A short intro to the Openfund, next to some tips for aspiring entrepreneurs on how to apply, and Sportmeets as a case. Presented at the WebExpo Prague, Friday September 24.

1. 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

2. toc / in short
•who we are / what we do
•tips for you to apply
•a case study

3. The story
starts in June 07,
with the first tiny
Open Coffee Athens
meeting
June 07

4. February 08
Since then, the
network has grown
really strong

5. & the interest on
entrepreneurship has
skyrocketed
November 08
5

6. January 10
ok, but what’s next?
6

7. we came a long way
y-w ise
unit
c omm

8. still,
the ecosystem is broken

9. how can we
get there?

10. to start-up, you need
•brainpower
•community
•funding
•advisory

11. here’s what we had
✓ brainpower
✓ community
- funding
- advisory

12. funding, worldwide
availability
seed VC rounds public

13. funding, in cse europe
availability
seed VC rounds public

14. 0
high-tech, early stage
investments in GR, 2007
(in €, EVCA)

15. we wanted to offer
✓ brainpower
✓ community
✓ funding
✓ advisory

16. making start-ups happen

17. 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

18. looking for
•stellar teams
•globally innovative
ideas, still at seed level
•disruptive biz models
•in and around software
and the web

19. call for proposals
•open to everyone
(teams of 2-4)
•online submission,
•in person interview &
•presentation day

20. “incubate”
•pick up to 7 start-ups
•extensively support in
all things start-up
•for a 4-month period
•iterate

21. offer
•hands-on mentoring,
day-to-day, no interfering
•networking, globally
•30-50k€ for 15% of
shares
•smooth start & grow

22. all you need to
•quit everything else
•focus on your skills,
team & idea
•don’t waste time on
unproductive activities
•make it happen

23. within our first year
•collected 100s of apps,
from 30 countries
• selected 5 start-ups,
based on 5 countries
• just opened new CFP!

24. how to apply, let’s
•share some insights
•break some myths
•provide some advice
*some: subjective views due to limited experience

25. WYS vs WYG
•WYS (What You See):
What entrepreneurs write
•WYG (What You Get):
What investors read &
understand

27. description
short yet remarkable

28. WYS vs WYG - description
•complex is good, lengthy is
great
• complex is not easily
sellable, lengthy may remain
unread
• both by investors and clients

29. 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

30. description
•simple & concise
•to the extent you get clear
•also provide a one-
sentence pitch

31. team
all things
tech guy chief jack
of all trades
domain
& marketing
star
your core asset,
treat is as such

32. 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

33. 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

34. team
•introduce yourselves,
tell us more about you
•how members bond &
complement each other
•trade-off between skills &
commitment, pick wisely

35. product
start small
be laser-focused
innovate globally

36. WYS vs WYG - product
•“we’ll build the next
Google” (or equivalently
huge project)
•mission impossible, or
•they have no idea

37. WYS vs WYG - product
•“we’ll build the local X”
•shallow market, no
opportunity
•hard to beat a well-
positioned global product

38. 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

39. competition
you are not alone, nor
should you want to be so

40. WYS vs WYG - competition
•“we are one of a kind”
•no market research
performed, or
•a questionable need

41. WYS vs WYG - competition
•are there competitors?
“Yes” (one word)
•who are they / product
weaknesses?
•is it reasonable to build a
new product & compete?

42. competition
•provide a list of your
closest competitors
•showcase that you differ
•educate your reader,
pitch your expertise

43. funding
is fuel for your business,
take proper advantage of it

44. 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

45. WYS vs WYG - funding
•“we’re modest, we ask
for less money”
•the targets are set low, or
•not experienced on
building a business

46. funding
•make a request within
the range offered
•provide a rough cost
breakdown
•next to a product, try to
set up a scalable business

47. goals

48. WYS vs WYG - goals
•“we’ll have millions of
users, within 4 months”
•unrealistic targets, or
•very inexperienced
team

49. 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

50. goals
•pave the way to a
working product, quantify
•bringing you close to a
next round of funding, or
• organic sustainability/
growth

51. to sum up
•be honest
•build trust
•you are looking for a
partner

52. 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

53. apply till Nov 30
http://theopenfund.com | info@theopenfund.com

54. Get Organised. Meet. Play.

55. the story starts here...

56. can’t keep up with email
This REALLY
bothers me!

58. can’t find other players!

59. That’s HOW I
like it!

60. how to get there
✓ vision & plan
✓ committed team
- $$$
- experience & advice

61. get the fuel
•value proposition
•team that delivers
•2-way relationship
•how you will deliver

62. selection process
1. online submission of the
application
2. remote interview
3. in-person presentation

63. #1: initial application
•define the core idea
•write less & more concisely
•revisions based on feedback from
the Openfund

64. #2: interview
•extensive feedback in
preparation from the OF board
•5’ presentation & 5’ demo
•Q&A section
•be yourself

65. #3: presentation
•collaborate with the OF
•20’ pitch to the executive
board, investors and advisors
•meet in-person

67. #4: incubation
•4-month period to deliver the v1.0
•worked together with the advisors
•20% preparation & 80%
perspiration

69. The launch day!

71. Come play with us!
http://sportmeets.com | miro@sportmeets.com