The wonderful world of startups and Aalto Venture Garage as a seed accelator<br />Aalto Venture Garage<br />Ville Simola<b...
My Agenda<br />
Agenda<br /><ul><li>What is a startup?
What it takes to build a startup?
Aalto Venture Garage as a co-working space and seed accelator</li></li></ul><li>Definitions<br />
Definition #1<br />“A startup company or startup is a company with a limited operating history. These companies, generally...
Definition #2<br />“A startup is NOT every new business venture (actually, it is but this is not the way we use the term a...
Definition #3<br />”A startup is the organization used to search for a scalable business model” <br />– Steve Blank<br />
Some comparisons<br />
Comparison #1(Steve Blank)<br />Small businesses<br />Business model found<br />Profitable business<br />Existing team<br ...
Comparison #2(Steve Blank)<br />Traditional accounting<br />Balance sheet<br />Cash flow statement<br />Income statement<b...
Comparison #3(Steve Blank)<br />Business plan<br />Static-document<br />”No business plan survises the first customer cont...
The idea<br />
Idea #1<br />Importance is usually overemphasized<br />
Idea #2<br />Will pivot during the journey<br />
Idea #3<br />Is something that should not be hidden<br />
The team<br />
Team #1<br />Is the most important asset <br />
Team #2<br />Should combine a different skillset<br />
Team #3<br />Needs to have high and passionate vision<br />
To be successful?<br />
Success #1<br />Technology is nice but it’s all about the value<br />
Success #2<br />Planning is good but execution wins the war<br />
Success #3<br />Great companies are not born they are built<br />
Success #4<br />Grow or die!<br />
Recommended readings<br />
Aalto Venture Garage<br />http://www.vimeo.com/16458062<br />
Background<br />
The start<br />The Garage started with grassroot initiatives by a group of students and entrepeneurs at Aalto University<b...
Why?<br />We saw the need for change in the entrepeneurship ecosystem in Finland. This was the fall of 2009. The garage wa...
Numbers<br />LicensingRevenue for ResearchInstitutions<br /><3 M€<br />Seed, Startup, EarlyGrowth VC<br />~ 83M€<br />Publ...
Activities<br />
Co-working<br />
Grass root initiatives<br />Pitching events<br />Open Mics<br />Talkoot workshops/<br />Startup weekends<br />
Grass root initiatives<br />Inspiring speakers<br />Tuli-talks w/ research based start-ups<br />Hackatrons<br />
Enternship<br />10-week Entrepreneurial internship<br />is aimed for students interested in startups and high growth compa...
Startup programs<br />
Summer of Startups<br />10-week start-up program targeted for students<br />Teams areprovided:<br />1) Coaching, mentoring...
Startup Sauna<br />More mature  start-up program targeted for advanced companies from the Baltic region running 2 times a ...
Some case startups<br />
Key success factors<br />
Key factors #1<br />    Culture of venturing from grass roots: Aaltoesetc.meaning that we have best students and researche...
Key factors #2<br />	Ideas and teams coming not only from Aalto or rest of Finland but from whole Baltics and Nordics: onl...
Key factors #3<br />experienced serial entrepreneurs with international success and failures as coaches to work with the s...
Key factors #4<br />Exposure for the best startups to real markets, competitors, investors and specially to culture of doi...
Key success factor?<br />SISU (FIN)<br />“Special strength and stubborn determination to continue and overcome in the mome...
My contacts<br />
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Introduction - The wonderful world of startups | 2011

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My visiting lecture at Aalto Mikkeli IB Campus on 3rd March 2011.

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Introduction - The wonderful world of startups | 2011

  1. 1. The wonderful world of startups and Aalto Venture Garage as a seed accelator<br />Aalto Venture Garage<br />Ville Simola<br />
  2. 2. My Agenda<br />
  3. 3. Agenda<br /><ul><li>What is a startup?
  4. 4. What it takes to build a startup?
  5. 5. Aalto Venture Garage as a co-working space and seed accelator</li></li></ul><li>Definitions<br />
  6. 6. Definition #1<br />“A startup company or startup is a company with a limited operating history. These companies, generally newly created, are in a phase of development and research for markets. “<br />- Wikipedia<br />
  7. 7. Definition #2<br />“A startup is NOT every new business venture (actually, it is but this is not the way we use the term anymore). It is a new tech venture, internet related mostly, that has the potential of rapid  growth through servicing new market segments and/or offering new product/services”<br />- Quote taken from Quora.com<br />
  8. 8. Definition #3<br />”A startup is the organization used to search for a scalable business model” <br />– Steve Blank<br />
  9. 9. Some comparisons<br />
  10. 10. Comparison #1(Steve Blank)<br />Small businesses<br />Business model found<br />Profitable business<br />Existing team<br />Not all the businesses of internet age are ”scalable startups”<br />Scalable startup<br />Designed to grow big<br />Huge uncertainty<br />Typically needs risk capital<br />These companies are the real startups<br />
  11. 11. Comparison #2(Steve Blank)<br />Traditional accounting<br />Balance sheet<br />Cash flow statement<br />Income statement<br />Startup metrics<br />Customer acquisition costs<br />Customer lifetime value<br />Monthly burn rate <br />
  12. 12. Comparison #3(Steve Blank)<br />Business plan<br />Static-document<br />”No business plan survises the first customer contact”<br />Focus on planning not execution<br />Business model<br />Can be iterated quickly<br />Shows how company creates, delivers and captures value<br />Focus on execution and how to make money<br />
  13. 13. The idea<br />
  14. 14. Idea #1<br />Importance is usually overemphasized<br />
  15. 15. Idea #2<br />Will pivot during the journey<br />
  16. 16. Idea #3<br />Is something that should not be hidden<br />
  17. 17. The team<br />
  18. 18. Team #1<br />Is the most important asset <br />
  19. 19. Team #2<br />Should combine a different skillset<br />
  20. 20. Team #3<br />Needs to have high and passionate vision<br />
  21. 21. To be successful?<br />
  22. 22. Success #1<br />Technology is nice but it’s all about the value<br />
  23. 23. Success #2<br />Planning is good but execution wins the war<br />
  24. 24. Success #3<br />Great companies are not born they are built<br />
  25. 25. Success #4<br />Grow or die!<br />
  26. 26. Recommended readings<br />
  27. 27. Aalto Venture Garage<br />http://www.vimeo.com/16458062<br />
  28. 28. Background<br />
  29. 29. The start<br />The Garage started with grassroot initiatives by a group of students and entrepeneurs at Aalto University<br />
  30. 30. Why?<br />We saw the need for change in the entrepeneurship ecosystem in Finland. This was the fall of 2009. The garage was empty.<br />
  31. 31. Numbers<br />LicensingRevenue for ResearchInstitutions<br /><3 M€<br />Seed, Startup, EarlyGrowth VC<br />~ 83M€<br />Public Investment<br />on R&D 2010<br />PrivateInvestment (GEM2009)<br />2.000 M€<br />#51/54<br />Companiesseeking for growth (GEM 2009)<br />#53/54<br />Fast-growthcompanies (≈20)<br />Sub-contractors<br />Resourceintensive<br />Lähteet: GEM 2009 Global Report, Deloitte Technology Fast 50 & Fast 500 EMEA (2009, 2010), FVCA (2010), PwC MoneyTree, NVCA (2010), IVA (2010), Tilastokeskus (2010), Center for Venture Research (2009), Tekes (2009, 2010)<br />30<br />
  32. 32. Activities<br />
  33. 33. Co-working<br />
  34. 34. Grass root initiatives<br />Pitching events<br />Open Mics<br />Talkoot workshops/<br />Startup weekends<br />
  35. 35. Grass root initiatives<br />Inspiring speakers<br />Tuli-talks w/ research based start-ups<br />Hackatrons<br />
  36. 36. Enternship<br />10-week Entrepreneurial internship<br />is aimed for students interested in startups and high growth companies<br />no restrictions when it comes to school or nationality<br />Applications taken in from 4th of March<br />
  37. 37. Startup programs<br />
  38. 38. Summer of Startups<br />10-week start-up program targeted for students<br />Teams areprovided:<br />1) Coaching, mentoring & keynotes from the best serial entrepreneurs, VCs, PR professionals etc.<br />2) 24/7 working space<br />3)Pre-seed funding for the selected team<br />
  39. 39. Startup Sauna<br />More mature start-up program targeted for advanced companies from the Baltic region running 2 times a year<br />Teams are provided:<br />1) Garage coach network<br />2) 24/7 working space<br />3) Office space and trip to Silicon Valley for the three best ones<br />
  40. 40. Some case startups<br />
  41. 41. Key success factors<br />
  42. 42. Key factors #1<br /> Culture of venturing from grass roots: Aaltoesetc.meaning that we have best students and researchers interestedto <br /> a) start b) work on startups<br />
  43. 43. Key factors #2<br /> Ideas and teams coming not only from Aalto or rest of Finland but from whole Baltics and Nordics: only way to get good enough people and ideas<br />
  44. 44. Key factors #3<br />experienced serial entrepreneurs with international success and failures as coaches to work with the selected startups from very beginning: our coaches<br />
  45. 45. Key factors #4<br />Exposure for the best startups to real markets, competitors, investors and specially to culture of doing business:  3- 4 months in the valley, in future Israel and china<br />
  46. 46. Key success factor?<br />SISU (FIN)<br />“Special strength and stubborn determination to continue and overcome in the moment of adversity. It's a combination of stamina, courage, and obstinacy held in reserve for hard times.”<br />
  47. 47.
  48. 48. My contacts<br />
  49. 49. aaltovg.com<br />aaltoes.com<br />facebook.com/aaltovg<br />facebook.com/aaltoes<br />Ville Simola <br />ville@aaltovg.com <br />+358 44 070 0520<br />
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