Lecture by Dr. Kassianides: Start-Ups in Cyprus - The Hyperion Experience

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  • 1. hyperionsystems.netDr. Symeon KassianidesFounder, Chairman & CEOHyperion Systems Engineering Group23 May 2013Start-Ups in Cyprus – Road to Success“The Hyperion Experience”
  • 2. © 2013 Hyperion Systems Engineering Group. All rights reserved.What is entrepreneurship?Entrepreneurship is the act and art of being anentrepreneur or one who undertakesinnovations or introducing new things, financeand business acumen in an effort to transforminnovations into economic goods....Source: Wikipedia, the free encyclopaediaEntrepreneurship in simple words: coming up withnew ideas, innovations and putting those intoaction.2
  • 3. © 2013 Hyperion Systems Engineering Group. All rights reserved.Is it worth taking the risk?3
  • 4. © 2013 Hyperion Systems Engineering Group. All rights reserved.Everybody is talking about the crisis...In these challenging times we need to thinkoutside the box.4
  • 5. © 2013 Hyperion Systems Engineering Group. All rights reserved.How it all started...5
  • 6. © 2013 Hyperion Systems Engineering Group. All rights reserved.…with an Idea• The Idea• An idea for a commercial offering was formulated based on the researchcarried out for a Ph.D. (1991)• The Potential• Commercial interest was expressed by 2 competing companies in theparticular field (USA and UK).• The Opportunity• Join one of the competing companies to develop the commercial offering.• Develop the technology in conjunction with the University.• Seek venture capital.• The Adventure• Set up the operation in Cyprus.6
  • 7. © 2013 Hyperion Systems Engineering Group. All rights reserved.The Public Image in 1991• Venture capital available through the commercial bankssupported by the European Investment Bank andmanaged by the Cyprus Development Bank.• Financing options through loans.• Encouragement for repatriation of skilled persons andthe concept of Cyprus as a “new Singapore”.• Abundance of skilled labor.7
  • 8. © 2013 Hyperion Systems Engineering Group. All rights reserved.The Harsh Reality circa 1991• Cyprus venture capitalists unable to take a position inadvanced technology ventures:• “… if you wanted us to give you money to make pencils then we could probablydiscuss it … I know what pencils are, what they do, how they are made, and whobuys them … ”• Financing available on the basis of guarantees:• “… if you can prove that you do not need the money then we may consider giving itto you …”• Government support and infrastructure not available to supportadvanced technology start-ups.• Shortage of skilled labor for the private sector, let alone smallstart-up companies.8
  • 9. © 2013 Hyperion Systems Engineering Group. All rights reserved.The ChallengeConvincing Cyprus Venture Capitalists to take arisk in an area they did not understand andtherefore could not evaluate.9
  • 10. © 2013 Hyperion Systems Engineering Group. All rights reserved.
  • 11. © 2013 Hyperion Systems Engineering Group. All rights reserved.The Road to Success• Convinced the USA commercial company to join in the venture todevelop and promote the technology.• Formulated of extensive business plan.• Selected and engaged reputable associates for financial/accounting andlegal support. (MENTORS)• Identified of a visionary end-user company and formulated a prototypeon a first project.• Educated financial community (Banks and Venture Capitalists).• Addressed every question and overcame every obstacle.• Persistence and Perseverance.• Enthusiasm!!!• Sacrifice...11
  • 12. © 2013 Hyperion Systems Engineering Group. All rights reserved.December 1993Compromise on funding requirements.Venture capital secured.Company formed!!!12
  • 13. © 2013 Hyperion Systems Engineering Group. All rights reserved.The Journey begins13
  • 14. © 2013 Hyperion Systems Engineering Group. All rights reserved.The First Years 1993 - 1996• Product development plan governed by the needs of our“end-user”.• Development scope influenced by the particularrequirements of the USA partner company.• Completion and deployment of first commercial version ofthe software product.• Participation in the business development activities but notdirectly in the sales cycle.• Slow growth of revenues, human resources and capabilities.• Local support or opportunities non-existent.14
  • 15. © 2013 Hyperion Systems Engineering Group. All rights reserved.Reinvention of Hyperion 1997• Continued with the product…:• Difficulties in achieving sales of product exasperated by the change ofstrategy of our USA partner.• Initiation of independent sales activities.• Successes on various projects.• Shift from product oriented software company to servicesdelivery.• Diversification in new activities. Formation of the Dynamic Analysis &Training Simulators (DATS) Division to develop dynamic simulation modelsfor the process industries worldwide.15
  • 16. © 2013 Hyperion Systems Engineering Group. All rights reserved.Rapid Growth 1998 -1999• Hyperion becomes predominantly a services company.• Early success and achievement fuel growth.• Formation in 1998, of the Supply Chain Management (SCM)Division to provide supply chain management solutions servicesto the process manufacturers worldwide.• Nature of business at this point is contract work for principals.16
  • 17. © 2013 Hyperion Systems Engineering Group. All rights reserved.Hyperion’s 2nd Reinvention 2000• Capital restructuring• Formation of the Advanced Process Control (APC) Division, thatfocuses on designing, building and installing advanced processcontrol solutions.• Formation of the Enterprise Resource Planning (ERP) Division, thatprovides ERP related services within the context of selecting,implementing, integrating and maintaining commercial ERPsystems.• In 2000, Hyperion made its first acquisition, acquiring Apola HumanSolutions Ltd. a Cypriot company specializing in Recruitment andHuman Resources services. Since then Apola functions also as theinternal HR Division of Hyperion.17
  • 18. © 2013 Hyperion Systems Engineering Group. All rights reserved.Further global Expansion 2001-2008Geographical expansion with new offices in Greece(2001), Bahrain (2002), Russia (2003) and India (2003).Hyperion ventures out as an independent Operator Training Simulatorprovider and wins first contract with LUBEREF in Saudi Arabia. (2005)Hyperion’s reputation in the market solidifies enabling the company to startwinning multi-million projects. (2006-2008)In 2003 Hyperion acquires Broner MetalsSolutions in the UK and expandsinto solutions for Steel and Aluminium.Hyperion passes through the 100 - employee mark18
  • 19. © 2013 Hyperion Systems Engineering Group. All rights reserved.Further global Expansion 2008-2012Hyperion opens an office in Al-Khobar, Saudi Arabia (2008)With its business and revenue coming from theworld markets, Hyperion is among the firstCypriot companies to suffer from the economiccrisis; 2009 and 2010 are particularly challenging.First-In-First-Out, 2011 marks the return of Hyperion to pre-crisisrevenue levels and net profitability, complimented by significantproject wins in Steel/Aluminium as well as Hydrocarbons customers.Hyperion returns to growth andrecruitment and earns in 2012 theInvestors In People accreditationHyperion incorporates in Florida, USA (2012)19
  • 20. hyperionsystems.netMay 2013Hyperion Systems Engineering GroupHyperion Today
  • 21. © 2013 Hyperion Systems Engineering Group. All rights reserved.our business• We work in Hydrocarbons & Chemicals and Steel & AluminiumManufacturing• We provide specialised software technology solutions, consulting &advisory services to process manufacturers across the world.• We help our customers reduce operating and supply chain costs,improve safety and increase their overall profitability, always cognisantof environmental impact.Proven Industry Domain KnowledgeOur core team of senior world class consultants understands thechallenges of the industry and can formulate the appropriatesolutions to maximize customer benefits.Selected Enabling SoftwareOur solutions are deployed using the best possible enablingtechnology, either developed by Hyperion or accessible throughpartnerships.Global Services Execution ForceOur highly trained global resource pool delivers optimumtechnology based solutions at a competitive cost.21
  • 22. © 2013 Hyperion Systems Engineering Group. All rights reserved.our customers22
  • 23. © 2013 Hyperion Systems Engineering Group. All rights reserved.our visionto be the trusted advisor, partnerand preferred providerof process systems engineeringsolutions and advisory servicesto process manufacturers23
  • 24. © 2013 Hyperion Systems Engineering Group. All rights reserved.our missionTo deliver significant business value to ourcustomers worldwidethrough the effective design, selection anddeployment of best-in-class solutions andtechnologiesenabling them to reduce operating and supplychain costs, improve safety and increaseoverall profitability,always cognisant of environmental impact.24
  • 25. © 2013 Hyperion Systems Engineering Group. All rights reserved.key facts Hyperion is a medium sized, independent and globally operating, process systemsengineering company providing solutions, consulting and advisory services to processmanufacturers. Group of companies with subsidiaries in theUK, Russia, Cyprus, Greece, Saudi Arabia,Bahrain, India, China, USA and Singapore. Employs highly qualified permanent staff,many with postgraduate qualifications andconsiderable industrial experience. Wide experience with numerous projects forlarge multinational companies in UpstreamOil & Gas, Refining, Petrochemicals andChemicals, Cement, Steel & Aluminum. Extensive network of strategic consultants that increase the ability to meet capacity, as wellas, domain and specialized expertise constraints. Partners and associates leading global technology companies. Certified ISO 9001:2008, TRACE compliant and accredited as anInvestor In People organisation.25
  • 26. © 2013 Hyperion Systems Engineering Group. All rights reserved.offerings & delivery methodologyDEFINEEXECUTESUSTAINSolutions implementation in the areas of:• process simulation-optimization-training• advanced process control• plant data validation & reconciliation• plant performance management• laboratory information management• production planning & scheduling• logistics & supply chain optimizationBased on most industry-recognizedsoftware technologies which, in someregions, Hyperion also resells throughtechnical partnership agreementsDelivered onan individualpoint solutionbasisDelivered on anintegrated plantor enterprise-wideprogram basisStrategicOpportunityAssessmentStudiesTechnologyReadiness andBenefit AssessmentStudiesFEEDFront End EngineeringDesign StudiesBased on most industry-recognized software technologies which, in some regions, Hyperion alsoresells through technical partnership agreementsTraining Servicesensuring ability to maximizeutilization and benefit fromimplemented solutionsAudit Reviewson implementedsolutions to identifyerrors or areas forimprovementProject Managementand QualityAssurance serviceson behalf of endcustomers duringimplementationprograms delivered bythird parties.26Post Delivery Support andApplication Maintenance Servicesmaintaining implemented solutions toensure they remain up to date inrelevance and performance26
  • 27. © 2013 Hyperion Systems Engineering Group. All rights reserved.Company Personnel Today170 Full time employees and growing11024113251 1245144105101520253035404550Belgium Brazil China Cyprus Greece India Japan Romania Russia SaudiArabiaSouthAfricaUnitedKingdomUSAHYPERION EMPLOYEES - LOCATION53%34%6%7%HYPERION - QUALIFICATIONSBachelors Masters Phd Other13%60%8%2%3% 14%TYPE OF DEGREESBusiness ScienceEngineeringHumanities, SocialSciences&LawMathematicsOtherScience27
  • 28. © 2013 Hyperion Systems Engineering Group. All rights reserved.The Growth of Hyperion$0$5$10$15$20$251994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Historical Revenue (millions USD)28
  • 29. © 2013 Hyperion Systems Engineering Group. All rights reserved.Factors Contributing to Success• Solid and Effective Management.• Formation and Management of ProfessionalRelationships.• Human Factors.• Successful Sales.• Agility• Credibility.29
  • 30. © 2013 Hyperion Systems Engineering Group. All rights reserved.Cyprus... May 2013...• The corporate environment is collapsing...• Businesses close...• Lack of money...• Decline in jobs...• People’s morality is low• What to do...• I can’t...30
  • 31. © 2013 Hyperion Systems Engineering Group. All rights reserved.The 2013 General Public View• Cyprus venture capitalists unable to take a position in advancedtechnology ventures:“…do they still exist… is anybody out there…?”• Is local financing available on the basis of guarantees?“… if you can prove that you do not need the money then can institutions considergiving it to you ?…”• Government support and infrastructure not available to supportadvanced technology start-ups.• After all is there anything of worth...?• Is Cyprus too small...?• Can we export knowledge based products...?31
  • 32. © 2013 Hyperion Systems Engineering Group. All rights reserved.The Alternative Reality circa 2013• Cyprus businesses/entrepreneurs have started looking at marketsout of Cyprus.• Construction• Technology• Consulting• Prospects for boost in economy from the exploitation of ournatural resources are significant.• Abundance of innovative ideas coming out from the Universities• An Entrepreneurial Ecosystem is developing32
  • 33. © 2013 Hyperion Systems Engineering Group. All rights reserved.2013 Cyprus Entrepreneurship Ecosystem• Innovative Start-ups• Programs for Business Innovation• The Cyprus EntrepreneurshipCompetition• Business Incubators• Entrepreneurship Helpdesks• Research Centers• Research Universities• World class research results• Youth and Women focusedentrepreneurship programs• EU funding• International funds available• Micro-funding (loan): JEREMIE,PROGRESS• Culture change is in progress• Open Coffee Cyprus• Cypriot Enterprise Link• Hack Cyprus• Startup Grind Cyprus• Cyprus Startup Digest• Startup Cyprus Initiative33
  • 34. © 2013 Hyperion Systems Engineering Group. All rights reserved.Mission - Services• Strategic Business Management• Business Planning• Mentoring• Coaching• Marketing / Sales• Networking• Funding Access, Funds Sourcing• Ad hoc Technical Support• Accommodation [Furnished Office, lab leasing, accessto broadband internet, telephone, office equipment,meeting rooms facilities…]• Back Office Support [Secretarial and ReceptionServices]• Legal, Accounting / Taxation expertise• Project, Contract, Financial ManagementFacilitates thecreation ofinnovativestartupsDiogenes34
  • 35. © 2013 Hyperion Systems Engineering Group. All rights reserved.So what can YOU do?• You have a great idea? Put it into action!• Is there a market for it? Do your research!• Are you committed and driven to make itwork?• Define your strategy and get started!35
  • 36. © 2013 Hyperion Systems Engineering Group. All rights reserved.Don’t wait – engage!Networking opportunities:• 04.06. – The 2nd Interaction Design & Human Computer Interaction• 13.06. – Start-up Live Cyprus Pre-Event• 30.06. – Cyprus Institute Solar Car Challenge 2013• 02.09. – Hack Cyprus 2013 Festival• More info under:www.startupdigest.com36
  • 37. © 2013 Hyperion Systems Engineering Group. All rights reserved.Last words of advice• No one said it is going to be easy!• There will be days you will want to quit. Don’t!• It all starts within you. You can only convinceothers when• You can see yourself succeed.• You are convinced of yourcompany’s/product’s success potential.• Ideas without actions are worthless!37
  • 38. © 2013 Hyperion Systems Engineering Group. All rights reserved.No one said it is going to be easy!38
  • 39. © 2013 Hyperion Systems Engineering Group. All rights reserved.There will be days you will want toquit. Don’t!39
  • 40. © 2013 Hyperion Systems Engineering Group. All rights reserved.It all starts within you.40
  • 41. © 2013 Hyperion Systems Engineering Group. All rights reserved.Ideas without actions are worthless!41
  • 42. © 2013 Hyperion Systems Engineering Group. All rights reserved.
  • 43. © 2013 Hyperion Systems Engineering Group. All rights reserved.43
  • 44. © 2013 Hyperion Systems Engineering Group. All rights reserved.
  • 45. © 2013 Hyperion Systems Engineering Group. All rights reserved.ThankYouHYPERION ENGINEERING UK LTD. /BRONER METALS SOLUTIONS LTD.1, Century Court, Tolpits Lane,Watford, WD18 9PT, UKTel: +44 1923 652000 / Fax: +44 1923 816456www.bronermetals.comHYPERION SYSTEMS ENGINEERING S.ADorylaiou 10-12. 3rd Floor,GR-115 21, Athens - GreeceTel: +30 210 8704900 / Fax: +30 210 6433 368HYPERION SYSTEMS SAUDI ARABIA LIMITEDHail Center, Al KhobarP.O. Box 904,Al Khobar 31952, Kingdom of Saudi ArabiaTel: +966 3 814 3313 / Fax: +966 3 857 3684OOO HYPERION SYSTEMS ENGINEERING (RUS)Skakovaya Street 17/1, Office 1212-1217Moscow 125040 – Russian FederationTel: +7 495 5040477 / Fax: +7 495 5040478www.hyperionsystems.ruHYPERION SYSTEMS ENGINEERING (INDIA) PRIVATE LIMITED.Gandhi Empire, Plot No.2, S. No 595/15th Floor, Sareen Estate, Kondawa Road,Mouji Munjeri, PUNE 411 040, IndiaTel: +91 20 39845800 / Fax: +91 20 39845900BRONER INFORMATION TECHNOLOGY (Shanghai) LTD.Room 425, No. 2 Building 351 Guo Shou Jing RoadZhangjiang High-tech Park, Shanghai, 201203, ChinaTel.: +86 21 508 099 48 / Fax: +86 21 642 252 48HYPERION SYSTEMS ENGINEERING (Singapore) PTE LTD.One Raffles Place Bldg, 1 Raffles Place, Level 24Singapore 048616Tel: +65 6408 0514 / Fax : +65 6408 0601HYPERION SYSTEMS ENGINEERING LTD.38 Strovolou AvenueCY 2018, Nicosia - CyprusTel: +357 22840700 / Fax: +357 22590009hyperionsystems.net45