SCALE ANGELS 2021 MEMBERSHIP INFORMATION PACK - Susan Oliver AM, co-Founder; Catherine Robson, Chair; Samar Mcheileh, co-CEO; Chelsea Newell ...
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SCALEINVESTORS.COM.AU
MEMBERSHIP INFORMATION PACK
SCALE ANGELS
2021
Susan Oliver AM, co-Founder; Catherine Robson, Chair; Samar Mcheileh, co-CEO; Chelsea Newell, co-CEO;
Bianca Kloti, Community Manager.
WELCOME TO SCALE
INVESTORS.
A note from our co-CEO's and co-Founder, Susan Oliver AM:
Scale Investors has entrenched itself as a critical player in the Victorian and Australian
innovation and entrepreneurial ecosystem. Scale was first and prescient in understanding the
need for active and successful participation of women in investing and founding new
innovative businesses. We have built an active Angel investment network and have worked
with over 200 sophisticated investors mainly women, activating over $12m of private capital in
30 investments into women-led businesses. With an IRR of over 21.5%, Scale has backed
female-founded businesses Australia wide, across a wide range of innovative and emerging
sectors. Scale won the Exit of the Year award in 2019 for Trademark Vision, with the founding
entrepreneurs now Scale Angels.
We have been supported at every step by the Victorian Government and Launch Vic, for which
we are very grateful and have had extraordinary corporate partners in PWC in particular. The
Scale Board is professional and play an important role in the business and work with and
support the management team.
We look forward to working with you and bringing investment opportunities in exceptional
female founders!
01
THE RESEARCH IS CLEAR...
RESEARCH HAS SHOWN C om p an i es w ith w om en on t he ex ec ut iv e t ea m a r e
m or e s uc ce ss f ul th an co m pa nie s w it h n o w o m en .
THAT FEMALE-LED (1 )
F e m al e - l e a d c om pa ni e s, w he n in v e st or- ba ck ed ,
BUSINESSES, OR b r in g i n 10% m o r e r ev e n ue th a n m a le le a d
BUSINESSES THAT VALUE c om p an ie s an d e a rn a 35 % hi g he r r e tu r n. (2 )
W om e n a r e hi gh ly e f f i cie nt wi th ca pi ta l , r un n i n g
GENDER DIVERSE c om p an ie s on tw o- th ird s o f f u nd s c om p a r e d t o
th e i r m a l e c ou nt er p a r ts. (3)
LEADERSHIP TEAMS, Th e to p q u a rt il e o f g en d e r d i ve r se p ub l i c
STATISTICALLY ACHIEVE c om p an ie s ar e 15 % m ore li k el y to ou tp er f o rm
in d u st ry m e di ans . I t st a rt s w it h u s; th e S ca l e
SUPERIOR INVESTMENT In v e st or n e tw or k h a s a p ow e r f u l ro l e to pl a y t o
RETURNS: ac ti va t e e a r l y- sta g e f e m a le - le d or ga ni sa ti on s.
F e m al e - f ou nd ed sta r tu p s h a v e a co ns is te nt h i st o r y
of e x iti ng f a ste r t ha n m a le -l e d sta rtu p s - 6 .4 y ea r s
v s a m e d ia n of 7.4 ye ar s.
C om p an i es w ith w om en en tr e p r en e u r s a r e m o r e
li kel y t o a ch ie v e hi g h e r v a lu at ion s. ( 4)
02 1 GENDER DIVERSITY = GOOD BUSINESS
2 WOMEN WHO RUN TECH STARTUPS ARE CATCHING UP
3 WHITEPAPER: HIGH-PERFORMANCE ENTREPRENEURS, ILLUMINATE VENTURES
4 WHY DIVERSITY MATTERS. MCKINSEY & CO (2015)
THE RESEARCH IS CLEAR...
In A us tr a lia , on ly 4% o f in v e sto r-b a c k e d st a r tu p f o u nd er s a re
YET, DESPITE fe m a l e . (5 )
RESEARCH SHOWING F e m a l e f oun d e d b u sin e s se s h av e g re a te r d i f f i cu lt y in
ac ce ss in g c ap ita l, a nd th e r e f o r e re c e iv e a s m al l p or tio n o f
QUANTITATIVE AND to ta l v e n tur e c a p i ta l i n ve stm e nt. Ev id e n ce f r om t h e U S s h o w s
QUALITATIVE th at al th ou g h 60 % of bu si ne sse s a re f ou n d e d or co -f o un d e d b y
w om e n, on l y 7 % of v e ntu r e ca pi tal f u nd i n g go e s t o c om p a n ie s
ADVANTAGES TO w i th f em a le ch ie f e xe c ut iv e s.( 6)
W om e n t yp ica l ly sta rt th ei r bu si n es se s wi th l es s ca p ita l t ha n
INVESTMENT IN th ei r m al e c ou nt e rp a r ts a nd te nd to s ee k l o a n s to o s m al l t o
FEMALE LEAD AND m e e t t he ne e d s o f t he i r b us i n ess . T h e y h a v e a ten d e n cy t o
u nd e rs ta te the i r bu si n es s p ot en ti al a n d b e m o re ris k -a v er s e
GENDER DIVERSE w he n co nte m p l atin g se e ki ng i nv e s tm e n t .
BUSINESSES: A s w as n ot e d by th e l e ad a uth or of th e ‘ D i an a R e p or t : W om e n
E n t r ep r en e ur s 2 0 14 : B rid g in g t he G en d e r G a p in Ve n tu re Ca p it a l’ ,
t h is re p r e se nts a n e no rm ou s u nt ap p ed in v e st m en t o p p ort u n it y
fo r v e n tu r e c ap it al is ts sm ar t e n ou gh t o lo ok a t t he n um b e rs a n d
fu n d w om e n e nt re p r e ne ur s .
03 5 PITCHBOOK-ALL RAISE ALL IN: WOMEN IN THE VC ECOSYSTEM
6 EXECUTIVE SUMMARY FOR WOMEN ENTREPRENEURS 2014: BRIDGING THE GENDER GAP IN VENTURE
CAPITAL
7 WOMEN & ENTREPRENEURSHIP
8 FEMALE FOUNDERS GOT 2% OF VENTURE CAPITAL DOLLARS IN 2017
ABOUT SCALE
Launched in 2013, Scale is the first female-focused, member-based Angel investor network in
Australia.
Currently comprised of a network of almost 100 members across Australia, Scale is paving the
way to bridge the gender gap in angel investing and venture capital, by empowering
sophisticated investors to connect with, invest in and support Australian female entrepreneurs
in early-stage businesses.
As a recognised ‘thought leader’ on early-stage investments in Australia, Scale is at the
forefront of a cultural shift towards capturing the untapped investment opportunity in female
founders.
We welcome ALL investors who share our vision of maximising returns by supporting early-
stage businesses that value gender diverse leadership.
THE SCALE STORY
SO FAR...
I n t h e e i g ht y e ars s i n c e i t l a u n ch ed , S ca le I n v e s t or s h a s :
G r o w n a so ph i st i ca t ed i n ve st o r n et w o rk en g ag in g w i th o v e r 2 00 a ng el s ( bo th
m a l e a n d fe ma l e) ac r o ss Au st r a li a .
R e v i e w ed i n v e s t m e n t en q u i ri e s f r om o v e r 1 ,0 00 f e m a l e-l ed Au s tr a li a n
b u s i n e s s es , w i t h m o r e t h a n 4 5 0 ha vi n g f o rm a lly a p p li e d f o r in v es tm e nt
t h r o ug h S c al e ’ s se c u r e o n l i n e de a l p la tf or m .
C o a c h e d o v er 150 f e ma l e en t re pr ene u r s of Au s tr a li an b u si ne ss es to t he s t ag e
o f b e i n g i n v e s t o r re ad y .
3 0x e x i t i n T rad e M ar k V i si o n a C om p uM a r k C om p an y
I n v e s t e d o v e r $ 12 m i l l i o n ac r o s s 3 0 f em a le- led p or t fo li o c o m p an ie s .
I n v e s t e d a c r o s s d i v er s e i n d u st r y s ec to rs i n c lu d i n g, b u t n ot li mi te d t o, S a aS
( s o f t w a r e a s a se r vi c e) , p ha rm ac eu tica l, i n flu e nc er m a r ke ti n g , m e di c a l d ev ic e
t e c h n o lo g y , ev en t s m ana g e m en t, In s ur Te ch , A gr i T ec h , E d T e ch , c lea n en er gy
a n d a n al y t i c s
S c a l e i n v e s t o r s ar e i n B o a rd an d A dv is or y r ole s an d a r e a ct i v ely in v olv ed p os t
investment.
04
OUR PORTFOLIO
Scale Investors empowers entrepreneurial women and investors to
connect, invest and succeed. Click here to view our fantastic portfolio
and entrepreneurs.
05
ELIGIBILITY TO
BECOME A SCALE
INVESTOR
Investing Scale Angels must be “sophisticated investors", as
defined in Section 708(8)(c) of the Corporations Act (in that
they must satisfy either the net assets test (A$2.5m) or gross
income test (A$250,000 or more per annum in each of the
previous 2 financial years)). Scale has partnered with
VentureCrowd for managing the administration of
investments. VentureCrowd will onboard each of our
investors to their online portal and require each investor to
qualify as a sophisticated investor as per Australian
regulations. Investors will have access to their investments
via the online portal.
Investing in early-stage companies involves a high degree of
risk. Potential investors must independently assess the merits
and risks of early-stage investing and make all of their
investment decisions independently. All investors are
strongly encouraged to seek legal and other professional
advice prior to making such investments. Scale is unable to
and will not make recommendations regarding the
appropriateness of angel investing for any investor, or with
respect to any specific investment opportunities.
Whilst female-focused in terms of its investment mandate,
Scale recognises the benefits and necessity of diversity in
successful investment decision making. Therefore, Scale
actively seeks applications from both female and male
investors who share its vision of maximising returns by
supporting early-stage businesses that value gender diverse
leadership.
06
INVESTMENT
STRUCTURE
Scale is a collaborative angel investment network with a common
investment philosophy. Scale Investors are a syndicate, whereby founders
gain access to multiple Individuals that combine their private capital as a
single investor to a startup business.
In order to facilitate this structure, all deals are made via the Scale Unit
Trust, managed and administered by VentureCrowd as the trustee. Upon
signing up as Scale Angel, investors will be provided with instructions to set
up a profile with VentureCrowd ahead of making an investment. At a high
level, investors will be required to provide relevant ID documents and an
accountant's certificate verifying Sophisticated Investor / Entity status.
Scale’s primary focus is to empower investors to undertake Angel
investments by providing education, information support and related
resources to its members.
Investors remain individually responsible for making investment decisions
and determining and documenting the terms and the structure of their
investments.
SCALE EVENTS
Throughout the year, Scale runs a number of member events, including:
Investor Education sessions
Scale investors are encouraged to participate in a number of education
sessions run throughout the year. These sessions cover a number of topics,
including the risks and rewards of angel investing, technical sessions
covering valuations, term sheets, and capitalisation tables, as well as
sessions on leading a Scale deal (including due diligence and deal
negotiation) and preparation for exit.
In addition, Scale runs a Lunch and Learn series. The structure is an
informal, round table, interactive conversation with a special guest speaker.
These topics range in key focus areas dependent on the current deal
pipeline and trends.
Networking events
Scale runs a number of networking events, allowing Scale Angels to connect
with the Scale investment community and the broader ecosystem.
07
INVESTMENT PROCESS
Outlined below is the Scale Investors investment process when leading a deal. Scale Investors
also co-invest and follow deals, we leverage processes to ensure pace and avoid duplication.
08
EXPECTATIONS OF SCALE
MEMBERS
THE SCALE NETWORK PROVIDES MEMBERS WITH THE ABILITY TO NOT ONLY CONNECT
BUT WORK ALONGSIDE SMART DIVERSE INVESTORS AND TALENTED ENTREPRENEURS.
VIEW OUR ACCOMPLISHED ANGEL NETWORK VIA OUR WEBSITE.
CLICK TO VIEW OUR WHOLE NETWORK, AND BE PART OF AUSTRALIA'S FIRST AND ONLY
NETWORK OF ANGELS INVESTING IN EXCEPTIONAL FEMALE FOUNDERS.
T O C O N T I N U E T O E N HA N C E O U R N E T W O R K O F A CC O M P L I S H IN VE S TO , T H E E X PE C T AT I O N S OF M E M B E RS
A R E O U T L I N E D BE LO W :
Commit to investing
A s a g u i d e , w e e x p ec t A ng el I nv est or s t o i nv es t i n tw o t o t h re e d ea l s pe r y ear (n e w i n v es t m en t s or f o l l o w
o n r o u n d s) t o a c h ie ve d iv er s i fi c at i on a c r o s s i n d iv id ua l p o rtf o l io s . In v e s t o rs ar e a l s o exp e c t e d t o
p a r t i c i pa t e i n a t l ea s t t w o d ue d il i ge n c e te am s p e r y e ar an d /o r ta k e a ' D ea l Le a d' ro l e i n a t l e ast o n e
p o t e n t i a l i n v e s tm en t o p p or tu ni t y e ve r y o th e r y ea r. A 'D e a l L e a d ' l ea d s a p o t e n t ia l i n v es t m en t
o p p o r tu n i ty , w o r ks c lo s e ly wi t h fou nd er s , ot he r S c al e in v est o r s, t h e Sc al e t e a m a n d m ay t a ke an a ct i v e
r o le w i t h t h e s t a r tu p . Th e m i n i m um in v es t m e n t p er m e m b e r is $ 1 0 , 0 0 0 a nd Sc a l e In ve s t or s w il l l ea d a
d e a l w i t h a c o l l e c t iv e m i n im u m p o ole d i nv es tm e n t a m ou n t o f $ 25 0 , 0 0 0 .
C o m m i t t o b e i n g p a rt o f t h e S c a l e c o m m un i t y
A l l m e m b e r s a r e ex p e c te d to b e ac t iv e p a r ti ci pa n ts w it h in t he Sc al e c o m m u n i ty . M em be rs ar e i nv it e d t o
r e pr e s e n t S c a l e b y att en di n g e v e nt s a nd p a rt i cip a t i n g o n p a n e l s at s ta rt u p ev en t s wi th in t h e e co sy s t e m .
C o m m i t t o p r o vi d in g i n -k in d s up p o r t t o e n t re pr en e u rs
B e i n g a n A n ge l i n ve s t o r i s a b o ut m or e th a n p r o v id in g p r iv at e c ap it al . M em be rs a r e e x pe ct ed t o p r o vi d e
i n - k i n d s u p p o rt t o e nt r ep r e ne ur s , in cl ud i n g o p e n i n g u p t h eir n et wo rk s an d s h a r i n g t he ir e xp e r tis e a n d
e x p e r i e n c e , t o h e lp b u ild i c on i c b u s in es s es , c re at e t he in ve s t or s o f t o m o r ro w an d s h ap e t h e f ut ur e w e
believe in.
C o m p l i a n c e w i t h Co de o f C on du c t
R e f e r t o A p p e n d i x A f o r d eta i ls .
T h e S c a l e B o a rd r ev i ew s m e m b e r p ar ti c i p a tio n an d res e rve s th e r ig ht to r em o v e m e mb e rs w h o do n o t
d e m o n s t r a t e e x p ec ted le vel s o f c o m m it m en t o r c o m p l y w it h t he c o de o f c on du c t .
09ANNUAL SCALE INVESTOR
FEES
TYPE DESCRIPTION ANNUAL FEE
Family / Applicant investors who are part of the same family (max.
four members) or Family Offices AUD $5,000.00 +GST*
Family Office
Individual Individual Investing Members AUD $3,000.00 +GST*
Affiliate Individual Non-Investing Members AUD $2,000.00 +GST
Corporate Corporate employer sponsorship of group (employee)
Upon Application
applicants annual membership.
*EXCLUDES SCALE TRUST PROCESSING FEE OF $130+GST. THIS FEE WILL CONTINUE TO APPLY UNTIL ALL UNIT TRUSTS HAVE BEEN MIGRATED TO VENTURE CROWD. UPON COMPLETION
OF MIGRATION, A PER ANNUM VENTURECROWD MAINTENANCE FEE WILL BE INVOICED TO YOU DIRECTLY. THIS WILL NOT OCCUR UNTIL 2020.
SCALE ANGEL BENEFITS
M e m b er b en e f it s i ncl u d e:
Pa rt of a n et wo rk fa c i lit a ti n g co m p e l lin g in ve s t m en t s in t o e m er g in g A us t r al ia n f em a le en t r ep ren eu r s in e ar ly- s ta ge ,
h igh g ro wt h b u s in e s s e s
C o n n e ct an d c o - in v e s t w it h h igh l y ex pe rie n ce d a n g e l in v es to r s
A cc es s t o e arl y-s t ag e in v e s t m e n t ed u c at io n m at er i al
A se cu re de a l ma n a g e m e n t s o f tw a r e p l a tf or m
Ac ces s to ind us try e x pe rt s du rin g ou r in te ra c t iv e e du c a t ion s es si on s
L eve ra ge Sc a le c on n e c ti o n s a c ro ss t he e cos y s t e m t o s u pp or t pe rs on a l in ve st m e nt s
W ee kly u pd at es t o y ou r i n b ox fro m ou r C o- CE O s
A nn ua l P or t fol io Re v ie w s h o w c a s e e v e n t
A f f il ia t es m em be rs sh a re a l l m e m b e r b en ef it s h ow ev er do n ot h a v e t he ab il ity t o in v est in s t ar t u p s. T h is m em be r t yp e
w as cr ea t ed to al low t h o s e w h o m a y n o t y e t qu a l if y as a so ph is ti ca t ed i nv es t o r t o jo in S c al e a n d l ea rn ab o ut a ng e l
in v e st i n g an d pr o vi d e s u pp or t.
A n g el Inv es t or O n li ne Ed u c at io n
S c al e I n v es t or s h as co m p li e d in s igh t s f rom in d u st ry e xp er ts , t he y s h ed lig h t on in d us t ry ja r g o n a n d p ro vi de, in de ta il,
h o w th e en d t o e nd in v e st m e n t p ro ce ss is r u n f or se ed ca p it al r a i s i ng .
10TAX INCENTIVES
FOR INVESTORS*
*SCALE INVESTORS LTD DOES NOT PROVIDE TAX, LEGAL OR
ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR
INFORMATIONAL PURPOSES ONLY, AND IS NOT INTENDED TO
PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL OR
ACCOUNTING ADVICE.
POTENTIAL INVESTORS MUST INDEPENDENTLY ASSESS THE
MERITS AND RISKS OF EARLY-STAGE INVESTING AND MAKE ALL
OF THEIR INVESTMENT DECISIONS INDEPENDENTLY. ALL
INVESTORS ARE STRONGLY ENCOURAGED TO SEEK THEIR OWN
LEGAL, TAX, AND ACCOUNTING ADVICE PRIOR TO MAKING ANY
INVESTMENTS. SCALE IS UNABLE TO, AND WILL NOT MAKE
RECOMMENDATIONS REGARDING THE APPROPRIATENESS OF
ANGEL INVESTING FOR ANY INVESTOR, OR WITH RESPECT TO ANY
SPECIFIC INVESTMENT OPPORTUNITIES.
With effect from 1 J ul y 2 01 6 , t he Aus t r a li a n Go v e r nme nt ha s
implemented cha ng e s t o t he t a x s y s t e m to i nc e nt i v i s e i nv e s t o r s
to direct their f unds t o wa r ds i nno v a t i v e , hi g h- g r o wt h po t e nt i a l
startups.
Under the Tax L a ws Ame ndme nt ( T a x I nc e nt i v e s f o r I nno v a t i o n)
Bill 2016, conce s s i o na l t a x t r e a t me nt s wi l l be ma de a v a i l a bl e
for investors who i nv e s t i n qua l i f y i ng Ea r l y S t a g e I nno v a t i o n
Companies (ESI C) .
The tax incentiv e s wi l l pr o v i de e l i g i bl e inv e s t o r s wi t h:
1. A 20% non- r e f unda bl e c a r r y - f o r wa r d t a x o f f s e t o n
investments i n qua l i f y i ng ES I Cs , c a ppe d a t $ 2 00, 000 pe r
investor, per y e a r .
2. A 10-year c a pi t a l g a i ns t a x e x e mpt i o n f o r i nv e s t me nt s he l d
as shares in a n ES I C f o r a t l e a s t 1 2 mo nt hs , pr o v i de d t ha t t he
shares held do no t c o ns t i t ut e mo r e t ha n a 3 0% i nt e r e s t i n t he
ESIC.
The incentive wi l l be a v a i l a bl e f o r i nv e s t me nt s i n c o mpa ni e s
that:
1. undertake a n e l i g i bl e bus i ne s s ;
2. were incorpo r a t e d dur i ng t he l as t t hr e e i nc o me y e a r s ( no t e
there are some e x c e pt i o ns ) ;
3. aren’t listed o n a ny s t o c k e x c ha ng e ;
4. have expendi t ur e a nd i nc o me o f l e s s t ha n $ 1 m, a nd
$200,000 in t he pr e v i o us i nc o me y e a r , r e s pe c t i v e l y .
11CONTACT US
THE SCALE INVESTORS TEAM
E: i nf o @s c a l e i nv e s t o r s . c o m. a u
T: 03 8 6 4 0 7 9 03
S c a l e I nv e s t o r s,
L e v e l 2 / 6 9 6 Bo ur k e S t r e e t ,
Me l bo ur ne , 3 000
For more informa t i o n a bo ut S c a l e , t he t e a m a nd t he bo a r d, pl e a s e v i s i t o ur we bs i t e a nd f o l l o w
us o n s o c i a l s :
W: www. s c a l e i nv e s t o r s . c o m. a u
T wi t t e r : @s c a l e _ i nv e s t o r s
I ns t a g r a m: @s c a l e i nv e s t o r s
L i nk e dI n: S c a l e I nv e s t o r s L t d
12APPENDIX A
SCALE CODE OF
CONDUCT
S c a l e I nv e s t o r s L i mi t e d ( ACN 1 6 2 9 6 6 6 09 ) ( S c a l e ) a nd S c a l e Ang e l s
a r e c o mmi t t e d t o de v e l o pi ng a nd ma i nt a i ni ng hi g h l e v e l s o f
r e s pe c t a nd t r us t c o nc e r ni ng t he i r a c t i v i t i e s a nd t he i nv e s t me nt
o ppo r t uni t i e s t he y c o ns i de r a nd unde r t a k e . T o a c hi e v e t hi s , e a c h
S c a l e Ange l i s r e qui r e d t o c o mpl y wi t h t he f o l l o wi ng s t a nda r ds o f
c o nduc t .
1 . S c a l e Ang e l s mus t a c t i v e l y s uppo r t S c al e a nd t he S c a l e
i nv e s t me nt pr o c e s s by wo r k i ng c o ns t r uc t i v e l y , di l i g e nt l y a nd i n
g o o d f a i t h i n a l l o f t he i r de a l i ng s a nd a c t i v i t i e s , i nc l udi ng by :
1 . 1 . Whe n po s s i bl e , r e g ul a r l y a t t e nd e duc a t i o n s e s s i o ns a nd i nv e s t o r
f o r um s e s s i o ns ;
1 . 2 . us i ng t he i r be s t e nde a v o ur s t o r e g ul a r l y pa r t i c i pa t e i n due
di l i g e nc e i nv e s t i g a t i o ns a nd ne g o t i a t i o ns f o r i nv e s t me nt
o ppo r t uni t i e s t he y wi s h t o e x pl o r e , a nd whe r e po s s ibl e t a k i ng t he
l e a d r o l e i n i nv e s t i g a t i ng a nd ne g o t i a t i ng t ho s e i nv e s t me nt
o ppo r t uni t i e s .
2 . I n a l l o f t he i r de a l i ng a nd a c t i v i t i e s , S c a l e Ang e l s mus t ma i nt a i n
hi g h s t a nda r ds o f pe r s o na l a nd pr o f e s s i o na l c o nduc t a nd a c t
e t hi c a l l y a nd ho ne s t l y , i nc l udi ng by :
2 . 1 . no t t a k i ng i mpr o pe r a dv a nt a g e o f t he i r po s i t i o n a s a S c a l e
Ang e l o r a s a n a c t ua l o r pr o s pe c t i v e i nv e s t o r i n a n i nv e s t me nt
o ppo r t uni t y ;
2 . 2 . e nsur i ng t ha t a ny c o nf i de nt i a l i nf o r ma t i o n t he y r e c e iv e a s a
S c a l e Ang e l i s no t di s c l o s e d t o a ny o ne o ut s i de o f S c a l e , S c a l e
Ang e l s a nd t he i r pr o f e s s i o na l a dv i s e r s unl e s s t he r e i s a pr o pe r a nd
s pe c i f i c a ut ho r i t y t o di s c l o s e , o r t he r e i s a l e g a l o r pr o f e s s i o na l
r i g ht o r dut y t o di s c l o s e , t ha t i nf o r ma t i o n;
2 . 3 . pr o mpt l y a nd pr o pe r l y ma na g i ng a ny c o nf l i c t o f i nt e r e s t s
whi c h ma y a r i s e a s a r e s ul t o f t he i r po s it i o n a s a S c a l e Ang e l ,
i nc l udi ng a s a n a c t ua l o r pr o s pe c t i v e i nv e s t o r i n a n i nv e s t me nt
o ppo r t unit y ; a nd
2 . 4 . de v e l o pi ng a nd ma i nt a i ni ng hi g h l e v e l s o f pe r s o na l
c o mpe t e nc e c o nc e r ni ng t he i r de a l i ng s a nd a c t i v i t i e s a s a S c a l e
Ang e l t hr o ug h a c o mmi t me nt t o o ng o i ng pr o f e s s i o na l
de v e l o pme nt , i nc l udi ng t hr o ug h a t t e nda nc e a t a nd pa r t i c i pa t i o n
i n, S c a l e t r a i ni ng a nd pr o f e s s i o na l de v e l o pme nt a c t i v i t i e s .
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