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Digital Entrepreneurship in Greeceand how to startup
Apostolos Apostolakis
RELOAD GREECE
Imperial College Dec 2013
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APOSTOLOS: STARTUPS FOR A LONG TIME
1998 Cofounder e-shop.gr
2009 Cofounder Openfund.com
2011 Seed investor, advisor Taxibeat.com
2012 Cofounder e-food.gr
2012 Cofounder doctoranytime.gr
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Circumstances/opportunities in Greece
How to startup
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INTERNET SERVICES ADOPTION LAGGED…
2000 2002 2004 2006 2010 2012
online travel
Computer etailing
car listings
clothing/ shoes etailing
House listings
Online banking
Social networks
Online insuranceJob
listings
Year of adoption in Greece
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…ALLOWING ROOM FOR DISRUPTION
Full doctor profile review and online appointment booking not possible before July 2012
Online delivery-food ordering was possible only by the end of 2011
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INTERNET VENTURES HAVE LOWER CAPITAL REQUIREMENTS…
•Low product development cost
•Efficient marketing
•Disruptive enjoy virality /social marketing
•Appeal to a larger market
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…EVEN MORE SO IN GREECE
After 26 months and 2,5 million euro funding•More than 10,000 taxi drivers
•200,000 rides per month
•Active In Greece Brazil Mexico and France
•Lower IT wages
•Lower rents
•Startups in Greece are used to lack of support
Case study
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…AND OFFER FAST BUSINESS DEPLOYMENT
Within 14 months
•1800 available doctors
•books 1000 appointments per month
Within 22 months
•900 restaurants
•12 cities
•receives 1500 orders per day
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GREEK CRISIS:AMPLE TALENT OPEN TO NEW EMPLOYMENT OPPORTUNITIES
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CIRCUMSTANCES HELP BUILD UP A WAVE
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Until 2007 no recurrent technology meetup in Greece
Until 2009 no seed investing fund in Greece
THINGS STARTED JUST A FEW YEARS AGO
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MANY MAJOR STARTUPS HAVE LAUNCHED IN THE LAST 2 YEARS
Raised 1,85 million USD funding, active in more than 10 countries
Profitable startup sold to SPLUNK
2 seed round total 400K Traction in Greece Brazil and Spain
Raised more than 5 million euro funding for Greek operations
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AND THEN EVEN MORE …
167 STARTUPS MAPPED @Greekstartups.com
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WE ARE JUST IN THE BEGINING..
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OPPORTUNITY FOR ENTREPRENEURS: LAUNCH OR WORK FOR DISRUPTIVE PROJECTS
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Co-working spaces
Accelerators/Incubators/Advisors
MANY AVAILABLE RESOURSES
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FUNDING IS EASIER…
Angel investors
First Athensfund
Odyssey Venture
Partners
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Circumstances/opportunities in Greece
How to startup
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6 QUESTIONS TO ANSWER
1 Product
2 Innovation/differentiation
3 Market (size/ competition)
4 Team
5 Implementation plan
6 Investment required
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… BETTER IN WRITTING
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1 WHAT IS THE IDEA/PRODUCT
Has to be easy and comprehensible Consumer has limited time and short attention span
Elevator pitchWhat is www.doctoranytime.gr ?It is a service that allows you to identify , find extensive information about (cv, patient opinions, cost per visit etc) and book an appointment with a doctor
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2 WHAT IS THE BENEFIT/INNOVATION
CONSUMER BENEFITS
Easy to order• No need for catalogues• No need to call and wait
Choice• More restaurants• Rated restaurants
Better prices• Restaurant offers
RESTAURANT BENEFITS
New customers• Internet users • Marketing spend based on results
Less expenses• No need for leaflets• Less telephone load
Promotional activites• Easy and fast rollout of offers
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1-2 HOW TO COME UP WITH AN IDEA?
Personal need• Rated dentist near me:
Friends’ needs • Baby sitter : • Pet hotel
LISTEN / LOOK AROUND YOU
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3 MARKET SIZE AND COMPETITION
Market
13,000 taxis in Athens: 200,000 rides per day
10% penetration means 20,000 rides per day
• 0,75 euros per ride means annual sales for Athens
around 5 million euros
Competition
Radiotaxi
Old habit
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4 TEAMBefore STARTUP During STARTUP
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4 TEAM IS VERY IMPORTANT
REQUIREMENTS1 Complementary skills
ΙΤ (Web development) Marketing Sales/Business development
2 Confidence among team members in their Competencies/skills Moral values Commitment to the project
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4 WHERE TO LOOK FOR TEAM Coworking spaces • 123P• Colab• Cube
Accelerators• EGG• Metavallon
Technology meetups • Opencoffee • Reload Greece
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5 IMPLEMENTATION PLAN
Web/mobile development
Operations plan• Customer support• Merchant support
Marketing plan• Internet • PR
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6 INVESTMENT REQUIREMENT
Even a lean startup needs investment
example
IT platform 40,000 eurosMerchant acquisition 30,000 eurosMarketing (internet,PR) 70,000 eurosRunning costs until breakeven 110,000 euros
Total upfront investment 250,000 euros
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6 WHERE TO GET FUNDING
Friends fools and family
Venture capital/ Angel investors• Openfund2• PJtech catalyst• First Athens• Odyssey venture partners
Incubators• EGG• Microsoft innovation center
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SUMMARY :IT IS A LOT OF WORK AND IT IS RISKY IS IT FOR YOU?
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http://workablehr.com/jobs/greekstartups
Many startups look for people are great schools and meeting places
YOU CAN WORK FOR A STARTUP…
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Summarizing
if you create your own startupand look for funding …
…OR YOU CAN CREATE ONE
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…GET IN THE OTHER PERSON’S SHOES
WOULD U INVEST YOUR MONEY IN YOUR IDEA?
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DO YOUR HOMEWORK…
Idea/ProductMarket size
Go to market plan
Operational needs + Capital needs
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… IT SHOWS RESPONSIBILITY TO YOURSELF AND YOUR LISTENER
Build credibility
Respect other people’s time
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ADVANCE YOUR IDEA TO PRODUCT ON YOUR OWN
Seek funding at the latest possible stage
Faith in your product Less dilution
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THANK YOU AND GOOD LUCK
APOSTOLOS
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