Cyprus Startup Ecosystem
Stavriana A. Kofteros
Career & Entrepreneurship 2014 @UCY
Startup Catalyst. Entrepreneurship Evangelist.
• Curator Cyprus Startup Digest • Organizer Startup Live Cyprus • Organizer Cyprus Startup Weekend • F.M. Cypriot Enterprise Link Association • Startup Cyprus Initiative • Startup Mentor & Adviser • Past Life:
– 12 years in Business Incubation; 6 as CEO of www.diogenes-incubator.com
• Day Job: – Special Entrepreneurship & RDI Adviser @Democratic Rally – Deputy Press Spokesperson @Democratic Rally
www.about.me/stavriana
TO ECOSYSTEM
From EGOSYSTEM
Overall Business Environment
Funding
Support Structures
Team
YOU
Business Environment
Market
Sources of Funding
Legislature
Competition
Taxes
Gov Startup Strategy & Programs
In your market & in your country of op
Funding
MECIT Entrepreneurial Innovation Program CyEC
CyBAN
You…
International Market =
International Investors
Support Structures
• Startup Live
• Startup Weekend
• Open Coffee
• HackCyprus
• SpacApps
• Desk&Co
• Urban Hive
• Coworkspace
• …
• Network to get to know them
• Diogenes
• Helix
• Ermis
• ChrysalisLeap
Incubators &
Accelerators
Mentors
&
Coaches
Startup Events
CoWorking Spaces
Team
Startup Community
Networking
Co Founders Team
YOU. potentially a startup entrepreneur in process
Its up 2 U!
Cyprus Entrepreneurship Ecosystem +
• Innovative Startups • Entrepreneurial Innovation
Schemes • Cyprus Entrepreneurship
Competition • Business Incubators • Research Centers • World class research results • Youth & Women
Entrepreneurship Schemes • Micro-funding Schemes
(loan): JEREMIE, PROGRESS
• CyBAN
• Change of Culture Initiated • Open Coffee Cyprus • Cypriot Enterprise Link • Hack Cyprus • Startup Grind Cyprus • Connect
• Outreach • Cyprus Startup Digest • Startup Live Cyprus • Startup Weekend Cyprus
Cyprus Entrepreneurship Ecosystem -
• Έλλειψη Επενδυτικών Κεφαλαίων Υψηλού Ρίσκου • Έλλειψη προγραμμάτων δημιουργίας καινοτόμων
νεοφυών εταιρειών • Χαμηλή Ακαδημαϊκή Επιχειρηματικότητα • Έλλειψη διαδικασιών δημιουργίας spinoff • Έλλειψη χρηματοδότησης • Πολύ χαμηλή επένδυση στην Έρευνα (0.45% ) • Κυπριακό Όνειρο: Δημόσιο – επιλογή καριέρας…. • Έλλειψη οράματος? Ή έλλειψη αυτοπεποίθησης για
το καλύτερο αύριο?
The Road of Success
Entrepreneurial World
Cyprus Dream…. say what?
Thank God.
Cyprus & Startups. Τραβάμε «ζόρι»?
R we Startup- Challenged?
ENTREPRENEURIAL MINDSET
LET’S TALK STARTUP
Passion of CEO is the single differentiator between doing ok and doing well
What a Startup is not!
• Startups Are Not Smaller Versions of Large Companies
• Large Companies Execute Known
Business Models
• Startups Search for Unknown Business
Models
Steve Blank
What’s a Startup
A Temporary Organization
Designed to SEARCH
for REPEATABLE
and SCALABLE
BUSINESS MODEL
Steve Blank
LEARN STARTUP
Rule 1
•Be the aspirin.
Critical Success Factor: Make.Meaning.
• world class product (whatever it is)
• have fun doing it
• in a business area or segment that is at its “ground floor” and in its infancy
• Value proposition
MIT, EDP
Be the aspirin for your customer’s headache
Don’t fall in love with the technology.
Fall in love with the customer
Rule 2
•Be a Pig.
What R U?
More Rules
3. Team up. Get co-founders.
4. Evangelize idea.
5. Get great Mentors.
6. Public speaking training.
7. Pitch. Pitch. Pitch.
8. Network. Network. Network
• TALK.TO.THE.CUSTOMER.
• Write /Revise BP.
• Do Not Self - Fulfill (your) prophecies.
• There is always competition.
• Build the product fast. MVP. • Test it.
• Fail Fast. Re-build. Retest.
• Get Traction.
Lean Startup Methodology
R u scared? Good.
Let’s talk money
Raising Funds
• Same everywhere
• SV: Just because there are VC funds doesn’t mean they will fund your start-up
• Silicon Valley update - 8:10 do not get funded
• VCs don’t really jump to invest in early stage…. – Funder of Pandora.com got rejected by 300 investors…
• Plan to build your company without any outside
investment Bootstrap • Then maybe you are ready to speak to potential
investors
Creative fundraising
1. Apply for Crowd-funding (e.g. kickstarter) 2. Get a Loan from 3Fs 3. Apply to Startup… Chile…! 4. Use your Credit Cards 5. Start Side Projects
Money shouldn’t be an objection when you’re starting a company. Be creative.
Carlos Solorio, Founder of Arden Reed, a custom menswear company.
http://under30ceo.com/5-creative-ways-raise-money-without-giving-equity/
Why Startups Fail?
Most startups fail
from lack of customers
not from failure of product development
Steve Blank
Keep learning
http://steveblank.com/books-for-startups/ …
http://startupdigest.com/cyprus
Get involved. Get Connected
BE THE CHANGE. BE CRAZY.