Since its creation, EBAN has been a strong partner of the European public authorities, notably the European Commission. EBAN is in constant dialogue to provide a better working environment for business angels and other early stage investors.

EBAN has successfully:

• Illustrated and convinced policy makers of the importance of supporting business angel activities in order to fill the equity gap and provide mentorship and guidance to young innovative companies
• Promoted the concept of business angel investing and linked the importance of supporting business angels to that of financing innovation
• Promoted the importance of business angel networks as regional platforms providing visibility to angel activity and a number of valuable add-on services to entrepreneurs and investors
• Promoted the concept of investment readiness and improving not only the supply of finance but also demand for finance and dealflow
• Worked to enable the European Investment Fund to be able to co-invest in funds where business angels are active, through the GIF intrsument of the Competitiveness and Innovation Programme

Moreover, EBAN has enabled its members to participate in a number of European pilot projects such as Ready for Equity 1 and 2, EASY, AFIBIO.

Business angels have been a constant reference in policy documents related to innovation and entrepreneurship in the last years thanks to EBAN’s work, among which:

• Guide to Risk Capital Financing in Regional Policy (2002 and 2004)
• The Green Paper on Entrepreneurship (2003)
• The BEST Report – Benchmarking Business Angels (2003)
• Communication from the Commission to the Council and the European Parliament on access to finance for SMEs (2003)
• Action Plan on entrepreneurship (2004)
• Competitiveness and Innovation Programme (2005)
• Risk Capital Guidelines (2006)
• OECD Report on Financing SMEs (2006)
• Estoril Declaration after the Portuguese Presidency (2007)
• Fostering Innovation in Services (2007)
• Financing SMEs-Adding European value (2007)
• EC Expert group report on removing obstacles to cross-border investments by venture capital funds (2007)
• Small Business Act (2008)
• EC Report: Seed finance for high-growth SMEs active in eco-innovation (2008)
• Creating an innovative Europe – Esko Aho report (2009)
• Cross border venture capital in the EU (2009)
• EC Removing tax obstacles to cross-border VC investments (2009)
• Public consultation on EU2020 strategy (2010)
• Conclusions of the SME Finance Forum (2010)

EBAN actively participates in a number of expert groups at the European Commission, among which those related to investment readiness, cross-border collaboration and advancing female entrepreneurship.

Below are EBAN’s latest policy documents. For anterior documents, please contact the Secretariat at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

EBAN White Paper - European Early Stage Impact Investing 2011

The "EBAN White Paper on European Early Stage Impact Investing" is a call to invest in profit business with a positive environmental and social impact. This paper points out that investors can do well and do good at the same time by contributing in the needed and increasing sustainable businesses and consumer behaviour. This new trend of impact investing has different areas of action: Economic, Environmental, Labour, Human Rights, between others.

 EBAN White Paper European Early Stage Impact Investing

EBAN White Paper - 2010

The “EBAN White Paper 2010: Early stage investing: an asset class in support of the EU strategy for growth and jobs” is a recipe for the EU to become one of the world’s most dynamic early stage investment markets. The publication is mainly targeted to policy makers, and it includes policy recommendations to support the emergence of this asset class and Key growth in the EU.
 EBAN White Paper 2010

EBAN White Paper - Women & European Early Stage Investing 2010

The EBAN White Paper "Women and European early stage investing: strengthening European entrepreneurship by enrolling more women in early stage investing” is a call to action for all concerned with growing a vibrant ecosystem for entrepreneurship, especially policy makers. This paper suggests proactive measures to stimulate the numbers of women participating in the business angel market in order to:
- increase the total number of business angel investors - increase the diversity of skills and expertise within the business angel community
- increase the supply of finance and associated support to early stage growth businesses that are a key platform for economic growth and recovery
EBAN is organising a launch event in Brussels on December 16th 2010 to gather around this topic all interested parties in discussing and supporting the recommendations issued by the document and willing to work with us to launch new actions.
 EBAN White Paper - Women & European Early Stage Investing

SME Finance Forum: "How to exit the recession and achieve smart growth"
6th May 2010, Brussels, Belgium

The forum addressed the purpose of analyzing the current challenges in access to finance for SMEs. Vice President of the European Commission in charge of Industry and Entrepreneurship Antonio Tajani said that improving access to finance is a top priority as part of his efforts to support SMEs during the crisis. Full conclusions of the SMEs Forum can be downloaded here. As a follow-up of the event, a permanent forum has been set up for which representatives of financial institutions, financial intermediaries and SMEs will be invited to participate. EBAN President Brigitte Baumann has now participated in the first meeting on September 28th 2010.

EBAN's contribution to the European Consultation: A New Regime for European Venture Capital

Venture capital accounts in Europe for 3-4bn€/year, down from 6-7 bn€ pre-crisis. It impacts about 2.500 SMEs, down from 3.000.Less than 1% of monies invested by EVCA members in 2010 concerned SMEs in the seed phase. Although it is not easy to estimate the size of the funding gap in Europe, there is clear evidence that SMEs, especially knowledge intensive ones, find it difficult to secure sources of finance. Venture capital seems to be able with its business model to sustain more volatile pattern of SMEsespecially in the early stage of their existence.

 EBAN response to public consultation on Venture Capital

EBAN's contribution to the European Commission's Consultation on the Green Paper: "From Challenges to Opportunities: Towards a Common Strategic Framework for Future EU Research and Innovation Funding"

The EC Green Paper launches a public consultation on the key issues to be taken into account for future EU research and innovation funding programmes. EBAN suggests to increase capacity building on research projects and SME's, streamlining the road to market and contact with investors and the creation of dedicated co-investment founds.

 EBAN response to public consultation Green Paper EC

EBAN´s Position Paper to European Commission´s "Europe 2020: A strategy for smart, sustainable and inclusive growth"

The Europe 2020 strategy put forward by the Commission sets out a vision of Europe's social market economy for the 21st century. It shows how the EU can come out stronger from the crisis and how it can be turned into a smart, sustainable and inclusive economy delivering high levels of employment, productivity and social cohesion. EBAN has elaborated a Position Paper which summarizes the perspective of early stage investors on how Europe can overcome its current challenges and how to improve access to finance and growth for innovative companies.
 EBAN Position Paper EU2020 Strategy

EBAN Statement on the Financial Crisis - 2009

How the current financial and economic crisis is impacting business angel and early stage investment activity as well as recommendations to policy makers on how best to stimulate the angel market during challenging times.
EBAN Statement on the financial crisis