide key insights for the development of digital businesses.

We are making our innovative tomorrow together! 

innovation, europe, article, news,
още по темата

още от Solutions for Bulgaria: Digital