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Seed Capital in Practice - A Guide for You to Start-up

This document provides information about seed funding from the Openfund startup incubator. It discusses how the Openfund was created to address gaps in early-stage funding and advisory support for entrepreneurs. The document outlines the Openfund's application process, which involves an online submission, interview, and in-person presentation. Selected startups will receive funding of 30-50k Euros in exchange for 15% equity to help them launch and grow during a 4-month incubation period with mentorship support.

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Seed capital in practice a guide for you to start-up* with the help of the Openfund or other seed funding structures George Tziralis & Miro Solanka Fri Sep 24, WebExpo 2010, Prague, CZ
toc / in short •who we are / what we do •tips for you to apply •a case study
The story starts in June 07, with the first tiny Open Coffee Athens meeting June 07
February 08 Since then, the network has grown really strong
& the interest on entrepreneurship has skyrocketed November 08 5
January 10 ok, but what’s next? 6
we came a long way y-w ise unit c omm
still, the ecosystem is broken
how can we get there?
to start-up, you need •brainpower •community •funding •advisory
here’s what we had ✓ brainpower ✓ community - funding - advisory
funding, worldwide availability seed VC rounds public
funding, in cse europe availability seed VC rounds public
0 high-tech, early stage investments in GR, 2007 (in €, EVCA)
we wanted to offer ✓ brainpower ✓ community ✓ funding ✓ advisory
making start-ups happen
who we are •7 executive members - bringing knowledge, experience & passion to the table •57technology, management, - on advisors & counting sales, marketing, everything you need to start-up
looking for •stellar teams •globally innovative ideas, still at seed level •disruptive biz models •in and around software and the web
call for proposals •open to everyone (teams of 2-4) •online submission, •in person interview & •presentation day
“incubate” •pick up to 7 start-ups •extensively support in all things start-up •for a 4-month period •iterate
offer •hands-on mentoring, day-to-day, no interfering •networking, globally •30-50k€ for 15% of shares •smooth start & grow
all you need to •quit everything else •focus on your skills, team & idea •don’t waste time on unproductive activities •make it happen
within our first year •collected 100s of apps, from 30 countries • selected 5 start-ups, based on 5 countries • just opened new CFP!
how to apply, let’s •share some insights •break some myths •provide some advice *some: subjective views due to limited experience
WYS vs WYG •WYS (What You See): What entrepreneurs write •WYG (What You Get): What investors read & understand
description short yet remarkable
WYS vs WYG - description •complex is good, lengthy is great • complex is not easily sellable, lengthy may remain unread • both by investors and clients
WYS vs WYG - description •fantastic idea! (yet not relevant) • find a fit structure to apply, do your homework first • eg in OF, only software/ web/ mobile ideas get accepted
description •simple & concise •to the extent you get clear •also provide a one- sentence pitch
team all things tech guy chief jack of all trades domain & marketing star your core asset, treat is as such
WYS vs WYG - team •“we are truly great, we can do that part time” •are you truly fully committed? •anything but a clear yes simply won't fly
WYS vs WYG - team •we have 'strong technical background' • share your past work - what makes you great • ideally - have tech & biz & domain knowledge on board
team •introduce yourselves, tell us more about you •how members bond & complement each other •trade-off between skills & commitment, pick wisely
product start small be laser-focused innovate globally
WYS vs WYG - product •“we’ll build the next Google” (or equivalently huge project) •mission impossible, or •they have no idea
WYS vs WYG - product •“we’ll build the local X” •shallow market, no opportunity •hard to beat a well- positioned global product
product •be reasonable, beyond sharing your excitement •showcase that you know what you are up to •also that you have a plan & focus on a specific idea
competition you are not alone, nor should you want to be so
WYS vs WYG - competition •“we are one of a kind” •no market research performed, or •a questionable need
WYS vs WYG - competition •are there competitors? “Yes” (one word) •who are they / product weaknesses? •is it reasonable to build a new product & compete?
competition •provide a list of your closest competitors •showcase that you differ •educate your reader, pitch your expertise
funding is fuel for your business, take proper advantage of it
WYS vs WYG - funding •“we’re superb! thus, we ask for lots of money” •study what is offered first •no homework done suggests you're not a serious partner
WYS vs WYG - funding •“we’re modest, we ask for less money” •the targets are set low, or •not experienced on building a business
funding •make a request within the range offered •provide a rough cost breakdown •next to a product, try to set up a scalable business
goals
WYS vs WYG - goals •“we’ll have millions of users, within 4 months” •unrealistic targets, or •very inexperienced team
WYS vs WYG - goals •“we’ll be ready to start building a product” • very slow, or the product too big to fit • focus on a feasible one within the timeframe
goals •pave the way to a working product, quantify •bringing you close to a next round of funding, or • organic sustainability/ growth
to sum up •be honest •build trust •you are looking for a partner
to sum up • highlight what makes you a great fit for that product/ market • show that you are aware of your weaknesses and you have a plan to address them • plans are wrong, yet needed as a compass
apply till Nov 30 http://theopenfund.com | info@theopenfund.com
Get Organised. Meet. Play.
the story starts here...
can’t keep up with email This REALLY bothers me!
can’t find other players!
That’s HOW I like it!
how to get there ✓ vision & plan ✓ committed team - $$$ - experience & advice
get the fuel •value proposition •team that delivers •2-way relationship •how you will deliver
selection process 1. online submission of the application 2. remote interview 3. in-person presentation
#1: initial application •define the core idea •write less & more concisely •revisions based on feedback from the Openfund
#2: interview •extensive feedback in preparation from the OF board •5’ presentation & 5’ demo •Q&A section •be yourself
#3: presentation •collaborate with the OF •20’ pitch to the executive board, investors and advisors •meet in-person
#4: incubation •4-month period to deliver the v1.0 •worked together with the advisors •20% preparation & 80% perspiration
The launch day!
Come play with us! http://sportmeets.com | miro@sportmeets.com