This module is intended to help female social entrepreneurs and wannabe social entrepreneurs assess funding needs, identify appropriate sources of funding to meet those needs and to set out an effective financial plan to start, grow and sustain their businesses. Module 5 focusses on funding opportunities and is linked to module 3, which introduces business models, and module 6, which focuses on pitching and matching with investors).

1. Balkan Women Coalition vol. II
Social Start-Up Booster for Supporting Female Entrepreneurship in Balkans
(2020-1-EL01-KA204-078936)
B-WCo II - C1 - Training of Trainers Week
Module 5
Funds for social entrepreneurs
(traditional and alternative)
Structured by: Alice Corovessi
Developed by: Athanasia Ioannidou

2. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
INTRODUCTION
 The importance of finding capital
 Difficulties in accessing capital
CHAPTER 1
 Traditional forms of financing in partner countries
 Greece
 North Macedonia
 Albania
 Montenegro
 Bulgaria
 BiH
 Turkey
CONTENTS

3. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 2
 EU funding opportunities
 Social Business Initiative (SBI)
 Employment and Social Innovation (EaSI)
 European Fund for Strategic Investments (EFSI)
 European Social Fund (ESF) & European Social Fund Plus (ESF+)
 European Social Innovation Competion (EUSIC)
 Social Impact Accelerators (SIA)
 European Innovation Council (EIC)
CHAPTER 3
 Alternative forms of financing
 Business Angels
 Venture Capitals
 Micro funding
 Crowdfunding
CHAPTER 4
 Exercises and quizzes
CONTENTS

4. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
INTRODUCTION

5. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
INTRODUCTION
THE IMPORTANCE OF FINDING CAPITAL
Entrepreneurs need to acquire three types of capital to achieve success in starting a new venture:
 Social
 Human
 Financial
Social capital is a quality derived from the structure of an individual’s network relationships; it is not an intrinsic
characteristic the property of the individual.
Social capital providof an individual. Ownership of the network relationship is jointly held among the members of
a network and is not solely es the relationships through which an entrepreneur receives opportunities to use
human and financial capital.
How an individual entrepreneur structures his or her network can determine the value of their social capital and
thus their ability to act in an entrepreneurial manner.
Source: the value of social capital - Patricia H. Thornton

6. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
INTRODUCTION
THE IMPORTANCE OF FINDING CAPITAL
Some years ago, non-governmental organisations (NGOs) and charity groups were the only options to support
social enterprises in alleviating “social evils”.
In today’s increasingly interconnected world, there are more complex issues that require more innovative and
sustainable solutions. This is a result of the rapid upsurge of social entrepreneurship since socially conscious
entrepreneurs tackle local and global social challenges while generating profits.
Social entrepreneurship combines social impact and sustainable business growth.
Theory: social entrepreneurship is an amazing concept.
In practice: the process in progressing from an idea to a sustainable operation has critical challenges, especially
during the startup financing stage.

7. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
INTRODUCTION
DIFFICULTIES IN ACCESSING CAPITAL
Accessing capital is not a one-off process. The process includes:
 conducting an intensive market research to prove the need for funding;
 ability to manage and expand their business.
In the occasion of funding roadblocks, the following three options should be also considered:
1. leveraging partnerships;
2. philanthropic organisations;
3. social cause competitions and funds.
FUNDING ROADBLOCKS MIGHT STILL ARISE DURING THE PROCESS!!!

8. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
INTRODUCTION
DIFFICULTIES IN ACCESSING CAPITAL
Consider these 5 essentials when accessing capital for your social enterprise!
1
“Kiss a lot of frogs”
Finding the right capital source, requires strategy, a gool plan, many meetings!
2
“Define growth potential and social impact”
Again, this requires a lot of effort in developing the right strategy plan.
3
“Be quantitative”
Whatever the metrics of your social enterprise, have them the ready when the fundraising process begins.
4
“Show your progress”
Be ready to show numbers and answer all of the questions.
5
“It ain’t over until it’s over”
Have good financial records in place for all due diligence related processes.

9. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 1

10. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 1
TRADITIONAL FORMS OF FINANCING IN PARTNER COUNTRIES
GREECE
The Partnership Agreement for the Development Framework (ESPA)(Greek acronym) is the main strategic plan for
the country's development with the assistance of significant resources from the European Structural and
Investment Funds (ESIF) of the European Union.
Through the implementation of the ESPA, the aim is to address the structural weaknesses of the country that
contributed to the emergence of the economic crisis and the problems, both economic and social, that it created.
ESPA is also called upon to contribute to the achievement of the national objectives and promote growth,
with more effective investment in education, research and innovation, sustainable, thanks to a decisive transition
to a low-carbon economy; and inclusive, with a particular focus on job creation and poverty reduction.

11. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 1
TRADITIONAL FORMS OF FINANCING IN PARTNER COUNTRIES
GREECE
 Subsidy for the establishment of new businesses with 100% grant through the ESPA (second cycle)
The Action "Start-up Entrepreneurship" concerns the establishment of new small and micro enterprises by
unemployed people and self-employed service providers who are not in paid employment.
Important: Cooperative Enterprises and Social Cooperative Enterprises are eligible to be funded under this
scheme.
 Microloans and other incentives are also available through banks and the Recovery & Resilience Fund

12. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 1
TRADITIONAL FORMS OF FINANCING IN PARTNER COUNTRIES
NORTH MACEDONIA
When it comes to traditional forms of financing, North Macedonian companies can use:
 Own funds and accumulated profit (most of the companies use this form of financing -75.8%),
 Loans from domestic commercial banks (only 10.4% use this type of financing),
 Loans from the Development bank (4.6% use this firm of financing)
 Loans from family and friends (2.1%)
 Sale of ownership shares,
 Credit with/from suppliers,
 Leasing,
 Factoring.

13. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 1
TRADITIONAL FORMS OF FINANCING IN PARTNER COUNTRIES
ALBANIA
The financial system in Albania is bank centric given that banks account for the main share in the market (over
90% of the total assets in the financial system) and most of financial intermediation takes place through them.
Viewed through the structure of banks' balance sheets, the main activities of banks in Albania are:
 accepting deposits and disbursing loans, as well as providing various types of payment services,
 while investment banking or active investments in financial instruments are negligible.
The second important actors in the financial system are insurance companies, primarily those offering mainly non-
life insurance. In addition, the rest of the financial sector consists of microcredit financial institutions (MFIs).

14. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 1
TRADITIONAL FORMS OF FINANCING IN MONTENEGRO
 National sources
 Investment Development Fund
 Employment Agency
 Ministry of economic development
 Ministry of science
 Financial institutions
 Commercial banks
 Microcredit institutions
 Leasing companies
 EU funds
 Instrument for Pre-Accession Assistance
(IPA)
 European Investment Fund (EIF)
 ENIF Fund
 Other international sources
 MIDAS project,
 UNDP and IDF

15. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 1
TRADITIONAL FORMS OF FINANCING IN PARTNER COUNTRIES
BULGARIA
 Banks
 Financial instruments:
 Risk-Sharing Micro-Finance Facility- public resources in the amount of BGN 23.9 million.
 First loss portfolio guarantees - BGN 25 million, of which public resources in the amount of BGN 5 million
 Grants – from Operational Programme “Human Resources Development”
 Support for the training of employees and workers in social enterprises; validation of the acquired skills at
the workplace in the social enterprise (especially for persons with establishments) in order to integrate into
the labour market.
 Stimulating the formation of cooperation between social enterprises for shared production and distribution
of products. Support of the activities for raising the awareness, recognizing the products of the social
enterprises on the market

16. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 1
TRADITIONAL FORMS OF FINANCING IN PARTNER COUNTRIES
BOSNIA and HERZEGOVINA
The Central Bank of Bosnia and Herzegovina maintains monetary stability in accordance with the currency
board arrangement, which means that it issues domestic currency with full coverage in free convertible
foreign currency at a fixed exchange rate of 1 KM: 0.51129 EUR. The Central Bank defines and controls the
implementation of the monetary policy of Bosnia and Herzegovina. The Central Bank assists and maintains
appropriate payment and accounting systems. It also coordinates the activities of the banking agencies of
the BiH entities, which are responsible for issuing licenses and supervising banks.
Banking is one of the strongest sectors in BiH.
The number of commercial banks in Bosnia and Herzegovina is 23 with approximately 10,000 employees.
Only one bank is majority state-owned, while foreign banks own over 80% of BiH's banking capital.

17. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 1
TRADITIONAL FORMS OF FINANCING IN PARTNER COUNTRIES
TURKEY
In Turkey, KOSGEB (Small and Medium Enterprises Development Organization), the organisation affiliated to the
Ministry of Industry and Technology, constitutes the main body for executing SME policies in Turkey. It provides
various support programmes and supports collateral costs for SMEs with considerable outreach throughout
Turkey. KOSGEB’s services are accessible to SMEs and entrepreneurs via different kinds of KOSGEB
Directorates.
Other kinds of investment, financial support and other kinds of supports are provided by the following institutions:
 TOBB (The Union of Chambers and Commodity Exchanges of Turkey),
 TSKB (Industrial Development Bank of Turkey),
 Credit Guarantee Fund (KGF),
 TÜBİTAK Technology and Innovation Programmes for SMEs

18. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 2

19. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 2
EU FUNDING OPPORTUNITIES
In 2011, European Commission (EC) identified that access to finance is one of the main obstacles to the growth
of social enterprises. Thus, the same year the EC adopted the Social Business Initiative (SBI).
European Commission supports social enterprises through various initiatives and funding sources:
 EC helps social enterprises access investments of up to EUR 500.000 via public and private investors at
national and regional level, as part of the EU Programme for Employment and Social Innovation (EaSI).
 EC supports social enterprises through pilot equity investments under the European Fund for Strategic
Investments (EFSI) Equity instrument, namely via funds linked to incubators/accelerators and co-investments
with social Business Angels.
 EC complements equity investments with grants aimed at covering part of the transaction costs of
intermediaries. The grant serves as an incentive for making investments of below EUR 500,000 in social
enterprises. A call for proposals was launched in 2017.


20. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 2
EU FUNDING OPPORTUNITIES
 EC co-funds projects focusing on boosting the development of the demand and supply side of social finance
markets in Europe.
 21 pilot projects were selected under a call for proposals in 2013.
 further 20 projects were selected under a call for proposals in 2016.
 The Commission also supports social enterprises via the European Social Fund.
 EC launched a practical guide on designing and implementing initiatives to develop social finance
instruments and markets entitled A recipe book for social finance.

21. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 2
EU PROGRAMME FOR EMPLOYMENT & SOCIAL INNOVATION (EaSI)
The Employment and Social Innovation (EaSI) programme is a financing instrument at EU level to promote a
high level of quality and sustainable employment, guaranteeing adequate and decent social protection,
combating social exclusion and poverty and improving working conditions. For the period 2021 – 2027 the EaSI
programme will become a strand under the European Social Fund Plus (ESF+).
EaSI Objectives
 Strengthen ownership of EU objectives and coordination of action at EU and national level in the areas of
employment, social affairs and inclusion.
 Support the development of adequate social protection systems and labour market policies.
 Modernise EU legislation and ensure its effective application.
 Promote geographical mobility and boost employment opportunities by developing an open labour market.
 Increase the availability and accessibility of microfinance for vulnerable groups and micro-enterprises and
increase access to finance for social enterprises.

22. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 2
EUROPEAN FUND FOR STRATEGIC INVESTMENTS (EFSI)
The European fund for strategic investments (EFSI) is the core of the investment plan for Europe, aimed at
boosting long-term economic growth and competitiveness in the European Union.
The fund aims to help use public funding, including funding from the EU budget, to mobilise private investment
for a wide range projects carried out in the EU. The projects cover areas such as infrastructure, research and
innovation, education, health, information and communications technology and other areas.
The fund is a distinct and transparent entity and a separate account managed by the European Investment Bank
(EIB).
It was established in July 2015 by the regulation on the European fund for strategic investments, the European
investment advisory hub and the European investment project portal.

23. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 2
EUROPEAN SOCIAL FUND+ (ESF+)
The European Social Fund Plus (ESF+) is the European Union (EU)’s main instrument for investing in people.
With a budget of almost €99.3 billion for the period 2021-2027, the ESF+ will continue to provide an important
contribution to the EU’s employment, social, education and skills policies, including structural reforms in these
areas.
The Fund will also be one of the cornerstones of EU socio-economic recovery from the coronavirus pandemic.
The pandemic has reversed gains in labour participation, challenged educational and health systems and
increased inequalities. The ESF+ will be one of the key EU instrument helping Member States to address these
challenges.
As part of cohesion policy, the ESF+ will also continue its mission to support economic, territorial and social
cohesion in the EU – reducing disparities between Member States and regions.

24. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 2
EUROPEAN SOCIAL FUND+ (ESF+)
Support under the ESF+ is mainly managed by Member States, with the Commission playing a supervisory role.
Funding therefore takes place through:
 The shared management strand - implemented by Member States in partnership with the Commission. These
resources have a budget of roughly €98.5 billion for the programming period 2021-27.
 The Employment and Social Innovation (EaSI) Strand - implemented by the European Commission with a
budget of close to €762 million for programming period 2021-2027.

25. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 2
EUROPEAN SOCIAL INNOVATION COMPETION (EUSIC)
Launched in 2013, the European Social Innovation Competition (ESIC) is a yearly competition run by the
European Commission for the best socially innovative projects designed to change the world for the better.
ESIC acts as a beacon for social innovators across Europe, employing a proven methodology for supporting
early-stage ideas and facilitating a network of radical innovators shaping our society for the better.
Each year the Competition addresses a different issue facing Europe.

26. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 2
THE SOCIAL IMPACT ACCELERATORS (SIA)
The Social Impact Accelerator (SIA) is the first pan-European public-private partnership addressing the growing
need for availability of equity finance to support social enterprises.
SIA is a first step in the EIB Group’s (European Investment Bank and EIF) strategy to pioneer the impact
investing space and respond to the wider EU policy aim of establishing a sustainable funding market for social
entrepreneurship in Europe.
This segment of the business world is becoming increasingly instrumental in promoting social inclusion,
providing alternative sources of employment for marginalised social groups, and contributing to growth. These
positive results underline the importance of SIA’s aim to build up the existing market infrastructure for social
impact investing in such a way that this emerging asset class is placed on a path to long-term sustainability.
SIA reached its final closing in July 2015 at the size of €243 millions, combining resources from the EIB Group
and external investors, including Credit Cooperatif, Deutsche Bank as well as the Finnish group SITRA and the
Bulgarian Development Bank (BDB).

27. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 2
EUROPEAN INNOVATION COUNCIL (EIC)
The European Innovation Council (EIC) has been established under the EU Horizon Europe programme. It has
a budget of €10.1 billion to support game changing innovations throughout the lifecycle from early-stage
research, to proof of concept, technology transfer, and the financing and scale up of start-ups and SMEs.
The strategy and implementation of the EIC is steered by the EIC Board, which has independent members
appointed from the world of innovation (entrepreneurs, researchers, investors, corporates and others from the
innovation ecosystem).
A unique feature of the EIC is that it provides funding for individual companies (mainly startups and SMEs)
through both grants and investments. The investments currently take the form of direct equity or quasi-equity
investments and are managed by the EIC Fund.

28. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 3

29. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 3
ALTERNATIVE FORMS OF FINANCING
If you think outside the box and are willing to put yourself and your business on the line, then the rewards of
using forms of alternative financing, could be greater than the risk!!
Alternative funding is a new model and in some cases is unregulated.
It is important to know the lay of the land before any commitment.
In the following slide, we are sharing the most common types of alternate funding including – in same cases -
and the pros and cons for further consideration.

30. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 3
BUSINESS ANGELS
A business angel is a private individual, often with a high net-worth, and usually with business experience, who
directly invests part of their assets in new and growing private businesses. Business angels can invest
individually or as part of a syndicate where one angel typically takes the lead role.
Besides capital, angel investors provide business management experience, skills and contacts for the
entrepreneur.
Experienced angels also know that they may have to wait for a return on their investment. They can, therefore,
be a good source of ‘smart and patient’ capital.
Business angels play an important role in the economy. In many countries, they constitute the second-largest
source of external funding in newly established ventures, after family and friends. They are increasingly
important as providers of risk capital and contributors to economic growth and technological advances.

31. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 3
BUSINESS ANGELS
The European Community of Women Business Angels and Women Entrepreneurs
The goal of this initiative – funded by the European Parliament - was to support women entrepreneurs in
accessing alternative sources of funding:
 by raising the awareness of business angels;
 training women who would like to become business angels;
 helping women entrepreneurs to present their business ideas to potential investors.
The network was created in 2017, through 4 projects covering 14 EU countries.

32. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 3
BUSINESS ANGELS
Business Angel networks
 The European Trade Association for Business Angels, Seed Funds and Early Stage Market Players
(EBAN) represents the early-stage investor community in Europe, including business angel networks and
angel investors.
 Business Angels Europe represents European business angel federations and trade associations.

33. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 3
VENTURE CAPITALS
Venture capital (VC) is a form of private equity and a type of financing that investors provide
to startup companies and small businesses that are believed to have long-term growth potential.
Venture Capital generally comes from well-off investors, investment banks, and any other financial institutions.
Venture Capital does not always take a monetary form; it can also be provided in the form of technical or
managerial expertise.
Venture Capital is typically allocated to small companies with exceptional growth potential, or to companies that
have grown quickly and appear poised to continue to expand.

34. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 3
MICRO FUNDING
Microfunding is just a smaller version of a larger traditional bank loan.
It is designed for small businesses. Banks and other lenders offer microloans usually between €5.000 - €50.000.
Pros
 Microloans tend to get approved faster than
traditional business loans.
 They’re easier to pay off.
 Smaller loan amount means less total interest.
The smaller your loan, the less interest you pay
(depending on the country and the source of
funding).
Cons
 The small amount may not be enough to grow
your business in a big way.
 Smaller loans often mean shorter terms and
conditions.

35. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 3
CROWDFUNDING
Crowdfunding means putting yourself and the business idea out onto the worldwide web, asking the public to
make a small personal investment — usually with no guaranteed return.
Top crowdfunding platforms:
 Kickstarter is considered the most popular crowdfunding platform.
 Indiegogo: a useful platform especially for new inventions.
 Crowdcube: best platform for UK and EU.
 Mightycause: best choice for non-profits.

36. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 4

37. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 4
EXERSICES AND QUIZZES
Name the three types of capital to achieve success in starting a new venture…
1

38. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 4
EXERSICES AND QUIZZES
Name the three types of capital to achieve success in starting a new venture…
1
 Social
 Human
 Financial

39. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 4
EXERSICES AND QUIZZES
Leveraging partnerships is mandatory for crowdfunding…
2

40. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 4
EXERSICES AND QUIZZES
Leveraging partnerships is mandatory for crowdfunding…
2
 No, leveraging partnerships is an option in the occasion funding roadblocks arise!

41. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 4
EXERSICES AND QUIZZES
Microfunding is a form of technical or managerial expertise…
3

42. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 4
EXERSICES AND QUIZZES
Microfunding is a form of technical or managerial expertise…
3
 No, technical or managerial expertise is usually provided by business angels or venture
capital in addition to financial contribution.

43. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 4
EXERSICES AND QUIZZES
The European Community of Women Business Angels and Women Entrepreneurs is
helping women entrepreneurs to present their business ideas to potential investors…
4

44. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 4
EXERSICES AND QUIZZES
The European Community of Women Business Angels and Women Entrepreneurs is
helping women entrepreneurs to present their business ideas to potential investors…
4
 Yes, this is among the three objectives. The other two are:
• by raising the awareness of business angels.
• training women who would like to become business angels.

45. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 4
EXERSICES AND QUIZZES
Crowdfunding platforms have guaranteed returns for the investors…
5

46. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
CHAPTER 4
EXERSICES AND QUIZZES
Crowdfunding platforms have guaranteed returns for the investors…
5
 No, usually there are no guaranteed returns for the investors.

47. Balkan Women Coalition vol. II
Social Start-Up Booster for Supporting Female Entrepreneurship in Balkans
(2020-1-EL01-KA204-078936)
Thank you for your attention!

48. The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of
the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
USEFUL LINKS
 European Social Fund+ (ESF+)
 EU Programme for Employment & Social Innovation (EaSI)
 European Social Innovation Competition (ESIC)
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 European Innovation Council (EIC)
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