open fund presentation at open coffee
DESCRIPTION
The presentation I gave earlier today at Open Coffee Athens XXIII, introducing the Open FundTRANSCRIPT
Putting the pieces together
2 years ago
40 events, in 6 cities
4
130 speeches, 100s of participants
we came a long way
community-wise
still, the ecosystem is broken
how can we get there?
•brainpower
•community
•funding
•advisory
to start-up, you need
•1.7% of greeks holding MSc or PhD
•#1 in EU regarding people studying abroad
•top in availability of scientists and engineers
brainpower
•brainpower
•community
•funding
•advisory
to start-up, you need
✓ brainpower
•community
•funding
•advisory
to start-up, you need
✓ brainpower
•community
•funding
•advisory
to start-up, you need
start-ups @ OC
•they exist
•able to succeed
•interest is huge
•potential is even bigger
✓ brainpower
•community
•funding
•advisory
to start-up, you need
✓ brainpower✓ community
•funding
•advisory
to start-up, you need
✓ brainpower✓ community
•funding
•advisory
to start-up, you need
•lots of traction lately
•a number of new funds
•significant capital available
•yet, no liquidity. why?
venture capital
funding, worldwideav
aila
bilit
y
seed VC rounds public
funding, in greeceav
aila
bilit
y
seed VC rounds public
0high-tech, early stage
investments in GR, 2007 (in €, EVCA)
•no angel / early stage
•risk averse
•lack of knowledge in the tech field
•no relevant network
venture capital
✓ brainpower✓ community
•funding
•advisory
to start-up, you need
✓ brainpower✓ community
- funding
•advisory
to start-up, you need
✓ brainpower✓ community
- funding
•advisory
to start-up, you need
•more vital than money
•providing expertise, directions & contacts
•you need the best, with a network of global reach
advisory
•harder to find than VCs
•locals, not well connected
•intnls, not approachable
•you are left in the dark
advisory
✓ brainpower✓ community
- funding
•advisory
to start-up, you need
✓ brainpower✓ community
- funding
- advisory
to start-up, you need
•the system is broken, start-ups are few
•but solutions exist
•we are here to put the pieces together
so?
who are we
George Tziralisentrepreneur, open coffee, GR
George Kasselakisentrepreneur, open coffee, GR
Dimitris Athanasiadisentrepreneur, open coffee, GR
Onic Palandjanventure capitalist, capital connect, GR
Spiros Xanthosentrepreneur, pattern insight, CA
Apostolos Apostolakisentrepreneur, e-shop, GR
Sokratis Papafloratosentrepreneur, trusted places, UK
Teresa Farmakiventure capitalist, piraeus bank, GR
•an extensive list•on technology,
management, sales, marketing, plus more
•exceptional people from around the world
advisors
•Tasso Argyros- CTO & co-founder, Aster Data
Systems, CA
•Francesco Benincasa- Director, Ultimate Holdings, UK
•Aristos Doxiadis- Managing Director, Notos
Associate, Greece
some of the advisors
•Andrew Hyde- Entrepreneur, Techstars
•Panos Ipeirotis- Associate Professor, Stern
School of Business NYU, NY
•John Lovitt- Investor, former SVP Rational/
IBM, CA
some of the advisors
•Ioannis Methodios- x-CEO, Accenture, Greece
•George Saliaris-Fasseas- Country Manager, Google,
Greece
•Christos Tsangos- CEO, Microsoft, Greece
some of the advisors
what we do
•find the best and brightest teams
•help them build globally aimed start-ups
•make them succeed
goal
•stellar teams
•globally innovative ideas, still at seed level
•disruptive biz models
•in and around software and the web
looking for
•open to everyone (teams of 2-4)
•online submission,
•in person interview &
•presentation day
call for proposals
•pick up to 5 start-ups
•extensively support in all things start-up
•for a 4-month period
•iterate
“incubate”
•hands-on mentoring, day-to-day, no interfering
•networking, globally
•20-30k€ for 20% of shares
•smooth start & grow
offer
•quit everything else
•focus on your skills, team & idea
•don’t waste time on unproductive activities
•make it happen
all you need to
•by sharing the stakes
•80%, entrepreneurs
•12%, investors
•8%, open fund
commitment
•open for everyone interested
•minimum investment 30k€, “hassle-free”
•providing equal shares to all start-ups of a round
call for investors
•no, model tested before
•YCombinator, Seedcamp, Techstars...
•it works!
•& it’s what’s missing here
re-invent the wheel?
•call opens in late June
•closes in Sep 30
•review & selection in mid Nov
•incubation starts Dec 1
schedule
•we are putting the pieces together
•to create what we wish we could have
•leverage on our expertise & network
•to enable you to properly start-up
www.theopenfund.com