Barry Kolodkin presentation at Venture Connect

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Barry Kolodkin's presentation from UNDP at Venture Connect

Business Economy & Finance

A Look at the Entrepreneurial
Ecosystem in Eastern Europe and the
Black Sea Region
Venture Connect, 28 May 2013, Bucharest, Romania
Barry Kolodkin, Regional Programme Manager
UNDP Black Sea Trade & Investment Promotion Programme

OUR WORK IN IT
INDUSTRY
Co-sponsor of
Venture Connect in
Bucharest, 2013
Co-sponsor of IT
Matchmaking Forum
in Izmir, 2013
Sponsor of CONNECT
in Bucharest in 2011
Speak at conferences
like this
Purpose of program is
to promote trade and
investment in key
sectors in the Black
Sea region

TRADITIONAL INNOVATION
BASED MODEL
COMMUNITY BASED MODEL
What does an Entrepreneurial
Ecosystem look like?
Many different models …

Policy – OK –
Markets – OK –
Supports – Good –
Finance – Bad –
Culture – Bad –
Human Capital –
Good -
Domain
Assessment

Regional Issues
• Lack of early stage
capital
• Control/exit strategy
• Need to make ends
meet
• Understanding debt v.
equity
• Ability to sell
• Deal size – US context
Some people still
really don’t get it.

MIDDLE CLASS
Romania, Bulgaria, Greece
– Good entrepreneurs
– Limited exit ability
– Medium environment
– Some scalability
PAYOUT
Poland, Turkey??
– Big markets
– Some ability to exit
– Good entrepreneurs
– Rapidly improving
environment
BIG WAVES
Russia, Ukraine
– Big potential
– Unsure environment
– Strong in heavy industries
– Local money
BOUTIQUE
Czech, Hungary, Croatia, Serbia
– Small markets
– Small labor pool
– Success stories
– Good engineers

There is money …
• Commercial banks
• SME banks
• Government programs
• World Bank/IFC
• EBRD
• EIB
• BSTDB
• EU
– SME grants, subsidies
– Innovation
– FP7
• Big companies
– Google, Microsoft
• VC
– Twilio, Accel IV – started in
March
• PE
• Angels
• Crowdfunding
• Individual investors
• Microfinance

THINK ABOUT
BERLIN, PRAGUE, TEL AVIV AS MODELS
M&A IS STILL A DECENT EXIT STRATEGY
DISRUPTION GREAT; MARKET DIFFERENTIATION IS
GOOD
WHO IS YOUR CUSTOMER AND KNOW YOUR
CUSTOMER
KNOW WHERE TO GET MONEY AND HAVE THE RIGHT
PITCH READY – NEED MORE THAN ONE ROADSHOW
UNDERSTAND THE PAYOUT/DEAL SIZE AS WELL AS THE
COSTS
TO GET AHEAD IN THE MARKETPLACE

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Barry Kolodkin presentation at Venture Connect

1. A Look at the Entrepreneurial Ecosystem in Eastern Europe and the Black Sea Region Venture Connect, 28 May 2013, Bucharest, Romania Barry Kolodkin, Regional Programme Manager UNDP Black Sea Trade & Investment Promotion Programme

2. OUR WORK IN IT INDUSTRY Co-sponsor of Venture Connect in Bucharest, 2013 Co-sponsor of IT Matchmaking Forum in Izmir, 2013 Sponsor of CONNECT in Bucharest in 2011 Speak at conferences like this Purpose of program is to promote trade and investment in key sectors in the Black Sea region

3. From the Urban Dictionary

4. TRADITIONAL INNOVATION BASED MODEL COMMUNITY BASED MODEL What does an Entrepreneurial Ecosystem look like? Many different models …

6. Policy – OK – Markets – OK – Supports – Good – Finance – Bad – Culture – Bad – Human Capital – Good - Domain Assessment

7. Regional Issues • Lack of early stage capital • Control/exit strategy • Need to make ends meet • Understanding debt v. equity • Ability to sell • Deal size – US context Some people still really don’t get it.

8. MIDDLE CLASS Romania, Bulgaria, Greece – Good entrepreneurs – Limited exit ability – Medium environment – Some scalability PAYOUT Poland, Turkey?? – Big markets – Some ability to exit – Good entrepreneurs – Rapidly improving environment BIG WAVES Russia, Ukraine – Big potential – Unsure environment – Strong in heavy industries – Local money BOUTIQUE Czech, Hungary, Croatia, Serbia – Small markets – Small labor pool – Success stories – Good engineers

9. There is money … • Commercial banks • SME banks • Government programs • World Bank/IFC • EBRD • EIB • BSTDB • EU – SME grants, subsidies – Innovation – FP7 • Big companies – Google, Microsoft • VC – Twilio, Accel IV – started in March • PE • Angels • Crowdfunding • Individual investors • Microfinance

10. THINK ABOUT BERLIN, PRAGUE, TEL AVIV AS MODELS M&A IS STILL A DECENT EXIT STRATEGY DISRUPTION GREAT; MARKET DIFFERENTIATION IS GOOD WHO IS YOUR CUSTOMER AND KNOW YOUR CUSTOMER KNOW WHERE TO GET MONEY AND HAVE THE RIGHT PITCH READY – NEED MORE THAN ONE ROADSHOW UNDERSTAND THE PAYOUT/DEAL SIZE AS WELL AS THE COSTS TO GET AHEAD IN THE MARKETPLACE

Barry Kolodkin presentation at Venture Connect

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