This document provides information about seed funding from the Openfund startup incubator. It discusses how the Openfund was created to address gaps in early-stage funding and advisory support for entrepreneurs. The document outlines the Openfund's application process, which involves an online submission, interview, and in-person presentation. Selected startups will receive funding of 30-50k Euros in exchange for 15% equity to help them launch and grow during a 4-month incubation period with mentorship support.
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Seed Capital in Practice - A Guide for You to Start-up
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
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
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
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
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
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
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