In a world brimming with innovators and venture capitalists, few individuals manage to leave a lasting mark. One such person is the Estonian investor, entrepreneur, EstBAN founder and president (2012-2017) Ivar Siimar, also a basketball player, who recently received the EBAN Ecosystem Gamechanger Award while in Brussels, at the European Angel Investor Summit 2024.
When Ivar learned he had won the prestigious EBAN award, he says he was was surprised: “I had no idea, I haven’t been deeply involved in the ecosystem for the past five years. Before that, though, I was the president of EstBAN for five years and served on the EBAN board at the same time. It was a busy, active time, it seems people remember such contributions.”
Building Bridges with EBAN
The story of his connection to EBAN (European Business Angel Network) began in 2012 when he co-founded EstBAN (Estonian Business Angels Network). “When we established EstBAN together with 23 founders, we had to learn from somewhere,” he says. The opportunity came during a government-organized startup study trip to Brussels, where he first heard about EBAN.
The idea stuck, and he began researching how to cultivate a community of angel investors in Estonia. “At that time, we only had a handful of angel investors, and we had made maybe four or five investments. I reached out to our Finnish neighbors at FiBAN, who had launched their network just a year earlier,” he recalls. “I traveled back and forth to Finland, spoke to their board, and personally called 23 people, convincing them to help form an angel network.”
Thanks to the support of the Finnish angels and EBAN, EstBAN quickly gained recognition, winning the award for Best New Network the very next year. And jumping into this day – EstBAN still is one of the best performing business angel networks in Europe, having received the “Best Performing EBAN Member 2024” Award this May in EBAN Congress Tallinn.
People in leadership roles must bring fresh perspectives
Reflecting on his role in the angel investing community, he remains modest. “I don’t think about it too much,” he says. “What’s important to me is that EstBAN didn’t become just a ‘one-man show.’ For the first five years, it was heavily influenced by me, and I worried that nobody would take over when I stepped down. But, thankfully, there have been four different presidents since, which shows that the organization is healthy and evolving.”
He emphasizes that networks like EstBAN should constantly refresh their leadership. “It’s crucial that leadership rotates and new ideas are injected. Otherwise, things stagnate. It’s always been my belief that people in leadership roles must bring fresh perspectives. We swap out half the board every year to keep the energy alive.”
A Unique Background and Passion for Investing
“All five partners at our firm, Trind Ventures, have done angel investments. Together with Joel Aasmäe we were co-founders of EstBAN and Reima Linnanvirta was the president of FiBAN with a business angel portfolio of about 20-startups back then. Becoming a VC, it’s a natural progression – as you gain experience, you want to play the game at a higher level.”
Ivar’s own background is diverse. “I studied physical education and international economics,” he says, detailing his 15-year career at Arco Vara, a major real estate firm, where he worked his way up from entry-level to top management. “In 2007, I left to pursue new opportunities. Together with my friend and partner Guido Kundla we established investment company WNB Project and started to look around. Our investments went mostly to startups. For example we invested in seed rounds of Cleveron and Defendec. I also used to play semi-professional basketball in the legendary ASTO team, and today, I still play twice a week with the same guys.”
Investing in People, Not Just Numbers
“I’ll be honest,” he says, “I’m not a spreadsheet wizard. My strength is investing in people. I need partners who are numbers-driven or experts in specific fields. It’s essential to understand the people behind the business, and I look for opportunities where there’s a real potential for growth.
Ivar admits there are ups and downs in angel investing. “Sometimes, despite everyone’s best intentions, things go wrong, and you must be prepared for that.”
Investment philosophy and advice for new angels: “Join EstBAN!”
His advice to aspiring angel investors is simple: “Join EstBAN! Don’t set rigid investment targets in your first year. Instead, immerse yourself, attend pitch events, and sneak into pre-screenings if you can. Build a close circle of 5-10 people within the community. Ask all the ‘stupid’ questions you have; often, those are the best ones.”
He suggests investing €5,000 in a syndicate as a learning experience. “It’s like paying for an education in investing. If, after a year, you feel it’s too risky, you can walk away, and no one will judge you.
EstBAN isn’t just about investing; it’s about making a difference. Ivar highlights a powerful example of community impact: “With Riivo Anton, we launched the United Delivery Mission to help Ukraine. The key is networking. It’s not just about investments; you meet incredible people who might become lifelong friends.”
And to sum up we asked Ivar where he get’s his information from – be it a podcast or book. And here’s what we got: „I actually have a book recomendation for angel investors – my friend Paulo Andrez just recently published the book Zero Risk startup – the name of the book is a little bit confusing but it’s all about potential risk midigation. In my mind good reading for investors and founders.
