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

hyperionsystems.net
Dr. Symeon Kassianides
Founder, Chairman & CEO
Hyperion Systems Engineering Group
23 May 2013
Start-Ups in Cyprus – Road to Success
“The Hyperion Experience”

© 2013 Hyperion Systems Engineering Group. All rights reserved.
What is entrepreneurship?
'Entrepreneurship' is the act and art of being an
entrepreneur or one who undertakes
innovations or introducing new things, finance
and business acumen in an effort to transform
innovations into economic goods....
Source: Wikipedia, the free encyclopaedia
Entrepreneurship in simple words: coming up with
new ideas, innovations and putting those into
action.
2

Is it worth taking the risk?
3

Everybody is talking about the crisis...
In these challenging times we need to think
outside the box.
4

How it all started...
5

…with an Idea
• The Idea
• An idea for a commercial offering was formulated based on the research
carried out for a Ph.D. (1991)
• The Potential
• Commercial interest was expressed by 2 competing companies in the
particular 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

The Public Image in 1991
• Venture capital available through the commercial banks
supported by the European Investment Bank and
managed by the Cyprus Development Bank.
• Financing options through loans.
• Encouragement for repatriation of skilled persons and
the concept of Cyprus as a “new Singapore”.
• Abundance of skilled labor.
7

The Harsh Reality circa 1991
• Cyprus venture capitalists unable to take a position in
advanced technology ventures:
• “… if you wanted us to give you money to make pencils then we could probably
discuss it … I know what pencils are, what they do, how they are made, and who
buys them … ”
• Financing available on the basis of guarantees:
• “… if you can prove that you do not need the money then we may consider giving it
to you …”
• Government support and infrastructure not available to support
advanced technology start-ups.
• Shortage of skilled labor for the private sector, let alone small
start-up companies.
8

The Challenge
Convincing Cyprus Venture Capitalists to take a
risk in an area they did not understand and
therefore could not evaluate.
9

The Road to Success
• Convinced the USA commercial company to join in the venture to
develop and promote the technology.
• Formulated of extensive business plan.
• Selected and engaged reputable associates for financial/accounting and
legal support. (MENTORS)
• Identified of a visionary end-user company and formulated a prototype
on a first project.
• Educated financial community (Banks and Venture Capitalists).
• Addressed every question and overcame every obstacle.
• Persistence and Perseverance.
• Enthusiasm!!!
• Sacrifice...
11

December 1993
Compromise on funding requirements.
Venture capital secured.
Company formed!!!
12

The Journey begins
13

The First Years 1993 - 1996
• Product development plan governed by the needs of our
“end-user”.
• Development scope influenced by the particular
requirements of the USA partner company.
• Completion and deployment of first commercial version of
the software product.
• Participation in the business development activities but not
directly in the sales cycle.
• Slow growth of revenues, human resources and capabilities.
• Local support or opportunities non-existent.
14

Reinvention of Hyperion 1997
• Continued with the product…:
• Difficulties in achieving sales of product exasperated by the change of
strategy of our USA partner.
• Initiation of independent sales activities.
• Successes on various projects.
• Shift from product oriented software company to services
delivery.
• Diversification in new activities. Formation of the Dynamic Analysis &
Training Simulators (DATS) Division to develop dynamic simulation models
for the process industries worldwide.
15

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 services
to the process manufacturers worldwide.
• Nature of business at this point is contract work for principals.
16

Hyperion’s 2nd Reinvention 2000
• Capital restructuring
• Formation of the Advanced Process Control (APC) Division, that
focuses on designing, building and installing advanced process
control solutions.
• Formation of the Enterprise Resource Planning (ERP) Division, that
provides ERP related services within the context of selecting,
implementing, integrating and maintaining commercial ERP
systems.
• In 2000, Hyperion made its first acquisition, acquiring Apola Human
Solutions Ltd. a Cypriot company specializing in Recruitment and
Human Resources services. Since then Apola functions also as the
internal HR Division of Hyperion.
17

Further global Expansion 2001-2008
Geographical expansion with new offices in Greece
(2001), Bahrain (2002), Russia (2003) and India (2003).
Hyperion ventures out as an independent Operator Training Simulator
provider and wins first contract with LUBEREF in Saudi Arabia. (2005)
Hyperion’s reputation in the market solidifies enabling the company to start
winning multi-million projects. (2006-2008)
In 2003 Hyperion acquires Broner Metals
Solutions in the UK and expands
into solutions for Steel and Aluminium.
Hyperion passes through the 100 - employee mark
18

Further global Expansion 2008-2012
Hyperion opens an office in Al-Khobar, Saudi Arabia (2008)
With its business and revenue coming from the
world markets, Hyperion is among the first
Cypriot companies to suffer from the economic
crisis; 2009 and 2010 are particularly challenging.
First-In-First-Out, 2011 marks the return of Hyperion to pre-crisis
revenue levels and net profitability, complimented by significant
project wins in Steel/Aluminium as well as Hydrocarbons customers.
Hyperion returns to growth and
recruitment and earns in 2012 the
Investors In People accreditation
Hyperion incorporates in Florida, USA (2012)
19

hyperionsystems.net
May 2013
Hyperion Systems Engineering Group
Hyperion Today

our business
• We work in Hydrocarbons & Chemicals and Steel & Aluminium
Manufacturing
• 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 cognisant
of environmental impact.
Proven Industry Domain Knowledge
Our core team of senior world class consultants understands the
challenges of the industry and can formulate the appropriate
solutions to maximize customer benefits.
Selected Enabling Software
Our solutions are deployed using the best possible enabling
technology, either developed by Hyperion or accessible through
partnerships.
Global Services Execution Force
Our highly trained global resource pool delivers optimum
technology based solutions at a competitive cost.
21

our customers
22

our vision
to be the trusted advisor, partner
and preferred provider
of process systems engineering
solutions and advisory services
to process manufacturers
23

our mission
To deliver significant business value to our
customers worldwide
through the effective design, selection and
deployment of best-in-class solutions and
technologies
enabling them to reduce operating and supply
chain costs, improve safety and increase
overall profitability,
always cognisant of environmental impact.
24

key facts
 Hyperion is a medium sized, independent and globally operating, process systems
engineering company providing solutions, consulting and advisory services to process
manufacturers.
 Group of companies with subsidiaries in the
UK, Russia, Cyprus, Greece, Saudi Arabia,
Bahrain, India, China, USA and Singapore.
 Employs highly qualified permanent staff,
many with postgraduate qualifications and
considerable industrial experience.
 Wide experience with numerous projects for
large multinational companies in Upstream
Oil & Gas, Refining, Petrochemicals and
Chemicals, Cement, Steel & Aluminum.
 Extensive network of strategic consultants that increase the ability to meet capacity, as well
as, domain and specialized expertise constraints.
 Partners and associates leading global technology companies.
 Certified ISO 9001:2008, TRACE compliant and accredited as an
Investor In People organisation.
25

offerings & delivery methodologyDEFINE
EXECUTE
SUSTAIN
Solutions 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 optimization
Based on most industry-recognized
software technologies which, in some
regions, Hyperion also resells through
technical partnership agreements
Delivered on
an individual
point solution
basis
Delivered on an
integrated plant
or enterprise-wide
program basis
Strategic
Opportunity
Assessment
Studies
Technology
Readiness and
Benefit Assessment
Studies
FEED
Front End Engineering
Design Studies
Based on most industry-recognized software technologies which, in some regions, Hyperion also
resells through technical partnership agreements
Training Services
ensuring ability to maximize
utilization and benefit from
implemented solutions
Audit Reviews
on implemented
solutions to identify
errors or areas for
improvement
Project Management
and Quality
Assurance services
on behalf of end
customers during
implementation
programs delivered by
third parties.
26
Post Delivery Support and
Application Maintenance Services
maintaining implemented solutions to
ensure they remain up to date in
relevance and performance
26

Company Personnel Today
170 Full time employees and growing
1
10
2
41
13
25
1 1
24
5
1
44
1
0
5
10
15
20
25
30
35
40
45
50
Belgium Brazil China Cyprus Greece India Japan Romania Russia Saudi
Arabia
South
Africa
United
Kingdom
USA
HYPERION EMPLOYEES - LOCATION
53%
34%
6%
7%
HYPERION - QUALIFICATIONS
Bachelors Masters Phd Other
13%
60%
8%
2%
3% 14%
TYPE OF DEGREES
Business Science
Engineering
Humanities, Social
Sciences&Law
Mathematics
Other
Science
27

The Growth of Hyperion
$0
$5
$10
$15
$20
$25
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Historical Revenue (millions USD)
28

Factors Contributing to Success
• Solid and Effective Management.
• Formation and Management of Professional
Relationships.
• Human Factors.
• Successful Sales.
• Agility
• Credibility.
29

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

The 2013 General Public View
• Cyprus venture capitalists unable to take a position in advanced
technology 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 consider
giving it to you ?…”
• Government support and infrastructure not available to support
advanced technology start-ups.
• After all is there anything of worth...?
• Is Cyprus too small...?
• Can we export knowledge based products...?
31

The Alternative Reality circa 2013
• Cyprus businesses/entrepreneurs have started looking at markets
out of Cyprus.
• Construction
• Technology
• Consulting
• Prospects for boost in economy from the exploitation of our
natural resources are significant.
• Abundance of innovative ideas coming out from the Universities
• An Entrepreneurial Ecosystem is developing
32

2013 Cyprus Entrepreneurship Ecosystem
• Innovative Start-ups
• Programs for Business Innovation
• The Cyprus Entrepreneurship
Competition
• Business Incubators
• Entrepreneurship Helpdesks
• Research Centers
• Research Universities
• World class research results
• Youth and Women focused
entrepreneurship 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 Initiative
33

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, access
to broadband internet, telephone, office equipment,
meeting rooms facilities…]
• Back Office Support [Secretarial and Reception
Services]
• Legal, Accounting / Taxation expertise
• Project, Contract, Financial Management
Facilitates the
creation of
innovative
startups
Diogenes
34

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 it
work?
• Define your strategy and get started!
35

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.com
36

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 convince
others when
• You can see yourself succeed.
• You are convinced of your
company’s/product’s success potential.
• Ideas without actions are worthless!
37

No one said it is going to be easy!
38

There will be days you will want to
quit. Don’t!
39

It all starts within you.
40

Ideas without actions are worthless!
41

Thank
You
HYPERION ENGINEERING UK LTD. /
BRONER METALS SOLUTIONS LTD.
1, Century Court, Tolpits Lane,
Watford, WD18 9PT, UK
Tel: +44 1923 652000 / Fax: +44 1923 816456
www.bronermetals.com
HYPERION SYSTEMS ENGINEERING S.A
Dorylaiou 10-12. 3rd Floor,
GR-115 21, Athens - Greece
Tel: +30 210 8704900 / Fax: +30 210 6433 368
HYPERION SYSTEMS SAUDI ARABIA LIMITED
Hail Center, Al Khobar
P.O. Box 904,
Al Khobar 31952, Kingdom of Saudi Arabia
Tel: +966 3 814 3313 / Fax: +966 3 857 3684
OOO HYPERION SYSTEMS ENGINEERING (RUS)
Skakovaya Street 17/1, Office 1212-1217
Moscow 125040 – Russian Federation
Tel: +7 495 5040477 / Fax: +7 495 5040478
www.hyperionsystems.ru
HYPERION SYSTEMS ENGINEERING (INDIA) PRIVATE LIMITED.
Gandhi Empire, Plot No.2, S. No 595/1
5th Floor, Sareen Estate, Kondawa Road,
Mouji Munjeri, PUNE 411 040, India
Tel: +91 20 39845800 / Fax: +91 20 39845900
BRONER INFORMATION TECHNOLOGY (Shanghai) LTD.
Room 425, No. 2 Building 351 Guo Shou Jing Road
Zhangjiang High-tech Park, Shanghai, 201203, China
Tel.: +86 21 508 099 48 / Fax: +86 21 642 252 48
HYPERION SYSTEMS ENGINEERING (Singapore) PTE LTD.
One Raffles Place Bldg, 1 Raffles Place, Level 24
Singapore 048616
Tel: +65 6408 0514 / Fax : +65 6408 0601
HYPERION SYSTEMS ENGINEERING LTD.
38 Strovolou Avenue
CY 2018, Nicosia - Cyprus
Tel: +357 22840700 / Fax: +357 22590009
hyperionsystems.net
45

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