Tech and startups in Bulgaria Max Gurvits Partner, CCC Startups

@MxGur @CCCStartups

European  Entrepreneurship  &  Innova1on  @  Stanford  Engineering                                      March  9  2015  

@MxGur

Where is Bulgaria?

Republic of Bulgaria

Latest (and poorest) EU member

Bulgaria is beautiful!

Bulgaria - Tech heritage

John Atanasoff Atanasoff-Berry Computer

Bulgaria - Tech heritage

Pravetz Computers

Bulgaria - Tech heritage

Math and CS Olympiads

Bulgaria - 1970s/1980s: IT industry (Soviet Era_)

Bulgaria - 1987-1990: USSR bails out

Gorbachev in Sofia, 1987

Bulgaria - 1990-2000: Crisis

Bulgaria - 1990-2000: Emigration

Bulgaria - 1990-2000: Emigration

Bulgaria - 2000-2010: Growth of IT outsourcing

Bulgaria - 2000-2010: Growth of IT outsourcing

Bulgaria - 2007-2008: Domestic market exits

Bulgaria - 2009-2014: International exits

Telerik: local unicorn

Bulgaria - Local funds

2007: EUR 20m 2014: EUR 28m

2012: EUR 12m + 9m

2014: EUR 15m + 5m

Bulgaria - Venture activity 2007-now

110 companies

2/3 local founders

2/3 of that EU public funding

No significant exits

EUR 80m invested

Bulgaria - Tech challenges

Attracting talent

Investment incentives and experience

Bulgaria - Local market has

60% internet penetration

35% smartphone penetration

25% payment card penetration

USD 7,500 per capita GDP

Bulgaria - Local market hasn’t

Research Fundamental technology experience Business development skills Smart capital

Real addressable venture market

5 seed rounds per year 2 series A rounds per year 1 exit per 2-3 years

Minimal investor viability

Expand geography Increase skillset Connect to markets

What we do – CCC Startups

CCC Startups – investments and support

Startup AddVenture – building communities

Ways to leverage tech Bulgaria from Silicon Valley

Recruit from community of 500+ startup operators with minimum experience Add biz dev skills through co-foundership Invest in 1-2 annual deals with potential

Join me at SXSW on Saturday

@MxGur @CCCStartups

Thank you! Max Gurvits CCC Startups