STARTING AN
INSURANCE
COMPANY
IN GREECE
LAUNCHING A START-UP
AT A TIME OF CRISIS
UNIVERSITY OF CYPRUS
PRESENTATION
MARCH 2...
¡  A NEW, DIRECT INSURANCE COMPANY IN GREECE.
¡  “CHANGING THE GREEK INSURANCE MARKET, ONE POLICY AT A TIME”.
¡  WE ARE...
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 ...
WHY
GREECE?
A SCREWED UP COUNTRY:
GREECE IS RUN BY CROOKS
AND INCOMPETENT
POLITICIANS.
A RESET OPPORTUNITY:
GOING THROUGH ...
WHY CAR
INSURANCE?
OBLIGATORY BY LAW:
EUR 2BN MARKET SIZE.
LETHARGIC COMPETITION:
HIGH COSTS AND
INEFFICIENCIES.
MIDDLEMAN...
WHY
NOW?
STRUCTURAL CHANGES:
TROIKA INTRODUCED
BETTER REGULATION.
STRONGER DEMAND:
TECHNOLOGY FUELLING
THE RISE OF THE
CON...
CHALLENGES
THREE
BIG
SECURE (REAL) FUNDING.
2,500 APPROACHES
300 MEETINGS
11 INVESTORS
1.5 YEARS
FINDING INVESTORS WASN’T EASY …
1 IN 8
1 IN 27
99.56%
REJECTION
RATE.
THERE IS A HIGHER
CHANCE OF BETTING
ALL YOUR MONEY ON
BLACK IN A LAS VEGAS
ROULETTE AND
WINNING…
… ...
BUILD A GREAT COMPANY.
INVEST IN TECHNOLOGY.
ALGORITHMIC PRICING.
CLOSE TIES WITH
ACADEMIA.
KEEP INNOVATING:HIRE THE BEST:
INTELLIGENCE.
PASSION....
GET YOUR MESSAGE OUT.
APPEAL TO THE INNOVATORS FIRST.
NOT EVERYONE WILL GET IT – TARGET YOUR TRIBE FIRST!
Word of
Mouth
THINKING OF
STARTING YOUR
OWN BUSINESS?
BELIEVE
ANGELS.
(OR SHOULD YOU?)
MOST
ANGELS
ARE
ROCK
STARS!
FINANCIAL BACKERS
BRAND AMBASSADORS
ADVICE/SUPPORT
MENTORSHIP
CONTACTS
BUT…
THERE ARE
SOME REAL
PSYCHOS
OUT THERE.
FOUR ANGEL TYPES
THAT WILL
DEFINITELY MAKE
YOUR LIFE DIFFICULT.
COLLECTIVE OBSERVATIONS FROM DIFFERENT ENTREPRENEURS.
SHAR...
THE
SHARK.
CHARACTERISTICS:
RUTHLESS.
CALCULATIVE.
PUSHY.
DRIVEN BY:
GREED.
WHAT’S THE WORST
THAT CAN HAPPEN?
PAINFUL TERM...
THE
GOD .
CHARACTERISTICS:
IMPOSSIBLE TO PLEASE.
OPINIONATED.
SUPERIORITY COMPLEX.
DRIVEN BY:
PERSONAL GLORY.
WHAT’S THE W...
THE
ROYAL.
CHARACTERISTICS:
SELF-CENTRED.
TAKES NO ACTION.
NEEDY.
DRIVEN BY:
LEGACY.
WHAT’S THE WORST
THAT CAN HAPPEN?
ERR...
THE
MUPPET.
CHARACTERISTICS:
EMOTIONAL.
INSECURE.
CONSENSUS-DRIVEN.
DRIVEN BY:
RANDOM.
WHAT’S THE WORST
THAT CAN HAPPEN?
R...
TIP OF THE DAY:
TIME IS YOUR
MOST PRECIOUS
ASSET – DO NOT
WASTE IT.
IF SOMETHING DOES NOT
FEEL RIGHT WITH AN ANGEL
YOU MEE...
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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]

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Hellas Direct - University of Cyprus Presentation

  1. 1. STARTING AN INSURANCE COMPANY IN GREECE LAUNCHING A START-UP AT A TIME OF CRISIS UNIVERSITY OF CYPRUS PRESENTATION MARCH 2014
  2. 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. 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. 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. 5. WHY CAR INSURANCE? OBLIGATORY BY LAW: EUR 2BN MARKET SIZE. LETHARGIC COMPETITION: HIGH COSTS AND INEFFICIENCIES. MIDDLEMAN IS STILL KING: OBSENE COMMISSIONS.
  6. 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. 7. CHALLENGES THREE BIG
  8. 8. SECURE (REAL) FUNDING.
  9. 9. 2,500 APPROACHES 300 MEETINGS 11 INVESTORS 1.5 YEARS FINDING INVESTORS WASN’T EASY … 1 IN 8 1 IN 27
  10. 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. 11. BUILD A GREAT COMPANY.
  12. 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. 13. GET YOUR MESSAGE OUT.
  14. 14. APPEAL TO THE INNOVATORS FIRST. NOT EVERYONE WILL GET IT – TARGET YOUR TRIBE FIRST! Word of Mouth
  15. 15. THINKING OF STARTING YOUR OWN BUSINESS? BELIEVE ANGELS. (OR SHOULD YOU?)
  16. 16. MOST ANGELS ARE ROCK STARS! FINANCIAL BACKERS BRAND AMBASSADORS ADVICE/SUPPORT MENTORSHIP CONTACTS
  17. 17. BUT… THERE ARE SOME REAL PSYCHOS OUT THERE.
  18. 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. 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. 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. 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. 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. 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!!

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