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Angel view at a startup

Start-up course @ Public

Athens 16/12/2014

Apostolos Apostolakis

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ENTREPRENEURIAL/ANGEL PATH1998 Cofounder e-shop.gr

2011 Seed investor, director Taxibeat.com

2012 Cofounder e-food.gr

2012 Cofounder doctoranytime.gr

2014

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e-shop.gr was the first and is the largest e-tailer in Greece

Sales 80million euro for 2014 (25% growth over 2013)

53 points of sale

140,000 unique vistors and 5,000 orders per day

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Taxibeat is a taxi hailing app (Iphone, Android)

and courier service company

500,000 users and 20,000 taxi drivers

200,000 rides per month

Launch of Boxi to provide real time shipments

by motorbikes and taxis

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e-food.gr is the largest aggregator for delivery food ordering

Order through WEB and Mobile (Iphone και Android)

• 2200 restaurants in 40 cities in Greece

• 6,500 orders per day

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Doctoranytime.gr

Web service allowing the consumer to find the right

doctor (by specialty, profile, recommendations etc )

and book an appointment online

• 2200 doctors and 50 diagnostic centers

• 120,000 vistors and 2,000 appointments per month

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nannuka.gr

Helps parents find a specialist for help with their children

(nunnies, teachers etc)

• More than 1500 experts

• 500 parents have already found a specialist through the platform

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E-table.gr

The first service that helps you discover new restaurants

instantly reserve a table and enjoy discounts

• More than 600 restaurants in Athens and Thesaloniki

• More than 1000 reservations in 2 months

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Funkmartini.gr

The first service that helps you discover beauty salons

and book a service while enjoy discounts

• More than 100 beauty salons in Athens

• More than 100 reservations in 2 months

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AGENDA

WHAT ANGELS LOOK FOR IN A VENTURE

SUGGESTIONS FOR ENTREPRENEURS

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DEFINITION OF SUCCESS

Local versus global

Need to have versus nice to have product

Social impact

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LOCAL IS SMALLER BUT EASIER…

Potential

Effort required (capital, resources, stress )Low High

High

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…AND NOT NEGLECTABLE

Market size 200,000 orders per day

Eventually at 20,000 orders @ 0,6 euros per orders

4 million euros turnover

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SOLVING SIGNIFICANT PROBLEMS

Importance of problem solvedLow High

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6 QUESTIONS TO ANSWER

1 What is the product

2 Pain solved/benefits of product

3 Market size/competition

4 Team

5 Go to market plan/Investment required

6 Exit

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1 WHAT IS THE PRODUCT

Short and to the point description Everyone is lazy with limited attention span

Elevator pitch

What is e-table.gr?

It is a web and mobile service that allows you to discover new

restaurants, gain discounts and reserve a table with instant confirmation

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2 WHAT IS THE PAIN SOLVED/ BENEFITS

PARENTS

Discovery

Screened and rated specialists

Convenience

SPECIALISTS

New Customers

Rating mechanism

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3 MARKET SIZE AND COMPETITION

Market size

13,000 taxis In athens :200,000 daily rides

10% penetration means market is 20,000 rides per day

Revenue per ride @0,75euros annual projected

sales @5 mil euros

Competition

Radio dispatchers

Consumer habits

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4 TEAM

BEFORE STARTUP DURING STARTUP

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4 TEAM

Requirements

1 Complementary skills ΙΤ (Web development) Marketing Sales/Business development

2 Trust among team members regarding Capabilites Ethos Commitment to the project

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WHAT AN ANGEL LOOKS FOR IN A FOUNDER

FOUNDER SHOULD HAVE THE ABILITY

To build a 2-5 million euro business

To hire (and fire) and motivate at least 15-20 people

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5 GO TO MARKET PLAN

Product development

• Web/mobile development

Marketing and Sales plan

• Sales to the consumer

• Sales to build merchant supply

Operations plan

• Customer support

• Merchant support

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5 REQUIRED INVESTMENT

Web and mobile platforms 50,000 euros

Sales to doctors 30,000 euros

Marketing to consumers 70,000 euros

Running expenses until break even 100,000 euros

Total investment 250,000 euros

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6 EXIT

Sale to industry player

Sale to a private equity

IPO (for multinational companies)

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AGENDA

WHAT ANGELS LOOK FOR IN A VENTURE

SUGGESTIONS FOR ENTREPRENEURS

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TYPICAL DO NTs

1) I have an Idea…

2) I don’t know how big this is

3) I don’t if there is competition

4) I have not attended (or am not aware of) any tech meet-up/I cant find team members

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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

CREATE A CONCISE PRESENTATION

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AN IDEA IS WORTHLESS

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IF EXECUTED POORLY

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GET IN THE OTHER PERSON’S SHOES

WOULD U INVEST YOUR MONEY IN YOUR IDEA?

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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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KEEP IN MIND

Startup is a marathon sprint

Persistence and insistence

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IT TAKES TIME..

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AT LEAST 3 YEARS

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RESOURSES

Angelist (investment presentations)

Crunchbase (valuations)

A16z.com (knowledge)

Ycombinator (knowledge)

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YOU WILL OVERCOME THE ROADBLOCKS

Success

Time

Temporary low points/

fails

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