Part D: Timeline for GFRS2020 and the WBAF Angel Investment Fund

Stage 0

The platform is open to receive applications from around the world.

(1 September 2019 – 22 December 2019)

Stage 1

Jurors score applications online on the platform.

(1 September 2019 – 10 February 2020).

Stage 2

WBAF 100 Startups pitch on stage. Investors vote online and ask startups questions.

(18 February 2020).

Stage 3

Startups are ranked. The Investment Committee of the WBAF Fund will plan for due diligence on the top 10 startups (and possibly more).

(18 February 2020).

Stage 4

The Investment Committee Meeting of the WBAF Fund.

(19 February 2020).

Stage 5

One member of the Investment Board and the Fund Administrator conduct due diligence.

(19 February – 15 April 2020).

Stage 6

The Fund Administrator forwards the due diligence report to the Investment Committee.

(15 April 2020).


Stage 7

For each selected startup, The Investment Committee decides on investment terms and conditions, valuations and other important investment conditions. The term sheet is defined at this stage.

(15 April – 08 May 2020).


Stage 8

The Investment Committee announces the startups who will receive financing from the WBAF Angel Investment fund.
The lead investor is assigned by the Investment Committee.

(08 May –15 May 2020)

Stage 9

The lead investor negotiates with the startup on behalf of the WBAF Fund according to the investment term sheet provided by the Investment Committee.

(15 May – 15 June 2020).


Stage 10

The term sheet is signed by the Fund and the startup.

(15 June – 15 July 2020).