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Seed Capital in Practice - A Guide for You to Start-up

Seed Capital in Practice - A Guide for You to Start-up



A short intro to the Openfund, next to some tips for aspiring entrepreneurs on how to apply, and Sportmeets as a case. Presented at the WebExpo Prague, Friday September 24.

A short intro to the Openfund, next to some tips for aspiring entrepreneurs on how to apply, and Sportmeets as a case. Presented at the WebExpo Prague, Friday September 24.



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    Seed Capital in Practice - A Guide for You to Start-up Seed Capital in Practice - A Guide for You to Start-up Presentation Transcript

    • Seed capital in practice a guide for you to start-up* with the help of the Openfund or other seed funding structures George Tziralis & Miro Solanka Fri Sep 24, WebExpo 2010, Prague, CZ
    • toc / in short •who we are / what we do •tips for you to apply •a case study
    • The story starts in June 07, with the first tiny Open Coffee Athens meeting June 07
    • February 08 Since then, the network has grown really strong
    • & the interest on entrepreneurship has skyrocketed November 08 5
    • January 10 ok, but what’s next? 6
    • we came a long way y-w ise unit c omm
    • still, the ecosystem is broken
    • how can we get there?
    • to start-up, you need •brainpower •community •funding •advisory
    • here’s what we had ✓ brainpower ✓ community - funding - advisory
    • funding, worldwide availability seed VC rounds public
    • funding, in cse europe availability seed VC rounds public
    • 0 high-tech, early stage investments in GR, 2007 (in €, EVCA)
    • we wanted to offer ✓ brainpower ✓ community ✓ funding ✓ advisory
    • making start-ups happen
    • who we are •7 executive members - bringing knowledge, experience & passion to the table •57technology, management, - on advisors & counting sales, marketing, everything you need to start-up
    • looking for •stellar teams •globally innovative ideas, still at seed level •disruptive biz models •in and around software and the web
    • call for proposals •open to everyone (teams of 2-4) •online submission, •in person interview & •presentation day
    • “incubate” •pick up to 7 start-ups •extensively support in all things start-up •for a 4-month period •iterate
    • offer •hands-on mentoring, day-to-day, no interfering •networking, globally •30-50k€ for 15% of shares •smooth start & grow
    • all you need to •quit everything else •focus on your skills, team & idea •don’t waste time on unproductive activities •make it happen
    • within our first year •collected 100s of apps, from 30 countries • selected 5 start-ups, based on 5 countries • just opened new CFP!
    • how to apply, let’s •share some insights •break some myths •provide some advice *some: subjective views due to limited experience
    • WYS vs WYG •WYS (What You See): What entrepreneurs write •WYG (What You Get): What investors read & understand
    • description short yet remarkable
    • WYS vs WYG - description •complex is good, lengthy is great • complex is not easily sellable, lengthy may remain unread • both by investors and clients
    • WYS vs WYG - description •fantastic idea! (yet not relevant) • find a fit structure to apply, do your homework first • eg in OF, only software/ web/ mobile ideas get accepted
    • description •simple & concise •to the extent you get clear •also provide a one- sentence pitch
    • team all things tech guy chief jack of all trades domain & marketing star your core asset, treat is as such
    • WYS vs WYG - team •“we are truly great, we can do that part time” •are you truly fully committed? •anything but a clear yes simply won't fly
    • WYS vs WYG - team •we have 'strong technical background' • share your past work - what makes you great • ideally - have tech & biz & domain knowledge on board
    • team •introduce yourselves, tell us more about you •how members bond & complement each other •trade-off between skills & commitment, pick wisely
    • product start small be laser-focused innovate globally
    • WYS vs WYG - product •“we’ll build the next Google” (or equivalently huge project) •mission impossible, or •they have no idea
    • WYS vs WYG - product •“we’ll build the local X” •shallow market, no opportunity •hard to beat a well- positioned global product
    • product •be reasonable, beyond sharing your excitement •showcase that you know what you are up to •also that you have a plan & focus on a specific idea
    • competition you are not alone, nor should you want to be so
    • WYS vs WYG - competition •“we are one of a kind” •no market research performed, or •a questionable need
    • WYS vs WYG - competition •are there competitors? “Yes” (one word) •who are they / product weaknesses? •is it reasonable to build a new product & compete?
    • competition •provide a list of your closest competitors •showcase that you differ •educate your reader, pitch your expertise
    • funding is fuel for your business, take proper advantage of it
    • WYS vs WYG - funding •“we’re superb! thus, we ask for lots of money” •study what is offered first •no homework done suggests you're not a serious partner
    • WYS vs WYG - funding •“we’re modest, we ask for less money” •the targets are set low, or •not experienced on building a business
    • funding •make a request within the range offered •provide a rough cost breakdown •next to a product, try to set up a scalable business
    • goals
    • WYS vs WYG - goals •“we’ll have millions of users, within 4 months” •unrealistic targets, or •very inexperienced team
    • WYS vs WYG - goals •“we’ll be ready to start building a product” • very slow, or the product too big to fit • focus on a feasible one within the timeframe
    • goals •pave the way to a working product, quantify •bringing you close to a next round of funding, or • organic sustainability/ growth
    • to sum up •be honest •build trust •you are looking for a partner
    • to sum up • highlight what makes you a great fit for that product/ market • show that you are aware of your weaknesses and you have a plan to address them • plans are wrong, yet needed as a compass
    • apply till Nov 30 http://theopenfund.com | info@theopenfund.com
    • Get Organised. Meet. Play.
    • the story starts here...
    • can’t keep up with email This REALLY bothers me!
    • can’t find other players!
    • That’s HOW I like it!
    • how to get there ✓ vision & plan ✓ committed team - $$$ - experience & advice
    • get the fuel •value proposition •team that delivers •2-way relationship •how you will deliver
    • selection process 1. online submission of the application 2. remote interview 3. in-person presentation
    • #1: initial application •define the core idea •write less & more concisely •revisions based on feedback from the Openfund
    • #2: interview •extensive feedback in preparation from the OF board •5’ presentation & 5’ demo •Q&A section •be yourself
    • #3: presentation •collaborate with the OF •20’ pitch to the executive board, investors and advisors •meet in-person
    • #4: incubation •4-month period to deliver the v1.0 •worked together with the advisors •20% preparation & 80% perspiration
    • The launch day!
    • Come play with us! http://sportmeets.com | miro@sportmeets.com