- Angel investing in tech startups has been positive in the US, achieving a 6% success rate, but it remains uncertain if it can prove worthwhile in Greece. - Successful angel investments rely on outstanding entrepreneurial talent, good management skills, and realistic plans, but startup teams in Greece often come unprepared and have unrealistic expectations. - For angel investing to succeed in Greece, startups need more grounding, angels need to add more value and become stricter, and there needs to be more options for further funding rounds led by more active later-stage investors.

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

9. Thank You

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