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Apostolos Apostolakis' presentation at MeetUatReload 7.12.13
 

Apostolos Apostolakis' presentation at MeetUatReload 7.12.13

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Apostolos Apostolakis' presentation at MeetUatReload 7.12.13 Apostolos Apostolakis' presentation at MeetUatReload 7.12.13 Presentation Transcript

  • Digital Entrepreneurship in Greece and how to startup Apostolos Apostolakis RELOAD GREECE Imperial College Dec 2013 #MeetUatReload -0-
  • APOSTOLOS: STARTUPS FOR A LONG TIME 1998 Cofounder e-shop.gr 2009 Cofounder Openfund.com 2011 Seed investor, advisor Taxibeat.com 2012 Cofounder e-food.gr 2012 Cofounder doctoranytime.gr #MeetUatReload -1-
  • Circumstances/opportunities in Greece How to startup #MeetUatReload -2-
  • INTERNET SERVICES ADOPTION LAGGED… Job listings Computer etailing 2000 Online banking 2002 House listings Social networks online travel 2004 Online insurance car listings clothing/ shoes etailing 2006 2010 2012 Year of adoption in Greece #MeetUatReload -3-
  • …ALLOWING ROOM FOR DISRUPTION Full doctor profile review and online appointment booking not possible before July 2012 Online delivery-food ordering was possible only by the end of 2011 #MeetUatReload -4-
  • INTERNET VENTURES HAVE LOWER CAPITAL REQUIREMENTS… •Low product development cost •Efficient marketing •Disruptive enjoy virality /social marketing •Appeal to a larger market #MeetUatReload -5-
  • …EVEN MORE SO IN GREECE •Lower IT wages •Lower rents •Startups in Greece are used to lack of support Case study After 26 months and 2,5 million euro funding •More than 10,000 taxi drivers •200,000 rides per month •Active In Greece Brazil Mexico and France #MeetUatReload -6-
  • …AND OFFER FAST BUSINESS DEPLOYMENT Within 14 months •1800 available doctors •books 1000 appointments per month Within 22 months •900 restaurants •12 cities •receives 1500 orders per day #MeetUatReload -7-
  • GREEK CRISIS:AMPLE TALENT OPEN TO NEW EMPLOYMENT OPPORTUNITIES #MeetUatReload -8-
  • CIRCUMSTANCES HELP BUILD UP A WAVE #MeetUatReload -9-
  • THINGS STARTED JUST A FEW YEARS AGO Until 2007 no recurrent technology meetup in Greece Until 2009 no seed investing fund in Greece #MeetUatReload - 10 -
  • MANY MAJOR STARTUPS HAVE LAUNCHED IN THE LAST 2 YEARS Raised more than 5 million euro funding for Greek operations Raised 1,85 million USD funding, active in more than 10 countries Profitable startup sold to SPLUNK 2 seed round total 400K Traction in Greece Brazil and Spain #MeetUatReload - 11 -
  • AND THEN EVEN MORE … 167 STARTUPS MAPPED @Greekstartups.com #MeetUatReload - 12 -
  • WE ARE JUST IN THE BEGINING.. #MeetUatReload - 13 -
  • #MeetUatReload - 14 -
  • OPPORTUNITY FOR ENTREPRENEURS: LAUNCH OR WORK FOR DISRUPTIVE PROJECTS #MeetUatReload - 15 -
  • MANY AVAILABLE RESOURSES Co-working spaces Accelerators/Incubators/Advisors #MeetUatReload - 16 -
  • FUNDING IS EASIER… Odyssey Venture Partners Angel investors First Athens fund #MeetUatReload - 17 -
  • Circumstances/opportunities in Greece How to startup #MeetUatReload - 18 -
  • 6 QUESTIONS TO ANSWER 1 Product 2 Innovation/differentiation 3 Market (size/ competition) 4 Team 5 Implementation plan 6 Investment required #MeetUatReload - 19 -
  • … BETTER IN WRITTING #MeetUatReload - 20 -
  • 1 WHAT IS THE IDEA/PRODUCT Has to be easy and comprehensible  Consumer has limited time and short attention span Elevator pitch What is www.doctoranytime.gr ? It is a service that allows you to identify , find extensive information about (cv, patient opinions, cost per visit etc) and book an appointment with a doctor #MeetUatReload - 21 -
  • 2 WHAT IS THE BENEFIT/INNOVATION CONSUMER BENEFITS RESTAURANT BENEFITS Easy to order New customers •No need for catalogues •No need to call and wait •Internet users •Marketing spend based on results Choice Less expenses • More restaurants • Rated restaurants Better prices • Restaurant offers •No need for leaflets •Less telephone load Promotional activites •Easy and fast rollout of offers #MeetUatReload - 22 -
  • 1-2 HOW TO COME UP WITH AN IDEA? Personal need • Rated dentist near me: Friends’ needs • Baby sitter : • Pet hotel LISTEN / LOOK AROUND YOU #MeetUatReload - 23 -
  • 3 MARKET SIZE AND COMPETITION Market  13,000 taxis in Athens: 200,000 rides per day 10% penetration means 20,000 rides per day • 0,75 euros per ride means annual sales for Athens around 5 million euros Competition  Radiotaxi  Old habit #MeetUatReload - 24 -
  • 4 TEAM Before STARTUP During STARTUP #MeetUatReload - 25 -
  • 4 TEAM IS VERY IMPORTANT REQUIREMENTS 1 Complementary skills  ΙΤ (Web development)  Marketing  Sales/Business development 2 Confidence among team members in their  Competencies/skills  Moral values  Commitment to the project #MeetUatReload - 26 -
  • 4 WHERE TO LOOK FOR TEAM Coworking spaces • 123P • Colab • Cube Accelerators • EGG • Metavallon Technology meetups • Opencoffee • Reload Greece #MeetUatReload - 27 -
  • 5 IMPLEMENTATION PLAN Web/mobile development Operations plan • Customer support • Merchant support Marketing plan • Internet • PR #MeetUatReload - 28 -
  • 6 INVESTMENT REQUIREMENT Even a lean startup needs investment example IT platform Merchant acquisition Marketing (internet,PR) Running costs until breakeven 40,000 euros 30,000 euros 70,000 euros 110,000 euros Total upfront investment 250,000 euros #MeetUatReload - 29 -
  • 6 WHERE TO GET FUNDING Friends fools and family Venture capital/ Angel investors • Openfund2 • PJtech catalyst • First Athens • Odyssey venture partners Incubators • EGG • Microsoft innovation center #MeetUatReload - 30 -
  • SUMMARY :IT IS A LOT OF WORK AND IT IS RISKY IS IT FOR YOU? #MeetUatReload - 31 -
  • YOU CAN WORK FOR A STARTUP… http://workablehr.com/jobs/greekstartups Many startups look for people are great schools and meeting places #MeetUatReload - 32 -
  • …OR YOU CAN CREATE ONE Summarizing if you create your own startup and look for funding … #MeetUatReload - 33 -
  • …GET IN THE OTHER PERSON’S SHOES WOULD U INVEST YOUR MONEY IN YOUR IDEA? #MeetUatReload - 34 -
  • DO YOUR HOMEWORK… Idea/Product Market size Go to market plan Operational needs + Capital needs #MeetUatReload - 35 -
  • … IT SHOWS RESPONSIBILITY TO YOURSELF AND YOUR LISTENER Build credibility Respect other people’s time #MeetUatReload - 36 -
  • ADVANCE YOUR IDEA TO PRODUCT ON YOUR OWN Seek funding at the latest possible stage Faith in your product Less dilution #MeetUatReload - 37 -
  • THANK YOU AND GOOD LUCK  APOSTOLOS #MeetUatReload - 38 -