Hellas Direct - University of Cyprus Presentation

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Presentation by Emilios and Alexis, co-founders of Hellas Direct, at the University of Cyprus in Nicosia. [University of Cyprus - 18 Mar 2013]

Presentation by Emilios and Alexis, co-founders of Hellas Direct, at the University of Cyprus in Nicosia. [University of Cyprus - 18 Mar 2013]

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  • 1. STARTING AN INSURANCE COMPANY IN GREECE LAUNCHING A START-UP AT A TIME OF CRISIS UNIVERSITY OF CYPRUS PRESENTATION MARCH 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. THINKING OF STARTING YOUR OWN BUSINESS? BELIEVE ANGELS. (OR SHOULD YOU?)
  • 16. MOST ANGELS ARE ROCK STARS! FINANCIAL BACKERS BRAND AMBASSADORS ADVICE/SUPPORT MENTORSHIP CONTACTS
  • 17. BUT… THERE ARE SOME REAL PSYCHOS OUT THERE.
  • 18. FOUR ANGEL TYPES THAT WILL DEFINITELY MAKE YOUR LIFE DIFFICULT. COLLECTIVE OBSERVATIONS FROM DIFFERENT ENTREPRENEURS. SHARED WITH LOVE, CARE AND LOTS OF TEARS.
  • 19. THE SHARK. CHARACTERISTICS: RUTHLESS. CALCULATIVE. PUSHY. DRIVEN BY: GREED. WHAT’S THE WORST THAT CAN HAPPEN? PAINFUL TERMS. ROUGH INTERACTIONS. BLACKMAIL AT EXIT. A
  • 20. THE GOD . CHARACTERISTICS: IMPOSSIBLE TO PLEASE. OPINIONATED. SUPERIORITY COMPLEX. DRIVEN BY: PERSONAL GLORY. WHAT’S THE WORST THAT CAN HAPPEN? NARCISTIC BEHAVIOUR. INTRUSIVE. CONSTANT CRITICISM. B
  • 21. THE ROYAL. CHARACTERISTICS: SELF-CENTRED. TAKES NO ACTION. NEEDY. DRIVEN BY: LEGACY. WHAT’S THE WORST THAT CAN HAPPEN? ERRATIC BEHAVIOUR. UNDERMINING. CONSTANT REASSURANCE. C
  • 22. THE MUPPET. CHARACTERISTICS: EMOTIONAL. INSECURE. CONSENSUS-DRIVEN. DRIVEN BY: RANDOM. WHAT’S THE WORST THAT CAN HAPPEN? REPEAT THINGS 1000 TIMES. WANTS TO BECOME YOU. ACCIDENT PRONE. D
  • 23. TIP OF THE DAY: TIME IS YOUR MOST PRECIOUS ASSET – DO NOT WASTE IT. IF SOMETHING DOES NOT FEEL RIGHT WITH AN ANGEL YOU MEET, GET THE HELL OUT! alexis.pantazis@hellasdirect.gr emilios.markou@hellasdirect.gr Thank !You!!