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

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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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  • 1. 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
  • 2. toc / in short •who we are / what we do •tips for you to apply •a case study
  • 3. The story starts in June 07, with the first tiny Open Coffee Athens meeting June 07
  • 4. February 08 Since then, the network has grown really strong
  • 5. & the interest on entrepreneurship has skyrocketed November 08 5
  • 6. January 10 ok, but what’s next? 6
  • 7. we came a long way y-w ise unit c omm
  • 8. still, the ecosystem is broken
  • 9. how can we get there?
  • 10. to start-up, you need •brainpower •community •funding •advisory
  • 11. here’s what we had ✓ brainpower ✓ community - funding - advisory
  • 12. funding, worldwide availability seed VC rounds public
  • 13. funding, in cse europe availability seed VC rounds public
  • 14. 0 high-tech, early stage investments in GR, 2007 (in €, EVCA)
  • 15. we wanted to offer ✓ brainpower ✓ community ✓ funding ✓ advisory
  • 16. making start-ups happen
  • 17. 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
  • 18. looking for •stellar teams •globally innovative ideas, still at seed level •disruptive biz models •in and around software and the web
  • 19. call for proposals •open to everyone (teams of 2-4) •online submission, •in person interview & •presentation day
  • 20. “incubate” •pick up to 7 start-ups •extensively support in all things start-up •for a 4-month period •iterate
  • 21. offer •hands-on mentoring, day-to-day, no interfering •networking, globally •30-50k€ for 15% of shares •smooth start & grow
  • 22. all you need to •quit everything else •focus on your skills, team & idea •don’t waste time on unproductive activities •make it happen
  • 23. within our first year •collected 100s of apps, from 30 countries • selected 5 start-ups, based on 5 countries • just opened new CFP!
  • 24. how to apply, let’s •share some insights •break some myths •provide some advice *some: subjective views due to limited experience
  • 25. WYS vs WYG •WYS (What You See): What entrepreneurs write •WYG (What You Get): What investors read & understand
  • 26. description short yet remarkable
  • 27. WYS vs WYG - description •complex is good, lengthy is great • complex is not easily sellable, lengthy may remain unread • both by investors and clients
  • 28. 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
  • 29. description •simple & concise •to the extent you get clear •also provide a one- sentence pitch
  • 30. team all things tech guy chief jack of all trades domain & marketing star your core asset, treat is as such
  • 31. 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
  • 32. 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
  • 33. team •introduce yourselves, tell us more about you •how members bond & complement each other •trade-off between skills & commitment, pick wisely
  • 34. product start small be laser-focused innovate globally
  • 35. WYS vs WYG - product •“we’ll build the next Google” (or equivalently huge project) •mission impossible, or •they have no idea
  • 36. WYS vs WYG - product •“we’ll build the local X” •shallow market, no opportunity •hard to beat a well- positioned global product
  • 37. 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
  • 38. competition you are not alone, nor should you want to be so
  • 39. WYS vs WYG - competition •“we are one of a kind” •no market research performed, or •a questionable need
  • 40. WYS vs WYG - competition •are there competitors? “Yes” (one word) •who are they / product weaknesses? •is it reasonable to build a new product & compete?
  • 41. competition •provide a list of your closest competitors •showcase that you differ •educate your reader, pitch your expertise
  • 42. funding is fuel for your business, take proper advantage of it
  • 43. 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
  • 44. WYS vs WYG - funding •“we’re modest, we ask for less money” •the targets are set low, or •not experienced on building a business
  • 45. funding •make a request within the range offered •provide a rough cost breakdown •next to a product, try to set up a scalable business
  • 46. goals
  • 47. WYS vs WYG - goals •“we’ll have millions of users, within 4 months” •unrealistic targets, or •very inexperienced team
  • 48. 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
  • 49. goals •pave the way to a working product, quantify •bringing you close to a next round of funding, or • organic sustainability/ growth
  • 50. to sum up •be honest •build trust •you are looking for a partner
  • 51. 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
  • 52. apply till Nov 30 http://theopenfund.com | info@theopenfund.com
  • 53. Get Organised. Meet. Play.
  • 54. the story starts here...
  • 55. can’t keep up with email This REALLY bothers me!
  • 56. can’t find other players!
  • 57. That’s HOW I like it!
  • 58. how to get there ✓ vision & plan ✓ committed team - $$$ - experience & advice
  • 59. get the fuel •value proposition •team that delivers •2-way relationship •how you will deliver
  • 60. selection process 1. online submission of the application 2. remote interview 3. in-person presentation
  • 61. #1: initial application •define the core idea •write less & more concisely •revisions based on feedback from the Openfund
  • 62. #2: interview •extensive feedback in preparation from the OF board •5’ presentation & 5’ demo •Q&A section •be yourself
  • 63. #3: presentation •collaborate with the OF •20’ pitch to the executive board, investors and advisors •meet in-person
  • 64. #4: incubation •4-month period to deliver the v1.0 •worked together with the advisors •20% preparation & 80% perspiration
  • 65. The launch day!
  • 66. Come play with us! http://sportmeets.com | miro@sportmeets.com