Hellas Direct - International Day for Failure

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Presentation by Emilios and Alexis, co-founders of Hellas Direct, to students at the Athens University of Economics and Business. [International Day for Failure - 11 Oct 2012]

Presentation by Emilios and Alexis, co-founders of Hellas Direct, to students at the Athens University of Economics and Business. [International Day for Failure - 11 Oct 2012]

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  • 1. LESSONS IN FAILURE:SETTING UP ANINSURANCE COMPANY INGREECE(“YOU WILL F*CK UP – YOU BETTER GET USED TO IT”!)INTERNATIONAL DAY FOR FAILUREATHENS UNIVERSITY OF ECONOMICS AND BUSINESS11 OCTOBER 2012
  • 2. SOMETIMES YOU F*CK UP BIG … Titanic (1912) Search for aliens (1958) The Lewinsky Scandal (1998) 1,502 USD 200,000,000,000 USD 40,000,000 people dead* space programme investigation* and a Leonardo di Caprio movie
  • 3. … AND SOMETIMES YOU GET LUCKY!Tower of Pisa (1372) Corn Flakes (1894) Post-it (1967)1,000,000 128,000,000,000 USD 3,400,000,000tourists per year bowls per year revenue per year
  • 4. FAILURE IS STILL VIEWED AS A TABOO … 5.2 million books 500 billion words Books mentioning the word “success” 6x Books mentioning the word “failure” 1840 1920 2000 Source: nGram Viewer
  • 5. … BUT PEOPLE ARE WARMING UP TO ITJohnnie Walker (1998) Nike (2006) Apple (2012)Roberto Baggio Michael Jordan Steve Jobs
  • 6. THE NATURE OF FAILURE HAS CHANGED …Neanderthal (40,000 BC) Modern Human (2012) HIERARCHY OF NEEDS SELF ACTUALISATION ESTEEM LOVE SAFETY PHYSIOLOGICAL NEEDSFailure? No food. Failure? No Likes.
  • 7. … AND THE STAKES ARE MUCH HIGHER BOOKSTORES HAVE A HUGE … OFTEN DISPLAYED NEXT TO A NUMBER OF BOOKS, WHICH BUILD SECTION OF SELF-HELP BOOKS ON UNREALISTIC EXPECTATIONS … HOW TO DEAL WITH FAILURE. D’OH!
  • 8. WE ARE SETTING UNREALISTIC EXPECTATIONSIS “GENERATION Y”DESTINED TO FAIL? (THAT’S YOU BY THE WAY!)
  • 9. IF THERE IS ONE MESSAGE WE WANT YOUTO TAKE AWAY FROM TODAY’S TALK IS THIS:IT’S OKTO FAIL!(YOU WILL MOST DEFINITELY DO SO)
  • 10. WHAT’S OUR STORY?¡  A NEW, DIRECT INSURANCE COMPANY.¡  “CHANGING THE GREEK INSURANCE MARKET, ONE POLICY AT A TIME”. ¡  WE ARE HIGHLY SPECIALISED. ¡  WE LIVE AND BREATHE TECHNOLOGY. ¡  WE LOVE NUMBERS.¡  23 PEOPLE IN 3 COUNTRIES.¡  3 YEARS TO PUT THIS ALL TOGETHER.¡  WE F*CKED UP TOO MANY TIMES TO MENTION…
  • 11. FINDING INVESTORS WAS TOUGH …2,500 approaches 300 meetings 1:8 11 investors 1:27 1.5 years
  • 12. … THAT’S A 99.56% REJECTION RATE! THERE IS A HIGHER CHANCE OF BETTING ALL YOUR MONEY ON BLACK IN THE ROULETTE FOR 7 CONSECUTIVE TIMES … … AND WINNING!
  • 13. PHILOSOPHICAL QUESTION OF THE DAY:ARE ENTREPRENEURSATTRACTED TO THERISK OF FAILURE?(TO BE DISCUSSED OVER ALCOHOL!)
  • 14. THREE KEY LEARNINGS:A. GET IN THE RING - YOU CANNOT SUCCEED WITHOUT TRYING.YOU WILL FALL - HOW QUICKLY CAN YOU GET UP AGAIN?
  • 15. THREE KEY LEARNINGS:B. IT IS THE PERCEPTION OF FAILURE THAT SCARES PEOPLE.OWN YOUR FAILURE – DON’T LIVE SOMEONE ELSE’S DREAM.
  • 16. THREE KEY LEARNINGS:C. THE ODDS WILL ALWAYS BE AGAINST YOU – PLAN WELL.BELIEVE IN THE DREAM, KEEP SMILING AND ENJOY THE RIDE!
  • 17. AND THREE BOOKS THAT INSPIRED US
  • 18. THANK YOU