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Why most startup ecosystems suck

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It's not your fault! But unless you're in US, China or maybe Israel, there is a lot missing and not much you can change fast. Except... a few things!

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Why most startup ecosystems suck

  1. 1. Why (Most) Startup Ecosystems Suck (it’s not your fault) (and what to do about it)
  2. 2. @benjaminjoffe - ben@hax.co Hi Poland!
  3. 3. @benjaminjoffe - ben@hax.co #1 Early stage hardware fund
  4. 4. 173 startups 50 / year 2 stages program 35 staff $250k for 12-15% equity 180 - 365 days mentorship / development
  5. 5. Stage 1 Shenzhen 4-8 months Mentorship & co-development Technology Engineering Design Stage 2 San Francisco 2-3 months Mentorship & sales Marketing Distribution Fundraising
  6. 6. Investments by region
  7. 7. FLOW NEUROSCIENCE
  8. 8. INTELLIGENT IMPLANTS
  9. 9. YOUIBOT
  10. 10. WAZER
  11. 11. MINDSET
  12. 12. FLASH ROBOTICS
  13. 13. Polish Product of the Future competition (20th Edition) Special Award by Jadwiga Emilewicz, Minister of Entrepreneurship and Technology
  14. 14. HARDWARE LIFE SCIENCES SOCIAL & MOBILE FOOD 40% 15% 4 DEEP THEMES 35% 10%
  15. 15. ‘How to be the next Silicon Valley’
  16. 16. 30 countries
  17. 17. @benjaminjoffe - ben@hax.co @benjaminjoffe ben@hax.co
  18. 18. What is Silicon Valley?
  19. 19. Ecosystem 101: The Six Necessary Categories To Build The Next Silicon Valley Sep 1, 2012
  20. 20. 1. Market 2. Capital 3. Infrastructures 4. Talent 5. Regulations 6. “Culture” Ecosystem
  21. 21. Objective metrics?
  22. 22. Metrics • # of startups • # of unicorns • $ Funding • $ Exits
  23. 23. Most can’t change overnight
  24. 24. More useful question?
  25. 25. Who’s punching above its weight?
  26. 26. Gov/Military budgets Exits
  27. 27. Israeli Companies Sold For Whopping $23 Billion In 2017
  28. 28. Not easy to replicate
  29. 29. 2015 110 startups 2014 40 startups 2016 190 startups 2017 238 startups
  30. 30. Xavier Niel, founder of FREE
  31. 31. 1,000 startups
  32. 32. Mr. Niel invested $270mln
  33. 33. Tax breaks Public funding Unemployment benefits Sabbaticals
  34. 34. U.S. don’t need that
  35. 35. 19,800+ co-op students 3 semesters 120+ programs (30-50% of time) 6,700 companies Co-Operative Education
  36. 36. Tax breaks High Talent / Founders Ratio
  37. 37. Again, U.S. don’t need that
  38. 38. Something else…
  39. 39. 1. Market 2. Capital 3. Infrastructures 4. Talent 5. Regulations 6. “Culture” Ecosystem
  40. 40. Culture??
  41. 41. This is water
  42. 42. The core
  43. 43. WHY no unicorns? because not enough startups WHY not enough startups? because not enough founders WHY not enough founders? because risk is too high
  44. 44. Risk averse?
  45. 45. The real problem NOT potential for success BUT real cost of failure
  46. 46. Opportunity
  47. 47. Let’s assume equal chances
  48. 48. Downside
  49. 49. Loss Aversion Large Loss >> Large Gain
  50. 50. GainLoss Value
  51. 51. Reduce career penalty for failure
  52. 52. Potential
  53. 53. How France Changed • New generation wants autonomy • Low cost / Benefits / Subsidies • MNCs starved for talent • New safety net!
  54. 54. Side benefit: ‘Bi-cultural’ staff
  55. 55. What about Poland?
  56. 56. What to do? Regulations • Hiring / Firing • Bankruptcy laws • Immigration • Capital gains
  57. 57. Can you see the world from Poland?
  58. 58. Promote & Share • Local successes • Overseas Poles • ‘Train the trainers’ • Invite experts / startups (e.g. Startup Visa)
  59. 59. Get visible • Media • Events • Thought leadership
  60. 60. Milestones • Financial capital • Intellectual capital • Speed • Momentum
  61. 61. Globalize Ops • Near-shoring / Outsourcing • Leverage key ecosystems (SV, SZ, UK, etc.)
  62. 62. Most problems can be solved with help
  63. 63. Opportunity in Hardware
  64. 64. Company Core • Research • Prototyping • Production • Financing • Customers
  65. 65. R&D First funding Prototyping Production Sales Later Funding 1 2 3 World-ClassSTARTUPS World-ClassRESOURCES
  66. 66. FLOW NEUROSCIENCE
  67. 67. MINDSET
  68. 68. It is NOT vs vs
  69. 69. It is + + +
  70. 70. If (! + " + #$%&' + ( + )) then *
  71. 71. Dziękuję ! @benjaminjoffe ben@hax.co

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