Open Fund presentation at Open Coffee


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The presentation I gave earlier today at Open Coffee Athens XXIII, introducing the Open Fund

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Open Fund presentation at Open Coffee

  1. Putting the pieces together
  2. 2 years ago
  3. 40 events, in 6 cities
  4. 130 speeches, 100s of participants 4
  5. we came a long way y-w ise unit c omm
  6. still, the ecosystem is broken
  7. how can we get there?
  8. to start-up, you need •brainpower •community •funding •advisory
  9. brainpower •1.7% of greeks holding MSc or PhD •#1 in EU regarding people studying abroad •top in availability of scientists and engineers
  10. to start-up, you need •brainpower •community •funding •advisory
  11. to start-up, you need ✓ brainpower •community •funding •advisory
  12. to start-up, you need ✓ brainpower •community •funding •advisory
  13. start-ups @ OC •they exist •able to succeed •interest is huge •potential is even bigger
  14. to start-up, you need ✓ brainpower •community •funding •advisory
  15. to start-up, you need ✓ brainpower ✓ community •funding •advisory
  16. to start-up, you need ✓ brainpower ✓ community •funding •advisory
  17. venture capital •lots of traction lately •a number of new funds •significant capital available •yet, no liquidity. why?
  18. funding, worldwide availability seed VC rounds public
  19. funding, in greece availability seed VC rounds public
  20. 0 high-tech, early stage investments in GR, 2007 (in €, EVCA)
  21. venture capital •no angel / early stage •risk averse •lack of knowledge in the tech field •no relevant network
  22. to start-up, you need ✓ brainpower ✓ community •funding •advisory
  23. to start-up, you need ✓ brainpower ✓ community - funding •advisory
  24. to start-up, you need ✓ brainpower ✓ community - funding •advisory
  25. advisory •more vital than money •providing expertise, directions & contacts •you need the best, with a network of global reach
  26. advisory •harder to find than VCs •locals, not well connected •intnls, not approachable •you are left in the dark
  27. to start-up, you need ✓ brainpower ✓ community - funding •advisory
  28. to start-up, you need ✓ brainpower ✓ community - funding - advisory
  29. so? •the system is broken, start-ups are few •but solutions exist •we are here to put the pieces together
  30. who are we
  31. George Tziralis entrepreneur, open coffee, GR
  32. George Kasselakis entrepreneur, open coffee, GR
  33. Dimitris Athanasiadis entrepreneur, open coffee, GR
  34. Onic Palandjan venture capitalist, capital connect, GR
  35. Spiros Xanthos entrepreneur, pattern insight, CA
  36. Apostolos Apostolakis entrepreneur, e-shop, GR
  37. Sokratis Papafloratos entrepreneur, trusted places, UK
  38. Teresa Farmaki venture capitalist, piraeus bank, GR
  39. advisors •an extensive list •on technology, management, sales, marketing, plus more • exceptional people from around the world
  40. some of the advisors •Tassoco-founder, Aster Data - CTO & Argyros Systems, CA •Francesco Benincasa UK - Director, Ultimate Holdings, •Aristos Doxiadis - Managing Director, Notos Associate, Greece
  41. some of the advisors •Andrew Hyde - Entrepreneur, Techstars •Panos Ipeirotis Stern - Associate Professor, School of Business NYU, NY •John Lovitt SVP Rational/ - Investor, former IBM, CA
  42. some of the advisors •Ioannis Methodios - x-CEO, Accenture, Greece •GeorgeManager, Google, - Country Saliaris-Fasseas Greece •Christos Tsangos - CEO, Microsoft, Greece
  43. what we do
  44. goal •find the best and brightest teams •help them build globally aimed start-ups •make them succeed
  45. looking for •stellar teams •globally innovative ideas, still at seed level •disruptive biz models •in and around software and the web
  46. call for proposals •open to everyone (teams of 2-4) •online submission, •in person interview & •presentation day
  47. “incubate” •pick up to 5 start-ups •extensively support in all things start-up •for a 4-month period •iterate
  48. offer •hands-on mentoring, day-to-day, no interfering •networking, globally •20-30k€ for 20% of shares •smooth start & grow
  49. all you need to •quit everything else •focus on your skills, team & idea •don’t waste time on unproductive activities •make it happen
  50. commitment •by sharing the stakes •80%, entrepreneurs •12%, investors •8%, open fund
  51. call for investors •open for everyone interested •minimum investment 30k€, “hassle-free” •providing equal shares to all start-ups of a round
  52. re-invent the wheel? •no, model tested before •YCombinator, Seedcamp, Techstars... •it works! •& it’s what’s missing here
  53. schedule •call opens in late June •closes in Sep 30 •review & selection in mid Nov •incubation starts Dec 1
  54. •we are putting the pieces together •to create what we wish we could have •leverage on our expertise & network •to enable you to properly start-up