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  • 1. Microfund targeting Emerging tech and the Web in Greece and Southeastern Europe www.theopenfund.com

2. The VisionCreate an ecosystem that will promote high tech entrepreneurship (business + technology) and will yield high returns to all participantsEntrepreneurs Network of Advisors Executive Board Investors 3. The First stepInvest and foster the most promising startupsOpen call for proposalsSelection of the best ideas or prototypes (up to 5 for every round)Fund and incubate the most promising (20k-30k)Provide advice and guidance until the exit 4. AGENDAWHO ARE WE THE OPPORTUNITY THE PROCESS INVESTOR INFORMATION 5. Executive Board Team Managing Directors Georgios Kasselakis, Entrepreneur, Organizer Thessaloniki Open Coffee Operations George Tziralis, Co-Founder & CEO, AskMarkets, Principal Organizer of Athens Open Coffee Overall Management / Operations Board Members Apostolos Apostolakis, Co-founder and CFO, e-shop.gr, Athens Dimitris Athanasiadis, Entrepreneur, Co-Organizer of Athens Open Coffee Operations Onic Palandjian, Investment Director at Capital Connect Venture Managers SA, Athens Sokratis Papafloratos, Co-founder and CEO, trustedplaces.com, London Spiros Xanthos, Co-founder and VP of Engineering, Pattern Insight, Mountain View CA Teresa Farmaki, Head of Private Equity & Operating CEO, Piraeus Bank & Pireaus-TANEO clean tech fund 6. Advisors (so far) A strong network of advisors has been formed(and growing) to help the funded companies Startup advisors Tasso Argyros, Co-Founder & CTO, Aster Data Systems Raised more than $25 million of funding in 3 years Apostolos Apostolakis, Co-Founder & CFO e-shop.gr Grew e-shop.gr to more than 120 millions of revenue Sokratis Papafloratos, Co-founder and CEO, trustedplaces.com, London Andy McLoughlin, Co-founder and Product Director, Huddle.com Spiros Xanthos, Co-Founder & VP of Engineering, Pattern Insight Turned university technology to a successful startup Technology advisors Haris Ermopoulos, Software Engineer for Google File System Panos Ipeirotis, Associate Professor CS at Stern Biz School NYU Georgios Kasselakis, Entrepreneur, Organizer Thessaloniki Open Coffee Patrick Malone, CTO Microsoft Hellas MS is also a sponsor 7. Advisors (so far) Investor Community Franceso Benincasa, Director at Ultimate Holdings Networking in the UK Aristos Doxiadis, Managing Director Notos Associates Onic Paladjian, Director at Capital Connect Ventures Founded several successful startups in the past himself Sales and management John R. Lovitt, Investor, former SVP at IBM/Rational Interested in investing Yiannis Methodios, Ex-CEO (Greece), Accenture George Saliaris Fasseas, Country Manager (Greece), Google Christos Tsangos, CEO (Greece) Microsoft Ioannis Vasilaras, Ex-CEO, Infote Accounting and legal Andreas Akavalos, Ex-CEO (Greece), PriceWaterhouseCoopers 8. Advisors (so far) PR, Marketing, New Media Petros Katsampouris, CEO, Vivechrom George Tziralis, Organizer of Open Coffee Greece Grew Open Coffee GR from 0 to more than 300 people per event 9. AGENDAWHO ARE WE THE OPPORTUNITY THE PROCESS INVESTOR INFORMATION 10. Necessary Preconditions Exist Education 1.7% of the population holding Masters degrees & PhDs (among the highest in Europe) Highest per capita number (in Europe) of people who study abroad (and want to return to Greece) Community & Entrepreneurial Momentum Open Coffee attracts ~300 participants per month in two cities. Proportional count for 4 more cities. Innovation 2006 competition from Otenet attracted 2700 participants 11. 0,00%1,00%2,00%3,00%4,00%6,00%7,00%5,00%Lithuania LatviaGreece FinlandUnited StatesPolandSlovenia EstoniaIceland Sweden NorwayHungaryDenmarkIreland SpainRomania United Kingdom Belgium Slovakia Netherlands Source: EurostatPortugalFranceItalyTurkeyCzech Republic Bulgaria% population in Higher & Highest Education Japan Untapped PotentialCroatiaAustriaGermany SwitzerlandCyprus FYROM Albania MaltaLiechtensteinLuxembourg (Grand- 12. Availability of Funding Western Europe & World AvailabilitySeed funding Public companies Buyout 13. Availability of Funding Greece & SE Europe Availability Seed stage funding is nonexistent today in Greece and SE EuropeSeed fundingPublic companies Buyout 14. Distribution of Funding Stage Greece (07) Europe (07) Early 03.35 B 1.2x Development 52 M3.9 B 2x 2.5x VC102 M 10 B52x 6x Buyout5.4 B 60 B Source: Private Equity Activity Survey 2008, European PE and VC Association 15. Seed funding (% GDP) United Kingdom 0,224 Sweden 0,058 EU0,053Israel 0,040Portugal 0,039 United States0,035 France0,030Finland0,027Spain0,027 Switzerland 0,024Iceland0,024Ireland 0,015 Denmark0,015 Norway0,013 Netherlands0,012 Belgium0,012 Germany 0,011Hungary 0,005Romania0,004Austria0,003 Italy0,002Greece0,002Poland 0,001 Slovakia0,001Latvia 0,000Czech Republic 0,0000,0000,020 0,0400,0600,080 0,100 0,120 0,140 0,160 0,180 0,200 0,220 0,240 16. Privileged access to the startup ecosystem in Greece More than 40 events Held hands with every single related event in Greece 2500+ total attendants 132 presentations 0 budget Guest speakers, including: J. Calacanis (Blogs inc) K. Mitsotakis (Former VC, Member of the Greek parliament) A. Diamantopoulou (EU Commissioner, Shadow minister of Development) V. Makios (Corallia, semiconductor companies incubator) 10s more 17. AGENDAWHO ARE WE THE OPPORTUNITY THE PROCESS INVESTOR INFORMATION 18. StructureConnect entrepreneurs and investors, provide all that isneeded to start, grow and sell successful venturesOPENFUNDExecutive Board EntrepreneursInvestorsNetwork of Advisors 19. Find the Best Entrepreneurs We have almost set-up from scratch an entrepreneurial ecosystem (open coffee) Now we are looking for the best and brightest, to set-up the most capable of teams and invest themselves exclusively for 4 months To build and launch disrupting products The idea is just a start, team and execution is of paramount importance 20. The Selection Process Three rounds of selection: 1. Online submission 2. In person interview 3. Presentation day (investors participate) Stake in up to 5 ventures / round 20-30K per investment for 20% equity Iterating, 4 month stages 21. Benefits for Entrepreneurs Mentoring & networking Leverage advice & connections from the best in the field, tech & business Advice can be as useful as cash Funding Seed capital to cover all operational expenses for the 4- month "incubation" period Smooth Start Create the company for them at no cost Handle all the legal / accounting issues, provide advise Grow Take direct advantage of the network to grow and raise more money as needed 22. Targeted business modelsWe bring expertise on these models on board, we are open to others too subscriptions (fixed/variable), freemium license, SaaS, white label marketplaces, ecommerce and open calls advertising, content re-purpose & affiliate sales hybrids of the above (micropayments, affiliate advertising etc) 23. AGENDAWHO ARE WE THE OPPORTUNITY THE PROCESS INVESTOR INFORMATION 24. Benefits for Investors Access to the best opportunities in SE Europe Open Coffee Greece is the ultimate destination for new startups Micro funds (YCombinator, Techstarts, etc.), have been very successful Nevertheless, closest to Greece is Seedcamp, based in the UK 25. Benefits for InvestorsEffortless diversification of the investments The OpenFund organizes everything (processes, paperwork etc) Investors are involved as much (or as little) as they want with the funded companies They do participate in the selection Diversify by participating in every company of a round Extensive network of advisors and investors multiplies chances for successful exit 26. Benefits for InvestorsSocial Impact and Extensive Promotion Opportunities Promote entrepreneurship in Greece & SE Europe Funding and advising is whats missing Access to a portfolio with the most promising ventures in the region Open Coffee has been recognized by the media for promoting entrepreneurship High profile successful entrepreneurs, executives and politicians participated and want to help 27. Investment Approach: Funding 2.0 Evolution of technology: Open Source, AWS, AppEngine, Azure, Cloud Matrix, Ruby on Rails 4-strong team of great individuals is enough tocreate a disrupting productInvest in on-line services Iterate and ImproveAim for the global market 28. Sharing the Stakes 8% Management Board 12% Investors 80% Entrepreneurs 100% 29. Investor concerns Minimum participation = 30.000 Amount is spread on all the companies of a round, up to 5 If sufficient for more than 1 round, it is used in a predefined manner over rounds Example: 30.000 gives a 2.4% stake in 5 companies Remember: a success for our startups is to sell or have profit of x-times over the seed amount 30. Investor rights Tag along for all investors of each company Right of first refusal for all investors of each company No drag along Some rights are arbitrated by the Executive Board when many investors are participating* 31. Breakeven Analysis 200K average exit for Investors to break even, beyond that, its Profit5 Companies (Single Round) Exit/Profit 2000 1795 1500 Profit (in 1000s) 1000Profit 500 3550-1250100 200 400 800 1600 3200 -500 Average Exit (in 1000s) 32. Past cases Goal achievable according to experience from similar ventures (YCombinator, SeedCamp, TechStars) SeedCamp 6 & 7 companies in 2007-8 30% of the companies had 2nd round valuated at minimum $1M TechStars 19 companies in 2 years, 40% were sold $6.9M for SocialThing.com IntenseDebate sold to Wordpress.com (undisclosed $>10M) $.8M average 2nd round of funding for the rest YCombinator 80 companies in 4 years 2nd rounds include: Xobni $5.2M, Loopt $12M,Justin.tv $2M, Scribd $3.7+9M Sales include Omnisi