So, we talked money a lot, as effectively, in providential investor, we have investor and profitability. But in reality, the first motivation of the Business Angels, the providential investors, is really how to take part in an adventure? And I would add, we know that in this ecosystem of startups, there are gold nuggets. There is the surfer great wave. When we are a surfer, we expect once in our life, we go and see this great wave, and we don't want to miss it. Therefore, if you are an entrepreneur and you can be this great wave, this gold nugget which is just going to transform this new economy, be aware that the Business Angels are expecting you, and that exactly, for them, it will be what will change their life, as well as yours. What is the selection criteria of the Business Angels? The first selection criteria is however non analytical. The relationship between an investor and an entrepreneur, it is a relationship based on trust. Trust is really the basis of this relationship. Which is surprising moreover, is that an investor waits until the entrepreneur trusts and has trust in him. And in reality, the trust of an entrepreneur often comes from the fact that the investors invest in him. I have come across several cases when the entrepreneur was not sure of himself, was not sure of his strategy. The day he received money from his investors, there, all of a sudden, his trust in himself increased, and all of a sudden, his development really took off. In that world, in reality, there is a very strict relationship, and it is necessary to have a very strict relationship between these entrepreneurs and these investors. And the Business Angels in particular, their first criteria, it is exactly this trust relationship. Therefore, systematically, if you meet a Business Angel, know that the first criteria of choice of investment and the first thing he is going to look at, is whether you are someone who can be trusted, and are you a person who has self-confidence? Secondly, it is at the same time dealing with the stress and wanting to save the world. Saving the world, everybody wants to save the world. There is, simply, saving the world where we are in a company doing our job quietly, and the entrepreneur is someone who is going to be exposed, who is going to expose his ideas and beliefs. And in this world, just in full transformation, especially the transformation from the old to the new economy, the entrepreneurs are these people who have this vision of the future. You must have this vision of the future. Besides the economic aspects, you must feel like saving the world. But beyond saving the world, exists the notion of stress. As an entrepreneur, in the same day, one can receive a few slams in face, and at the same time, extraordinary things happen. Therefore, it is a mixture of very positive and negative things. To manage stress and to just transform obstacles into opportunities and one of the first entrepreneur's abilities. The entrepreneur must always be vigilant, must always be in the end able to take advantage of all the opportunities. Therefore an investor is also going to see how one reacts when in a situation of stress, how one makes decisions in that situation. A good entrepreneur, is someone who, in situation of high stress, is just going to be able to make decisions quickly and if possible, the right ones, of course. The third criteria, is the one linked to agility and speed. I am a biker myself, and evidently, we can only see in our urban cities, well, on one hand, the flow of stationary cars, and on the other hand, the bikes passing between the cars. Therefore, it can be irritating when on the car side, however on the bike side, one can see that what is important, is to be both agile and, and fast, at the same time, obviously, by limiting the risks. An entrepreneur must have this ability, at the same time, to develop as fast as possible his company with agility. Agility, meaning, exactly, take advantage of these opportunities while limiting the risk. So, now you are going to tell me, well, that the Business Angels, now that I am going to bring something, what are the Business Angels, going to bring me? The first contribution of a Business Angel, is to be a red phone. A red phone means a direct line between one or several persons which is available, at anytime of day or night, and any day of the year. It can be used in case of a problem, or if you need some advice. And this is bound to this trust. In other words the Business Angel knows that if you make a call, it is for something important, which is going to be heard, and the Business Angel will always be ready to take your call. The second point, is that the Business Angel is someone who often has a wider vision, a vision out of your ordinary life, and this is going to be a mentor for you. Someone who is always going to there to help you, to reach out to you and to raise you to the next level. In my opinion, the Business Angel is like Yoda. In other words it is the person who is going to annoy you and at the same time, who is going to raise you, and is going to make you able to to do things you were not able to do before. The third element, is the impossible mission. I talk about impossible mission because Mission Impossible, in those days, had the same hair cut as me, and at the same time because Mission Impossible, it is just any company package, company which wants to change the world. At the same time, if we set in an analytical way, it is totally impossible, but at the same time, when a team is put into place, and a team both within the company, but also with Business Angels, we realise that what was impossible in the past will be possible in the future. And therefore, we are all, somewhere, as a Business Angel and an entrepreneur, connected by a commitment to realise this mission and make a success of this impossible mission. To conclude, I would give three pieces of advice to the creators of technological companies. The first is, as we have seen, wanting to transform the world, but also live with passion. In my opinion, an entrepreneur must be someone who, is often, someone who has technical experience or has a vision on technology, but above all someone who can share this passion, and who lives with it permanently. It is this passion, finally, which helps find us find partners. It is this passion which helps us find partners. It is this passion which helps us develop a vision and a corporate culture. And it is indeed this way, one can change the world. My second advice, is to systematically find the vocabulary, to find the language which means that even your grand-mother can understand you. When we live in the Internet world, when we live in the technology world, we often have the ability to use acronyms, to use technologies. Yet often, this new economy is nothing less that the reproduction by using technologies of what was happening in history. And finally, we can find many analogies and simplify the speech, just to compare, exactly, the opportunity of new technologies, and the opportunities of this new economy in relation to what happened formerly. Which means that I come to realise that many entrepreneurs, when they have found the right analogies and they have found the right speeches extremely simplifying, well, finally, are able to just share their passion for new technologies. Finally, my last advice, is that it is really something for which I myself have a passion, it is serendipity. Serendipity, is at the same time saying the luck of the draw, and at the same time, we always find things we did not expect to find. If we don't look, we don't find. But when we find something, they can be golden nuggets, we can find treasure, but often this treasure will not be what we expected. To implement seredendipity on a daily basis, it is necessary to listen continually to others. It is necessary to permanently be analysing everything that is happening. And also, in fact, pne notices that it is often the obstacles, where we feel that there are situations, impossible missions, to be precise, whic are the ones who say but finally, if we were to transform these impossible missions into opportunities, that in the end, it is there that the maximum value is created. Therefore, to conclude, live with passion. Entrepreneurship, is passion. Live serendipity. In other words take advantage of all contact opportunities, and let in and choose your Business Angels. To finish off, I am therefore going to ask you a question to check you have understood this lesson well. What are the main advantages and disadvantages of Business Angels? Answer A : I don't need investors, I prefer to stay independant and self-finance my development. I am a business manager, I know exactly where I want to go and what I want to do. Second answer: I prefer to raise money with venture capitalists because they have more money and are going to offer a higher valuation. There also, you are right. The venture capitalists are here. It is interesting to raise money with venture capitalists, however are you in a situation, on one hand, to provide them with a perfectly mature project? That is a question. Third step, in France, There exists various public funding. I know how to make files and I can also combine different sources. You are also right there. France is one of the countries with the most public funding. There is a great deal of money available in public funding. But is this public funding really going to allow you to create a successful and viable company? Finally, answer 4 : Recruiting Business Angels is an essential step because it is my first trust circle and and the best way to succeed. Again, a lot of trust, is one of the things which can appear at the same time secondary and which is in reality one of the most important aspects, because trust is motivation it is energy on the daily basis. I give you some time to think about it. The answer is of course the fourth one: Recruiting Business Angels is an essential step as it is my first trust circle and the best way to succeed. As we have seen previously, most of the biggest and successful startups, have often had at the beginning a trust relationship with one or several Business Angels. Thank you very much and good luck in changing the world.
