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Angel Investing
An experience which is yet
to prove worthwhile...
Is tech right for angel investing?
• In theory, yes because tech initiatives are of high risk

• It makes sense considering the grand scheme of
things
• Judging from the outcome, the angel investing
experience in the US tech scene has been positive

A big

?

for Greece
Is it smart to be an angel?
• In the US, for every

1,000 ideas
• 27 products/services make it to the market
• 12 fail soon after
• 9 linger in limbo
• 6 turn out to be very successful

• Do the math…

6 %o…..
Is 6%o worth our while…
What am I looking for
1. Outstanding entrepreneurial talent
2. Good management skills
3. Pragmatic approach to value (sense of humbleness)
4. Prior work experience in the real world
5. …
6.

…

7.

…

8.

…

9.

Realistic game plan

10.

A reasonable monetization strategy
Most frequent encounters (pre)
• Startup teams come mostly unprepared
– Get to know your audience beforehand
– Be diligent, honest and well composed
– Have a strategy in place

• Tendency to believe that dollars grow on trees
– An idea is nothing without execution
– You are greedy. Be smart about it

• You easily “give up” your idea to secure funds
Most frequent encounters (post)
• Poor managerial skills
– Limited soft skills
– Your allure quickly fades away
– Earn the respect of others

• Don’t over-promise
– Smart people will soon cut through BS
– Be honest and fair
– Isn’t really worth being the majority of a failure
Conclusion
• Start-ups need to get grounded

• Angels need to become stricter and add more
real value
• Options for further funding rounds need to
increase
• Later-stage investors need to become more
active and smarter
Thank You
Support slides – not to present
Why so few angels in Greece?
• Small market (less opportunities)

• Limited wealth (limited funding)
• Unfavorable legal/judicial/tax system

• Difficult access to new ideas
• Very few venture capital initiatives
• Unrealistic expectations on value
List of VCs (active?...)
•
•
•
•
•
•
•
•
•
•
•
•
•
•

Alpha Venture
Global
Open Fund II
First Athens
Odyssey Venture Partners
PJ Tech Catalyst
Zaitech Fund
Capital Connect VP
IBG Hellenic Fund II
GIVE – TANEO Fund
AIMS – TANEO Fund
THERMI – TANEO Fund
New Mellon – TANEO Fund
TANEO – FG RES Fund
Why is this a problem?
• VC investments merely 0.04% of GDP; last
before Serbia in the EU
• Traditional VCs have limited expertise in
technology and innovation
• Majority of VCs exist because of TANEO and
not necessarily because of investment
competence

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Konstantinos Korletis - A presentation on angel investing at Open Coffee Athens

  • 1. Angel Investing An experience which is yet to prove worthwhile...
  • 2. Is tech right for angel investing? • In theory, yes because tech initiatives are of high risk • It makes sense considering the grand scheme of things • Judging from the outcome, the angel investing experience in the US tech scene has been positive A big ? for Greece
  • 3. Is it smart to be an angel? • In the US, for every 1,000 ideas • 27 products/services make it to the market • 12 fail soon after • 9 linger in limbo • 6 turn out to be very successful • Do the math… 6 %o…..
  • 4. Is 6%o worth our while…
  • 5. What am I looking for 1. Outstanding entrepreneurial talent 2. Good management skills 3. Pragmatic approach to value (sense of humbleness) 4. Prior work experience in the real world 5. … 6. … 7. … 8. … 9. Realistic game plan 10. A reasonable monetization strategy
  • 6. Most frequent encounters (pre) • Startup teams come mostly unprepared – Get to know your audience beforehand – Be diligent, honest and well composed – Have a strategy in place • Tendency to believe that dollars grow on trees – An idea is nothing without execution – You are greedy. Be smart about it • You easily “give up” your idea to secure funds
  • 7. Most frequent encounters (post) • Poor managerial skills – Limited soft skills – Your allure quickly fades away – Earn the respect of others • Don’t over-promise – Smart people will soon cut through BS – Be honest and fair – Isn’t really worth being the majority of a failure
  • 8. Conclusion • Start-ups need to get grounded • Angels need to become stricter and add more real value • Options for further funding rounds need to increase • Later-stage investors need to become more active and smarter
  • 10. Support slides – not to present
  • 11. Why so few angels in Greece? • Small market (less opportunities) • Limited wealth (limited funding) • Unfavorable legal/judicial/tax system • Difficult access to new ideas • Very few venture capital initiatives • Unrealistic expectations on value
  • 12. List of VCs (active?...) • • • • • • • • • • • • • • Alpha Venture Global Open Fund II First Athens Odyssey Venture Partners PJ Tech Catalyst Zaitech Fund Capital Connect VP IBG Hellenic Fund II GIVE – TANEO Fund AIMS – TANEO Fund THERMI – TANEO Fund New Mellon – TANEO Fund TANEO – FG RES Fund
  • 13. Why is this a problem? • VC investments merely 0.04% of GDP; last before Serbia in the EU • Traditional VCs have limited expertise in technology and innovation • Majority of VCs exist because of TANEO and not necessarily because of investment competence