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Accelerating startups intro Entrepreneuria Salon 24.X.2013

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Introduction to the panel discussion on high-tech startup acceleration at Entrepreneuria Salon, held 24.X.2013. The slides cover problems such as: financing startups, types of startup accelerators, …

Introduction to the panel discussion on high-tech startup acceleration at Entrepreneuria Salon, held 24.X.2013. The slides cover problems such as: financing startups, types of startup accelerators, top startup accelerators, innovation funding instruments, societal aspects of startup acceleration and innovation rush, innovative entrepreneurship rush, brief presentation of accelerator cases.


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  • 1. ACCELERATING STARTUPS intro Entrepreneuria Salon, 24.X.2013, @ PROPAGANDA jkaczmarek@most-program.org
  • 2. MOTIVATION ● pure pleasure ● entrepreneuria startup academy (summer 2013) ● the 3 mega trends
  • 3. THE 3 MEGATRENDS 1. the innovative entrepreneurship (gold?) rush 2. begging for the next wave of innovation 3. talent wanted!
  • 4. THE RUSH Innovative Entrepreneurship? natural resources debt the hype cycle by: Jackie Fenn & Mark Raskino, Gartner Inc.
  • 5. TROUBLE IS... ● ● ● ● ● ● ● innovation needs $$$$$$$$$$$$$ innovation needs time high risk (but must be balanced against not innovating) risk that cannot be mitigated, must be accepted lack of adequate performance measures lack of reliable risk assessment measures global competition is fierce
  • 6. 2# FUNDING GAP Global problem: plummeting VC performance
  • 7. BEGGING for... ● VC not adequate for long term investment (currently average seed->IPO cycle = ~10 years) ● Unstable: boom or bust cycles (uneven funds commitment ) ● EU problem: fragmented private equity, poor syndication, few pan-European investors, local focus. ● change of paradigm: no more technology push, customer crowds reign EU: fragmented markets ● Silicon Valley model not replicable? ● other means emerging: crowd funding (e.g. kickstarter.com)
  • 8. BRIDGING THE FUNDING GAP corporate/public VC accelerators crowdfunding the hype cycle by: Jackie Fenn & Mark Raskino, Gartner Inc. private VC loans/stock/bonds
  • 9. 3# TALENT WANTED EU problem: “a long tail of poor performance enterprises operating in fragmented uncompetitive markets.” , UK problem: “increasing the supply of VC has had a limited impact.” Technopolis report to ERAB on VC and Yollies, Oct. 2011 CEE problem: “Funding outstrips quality ideas”, “Investors are desperately seeking innovation” Financial Times, Sept 2013
  • 10. WHAT IS A START-UP ACCELERATOR? a modern intensified startup incubator open application process intensive ( ~ 3 months) mentoring, training and networking opportunities, space, seed funding ● in exchange for equity ● ● ● ●
  • 11. TOP PROGRAMMES: ranking source: Seed-DB & Forbes
  • 12. WHAT’S SO SPECIAL? The pool of : ● talent (participants) ● experience (mentors/trainers) ● network (space/meetings/feedback) ● money (seed investment) + a clear goal
  • 13. ARE THERE ACCELERATORS KINDS? 4 models A. talent farm (investor driven) B. next gen school (edu driven) C. employment catalyst (gov/ngo driven) D. business development (corporate driven)
  • 14. TALENT FARM - Y Combinator ● funded: 2005 ● 550 startups funded (AirBnB, Dropbox, Scribd) ● total investment $7.78 bln, ● average $45.2 m per company ● top 20 worth $ 4.7 bln
  • 15. EDU PROGRAM ● Rock Accelerator Award Program ● INSEAD Centre for Entrepreneurship (ICE) Entrepreneurship Accelerator
  • 16. CASE - INCUBATORS PROGRAMME by CSO, IL ● ● ● ● ● ● ● ● funded: 1991, by 2012 > 1,700 startups, $650M 24 technology incubators… by 2009, 22 privatized !!! 70- 80 new startups every year ~ 1 gov $ attracted further 5-6 of private $ ~40% of the graduates still up and running 100 Israeli start-ups gone NASDAQ in past 10 yrs key sf: strict quality & performance control key criterion: too risky to get private investor
  • 17. CORPORATE ● Nike + ● Sanoma (Helsinki based publisher)
  • 18. BENEFITS ● ● ● ● ● ● ● ● ● risk transfer risk mitigation (pre-seed, seed) intensive better filtering competitive (in attracting talents) branding hands-on direct access to investors builds entrepreneurship culture
  • 19. CHALLENGES ● ● ● ● mainly ICT so far shortage of talent competition still high risk (are we in a bubble?) ● lack of standards ● shortage of tutors ● mental barriers ● too slow ● shortage of personnel ● culture incompatibilities ● culture clash ● lack of measures ● siloing
  • 20. SOLUTIONS... shorten the exit cycle corporate/government VCs, oh… really? (cultural clash) VC syndication (including corporate VCs?) focus on the small proportion of exceptional young firms that grow fast to become large firms. ● seek complementarities with public funding (highest risk/max gain) ● ● ● ●
  • 21. SOLUTIONS... ● do not mitigate risk, accept it, transfer/optimise ● involve crowds (filtering/feedback/funding) ● invest in technologies that make innovation cheaper (in silico modelling, 3D printing) ● offshore innovation ? :P
  • 22. PRECAUTIONS! ● ● ● ● ● not only entrepreneurship watch out with public money! next wave of interventionism? overloaded entrepreneurs match supply of funds with the demand
  • 23. LET’S DISCUSS 1. Challenges confronted by current acceleration programmes in Poland. What can still be learnt from foreign experience? 2. The role of accelerators, costs and benefits, weaknesses to overcome and strengths to build upon. 3. Startup acceleration and creation of entrepreneurship culture. 4. Financing models of acceleration programmes and their long term financial viability.
  • 24. 1. Challenges confronted by current acceleration programmes in Poland. What can still be learnt from foreign experience? 2. The role of accelerators, costs and benefits, weaknesses to overcome and strengths to build upon. 3. Startup acceleration and creation of entrepreneurship culture. 4. Financing models of acceleration programmes and their long term financial viability. 5. Acceleration kinds: private, non-profit, public, hybrid? 6. Can accelerators provide for the next wave of innovation? (critical approach welcome!) 7. Acceleration programmes and technology transfer policies. 8. Beyond acceleration - can the trend be leapfrogged?