Startup Stories: Openfund
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The document discusses plans to start an incubator fund called The Open Fund to support startups in Greece. It outlines that over the past 2 years, the organizers have hosted 40 events in 6 cities with 130 speeches and hundreds of participants. However, the ecosystem for startups in Greece is still broken. The document details the key needs for startups - brainpower, community, funding, and advisory support. It introduces the 7 executive members of The Open Fund and their backgrounds. Their goal is to find the best startup teams, help them build globally-aimed companies, and ensure their success. The Open Fund will offer hands-on mentoring, networking opportunities, and up to 30k Euros in funding in exchange for 20%
Startup Stories: Openfund
- 1. Putting the pieces together
- 4. 2 years ago
- 5. 40 events, in 6 cities
- 6. 130 speeches, 100s of participants 6
- 7. 2009 7
- 8. we came a long way y-w ise unit c omm
- 9. still, the ecosystem is broken
- 10. how can we get there?
- 11. to start-up, you need •brainpower •community •funding •advisory
- 12. brainpower •1.7% of greeks holding MSc or PhD •#1 in EU regarding people studying abroad •top in availability of scientists and engineers
- 13. to start-up, you need •brainpower •community •funding •advisory
- 14. to start-up, you need ✓ brainpower •community •funding •advisory
- 15. to start-up, you need ✓ brainpower •community •funding •advisory
- 16. start-ups @ OC •they exist •able to succeed •interest is huge •potential is even bigger
- 17. to start-up, you need ✓ brainpower •community •funding •advisory
- 18. to start-up, you need ✓ brainpower ✓ community •funding •advisory
- 19. to start-up, you need ✓ brainpower ✓ community •funding •advisory
- 20. venture capital •lots of traction lately •a number of new funds •significant capital available •yet, no liquidity. why?
- 21. funding, worldwide availability seed VC rounds public
- 22. funding, in greece availability seed VC rounds public
- 23. 0 high-tech, early stage investments in GR, 2007 (in €, EVCA)
- 24. venture capital •no angel / early stage •risk averse •lack of knowledge in the tech field •no relevant network
- 25. to start-up, you need ✓ brainpower ✓ community •funding •advisory
- 26. to start-up, you need ✓ brainpower ✓ community - funding •advisory
- 27. to start-up, you need ✓ brainpower ✓ community - funding •advisory
- 28. advisory •more vital than money •providing expertise, directions & contacts •you need the best, with a network of global reach
- 29. advisory •harder to find than VCs •locals, not well connected •intnls, not approachable •you are left in the dark
- 30. to start-up, you need ✓ brainpower ✓ community - funding •advisory
- 31. to start-up, you need ✓ brainpower ✓ community - funding - advisory
- 32. so? •the system is broken, start-ups are few •but solutions exist •we are here to put the pieces together
- 33. who are we
- 39. Teresa Farmaki venture capitalist, piraeus bank, GR
- 41. who are we •7 executive members - bringing, knowledge, experience & passion to the table •49technology, management, - on advisors & counting sales, marketing, everything you need
- 42. goal •find the best and brightest teams •help them build globally aimed start-ups •make them succeed
- 43. looking for •stellar teams •globally innovative ideas, still at seed level •disruptive biz models •in and around software and the web
- 44. call for proposals •open to everyone (teams of 2-4) •online submission, •in person interview & •presentation day
- 45. “incubate” •pick up to 5 start-ups •extensively support in all things start-up •for a 4-month period •iterate
- 46. offer •hands-on mentoring, day-to-day, no interfering •networking, globally •20-30k€ for 20% of shares •smooth start & grow
- 47. all you need to •quit everything else •focus on your skills, team & idea •don’t waste time on unproductive activities •make it happen
- 48. commitment •by sharing the stakes •80%, entrepreneurs •12%, investors •8%, open fund
- 49. re-invent the wheel? •no, model tested before •YCombinator, Seedcamp, Techstars... •it works! •& it’s what’s missing here
- 50. schedule •call opens in late June •closes in Sep 30 •review & selection in mid Nov •incubation starts Dec 1
- 51. progress update •1st call closed in Sep 30 •57% applications from Greece •20 countries in total
- 52. progress update •full reviews returned •then biz plan & interviews required •launch day on Nov 21 •next call ends Feb 28!
- 53. who’s next?