Τα Public Stores και το Startupper.gr, η πρώτη ελληνική online έκδοση αφιερωμένη στις startup εταιρείες, φιλοξένησαν την πρώτη εκδήλωση για την startup επιχειρηματικότητα στην Πάτρα. Προσκεκλημένος την Δευτέρα 13 Οκτωβρίου στο Public Πάτρας ήταν ο Κώστας Μεϊμέτης, διευθύνων σύμβουλος της εταιρείας Antcor Α.Ε., ο οποίος παρουσίασε το επιχειρηματικό ταξίδι της startup υψηλής τεχνολογίας από την ίδρυσή της στην Πάτρα το 2004 μέχρι και την εξαγορά της από την ελβετική εισηγμένη u-blox μία δεκαετία αργότερα.

1. 1
Antcor
The journey…

2. The
Product
–
“Proteus”
Antcor
-­‐
Confiden.al
2
Antcor’s
technology
is
designed
to
enable
the
next
genera.on
Wi-­‐Fi
chips.

3. The
Plan
Antcor
-­‐
Confiden.al
3

4. The
Plan
&
The
Reality
Antcor
-­‐
Confiden.al
4

5. Antcor
journey
Antcor
-­‐
Confiden.al
5
2004
2005
2006
2009
2012
2014
Journey
has
been
bumpy
with
ups
and
downs
and
what
is
needed
in
most
cases
to
reach
the
des.na.on
is
passion,
crea.vity
and
luck

6. The
Start
–
“2004”
Antcor
-­‐
Confiden.al
6
2004
2005
2006
2009
2012
2014
Ø Passion:
Early
mid-­‐20’s
full
of
passion
to
start
and
grow
a
company
in
the
tech
space
Ø Crea.vity:
A
nice
product-­‐idea
in
growing
market
Ø Luck:
An
early
adopter
of
our
product,
pre-­‐paying
10KE
for
a
to-­‐be-­‐developed
product

7. The
first
“death-­‐valley”
2005-­‐2006
Antcor
-­‐
Confiden.al
7
2004
2005
2006
2009
2012
2014
Ø Selling
a
B2B
product
in
an
interna.onal
market
is
not
easy
and
straight-­‐forward.
Ø Our
approach
-­‐>
“all-­‐in”
Ø Executed
fast
and
showcased
a
first
beta
in
a
US-­‐conven.on
Ø Kept
the
expenses
low
and
acquired
customers
one
by
one

8. 2006
–
The
investment
(1st
round)
Antcor
-­‐
Confiden.al
8
2004
2005
2006
2009
2012
2014
Ø Passion:
We
have
proved
the
business-­‐model/
product
and
were
thirsty
to
take
the
company
to
the
next
level
Ø Crea.vity:
Understanding
that
we
needed
to
raise
funds
from
a
VC
(when
this
thought
was
not
trivial)
Ø Luck:
The
investment
director
of
AVE
was
pre_y
familiar
with
the
technology
and
could
assess
the
value

9. 2009
–
The
big
disappointment…
Antcor
-­‐
Confiden.al
9
2004
2005
2006
2009
2012
2014
Ø Passion:
Not
at
the
levels
of
the
start…
We
thought
that
things
are
going
to
develop
smoothly…
Ø Crea.vity:
We
have
not
been
proac.ve
in
iden.fying
the
need
for
pivot
Ø Luck:
Market
dynamics
changed
and
the
technology/product
was
steadily
declining

10. 2009
–
The
hard
decisions…
Antcor
-­‐
Confiden.al
10

11. 2009
–
The
hard
decisions…
(CreaMvity)
Antcor
-­‐
Confiden.al
Ø Should
address
a
BIG
market
Ø Should
have
some
con.nuity
from
1st
genera.on
product
so
as
to
be
easily
executed
by
our
team
(already
downsized…)
11

12. 2009
–
The
Go
To
Market
problem
Antcor
-­‐
Confiden.al
Ø Our
target
customers
were
huge
mul.na.onal
companies…
Ø We
had
limited
resources…
12

13. The
VC
–
Problem
in
our
(new)
industry
M&A
in
Silicon
and
IP
companies
is
gehng
more
conserva.ve
and
currently
VCs
(even
in
Silicon
Valley…!!!)
are
not
that
excited.
Antcor
-­‐
Confiden.al
13

14. A
strategic
investment
could
be…
OR

15. A
strategic
investment
could
be…
Your
investor
is
a
key-­‐player
in
your
industry.
Your
technology
is
well
accepted
by
investor’s
R&D
team.
Your
investor
takes
you
in
an
orbit
that
brings
value
to
both
parMes
You
can
leverage
his
sales/marke.ng
capacity.

16. ConnecMng
the
dots…
Feb
2012
• Early
joint
product
and
customer
valida.on
Antcor
-­‐
Confiden.al
16
May
2011
• First
mee.ng
with
CEVA
execu.ve
team
Dec
2012
• Healthy
coopera.on
and
great
market
poten.als
Sep
2012
• Defini.on
of
the
product
roadmap
and
strategic
investment

17. Ceva
Investment
Strategic
Value
Direct
cooperaMon
and
access
to
CEVA’s
highly
skilled
Sales
and
FAE
teams
around
the
globe.
Antcor
-­‐
Confiden.al
17

18. Ceva
Investment
Strategic
Value
Antcor
-­‐
Confiden.al
18

19. Smart
money…

20. The
last-­‐mile…
Antcor
-­‐
Confiden.al
20
2004
2005
2006
2009
2012
2014
Ø We
had
customer-­‐wins
with
key-­‐
player
in
the
industry…
Ø But
the
revenue-­‐stream
had
a
slow-­‐
pace
(revenue-­‐model
in
semiconductor
takes
.me…)

21. The
Big-­‐decision
(M&A)
Antcor
-­‐
Confiden.al
21
Ø Time
has
come…
Ø We
had
investors
(VC)
on
board
that
were
with
the
company
for
8
years
and
we
had
a
moral
obliga.on
to
bring
them
a
ROI
Ø Consolida.on
in
the
market
was
aggressive
Ø Staying
an
independent
company
would
require
addi.onal
financing
for
maturing
the
revenue
stream

22. Our
PercepMon
Antcor
-­‐
Confiden.al
Ø Ceva
has
been
an
ac.ve
investor
in
the
company
Ø They
had
confidence
in
the
team
and
there
was
good
chemistry
Ø We
had
already
3
joint
customers
Ø …
that
seemed
like
an
easy
M&A
path…
22

23. And
the
reality…
Antcor
-­‐
Confiden.al
Ø Aper
3-­‐months
of
discussion
and
for
reasons
beyond
our
control
Ceva
came
back
to
us
with
a
reply
that
will
not
move
forward.
Ø Not
only
we
had
to
get
out
from
our
comfort
zone
and
iden.fy
new
poten.al
buyers…we
had
also
to
explain
why
the
“obvious
buyer”
was
not
stepping
in…
23

24. Covering
the
distance
in
3
months…
Antcor
-­‐
Confiden.al
Ø Sort-­‐lis.ng
and
Pitching
to
~35
companies
that
could
eventually
have
an
interest
for
Antcor
Ø Once
you
are
in
this
path
you
know
that
there
is
no
way
back…
Ø Balancing
the
interests
of
shareholders
(that
are
not
100%
aligned…)
24

25. And
the
happy
end…
Antcor
-­‐
Confiden.al
25

26. And
the
happy
end…
Antcor
-­‐
Confiden.al
26
Ø Stressful?
-­‐>
YES
Ø Exci.ng?
-­‐>
YES
Ø Would
you
do
it
again?
-­‐>
YES
Ø But
most
importantly
I’m
sure
that
some
of
the
people
(not
the
Antcor
founders)
that
were
on
board
will
try
their
own
journey…

27. 27
Antcor
The journey…
Q&A