Hellas Direct - 50th Open Coffee Gathering
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Hellas Direct - 50th Open Coffee Gathering

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Presentation by Emilios and Alexis, co-founders of Hellas Direct, at the 50th Open Coffee gathering in Athens. [Benaki Museum - 26 Oct 2012]

Presentation by Emilios and Alexis, co-founders of Hellas Direct, at the 50th Open Coffee gathering in Athens. [Benaki Museum - 26 Oct 2012]

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  • 1. HELLAS DIRECT:SETTING UP A NEWINSURANCE COMPANYIN GREECE(STOP CHASING UNICORNS!)OPEN COFFEEBENAKI MUSEUM26 OCTOBER 2012
  • 2. LIKE MOST ENTREPRENEURS, WE SET OFFTHINKING WE’D BE THE NEXT GOOGLE GUYS … Larry Page + Sergey Brin * until this GOOGLE: Largest tech IPO in history*. guy came along.
  • 3. … BUT WE SOON REALISED THAT REALITY CAN BE HARSH (9/10 START-UPS FAIL) ANGELS EARLY-STAGE LATE-STAGE GROWTH PRE-SEED SEED ROUND I ROUND II ROUND III ROUND IV EXPANSION FOLLOW-ON <EUR 100k EUR 100-500k EUR 500k-1m EUR 1-5m EUR 5-10m EUR 10-30m EUR 30-50m EUR 50m> CUMULATIVE CASH FLOW x x ‘VALLEY OF BREAK IPO DEATH” EVENSTART-UPSURVIVAL RATE 1/3 1/2 2/3 4/5 8-10 YEARS
  • 4. WE SPENT ENDLESS TIME SEARCHING FOR: THAT BIG IDEA(HAVE YOU EVER DONE SO? BE HONEST…)
  • 5. WE LOOKED FOR AN IDEA WHICH WAS DIFFERENTTO ANYTHING EVER DONE BEFORE … (THE PURPLE COW!)
  • 6. ... AN IDEA WHICH WAS SEXY, COOL AND TRENDY!WOMENSLINGERIE
  • 7. IT DID NOT TAKE US LONG TO GET THATTHERE IS NO MAGIC TO AN IDEA …
  • 8. … AND THAT SOMETIMES THE BEST BUSINESSCONCEPTS ARE RIGHT UNDER YOUR NOSECARINSURANCE
  • 9. IF THERE IS ONE MESSAGE WE WANT YOU TO TAKE AWAY FROM TODAY’S TALK IS THIS: STOP CHASING UNICORNS* (BORING IDEAS OFTEN MAKE BETTER BUSINESSES!)* those different, sexy, cool and trendy big ideas.
  • 10. WHAT’S OUR STORY?¡  A NEW, DIRECT INSURANCE COMPANY IN GREECE.¡  “CHANGING THE GREEK INSURANCE MARKET, ONE POLICY AT A TIME”. ¡  WE ARE HIGHLY SPECIALISED. ¡  WE LIVE AND BREATHE TECHNOLOGY. ¡  WE LOVE NUMBERS.¡  WE SERVICE THE CONSUMER, NOT THE BROKER!¡  23 PEOPLE IN 3 COUNTRIES.¡  A LONG JOURNEY: 3 YEARS FROM START TO OUR FIRST SALE.¡  WE HAVE FACED THREE KEY CHALLENGES ALONG THE WAY…
  • 11. CHALLENGE I: SECURE FUNDING
  • 12. FINDING INVESTORS WASN’T EASY …2,500 APPROACHES 1 IN 8 300 MEETINGS 1 IN 27 11 INVESTORS 1.5 YEARS
  • 13. … AND THE ODDS WERE NOT ON OUR SIDE 99.56% REJECTION RATE THERE IS AHIGHER CHANCE OF BETTING ALL YOUR MONEY ON BLACK IN A LAS VEGAS ROULETTE AND WINNING… … 7 CONSECUTIVE TIMES!
  • 14. CHALLENGE II: BUILD A GREAT COMPANY
  • 15. THERE ARE THREE BASIC INGREDIENTS TOBUILD A GREAT INSURANCE COMPANYHire the right people Keep innovating Get licensedIntelligence Invest in technology A year of paperworkPassion Algorithmic pricing Detailed business planningA drive to make things better Close ties with academia Latest EU regulations
  • 16. CHALLENGE III: DRIVE SALES
  • 17. LIKE ANY NEW IDEA, APPEAL TO THEINNOVATORS AND EARLY ADOPTERS FIRST (IDENTIFY YOUR TRIBE!)
  • 18. SOME DAYS ARE TOUGHER THAN OTHERS …London, UK Tel Aviv, Israel Athens, Greece“Press 4 for help” “Happy Hanukkah” “Shaken not stirred”South African investor Israeli investor Russian investor
  • 19. … BUT IT IS THE LITTLE THINGS THATMAKE IT ALL WORTHWHILE I have just insured my car with Hellas Direct in under 5’. If all other services (private or public) were as friendly to the user as this one, our productivity would be much higher and we would all be much calmer… - a client’s facebook post
  • 20. THANK YOU