Startup Sauna - REE @ Aalto

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Startup Sauna story - what we do, how we came to be and what kind of things we track for results. …

Startup Sauna story - what we do, how we came to be and what kind of things we track for results.

Held at the Aalto REE conference on 6th of September 2012.

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  • 1. Building a world class Accelerator Program in A(alto) University context
  • 2. QuestionThink of 3 most important factors that form a startup ecosystem
  • 3. Answers Students Talent UniversityEntrepreneurs Know-how Companies University Internationality Government Investors Startups Culture
  • 4. 1. Who are we today2. How & Why it came to be 3. A grain of research
  • 5. 1. Who are we today
  • 6. The seed accelerator for the most promising startups from Northern Europe, Baltics and Russia
  • 7. Meetups To get the word out and have everyone involved. Warmups1 day coaching events to help as many startups as possible. Accelerator 6 week program brings together the 20 most promisingstartups from Northern Europe, Baltics, Russia twice a year
  • 8. 5 batches of Startup Sauna 16 million USD raised to date 31 Warmups organized 74 startups gone through SaunaAs of 2012 Spring 380 startups coached
  • 9. 1. Accelerator 2. InternshipIn the future... 3. Co-working
  • 10. QuestionHow does your university support entrepreneurship - 3 things?
  • 11. Answers Education Incubation Tech TransferStudent societies Working space Networks Conferences Funding
  • 12. 2. How & Why it came to be
  • 13. First, everything was founded because of the cultural issue.
  • 14. “Entrepreneurship is next to unemployment.” “When are you going to get a real job?.” “You made it big, and have to show it small” “Yet again a company sold abroad” “I’d rather work for a big company”“I’m a normal human, how could I create the next Apple?” “It’s too tough and uncertain to run a company”
  • 15. Founded 2009 Group of students with an ambition No examples, no money, no spaceA perfect opportunity to bring together Aalto students before Aalto was formed
  • 16. Founded 2009 Mission was to find serial entrepreneursInvite them to share their story and inspire Start DOING, not reporting
  • 17. Founded 2009 over 10 similar entrepreneurship societies bornover 300 events (keynotes, workshops, programs etc.) over 500 students involved hands-on over 7000 students online over 1 million € of funding raised
  • 18. Co-working space in Aalto A 2 month summer program An internship program for University campus for students and Aalto University students researchers, from Aalto to go work in startupsAn old industrial hall bringing University Helsinki / Silicon Valley. together the students, entrepreneurs and startup All you need is an idea and a Creates a stream of new communities team. talent. Latest, a YC funded startup Kippt.
  • 19. The vision grew bigger.
  • 20. Let’s make our region the next technology hub.Let’s give everyone a reason to come out here.
  • 21. Budapest Riga Helsinki St.Petersburg Kaunas Tallinn Kazan TampereKrasnodar Turku Malmö Shanghai Moscow StockholmNovosibirsk Yekaterinburg Oslo Vilnius Oulu Warsaw
  • 22. Growth entrepreneurship is not aboutmoney, office space, civil servant advice or lecturing.
  • 23. Growth entrepreneurship is all aboutattitudes, knowhow, coaching, sharing, risk-taking, skills & learning through failing.
  • 24. Growth entrepreneurship is all about learning from the best that big hairy audacious vision, making a dent into the universe,changing what is and creating what will be.
  • 25. Growth entrepreneurship is tough.
  • 26. 2009 2010 2011
  • 27. 3. A grain of research
  • 28. Open For Acceleration:The Case of Startup Sauna in Finland DHRUV BHATLI, IRG, Université Paris Est, France PAOLO BORELLA, Boro Oy, Espoo, Finland JUKKA KARIMAA, Aalto School of Economics, Finland
  • 29. PAOLO BORELLA - Coach at Startup SaunaDirector at AppcampusFounder at Boro OyVice President at Fox Mobile Distribution GmbHDirector at Nokia, Portfolio Mgmt. for Service andSoftware GTM AppCampus.fi paolo@appcampus.fi
  • 30. Incubators can be broadly categorized as: University based Incubators (UIS)Independent / Private “for profit” Accelerators (PAS)
  • 31. University based Incubators (UIS) Benefits: Extended support for long development ventures, e.g. Life sciences, tech. based startupsProvides cost free resources: Infrastructure, organizational services etc.Disadvantage: Bureaucratic, No intensive Mentoring, No access to commercial networks
  • 32. Independent / Private “for profit” Accelerators (PAS) Benefits: Intensive coaching to help short development cycle ventures, e.g. Web, ICT, GamingMore dynamic with easy access to markets, funds and commercial networksDisadvantage: Takes equity or revenue share from the ventures, Accepts narrow venture types
  • 33. Open For Acceleration: The Case of Startup Sauna in Finland 1. What is the business model of SUS “non profit” accelerator? 2. How is the incubation process managed at SUS?3. What is the value provided by SUS to participating NVs (acceleratees)? 4. What are the adjustments made by SUS, as a regional accelerator to attract deal flow and succesfully sustain in the competitive entrepreneurial landscape?
  • 34. STUDY FRAMEWORK
  • 35. STUDY RESULTS STARTUP SAUNA NOT A REGULAR PAS1. Accepts all venture types, SDC/ MDC/ LDC, diverse range of ventures 2. 40% ventures (non service based)3. Provides cost free resources: Infrastructure, organizational services etc. 4. Intensive coaching to help participating startups 5. Takes No equity or revenue share from the ventures
  • 36. STUDY RESULTS PAS UIS
  • 37. HYBRID POSITIONING
  • 38. BENEFITS FOR ACCELERATEES 1. Connections to a growth network (including future investments)2.Validation of “graduated startup” for external actors (reduced contingency, Vetted Idea) 3. Part of a support community (Peer to Peer Network) 4. Time bound progress and growth objectives through intensive mentoring (Necessary push) 5. Improved team dynamics and performance 6.Visibility, access to media and generate genuine interest
  • 39. RESULTS IN NUMBERS844 applications since start of operations in Spring ‘10380 startups coached in Warmups and batches63 (7%) graduates from 5 batches83% increase in Startups headcount post Sauna73% Alumni have raised early stage funds16 Million USD raised from first 3 batches (38 Alumni)
  • 40. DiscussionWhat are the key entrepreneurial issues in your university and how to empower students to improve them?
  • 41. Lessons
  • 42. 1. Serendipity
  • 43. 2. Empower the students
  • 44. 3. Darwinian evolution
  • 45. Antti YlimutkaCaptain of Startup Sauna@startupsauna / @andynoseboneantti@startupsauna.com
  • 46. One more thing...