Across Europe, angel investors are playing an increasingly critical role in turning innovative ideas into successful businesses. They are often the first to take a leap of faith, backing startups before venture capitalists or banks are willing to commit. But as the market evolves, so do the challenges: keeping a steady pipeline of early-stage ventures, addressing the gender imbalance among investors, unlocking cross-border opportunities, and adapting to new financing models like crowdfunding.
These priorities lie at the heart of ESIL and the initiative partners, including Business Angels Europe (BAE). They work to strengthen Europe’s innovation capacity by connecting investors, supporting entrepreneurs, and sharing best practices across borders.
Within this landscape, Reginald Vossen, President of BAE and CEO of BAN Flanders – Business Angels Network Flanders offers a unique perspective.
“In our daily operations we try to bring as much as possible good entrepreneurs under our guidance… We always put somebody from the network to join the meetings between angels and entrepreneurs in order to get the best possible success in the most efficient timing.”
This active deal-guiding approach ensures both sides of the table, investors and founders, are prepared, aligned, and set up for efficient, successful collaboration. It is a model that resonates strongly with ESIL’s emphasis on building capacity and trust in early-stage investment.
Balancing startups and scale-ups
While support for scale-ups has grown in recent years, Reginald cautions against neglecting the earliest stages of entrepreneurship.
“We always need the primary school, the starters, in order to get to the secondary school, to the scale-up phase.”
Without continuous early-stage investment, the future pool of scale-ups will inevitably shrink. For ESIL, which promotes end-to-end ecosystem development, this means championing a balanced approach, ensuring that today’s startups have the backing they need to become tomorrow’s growth companies.
Closing the gender gap
Gender diversity remains one of the biggest untapped opportunities in angel investing. Across Europe, women account for just 12–14% of business angels, and Reginald sees structural changes as essential to increasing this number.
“We really need to put extra effort in getting more female investors to start investing… The ticket sizes, which are in some regions very high, should perhaps be lowered a little bit to give more access to female investors.”
Creating safe, collaborative spaces with “not too much male dominance” is also important. And as Reginald points out, “women back women” – meaning more female investors can help increase investment in female-led startups, creating a virtuous cycle.
Expanding borders and partnerships
Angel investing is moving beyond local boundaries. As Reginald explains:
“People don’t only want to invest in the best company in their region, they just want to invest in the best company in that sector or in that field, period.”
This shift opens opportunities but also brings legal and fiscal challenges. Through the BAE Club, linking the 20 best-performing angel networks in Europe and Canada, joint investment rounds and shared know-how are making cross-border deals easier. The idea of a “business angel passport” could simplify this even further, a goal ESIL shares through its transnational syndication work. He also sees potential in collaborating with alternative finance:
“Please join forces and let’s work together on projects because a crowdfunding campaign might prove that there is market traction… Vice versa, the crowdfunders… can be assured with the due diligence (angels) have done.”
By blending crowdfunding’s market validation with the expertise and resources of angels, startups can gain stronger, more sustainable backing.
ESIL plays a dual role, strengthening local networks and connecting them internationally to ensure no region is left behind. A thriving angel ecosystem must be balanced, inclusive, connected, and adaptable, supporting both startups and scale-ups, encouraging diversity, enabling cross-border deals, partnering with alternative finance, and building capacity in emerging markets.
For more insights and to watch the full interview series, visit the ▶️ ESIL YouTube channel