#Startups 101 KPMG Enterprise Tuesdays

Stavriana A. Kofteros 3/02/2015

#StartupCyprus

@Stavriana_k

Startup Catalyst. Entrepreneurship Evangelist.

• Curator Cyprus Startup Digest • Chief Evangelist Startup Cyprus Initiative • Organizer Startup Live, Startup Weekend, Venture

Academy, Startup Academy, Founders’ Meetups • F.M. Cypriot Enterprise Link Association • Adviser Investment backed Startups • Ambassador World Startup Report • Entrepreneurship Master’s Level Facilitator • EU Expert – Program & Project Reviewer • Past Life:

– 13 years in Startup support; 6 as CEO @UCY Incubator • Day Job:

– Special Entrepreneurship & RDI Adviser, Deputy Press Spokesperson @Democratic Rally

www.about.me/stavriana

#StartupCyprus

Cyprus today….

Amen!

#StartupCyprus

#StartupCyprus

Ζητούμενο

• Το θέμα δεν είναι μόνο τι γνωρίζουμε (γνώση)

– Αλλά

• Τι κάνουμε με αυτά που γνωρίζουμε ?

• Πώς αξιοποιούμε τη γνώση? Sincerely,

Innovation McStartup

#StartupCyprus

Entrepreneurship

• is a process

• Taking place in different business environments

•Causes change

• Through innovation

• by people that create or respond to economic opportunities

• Creating value for them and for society

Creativity Is to come up with the big idea

Innovation Is to implement the idea… turning

the idea into a successful business

#StartupCyprus

Characteristics - Definitions

• Νεοφυής Επιχειρηματίας = Entrepreneur

• Επιχειρηματίας = business person

• Νεοφυής Επιχείρηση = startup

• προκαλεί αλλαγή μέσα από καινοτομία

• δημιουργώντας ή αντιδρώντας σε οικονομικές ευκαιρίες που παρουσιάζονται

• δημιουργώντας αξία για τους ίδιους και την κοινωνία

#StartupCyprus

Characteristics

• Looking for new opportunities with passion

• Chases opportunities with immense discipline

• Goes after the best opportunities

• Focuses on implementation

• Team-centric

#StartupCyprus

What is

NOT Startup Entrepreneurship

#StartupCyprus

#StartupCyprus

#StartupCyprus

Cyprus Startups #StartupCyprus

The world is our market…

Embrace and Attack it

Skills 4 Life

• Open mind

• Critical thinking

• Out of the box thinking

• Creativity

• Confidence

• Sociable

• Curiosity

• …

#StartupCyprus

Nature or Nurture?

• Takes initiatives?

• Leader?

• Responsibility for own actions?

• Organized?

• Takes decisions?

• Decisive ?

• Financially responsible?

• Management abilities?

• Trustworthy?

• Open to opportunities?

• Willing to learn?

• Thrive outside of comfort zone?

• Works well with others?

#StartupCyprus

Cyprus & Startups. Startup challenged?

#StartupCyprus

R we Startup- Challenged? #StartupCyprus

ENTREPRENEURIAL MINDSET

#StartupCyprus

LET’S TALK STARTUP

#StartupCyprus

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

#StartupCyprus

What’s a Startup

A Temporary Organization

Designed to SEARCH

for REPEATABLE

and SCALABLE

BUSINESS MODEL

Steve Blank

#StartupCyprus

LEARN STARTUP

#StartupCyprus

Rule 1

•Be the aspirin.

#StartupCyprus

Don’t fall in love with the technology.

Fall in love with the customer

#StartupCyprus

Rule 2

•Be a Pig.

#StartupCyprus

What R U? #StartupCyprus

Rule 3

•Team up.

#StartupCyprus

Photo: HBO, Silicon Valley

4. Evangelize idea: Pitch. Pitch. Pitch.

5. Get great Mentors.

More Rules

6.Public speaking training.

7.Network. Network. Network

#StartupCyprus

Lean Startup Methodology

#StartupCyprus

• 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

#StartupCyprus

#StartupCyprus

Its not about the Idea

#StartupCyprus

#StartupCyprus

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

#StartupCyprus

#StartupCyprus

Creative fundraising

1. Crowd-funding (e.g. kickstarter etc) 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/

#StartupCyprus

Get involved. Get Connected

#StartupCyprus

#StartupCyprus

BE THE CHANGE. BE CRAZY.

#StartupCyprus

#StartupCyprus

Impossible is nothing Muhammad Ali

Now, let’s Startup Cyprus.

#StartupCyprus

Thank you

@Stavriana_k skofteros@disy.org.cy