CALLING THE SHOTS IN THE STARTUP WORLD

COREANGELS INTERNATIONAL WAS BORN AS A NETWORK OF BUSINESS ANGELS WITH THE PURPOSE OF GIVING MUSCLE TO THE GROWTH OF STARTUPS THAT HAVE THE POTENTIAL FOR RETURN ON INVESTMENT. AT THIS STAGE, INTERNATIONAL EXPANSION IS ONE OF THE ITEMS ON THE AGENDA. LED BY CíNTIA MANO, WHO, DESPITE BEING IN A SEGMENT WHERE MEN ARE IN THE MAJORITY, DOES NOT SHY AWAY FROM GIVING FREE REIN TO THE ENTREPRENEURIAL VEIN AND EXCELLING IN GIVING MORE AND MORE SPACE TO FEMALE INVESTORS.

In the business world, there are several indicators that show that there is still a gap in opportunities between men and women. The financial sector is no exception, where the number of women leading is still not equal to that of men. Not to mention the fact that less than 25% of investors are female. However, there is no shortage of examples that contradict the statistics. This is the case of the CEO of COREangels International, Cíntia Mano, who leads this network of business angels that invests in startups that have high return potential.?

In an interview with Forbes, the CEO of COREangels International explains the company's growth strategy, which involves strengthening internationalization, and how, as a manager, she has been making waves in an area traditionally with more men, but where she has already conquered the space as a leader. To start the conversation, Cíntia Mano starts by highlighting that COREangels International was born in Portugal, where its founders took advantage of previous angel investment experiences using this portfolio model. "As some investors became interested in replicating the model in their countries, we began to improve it and format the acceleration program. We currently have more than 20 leaders spread across eight different countries."?

And she details that the company's core business is "to invest in startups through the portfolio model, that is, all the angels that are part of a certain COREangels International fund invest in the same set of startups. They are people who want to invest their money in startups because of the high potential for return, but who are also interested in contributing to their growth, through networking, knowledge and experience". The manager points out that portfolio investment and the role of business angels in supporting startups are factors that contribute to reducing investor risk. Cíntia Mano explains that most investments occur "in the early stage, called early stage (pre-seed and seed). It's where angels have the most potential to contribute to the success of the startup." Startups can receive the investment through the acquisition of a stake in the company (equity) or a futures purchase agreement (SAFE) or through debt instruments (e.g. convertible notes). "Each fund has its own investment thesis, which can be a geographical thesis – where there is no focus on a specific industry, but on a certain geography – or vertical (focusing on a sector). Sometimes, the fund invests alone in a startup, and it has been more and more frequent to co-invest with other players." The company was born in Portugal, but has already invested in an expansion plan. According to the CEO of COREangels International, they are currently in several countries in Europe, the United States, Brazil, Chile and the Middle East. "We are growing our network and, yes, we intend to strengthen our presence in some countries where we are already present and also enter others."?

Cíntia Mano reveals: "I recently paid a visit to India to learn about its innovation ecosystem, main players and how early-stage investment happens, which is the initial phase of development of startups, there." The manager admits that the model of the company she manages has aroused the interest of some investors who now want to create a COREangels fund to support startups there. "These new funds are planned and discussed during an accelerator program we created, the Angel Fund Launchpad, where the COREangels International team and the new leaders work together to validate the investment thesis and structure the new fund." And she guarantees: "In addition to India, we also have plans for some countries in Africa."

Asked about the volume of investments on the ground, Cíntia Mano admits: "So far, our angels have invested approximately 9 million euros, and the current fund plan is to reach 36 million euros in the coming years. Not to mention the new funds that are being formed right now." And she underlines that, at this stage, funds for the food-tech, agro and Blockchain verticals and geographic funds in Africa and Ukraine participate in the acceleration program. As for the areas that are attracting investment, she points out: "Startups related to climate change and artificial intelligence have attracted a lot of attention from angel investors." Cíntia Mano also points out: "Along with curiosity and enthusiasm, they are also cautious about how to discern between startups that really have a future and solve important issues from those that are trying to surf the buzzwords of the moment.

Maxims for managing teams:?

Done is better than perfect, next time we do better.?If you make it, you don’t need to fake it.?Hire attitude and character, the rest is learned.

The perfect partnership:

Asked how, in order to grow in her career, she achieved a balance between personal and professional life, she admits: "I did it because I married a person who is truly a partner, vibrates with my brilliance and supported me in several moments." And she doesn't hide it: "In some moments, I slowed down in my career, in others she was more present at home for me to accept an important challenge. But it is complex for all of us, men and women, who want to dedicate themselves to family and work." In addition, she stresses that she also succeeded for another reason: "12 years ago I left the corporate world to become an entrepreneur. This was one of the factors that motivated me to leave a great position in a large multinational, to lead teams spread across different countries and to go to a room in a business incubator with four people." And she concludes by saying: "I notice that many entrepreneurs have this motivation. Even though you work a lot in a startup, owning your own agenda is priceless."

INNOVATION AND GENDER EQUITY?

But, in an innovation ecosystem, is there room for gender equality? Cíntia Mano begins by saying: "Although I really like to invest, in different asset classes, I never wanted to work in the financial market. I came to this sector because of my passion: both for entrepreneurship and for my business angel activity." As for talking about gender equality, she argues: "In very few worlds can you talk about it. In startups, we are very far from this reality. Personally, I have tried to contribute to change this, through mentoring programs for female entrepreneurs, training for female investors. The reality was already changing, very slowly, but with the pandemic we went back a few houses." Cíntia Mano acknowledges: "Portugal has a very challenging business environment for women, especially when compared to other countries. But in the case of COREangels International, we have female leaders, and in Portugal, for example, COREangels Lisbon has a good number of female investors. I think the mentality of our community goes a long way towards encouraging and welcoming women in the roles of founders and investors. We still need to improve a lot, and we're testing and figuring out the best way." Faced with the challenge of whether female leadership makes a difference, she is peremptory: "I understand that it is tempting to label the feminine and masculine aspects of leaders, but I do not believe that there is a difference. Leadership for me is about delivery, consistency, and communication. And I know excellent, average, and weak men and women as leaders." And she adds: "I don't know if this classification makes sense, because it limits everyone, women and men. For example, during my professional life I met many men who did not fit into the male format of leadership. As a result, it took years and years before they accepted his leadership style and applied for these positions."

SEIZE THE OPPORTUNITIES

Regarding growing up in so-called masculine worlds, she says: "My degree was in computer science and I worked in strategic consulting, mining and oil & gas. In other words, I've always been in very masculine worlds." Still, she stresses: "At the beginning of my career, I think I experienced what every woman of my generation experienced in these environments: we had to understand and accept that we would have to study twice as hard and work three times as hard to get a place. Not to mention all the other topics that simply don't exist for our male colleagues, such as what to wear to a certain meeting. Or even make sure that the nails are done so as not to give the impression of relaxation." For this reason, she assumes: "I grabbed all the learning opportunities that were offered to me, in addition to the ones I created myself. I have participated in several programs in renowned schools such as Instituto de Empresa in Spain, IMD in Switzerland, UCLA and MIT in the United States and LSE in the United Kingdom. And I've taken on a lot of professional challenges thinking more about the opportunity of learning than the risk of failure." However, she stresses: "There comes a time when we have already shown our competence (to the world and especially to ourselves) and it is not worth wasting time with those who do not value us. I think that, then, it's important to say no, select companies and not wear yourself out trying to fit into a job or company that doesn't value you. I've learned this from many other women who have managed to climb the career ladder. Not tolerating certain situations and leaving when it no longer makes sense."