A presentation about business planing for an interent startup and topics for an entrepreneur to keep in mind when raising capital from an angel or VC

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Angel view at a startup
Start-up course @ Public
Athens 16/12/2014
Apostolos Apostolakis

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ENTREPRENEURIAL/ANGEL PATH
1998 Cofounder e-shop.gr
2011 Seed investor, director Taxibeat.com
2012 Cofounder e-food.gr
2012 Cofounder doctoranytime.gr
2014

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e-shop.gr was the first and is the largest e-tailer in Greece
 Sales 80million euro for 2014 (25% growth over 2013)
 53 points of sale
 140,000 unique vistors and 5,000 orders per day

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Taxibeat is a taxi hailing app (Iphone, Android)
and courier service company
 500,000 users and 20,000 taxi drivers
 200,000 rides per month
 Launch of Boxi to provide real time shipments
by motorbikes and taxis

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-food.gr is the largest aggregator for delivery food ordering
Order through WEB and Mobile (Iphone και Android)
2200 restaurants in 40 cities in Greece
6,500 orders per day

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Doctoranytime.gr
Web service allowing the consumer to find the right
doctor (by specialty, profile, recommendations etc )
and book an appointment online
• 2200 doctors and 50 diagnostic centers
• 120,000 vistors and 2,000 appointments per month

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nannuka.gr
Helps parents find a specialist for help with their children
(nunnies, teachers etc)
• More than 1500 experts
• 500 parents have already found a specialist through the platform

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E-table.gr
The first service that helps you discover new restaurants
instantly reserve a table and enjoy discounts
• More than 600 restaurants in Athens and Thesaloniki
• More than 1000 reservations in 2 months

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Funkmartini.gr
The first service that helps you discover beauty salons
and book a service while enjoy discounts
• More than 100 beauty salons in Athens
• More than 100 reservations in 2 months

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AGENDA
WHAT ANGELS LOOK FOR IN A VENTURE
SUGGESTIONS FOR ENTREPRENEURS

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DEFINITION OF SUCCESS
Local versus global
Need to have versus nice to have product
Social impact

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LOCAL IS SMALLER BUT EASIER…
ential
Effort required (capital, resources, stress )Low High
High

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…AND NOT NEGLECTABLE
Market size 200,000 orders per day
Eventually at 20,000 orders @ 0,6 euros per orders
4 million euros turnover

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SOLVING SIGNIFICANT PROBLEMS
Importance of problem solvedLow High

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6 QUESTIONS TO ANSWER
1 What is the product
2 Pain solved/benefits of product
3 Market size/competition
4 Team
5 Go to market plan/Investment required
6 Exit

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1 WHAT IS THE PRODUCT
Short and to the point description
 Everyone is lazy with limited attention span
Elevator pitch
What is e-table.gr?
It is a web and mobile service that allows you to discover new
restaurants, gain discounts and reserve a table with instant confirmation

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2 WHAT IS THE PAIN SOLVED/ BENEFITS
PARENTS
Discovery
Screened and rated
specialists
Convenience
SPECIALISTS
New Customers
Rating mechanism

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3 MARKET SIZE AND COMPETITION
Market size
 13,000 taxis In athens :200,000 daily rides
10% penetration means market is 20,000 rides per day
 Revenue per ride @0,75euros annual projected
sales @5 mil euros
Competition
 Radio dispatchers
 Consumer habits

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4 TEAM
BEFORE STARTUP DURING STARTUP

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4 TEAM
Requirements
1 Complementary skills
 ΙΤ (Web development)
 Marketing
 Sales/Business development
2 Trust among team members regarding
 Capabilites
 Ethos
 Commitment to the project

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WHAT AN ANGEL LOOKS FOR IN A FOUNDER
FOUNDER SHOULD HAVE THE ABILITY
To build a 2-5 million euro business
To hire (and fire) and motivate at least 15-20 people

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5 GO TO MARKET PLAN
Product development
• Web/mobile development
Marketing and Sales plan
• Sales to the consumer
• Sales to build merchant supply
Operations plan
• Customer support
• Merchant support

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5 REQUIRED INVESTMENT
eb and mobile platforms 50,000 euros
ales to doctors 30,000 euros
arketing to consumers 70,000 euros
unning expenses until break even 100,000 euros
otal investment 250,000 euros

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6 EXIT
Sale to industry player
Sale to a private equity
IPO (for multinational companies)

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AGENDA
WHAT ANGELS LOOK FOR IN A VENTURE
SUGGESTIONS FOR ENTREPRENEURS

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TYPICAL DO NTs
1) I have an Idea…
2) I don’t know how big this is
3) I don’t if there is competition
4) I have not attended (or am not aware of) any
tech meet-up/I cant find team members

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DO YOUR HOMEWORK…
Idea/Product
Market size
Go to market plan
Operational needs + Capital needs

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… IT SHOWS RESPONSIBILITY TO
YOURSELF AND YOUR LISTENER
Build credibility
Respect other people’s time
CREATE A CONCISE PRESENTATION

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AN IDEA IS WORTHLESS

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IF EXECUTED POORLY

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GET IN THE OTHER PERSON’S SHOES
WOULD U INVEST YOUR MONEY IN
YOUR IDEA?

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ADVANCE YOUR IDEA TO PRODUCT ON
YOUR OWN
Seek funding at the latest possible stage
Faith in your product
Less dilution

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KEEP IN MIND
Startup is a marathon sprint
Persistence and insistence

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IT TAKES TIME..

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AT LEAST 3 YEARS

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RESOURSES
Angelist (investment presentations)
Crunchbase (valuations)
A16z.com (knowledge)
Ycombinator (knowledge)

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YOU WILL OVERCOME THE ROADBLOCKS
Success
Time
Temporary
low points/
fails

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