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Tech and startups in Bulgaria
Max Gurvits
Partner, CCC Startups
@MxGur @CCCStartups
European	
  Entrepreneurship	
  &	
  I...
@MxGur
Where is Bulgaria?
Republic of
Bulgaria
Latest (and poorest) EU member
Bulgaria is beautiful!
Bulgaria - Tech heritage
John Atanasoff Atanasoff-Berry Computer
Bulgaria - Tech heritage
Pravetz Computers
Bulgaria - Tech heritage
Math and CS Olympiads
Bulgaria -
1970s/1980s:
IT industry
(Soviet Era_)
Bulgaria - 1987-1990: USSR bails out
Gorbachev in Sofia, 1987
Bulgaria - 1990-2000: Crisis
Bulgaria - 1990-2000: Emigration
Bulgaria - 1990-2000: Emigration
Bulgaria - 2000-2010: Growth of IT
outsourcing
Bulgaria - 2000-2010: Growth of IT
outsourcing
Bulgaria - 2007-2008: Domestic
market exits
Bulgaria - 2009-2014: International
exits
Telerik: local unicorn
Bulgaria - Local funds
2007: EUR 20m
2014: EUR 28m
2012: EUR 12m + 9m
2014: EUR 15m + 5m
Bulgaria - Venture activity 2007-now
110 companies
2/3 local founders
2/3 of that EU public funding
No significant exits
E...
Bulgaria - Tech challenges
Attracting talent
Investment incentives and
experience
Bulgaria - Local market has
60% internet penetration
35% smartphone penetration
25% payment card penetration
USD 7,500 per...
Bulgaria - Local market hasn’t
Research
Fundamental technology experience
Business development skills
Smart capital
Real addressable venture market
5 seed rounds per year
2 series A rounds per year
1 exit per 2-3 years
Minimal investor viability
Expand geography
Increase skillset
Connect to markets
What we do – CCC Startups
CCC Startups –
investments and support
Startup AddVenture –
building communities
Ways to leverage tech Bulgaria from
Silicon Valley
Recruit from community of 500+ startup
operators with minimum experienc...
Join me at SXSW on Saturday
@MxGur
@CCCStartups
Thank you!
Max Gurvits
CCC Startups
Max Gurvits - CCC Startups - Bulgaria - Stanford Engineering - Mar 9 2015
Max Gurvits - CCC Startups - Bulgaria - Stanford Engineering - Mar 9 2015
Max Gurvits - CCC Startups - Bulgaria - Stanford Engineering - Mar 9 2015
Max Gurvits - CCC Startups - Bulgaria - Stanford Engineering - Mar 9 2015
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Max Gurvits - CCC Startups - Bulgaria - Stanford Engineering - Mar 9 2015

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Talk by Max Gurvits, Partner - CCC Startups (BG), at Stanford on March 9 2015, in our session on 'Romania & Bulgaria :: Gaming Startups & Venture Capital'.

Website: http://www.StanfordEuropreneurs.org
YouTube Channel: https://www.youtube.com/user/StanfordEuropreneurs
Twitter: @Europreneurs

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Max Gurvits - CCC Startups - Bulgaria - Stanford Engineering - Mar 9 2015

  1. 1. Tech and startups in Bulgaria Max Gurvits Partner, CCC Startups @MxGur @CCCStartups European  Entrepreneurship  &  Innova1on  @  Stanford  Engineering                                      March  9  2015  
  2. 2. @MxGur
  3. 3. Where is Bulgaria?
  4. 4. Republic of Bulgaria
  5. 5. Latest (and poorest) EU member
  6. 6. Bulgaria is beautiful!
  7. 7. Bulgaria - Tech heritage John Atanasoff Atanasoff-Berry Computer
  8. 8. Bulgaria - Tech heritage Pravetz Computers
  9. 9. Bulgaria - Tech heritage Math and CS Olympiads
  10. 10. Bulgaria - 1970s/1980s: IT industry (Soviet Era_)
  11. 11. Bulgaria - 1987-1990: USSR bails out Gorbachev in Sofia, 1987
  12. 12. Bulgaria - 1990-2000: Crisis
  13. 13. Bulgaria - 1990-2000: Emigration
  14. 14. Bulgaria - 1990-2000: Emigration
  15. 15. Bulgaria - 2000-2010: Growth of IT outsourcing
  16. 16. Bulgaria - 2000-2010: Growth of IT outsourcing
  17. 17. Bulgaria - 2007-2008: Domestic market exits
  18. 18. Bulgaria - 2009-2014: International exits
  19. 19. Telerik: local unicorn
  20. 20. Bulgaria - Local funds 2007: EUR 20m 2014: EUR 28m 2012: EUR 12m + 9m 2014: EUR 15m + 5m
  21. 21. Bulgaria - Venture activity 2007-now 110 companies 2/3 local founders 2/3 of that EU public funding No significant exits EUR 80m invested
  22. 22. Bulgaria - Tech challenges Attracting talent Investment incentives and experience
  23. 23. Bulgaria - Local market has 60% internet penetration 35% smartphone penetration 25% payment card penetration USD 7,500 per capita GDP
  24. 24. Bulgaria - Local market hasn’t Research Fundamental technology experience Business development skills Smart capital
  25. 25. Real addressable venture market 5 seed rounds per year 2 series A rounds per year 1 exit per 2-3 years
  26. 26. Minimal investor viability Expand geography Increase skillset Connect to markets
  27. 27. What we do – CCC Startups CCC Startups – investments and support Startup AddVenture – building communities
  28. 28. Ways to leverage tech Bulgaria from Silicon Valley Recruit from community of 500+ startup operators with minimum experience Add biz dev skills through co-foundership Invest in 1-2 annual deals with potential
  29. 29. Join me at SXSW on Saturday
  30. 30. @MxGur @CCCStartups Thank you! Max Gurvits CCC Startups

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