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Annex 06 - Investment Agreements

Templates for Grants, SAFE/Convertible Notes & Co‑Investment​

Vigía Incubation Framework (VIF)​

National Public–Private Incubator Network Guide - Version 1.0

1. Introduction

This annex provides the standardized investment agreement templates used within the Vigía Incubation Framework (VIF).
These templates ensure that all investment-related instruments:

  • follow evidence and maturity standards (MCF 2.1, IMM-P®),
  • comply with governance (NSC, TOU, IC),
  • maintain auditability and transparency,
  • respect conflict‑of‑interest and compliance rules,
  • integrate with national co‑investment and funding mechanisms,
  • are legally adaptable for public and private sectors.

This annex includes the three approved investment instruments:

  1. Grant Agreement (Non‑Equity, Evidence-Based Tranches)
  2. SAFE / Convertible Note Agreement (Equity-Linked Early-Stage Instrument)
  3. Co-Investment Agreement (Government + Private Investors)

These templates support Section 05 - Funding Model, Annex 03 - IC, and Section 10 - Templates.

2. How to Use This Annex

This annex defines the minimum required structure for all investment agreements in VIF.

Mandatory Components (Not Negotiable)​

  • Evidence validation via MCF 2.1
  • Maturity alignment (IMM-P® minimum thresholds)
  • TOU evidence checks
  • IC investment authority
  • KPI reporting obligations
  • Auditability and compliance
  • Conflict‑of‑interest rules
  • Prohibition on political interference

Adaptable Components​

  • Valuation caps
  • Tranche size
  • Co-investor structure
  • Repayment terms (if required by local law)
  • Governing law and jurisdiction

Prohibited Modifications​

Countries may NOT change:

  • IC independence
  • Evidence standards
  • Maturity thresholds
  • Required documentation
  • Risk disclosure obligations

3. Investment Agreement Architecture

Investment Agreement Architecture
flowchart TD
    A(Investment Instrument) --> B(Grant Agreement)
    A --> C(SAFE / Convertible Note)
    A --> D(Co-Investment Agreement)
    B --> E(Evidence & KPIs)
    C --> F(Valuation & Conversion)
    D --> G(Risk Allocation & Governance)

4. Evidence & Maturity Preconditions (All Instruments)

Before any investment is approved:

4.1 Evidence Requirements (MCF 2.1)​

The startup must provide:

  • validated problem evidence
  • validated customer evidence
  • validated solution feasibility
  • validated business model assumptions
  • experiment logs
  • learning insights
  • risk mitigation plans

4.2 Maturity Requirements (IMM-P®)​

Minimum thresholds:

StageMinimum IMM-P® ScoreDescription
Pre-Seed Grant1.5Basic evidence validated
Validation Tranche2.0Repeatable evidence & learning
Scaling Capital2.5–3.0Operational consistency
Expansion Capital3.0+Institutional readiness

No investment may proceed without TOU evidence verification and IC approval.

5. Template 1 - Grant Agreement

(Non‑Equity, Tranche‑Based Funding)

5.1 Purpose​

The Grant Agreement establishes non‑equity, milestone‑linked financial support for early-stage startups.

5.2 Structure​

ComponentRequirement
TypeNon‑equity financial support
GovernanceIC approval + TOU verification
DisbursementEvidence-based tranches
ReportingKPI monthly + evidence logs
AuditsMandatory
RepaymentOnly in cases of fraud or misuse

5.3 Core Clauses​

Article 1 - Parties​

  • Granting Authority (government/public entity)
  • Recipient Startup

Article 2 - Grant Amount & Tranches​

  • Total Amount
  • Tranche Structure
  • Required Evidence For Each Tranche

Article 3 - Reporting Obligations​

  • Monthly KPI report
  • Quarterly IC readiness update
  • Full evidence logs

Article 4 - Compliance​

  • Data accuracy
  • Fund usage rules
  • Audit cooperation

Article 5 - Misuse & Remedies​

  • Repayment triggered by:
    • fraud,
    • falsified evidence,
    • non‑compliance.

Article 6 - Termination​

  • For breach or termination of participation.

6. Template 2 - SAFE / Convertible Note Agreement

(Equity-Linked Early-Stage Instrument)

6.1 Purpose​

A standardized early-stage financing instrument used by public and private investors under VIF.

6.2 Structure​

ComponentRequirement
TypeSAFE or Convertible Note
EquityConverts at priced round or trigger event
GovernanceIC approval
EvidenceRequired for each tranche
Valuation CapAdaptable
DiscountsAllowed

6.3 Core Clauses​

Article 1 - Parties​

  • Investor (public or private)
  • Startup

Article 2 - Investment Amount​

Article 3 - Conversion Triggers​

  • Equity financing
  • Change of control
  • Expiration date (if convertible note)

Article 4 - Valuation Cap & Discount​

Article 5 - IC & TOU Governance Binding​

Conversion validity requires:

  • evidence integrity
  • maturity compliance
  • IC approval

Article 6 - Representations & Warranties​

Article 7 - Risk Disclosures​

Article 8 - Termination​

7. Template 3 - Co‑Investment Agreement

(Government + Private Investors)

7.1 Purpose​

Defines the financial relationship between:

  • government innovation authority,
  • private-sector investors,
  • participating startups.

7.2 Structure​

ComponentRequirement
TypeDirect co‑investment
GovernanceIC approval mandatory
EvidenceMCF 2.1 compliance
MaturityIMM-P® compliance
Risk AllocationShared + disclosed
ReportingFull transparency

7.3 Core Clauses​

Article 1 - Parties​

  • Government Investor
  • Private Investor(s)
  • Startup

Article 2 - Investment Amounts & Ratios​

Article 3 - Risk Allocation​

Includes:

  • operational risk,
  • market risk,
  • financial risk,
  • compliance risk,
  • data risk,
  • fraud risk.

Article 4 - Governance Alignment​

All investments are bound by:

  • IC independence
  • TOU evidence checks
  • MCF 2.1
  • IMM-P®

Article 5 - Reporting Obligations​

  • KPI sharing
  • financial reports
  • audits

Article 6 - Exit & Liquidation​

8. Localization Guidance

Countries may adapt:

  • valuation caps,
  • repayment/interest rules (if legally required),
  • formats for co‑investment,
  • governing law and jurisdiction.

Countries may NOT modify:

  • evidence requirements,
  • maturity alignment,
  • IC independence,
  • compliance and COI rules.

9. Reference Snapshot

Primary Doulab frameworks:

External influences:

  • OECD Public Governance Principles
  • World Bank GovTech Maturity Index
  • OECD Strategic Foresight Toolkit
  • WIPO Global Innovation Index

See 11-references.md for the full bibliography.

10. Licensing

Vigia Incubation Framework © 2025 by Luis A. Santiago is licensed under CC BY-NC-ND 4.0 CC BY NC ND See: ../LICENSE.md

MicroCanvas®, IMM-P® and VIF are proprietary methodologies of Doulab.