Odyssey Venture PartnersTransforming Hellenic Technology Innovation into Business OpportunityOpen Coffee Presentation, November 30, 2012Thanasis “A.K.” Kalekos & Spyros TrachanisManaging Partnerswww.odysseyvp.com 1
Odyssey Fund IAn EIF JEREMIE-Program Fund Size: €30M – €40M Industry Sector: Information and Communication Technology Geographic Region: Greek startups with global market reach Investment size: €20,000 to €1.5M per funding round Investment method: “Silicon Valley Standard”Saturday, December 01, 2012 2
Odyssey Management Team Two investing partners Operating in Greece & Silicon Valley Thanasis Kalekos Spyros Trachanis Bridge Silicon Valley & GreeceSaturday, December 01, 2012 3
Investment Thesis Concept Seed Series A Series B Exit Funding Funding Funding (Acquisition or IPO) Thesis 2: Thesis 1: Seed Funding Series A Funding Thesis 1: Series A funding At an earlier stage than Silicon Valley VC’s would invest in Hands-on work with company to “catch up” to Valley standard by Series B Thesis 2: Seed Funding Stimulate interest in creating startups – academic community, research institutes and industry Properly prepare for Series A investment – proof of concept, plan, customers, team Maintain equity position in subsequent funding rounds in all casesSaturday, December 01, 2012 4
Investment Thesis 1: Early Stage – Series A Portfolio of 15-20 companies Initial investment of € 250,000 - 1,500,000 for 20%-35% equity position Expectation to participate with pro-rata share in subsequent rounds 4-6 companies added to the portfolio each year Prerequisites: A comprehensive business plan – addressing global markets, reach profitability and grow revenue to over € 100M in 5-7 years Product prototype or first product release Proof of concept from initial customer engagements Completed due diligence and review by Odyssey investment committee Management team deliverables: Execute to plan Commitment to operate to “Silicon Valley standard” Odyssey deliverables: Coaching, “acting” in management positions, recruiting, bridge to global markets and investorsSaturday, December 01, 2012 5
Investment Thesis 2: Seed Stage 5%-7% of Fund dedicated to seed investing € 20,000 -70,000 investment for 15%-30% equity position Hosting and coaching the entrepreneur(s) Assistance in receiving additional EU funding Prerequisites: An intelligent and highly motivated entrepreneur/team A “big idea” (an idea that can grow a “big” company) Deliverables: Prototype proof of concept Establish relationship with at least one prospective customer Complete a (fundable) business plan Expect to invest in 20-40 promising ideas in the first 4 years Expect fundable success ratio of 1 in 5
Enabling a “Virtuous Cycle” Innovation (Καινοτομία) Business Business Success Access to Capital Know-how (Χρηματοδότηςη) (Επιχειρηματικό τητα) Odyssey Value-AddedSaturday, December 01, 2012 7
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