Openfund - How to Apply

WYS vs WYGhow to apply to the Openfund*

or other relevant structures

Tue Feb 23 010, Open Coffee Athens XXX

•WYS (What You See): What entrepreneurs write

•WYG (What You Get): What investors read

WYS vs WYG

•share some insights

•break some myths

•provide some advice

how to apply, let’s

*some: subjective views & limited experience

•description

•team

•product

•competition

•funding

•goals

application structure

•complex is good

• . .

WYS - description

•complex is good

•complex is not easily sellable

•neither to investors nor clients

WYG - description

•fantastic idea! (even if it’s irrelevant)

•......... .......

WYS - description

•fantastic idea! (no matter it’s irrelevant)

•only software/web/mobile ideas accepted

•do your homework first

WYG - description

•simple & concise (demo/video are cool)

•to the extent you get clear

•also provide a one-sentence pitch

description

•we’ve so far excessive experience & success!

• . .

WYS - team

•we’ve so far excessive experience & success!

•then, why bother?

•are you committed?

WYG - team

•strong technical background (but let’s skip the details)

• .

WYS - team

•strong technical background (but let’s skip the details)

•share your past work

•what about business?

WYG - team

•introduce yourselves, tell us more about you

•how members bond & complement each other

•trade-off between skills & commitment, pick wisely

team

•we’ll build the next Google (or equivalently huge project)

•

• . .

WYS - product

•we’ll build the next Google (or equivalently huge project)

•mission impossible, or

•you have no idea

WYG - product

•we’ll build the local X

•

•

• . .

WYS - product

•we’ll build the local X

•shallow market, no opportunity

•hard to beat a well-positioned product

WYG - 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

product

•we are one of a kind

•

•

• . .

WYS - competition

•we are one of a kind

•no market research performed, or

•a questionable need

WYG - competition

•are there competitors? yes/no (one word)

•

• . .

WYS - competition

•are there competitors? yes/no (one word)

•care to share?

•is it reasonable to build a new product & compete?

WYG - competition

•provide a list & more of your closest competitors

•showcase that you differ

•educate your reader, pitch your expertise

competition

•we’re superb! thus, we ask for more money

•

• . .

WYS - funding

•we’re superb! thus, we ask for more money

•you haven’t done their homework, study what is offered

WYG - funding

•we’re modest, we ask for less money

• . .

WYS - funding

•we’re modest, we ask for less money

•the targets are set low, or

•you’re not serious about

WYG - funding

•make a request within the range offered

•provide a rough cost breakdown

•next to a product, set up a scalable business

funding

•we’ll have millions of users, within 4 months

• . .

WYS - goals

•we’ll have millions of users, within 4 months

•unrealistic targets, or

•very inexperienced team

WYG - goals

•we’ll be ready to start building a product

• . .

WYS - goals

•we’ll be ready to start building a product

•you are very slow, or

•the product does not fit

WYG - goals

•pave the way to a working product, quantify

•bringing you close to a next round of funding, or

• organic sustainability/

goals

•researchers: try to satisfy the reviewer

•freelancers: try to satisfy the customer

•now you’re looking for a partner, build trust!

in general

Solve a real problem, have a strong team, demonstrate a prototype.

Alexey Orap, YouScan

Be as extensive as possible, this shows that you are serious.

Alexis Ballas, Fashinating

Make sure you stop, think about your customer's problem, brainstorm within team and propose to solve

Miro Solanka, Sportmeets

Tell your story, who you are and why you feel passionate about your idea. Passion and enthusiasm are infectious.

Alex Schleifer, Listiki

http://theopenfund.com | info@theopenfund.com

apply till Feb 28