Hellas Direct - The Change is YOU Presentation (Apr 2014)

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Presentation by Emilios and Alexis, co-founders of Hellas Direct, at the The Change is YOU event in Nicosia, Cyprus. [Occhio Club - 24 Apr 2014]

Presentation by Emilios and Alexis, co-founders of Hellas Direct, at the The Change is YOU event in Nicosia, Cyprus. [Occhio Club - 24 Apr 2014]

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  • 1. STARTING A CAR INSURANCE COMPANY IN GREECE LAUNCHING A START-UP AT A TIME OF CRISIS THE CHANGE IS YOU PRESENTATION APRIL 2014
  • 2. ¡  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! ¡  32 PEOPLE IN 3 COUNTRIES. ¡  A LONG JOURNEY: 3 YEARS FROM START TO OUR FIRST SALE. ¡  RAISED EUR 12M FROM A GROUP OF ANGEL INVESTORS. HELLAS DIRECT: OUR STORY.
  • 3. PRE-SEED SEED ROUND I CUMULATIVECASHFLOW ROUND II ROUND III ROUND IV ANGELS <EUR 100k EUR 500k-1m EUR 1-5m EUR 5-10m 8-10 YEARS 1/3 IPO EUR 100-500k ‘VALLEY OF DEATH” xx EARLY-STAGE LATE-STAGE 1/2 2/3 4/5 EXPANSION FOLLOW-ON EUR 30-50m EUR 50m> GROWTH EUR 10-30m BREAK EVEN START-UP SURVIVAL RATE THE ‘WHAT THE FUCK’CHART OF THE DAY. ENTREPRENEURS LIVE IN A REALITY DISTORTION FIELD.
  • 4. WHY GREECE? A SCREWED UP COUNTRY: GREECE IS RUN BY CROOKS AND INCOMPETENT POLITICIANS. A RESET OPPORTUNITY: GOING THROUGH A HUGE TRANSFORMATION. LARGE ENOUGH: A MARKET OF 11M PEOPLE.
  • 5. WHY CAR INSURANCE? OBLIGATORY BY LAW: EUR 2BN MARKET SIZE. LETHARGIC COMPETITION: HIGH COSTS AND INEFFICIENCIES. MIDDLEMAN IS STILL KING: OBSENE COMMISSIONS.
  • 6. WHY NOW? STRUCTURAL CHANGES: TROIKA INTRODUCED BETTER REGULATION. STRONGER DEMAND: TECHNOLOGY FUELLING THE RISE OF THE CONSUMER. DROPPING COSTS: THIS IS THE BEST TIME TO BUILD A BRAND.
  • 7. CHALLENGES THREE BIG
  • 8. SECURE (REAL) FUNDING.
  • 9. 2,500 APPROACHES 300 MEETINGS 11 INVESTORS 1.5 YEARS FINDING INVESTORS WASN’T EASY … 1 IN 8 1 IN 27
  • 10. 99.56% REJECTION RATE. THERE IS A HIGHER CHANCE OF BETTING ALL YOUR MONEY ON BLACK IN A LAS VEGAS ROULETTE AND WINNING… … 7 CONSECUTIVE TIMES! … AND THE ODDS WERE NOT ON OUR SIDE.
  • 11. BUILD A GREAT COMPANY.
  • 12. INVEST IN TECHNOLOGY. ALGORITHMIC PRICING. CLOSE TIES WITH ACADEMIA. KEEP INNOVATING:HIRE THE BEST: INTELLIGENCE. PASSION. A DRIVE TO MAKE THINGS BETTER. GET LICENCED: A YEAR OF PAPERWORK. DETAILED BUSINESS PLANNING. LATEST EU REGULATIONS. THREE BASIC INGREDIENTS NEEDED.
  • 13. GET YOUR MESSAGE OUT.
  • 14. APPEAL TO THE INNOVATORS FIRST. NOT EVERYONE WILL GET IT – TARGET YOUR TRIBE FIRST! Word of Mouth
  • 15. “SHAKEN NOT STIRRED”. RUSSIAN INVESTOR. ATHENS, GREECETEL AVIV, ISRAEL “HAPPY HANNOUKAH”. ISRAELI INVESTOR. LONDON, UK “PRESS 4 FOR HELP”. SOUTH AFRICAN INVESTOR. SOME DAYS ARE TOUGHER THAN OTHERS.
  • 16. SELECTED AS ENDEAVOR ENTREPRENEURS IN 2012. WON FOUR E-VOLUTION AWARDS IN 2013 AND 2014. CHOSEN AS A BEST PLACE TO WORK IN 2014. THE LITTLE THINGS MAKE IT ALL WORTHWILE.
  • 17. THANK YOU! WWW.HELLASDIRECT.GR ALEXIS.PANTAZIS@HELLASDIRECT.GR EMILIOS.MARKOU@HELLASDIRECT.GR