Discover a new seven-event training session coming to life in the framework of the WINGATE project. The goal is to develop and train women entrepreneurs and women business angels across all Europe.
During the seven sessions you can learn about multiple topics starting from the innovation ecosystem through investments to mentoring. It is no accident that mentoring has been included among our topics, since start-ups can learn and grow through a mentor familiar with the market in addition to investors.
Imre Hild, MD of Global Traction and Training Lead of Women/Business/Angels Association will be leading the monthly training sessions in partnership with Lumus Investments and HubHub Community Office, starting from 1st March and continuing throughout the year.
The training is free of charge.
The Wingate project is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation.
6PM 31st March, 2022
The start-ups
Guest expert: Matt Wohlmuth – Managing Director at Coding Sans
What is a start-up?
How does a start-up lifecycle look like?
Evaluating start-ups
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...
What You Need To Know About Startups, Wingate 7-2 - How To Take Off As A Business Angel
1. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
WHAT YOU NEED TO
KNOW ABOUT STARTUPS
2. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
What is a startup?
A Human institution operating under extreme uncertainties
An organization searching for a solution
A group of people conquering the unknown
3. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
What is the purpose of a startup?
● NOT to compete in competitions
● NOT to be on the cover of magazines
● NOT to convince investors
● NOT to ‘come up with an idea’
● NOT to create something that no one wants, even for free...
A startup exists to create value for the largest possible group of clients or consumers
in a repeatable and profitable business model.
4. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Typical features of a startup
● 2-3 founders
● Little experience, lot of time
● IT core with digital execution
● Don’t really know much about solution
● Weak or no business networks
● Easy to distract
You as an angel investor can help the startup focus its limited resources
in path to solution and revenue
5. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Typical challenges of a startup
As every new entity it is largely looking for specifics on many dimensions
What problem should be solved
What part of that problem can the startup solve
Who is doing what - amorf organization
How to spend months on coming up with the solution without pay
How to balance everything
6. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Typical development phases of a startup
7. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Startup vs. Small Business
Startup Small business
Growth potential Unlimited b/c of digital
a. Limited by founder’s time
b. limited by ability to ‘code’ concept
Uncertainty High Medium to Low
Execution Trial and error Copying a model or imitation
Differentiating factor Technology, IP Design, Expertise, Hands-on value add
Distribution Ultra-fast Scaling
Limited by applicable distribution
partners and time (production and
consumption is simultaneous)
8. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
The beginning of a startup
9. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Startup Lifecycle
F – F - F
Business Angel
Venture Capital
Private Equity
Capital
Intensity
Formality
10. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Startup Lifecycle
11. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Success ratios
● Startups with 4 or more founders -
1:40
● Startups from small ecosystems -
1:30
● Startups from recognized ecosystems -
1:15
● Startups where founders have experience -
1:12
● Startups who sit in an accelerator -
1:10
● Startups who sit in a top accelerator -
70%
● Startups who are in venture builder program -
80%
12. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Causes for startup failure
13. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
First must-do activities
We believe that people like (customer type)
have a need for (or problems doing)(need/action/behavior).
We will know we have succeeded when (quantitative/measurable outcome), or
(qualitative/observable outcome),
which will contribute to (KPI).
14. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Best startup development method
● Bias for speed
● “Get out of the building”
● Respects “collective wisdom” of the customers
● Obsessed with the customer
● Frugality implies discipline
● Open to learn and pivot
● Avoid maximalistsćć
15. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Product development, revenues
● Product or business model innovation?
● What is the value proposition?
● Fast prototyping based on customer feedback
● BMC
● MVP - Minimum Viable Product (should be called Experiment)
● The 80% rule
● Early revenues from early adopters
● Customer composition can have affect on the entire company
● Distribution options - check back with BMC
16. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Moving on to investors…
Formal
Informal
Direkt
Indirect Equity
crowdfunding
(Seedrs)
Angel
groups
Angel
Superangels
VC funds
Online
Angel
Syndication
Crowdfunding
(Kickstarter)
17. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Scale-up
● The “graduated startup”
● Products, revenues, markets
● Corporate operations
● Massive investor interest to fund them
Challenges
● How to expand - product or business model?
● International markets - product or technology?
● Market take or piggy backing?
● Startup experience comes handy
18. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Success ratios
19. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Success ratios
20. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Quick checks to screen startups
Critical areas to pay attention to
when selecting a startup
21. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Quick checks I.
LOOK FOR
Curiosity and Impatience
AVOID
Fear and Comfort
Founder characteristics
22. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Quick checks II.
● Founder
● Co-founders
● Early backers
● Mentors / Advisors
● Early (key) employees
● Employees
23. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Quick checks III. - team selection method
- Situational
- Spontaneous
- “Price”
- Emotional (friendship)
- Competence
- Conscious
- Energy, Enthusiasm
- Empathy
- Tenacity
- +
Entrepreneur needs to identify problem and potential value proposition first,
then build a team to deliver it
24. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
What makes a startup valuable
25. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
What makes a startup valuable
● Strong market acceptance
● High Long term Customer Value
● Defendable market position
● Technical execution capability
● Timeliness
● Ease of global / international adoption
26. The project “Wingate” is funded by Iceland, Liechtenstein and Norway through the EEA and Norway Grants Fund for Regional Cooperation
WINGATE
Chat with a startupper / angel