Max Gurvits - CCC Startups - Bulgaria - Stanford Engineering - Mar 9 2015

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Talk by Max Gurvits, Partner - CCC Startups (BG), at Stanford on March 9 2015, in our session on 'Romania & Bulgaria :: Gaming Startups & Venture Capital'. Website: http://www.StanfordEuropreneurs.org YouTube Channel: https://www.youtube.com/user/StanfordEuropreneurs Twitter: @Europreneurs

Small Business & Entrepreneurship

Tech and startups in Bulgaria
Max Gurvits
Partner, CCC Startups
@MxGur @CCCStartups
European
Entrepreneurship
&
Innova1on
@
Stanford
Engineering

March
9
2015

Bulgaria - Tech heritage
John Atanasoff Atanasoff-Berry Computer

Bulgaria - Tech heritage
Pravetz Computers

Bulgaria - Tech heritage
Math and CS Olympiads

Bulgaria -
1970s/1980s:
IT industry
(Soviet Era_)

Bulgaria - 1987-1990: USSR bails out
Gorbachev in Sofia, 1987

Bulgaria - 2000-2010: Growth of IT
outsourcing

Bulgaria - 2007-2008: Domestic
market exits

Bulgaria - 2009-2014: International
exits

Bulgaria - Local funds
2007: EUR 20m
2014: EUR 28m
2012: EUR 12m + 9m
2014: EUR 15m + 5m

Bulgaria - Venture activity 2007-now
110 companies
2/3 local founders
2/3 of that EU public funding
No significant exits
EUR 80m invested

Bulgaria - Tech challenges
Attracting talent
Investment incentives and
experience

Bulgaria - Local market has
60% internet penetration
35% smartphone penetration
25% payment card penetration
USD 7,500 per capita GDP

Bulgaria - Local market hasn’t
Research
Fundamental technology experience
Business development skills
Smart capital

Real addressable venture market
5 seed rounds per year
2 series A rounds per year
1 exit per 2-3 years

Minimal investor viability
Expand geography
Increase skillset
Connect to markets

What we do – CCC Startups
CCC Startups –
investments and support
Startup AddVenture –
building communities

Ways to leverage tech Bulgaria from
Silicon Valley
Recruit from community of 500+ startup
operators with minimum experience
Add biz dev skills through co-foundership
Invest in 1-2 annual deals with potential

@MxGur
@CCCStartups
Thank you!
Max Gurvits
CCC Startups

Lviv IT Arena is a conference specially designed for programmers, designers, developers, top managers, inverstors, entrepreneur and startuppers. Annually it takes place on 2-4 of October in Lviv at the Arena Lviv stadium. In 2015 conference gathered more than 1400 participants and over 100 speakers from companies like Facebook. FitBit, Mail.ru, HP, Epson and IBM. More details about conference at itarene.lviv.ua.

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