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Capacity Building for Europe’s Next
Generation Technology Entrepreneurs
Who is this guy?
Philipp Moehring
@pmoehring
Associate at Seedcamp
portfolio management, organization, events,
general tidying up
Biz head, startup heart
business education, experience in startups, tech,
venture capital
What is Seedcamp
A micro-seed fund that enables talent across
every part of Europe to start up strong internet
technology companies.
Recognized as a leading platform bringing together
tech entrepreneurs and mentors across Europe, US,
Africa, and Asia
Mini
Seedcamps
TEAMS
PROPRIETARY
CRM
DATABASE
LUNCHES,
DINNERS WITH
MENTORS
DEMO
INVESTOR,
BROAD INVESTOR DAYS
4 person team running it
TRIP TO VALLEY
AND
CONFERENCES
20+ MENTORS
300 INVESTMENTS
11
EQUITY
8%-10%
SHORTLISTED
MINI SEEDCAMP
TEAMS
PROPRIETARY
APPLICATIONS
AND JUDGING
SYSTEM
ISRAEL, PARIS,
LONDON, WARSAW,
BERLIN, SWEDEN,
LJUBJANA, KIEV
STARTUPS
220 LOCAL ADVISORS
700+ MENTORS
600+
Investment
Seedcamp
Week
3 Months
Mentoring
A year-long program supporting seed
stage start ups in Europe
FUNDING
€50K
33 companies across 17 geographies
Kyko
New models of seed investing
Start ups are cheaper
More folks with experience & network
Quite a compelling job
Who has seen this?
FFF “proper VCs”Angels
So what’s happening?
FFF “proper VCs”Angels
Super Angels
Growth Funds
VCs’ Seed funds
Builders
Incubators
PPP/Gov
Micro Seed
FFF
Friends, Family and others
Always been there
Won’t go away
Builders & Incubators
Involved in ideation
Take large stakes (not all!)
Added benefits (corp, dev, etc)
Angels
Experienced individuals
Giving back
Not a full time job
Super Angels
Experienced individuals
OPM – other people’s money
Definitely a full time job
Lots and lots of deals
VCs’ seed funds
Carve outs
Get in on the action
Signaling problem?
Adding value & easing follow on
But: we’re all friends
Everybody can play together
More deals = more opportunity
Everybody does play together
Why?
Earlier proof points easy to reach
Smaller exits and profitable companies
Inefficient markets allow for specialisation
Results
More start ups
Smaller exits in untraditional ways
More movement, more entrepreneurs
Where is Seedcamp in this
All shapes and sizes
Follow on by angels, super angels, VCs,
PPP, international investors, bootstrapped
Scaling acceleration across Europe and US
Secret Sauce
Deal sourcing at scale
Investing at volume
Building globally
Get in touch
Follow us: facebook.com/seedcamp
and @seedcamp
@pmoehring and pmoehring.de
www.seedcamp.com

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Editor's Notes

  1. ‘s me!
  2. This is what Seedcamp looked like in the year 2010 – loads of events, startups, great mentors, and companies.
  3. See the new additions to our portfolio in green
  4. There are some more macro reasons for this talk – just the simple growth in numbers of successful entrepreneurs has widened the market.
  5. This is what the funding cycle used to look like. See this in every single book, presentation, and paper about entrepreneurship and VC.
  6. You can still segment the phases in seed, startup and growth parts, but things get a lot more crowded in the early stages.
  7. Giving back and hopefully making money. Will always be there and are probably the most underrated of all investors.
  8. These guys think of ideas for companies, either in cooperation with or in search of founders and management for these companies. Many of these models evolve out of corporate structures, universities or other constituents who feel they have a competitive advantage in their field. I believe they will be more successful this time around, mainly because of the cheaper nature of startups and fast paths to profitability. Important: deep pockets and a long breath, no probable quick successes. Also, need to make a decent amount of bets to work.
  9. Giving back and hopefully making money – Angels are still here and are investing a lot of money. As always, they are very active in their respective domains and focus on smaller issues – they can’t afford to go for all of the trends at once.
  10. Super angels are more professionally organised angel investors, often also investing OPM. They are very lean run organisations, often hinging on one or very few people. They invests small sums and are active in various markets – a very interesting phenomenon. We should eventually see these structures growing to be more sophisticated and “processized” when they get more capital and see where they are going.
  11. These guys know what they are doing and they are simply adjusting to the realities in the market – startups are cheaper, and there is a lot to do in the early stage. Be prepared to see the later stages go through a similar disruption to what is happening in early stages now – there will be much more supply and opportunities in the typical b round stage in about 2 years, when a lot of great investments will be made.
  12. I don’t feel any of the above categories to be fighting for deals – at least not more than before. We see investments all over the place including all categories of investors, so it is obvious that we all have adjusted to the new models. Seedcamp companies are raising across all of these categories (literally all of them) right now.
  13. Three main reasons exist for these different categories of investors. The less expensive and simpler start up is the main reason for smaller investors to be so active. Small exits are quicker to reach, and companies in exitable size are easier to build. It might be less important than it seems to classify investors, but it is important to understand where each individual investor stands. Entrepreneurs should look for the right partner in any case – and no two companies are alike.
  14. In essence, we will see much more professional investment in early stage startups, maybe increasing the quality substantially. Experienced investors can give input and feedback that might make companies successful or at last surviving. Also, more drawn out exits with stricter earn outs (or more operationally focused earn outs) will be interesting, since buying startups is a lot about transferring culture as well. In aggregate, we should see more entrepreneurs and founders – the current economic climate is still a great place to start.
  15. We try to work with all different types of investors – because we need to. All of our companies come in different stages, in different industries and geographies. Sometimes it’s important to look out for the big scale and home run, sometimes its smarter and more fitting to take your time and find product market fit with a smaller investment.
  16. The main reason this works is our position within our network of investors and mentors. We are able to scale the process, something which usually is very hard to accomplish. A lot of follow on comes fron our own investors, a lot of our mentors help out and become involved in the companies. This way, we both strengthen and play on the strengths of our network.
  17. Get in touch. And follow us. http://www.facebook.com/seedcamp