Your SlideShare is downloading. ×
Open Fund Slides
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Saving this for later?

Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime - even offline.

Text the download link to your phone

Standard text messaging rates apply

Open Fund Slides

1,531
views

Published on


0 Comments
2 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
1,531
On Slideshare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
0
Comments
0
Likes
2
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. OPENFUND Α Microfund targeting Emerging tech and the Web in Greece and Southeastern Europe www.theopenfund.com
  • 2. The Vision Create an ecosystem that will promote high tech entrepreneurship (business + technology) and will yield high returns to all participants Entrepreneurs Network of Advisors Executive Board Investors
  • 3. The First step Invest and foster the most promising startups Open call for proposals Selection of the best ideas or prototypes (up to 5 for every round) Fund and incubate the most promising (20k-30k€) Provide advice and guidance until the exit
  • 4. AGENDA WHO ARE WE THE OPPORTUNITY THE PROCESS INVESTOR INFORMATION
  • 5. Executive Board Team Managing Directors • Georgios Kasselakis, Entrepreneur, Organizer Thessaloniki Open Coffee – Operations • George Tziralis, Co-Founder & CEO, AskMarkets, Principal Organizer of Athens Open Coffee – Overall Management / Operations Board Members • Apostolos Apostolakis, Co-founder and CFO, e-shop.gr, Athens • Dimitris Athanasiadis, Entrepreneur, Co-Organizer of Athens Open Coffee – Operations • Onic Palandjian, Investment Director at Capital Connect Venture Managers SA, Athens • Sokratis Papafloratos, Co-founder and CEO, trustedplaces.com, London • Spiros Xanthos, Co-founder and VP of Engineering, Pattern Insight, Mountain View CA • Teresa Farmaki, Head of Private Equity & Operating CEO, Piraeus Bank & Pireaus-TANEO clean tech fund
  • 6. Advisors (so far) A strong network of advisors has been formed (and growing) to help the funded companies • Startup advisors – Tasso Argyros, Co-Founder & CTO, Aster Data Systems • Raised more than $25 million of funding in 3 years – Apostolos Apostolakis, Co-Founder & CFO e-shop.gr • Grew e-shop.gr to more than 120 millions of revenue – Sokratis Papafloratos, Co-founder and CEO, trustedplaces.com, London – Andy McLoughlin, Co-founder and Product Director, Huddle.com – Spiros Xanthos, Co-Founder & VP of Engineering, Pattern Insight • Turned university technology to a successful startup • Technology advisors – Haris Ermopoulos, Software Engineer for Google File System – Panos Ipeirotis, Associate Professor CS at Stern Biz School NYU – Georgios Kasselakis, Entrepreneur, Organizer Thessaloniki Open Coffee – Patrick Malone, CTO Microsoft Hellas • MS is also a sponsor
  • 7. Advisors (so far) • Investor Community – Franceso Benincasa, Director at Ultimate Holdings • Networking in the UK – Aristos Doxiadis, Managing Director Notos Associates – Onic Paladjian, Director at Capital Connect Ventures • Founded several successful startups in the past himself – Sakis Georgiadis, Investment Director, Gartmore Private Equity Fund of Funds • Sales and management – John R. Lovitt, Investor, former SVP at IBM/Rational • Interested in investing – Yiannis Methodios, Ex-CEO (Greece), Accenture – George Saliaris Fasseas, Country Manager (Greece), Google – Christos Tsangos, CEO (Greece) Microsoft – Ioannis Vasilaras, Ex-CEO, Infote • Accounting and legal – Andreas Akavalos, Ex-CEO (Greece), PriceWaterhouseCoopers
  • 8. Advisors (so far) • PR, Marketing, New Media – Petros Katsampouris, CEO, Vivechrom – George Tziralis, Organizer of Open Coffee Greece • Grew Open Coffee GR from 0 to more than 300 people per event
  • 9. AGENDA WHO ARE WE THE OPPORTUNITY THE PROCESS INVESTOR INFORMATION
  • 10. Necessary Preconditions Exist • Education – 1.7% of the population holding Masters’ degrees & PhDs (among the highest in Europe) – Highest per capita number (in Europe) of people who study abroad (and want to return to Greece) • Community & Entrepreneurial Momentum – Open Coffee attracts ~300 participants per month in two cities. Proportional count for 4 more cities. – “Innovation 2006” competition from Otenet attracted 2700 participants
  • 11. Τίτλος άξονα 0,00% 1,00% 2,00% 3,00% 4,00% 6,00% 7,00% 5,00% Lithuania Latvia Greece Finland United States Poland Slovenia Estonia Iceland Sweden Norway Hungary Denmark Ireland Spain Romania United Kingdom Belgium Slovakia Netherlands Source: Eurostat Portugal France Italy Turkey Czech Republic Bulgaria % population in Higher & Highest Education Japan Untapped Potential Croatia Austria Germany Switzerland Cyprus FYROM Albania Malta Liechtenstein Luxembourg (Grand-…
  • 12. Availability of Funding Seed stage funding is nonexistent today in Greece and SE Europe Greece Availability Western Europe Seed funding Public companies Buyout
  • 13. Distribution of Funding Stage Greece (‘07) Europe (‘07) Early 0 €3.35 B ↓ 1.2x Development €52 M €3.9 B ↓ 2x ↓ 2.5x VC €102 M €10 B ↓52x ↓ 6x Buyout €5.4 B €60 B Source: Private Equity Activity Survey 2008, European PE and VC Association
  • 14. Privileged access to the startup ecosystem in Greece • More than 40 events – Held hands with every single related event in Greece • 2500+ total attendants • 132 presentations • 0 budget • Guest speakers, including: – J. Calacanis (Blogs inc) – K. Mitsotakis (Former VC, Member of the Greek parliament) – A. Diamantopoulou (EU Commissioner, Shadow minister of Development) – V. Makios (Corallia, semiconductor companies incubator) – 10s more
  • 15. AGENDA WHO ARE WE THE OPPORTUNITY THE PROCESS INVESTOR INFORMATION
  • 16. Structure Connect entrepreneurs and investors, provide all that is needed to start, grow and sell successful ventures OPENFUND Executive Board Entrepreneurs Investors Network of Advisors
  • 17. Find the Best Entrepreneurs • We have almost set-up from scratch an entrepreneurial ecosystem (open coffee) • Now we are looking for the best and brightest, to set-up the most capable of teams and invest themselves exclusively for 4 months • To build and launch disrupting products • The idea is just a start, team and execution is of paramount importance
  • 18. The Selection Process • Three rounds of selection: 1. Online submission 2. In person interview 3. Presentation day (investors participate) • Stake in up to 5 ventures / round • 20-30K€ per investment for 20% equity • Iterating, 4 month stages
  • 19. Benefits for Entrepreneurs • Mentoring & networking – Leverage advice & connections from the best in the field, tech & business • Funding – Seed capital to cover all operational expenses for the 4- month quot;incubationquot; period • Smooth Start – Create the company for them at no cost – Handle all the legal / accounting issues, provide advise • Grow – Take direct advantage of the network to grow and raise more money as needed
  • 20. Targeted business models We bring expertise on these models on board, we are open to others too • subscriptions (fixed/variable), freemium • license, SaaS, white label • marketplaces, ecommerce and open calls • advertising, content re-purpose & affiliate sales • hybrids of the above (micropayments, affiliate advertising etc)
  • 21. AGENDA WHO ARE WE THE OPPORTUNITY THE PROCESS INVESTOR INFORMATION
  • 22. Benefits for Investors Access to the best opportunities in SE Europe • Open Coffee Greece is the ultimate destination for new startups • Micro funds (YCombinator, Techstarts, etc.), have been very successful – Nevertheless, closest to Greece is Seedcamp, based in the UK
  • 23. Benefits for Investors Effortless diversification of the investments • The OpenFund organizes everything (processes, paperwork etc) • Investors are involved as much (or as little) as they want with the funded companies – They do participate in the selection • Diversify by participating in every company of a round • Extensive network of advisors and investors multiplies chances for successful exit
  • 24. Benefits for Investors Social Impact and Extensive Promotion Opportunities • Promote entrepreneurship in Greece & SE Europe – Funding and advising is what’s missing – Access to a portfolio with the most promising ventures in the region • Open Coffee has been recognized by the media for promoting entrepreneurship – High profile successful entrepreneurs, executives and politicians participated and want to help
  • 25. Investment Approach: Funding 2.0 Evolution of technology: Open Source, AWS, AppEngine, Azure, Cloud Matrix, Ruby on Rails… 4-strong team of great individuals is enough to create a disrupting product Invest in on-line services Iterate and Improve Aim for the global market
  • 26. Sharing the Stakes 8% Management Board 12% Investors 80% Entrepreneurs 100%