Role of the business accelerators in smart startup development. Results of MBA thesis, Artūrs Zandersons, RTU
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10:00, 14 July 2015, Altum conference room, 4 Doma laukums, Riga Half-day conference Venture Capital for tech startups in Latvia 2015. Demand vs supply Details: http://www.labsoflatvia.com/events/venture-capital-for-tech-startups-in-latvia-2015-demand-vs-supply-2
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Role of the business accelerators in smart startup development. Results of MBA thesis, Artūrs Zandersons, RTU
- 1. THE ROLE OF THE BUSINESS ACCELERATORS IN SMART STARTUP DEVELOPMENT July 14, 2015 Artūrs Zandersons
- 2. Business acceleration 1/4 Combining the benefits of co-working space, incubator & investor Making the money smart Elements Co-working space Venture capital Incubator Accelerator Lenght Not defined Years Years ~ 90 days Entry criteria - High Low Extremely high Environment - - Nurturing Growth oriented Office space Yes - Yes Yes Consulting services - Some Yes Yes Strong curriculum - - - Accelerator programme Instructors / mentors - - Some / staff Yes, pre-selected Funding - Investment - Yes, pre-seed funding Follow on support - Follow-on investment Some Yes (equity stake) Business acceleration - targeted set actions to boost the development and growth of a startup company.
- 3. Business acceleration 2/4 Top 5 Accelerators Accelerator statistics (by seed-db) 2005 – the first accelerator is established 234 programs world-wide (2013) 4858 companies accelerated (2013) 311 exits for $ 3,525,448,600 (2013) $ 12,074,800,002 follow-up funding (2013) USA EUROPE Y Combinator 841 companies Startupbootcamp 140 companies TechStars 527 companies Seedcamp 118 companies 5000 Startups 359 companies Springboard 110 companies DreamIt Ventures 197 companies Openfund 40 companies Angel Pad 98 companies NDCR Launchpad 30 companies
- 4. Business acceleration 3/4 Accelerator programme operating model Demanding acceptance process 1-3% acceptance rate Initial funding 10 – 30 th.EUR pre-seed investment Equity stake 6 -8% Time-bound 3 – 6 months Intense training programme / curriculum Entrepreneurship (lean startup) Business modelling (Business model canvas) Presentation skills Creation of Minimum viable product Sales & marketing Mentoring Business, Technology & specific mentoring Intense networking With experts, startup owners, investors, entrepreneurs Incubator services Office space, secretary, consultancy service (legal, marketing etc.) Competition elements Jury assessment of the best companies Demo day Final pitching and demo event Accelerator business model Accelerator programme • Managing accelerator training programmes • Providing consultancy services • Publicity & marketing Accelerator fund • One or more private or public investment funds • Pre-seed investments • Follow-up investments in portfolio companies +
- 5. Accelerataor Y Combinator TechStars Startup Bootcamp Startup Sauna Startup Wise Guys Country USA USA Denmark Finland Estonia Year of creation 2005 2007 2010 2010 2012 Segments IT, High tech IT High tech IT IT, B2B business Participants in one programme 65 10 10 15 8 Duration of a programme, days 90 90 90 49 49 Seed investment th. EUR 10 – 18 5 - 16 15 0,15 30 Equity stake 2 – 10% 6% 8% 0 8% No. of accelearated startups 841 485 130 - 24 No. of exits 101 55 3 - 0 Value of exits 2,2 billion EUR 156 million EUR - - 0 Attracted funding to portfolio companies 4,5 billion EUR 1,13 billion EUR 19,65 million EUR - 1,66 million EUR Business acceleration 4/4
- 6. Startup Ecosystem – aggregation of elements that support creation and development of startups through interaction of elements. Startup Ecosystem 1/3 Market People Infrastructure Funding Culture Regulation & Legislation Elements of Startup Ecosystems Interaction between accelerator and Startup Ecosystem Accelerator Investors StartupsMentori Access Information
- 7. Infrastructure & Funding Startup Ecosystem 2/3 Infrastructure Funding Ideation Concepting Product Validation Scaling AmountofStartups Establishing Development stage / Ecosystem Elements Hacatons / idea cometitions Incubators Accelerators Growth support instruments Grants. awards Angel investment Pre-seed investment Seed investment Venture capital Bank, financial instrument Growthe capital 100% 50% 20% 5% 3% 1%
- 8. Access to infrastructure & funding in Latvia Startup Ecosystem 3/3 Infrastructure Funding Ideation Conceptization Product Validation Scaling Establishing Development stage / Ecosystem Elements Nozaru biznesa inkubatori Garage 48, Startup Weekend u.c. konkursi Nozaru klasteri Tehnoloģiju pārneses kontrolpunkti Kompetences centri Ārējo tirgu apguves instrumenti Mill Riga, Birojnīca u.c. kopstrādāšanas centri Techub Riga u.c. privāti inkubatori Egloo u.c. atbalsta inkubatori Arcana Hub, Idea Bits Seed Forum Riga Demola Latvia Ideju kauss FabLab, Design Factory RHTU Meetups / TechChill / labs of Latvia / startuphunt LIAA grantu shēma, Atspēriens Imprimatur Pirms sēklas Imprimatur Sēklas fonds Imprimatur Start up fonds FlyCap Start up fonds EBAN FlyCap Pamata fonds ZGI Sēklas fonds ZGI Sākuma fonds ZGI Izaugsmes fonds Expansion capital Privāts ārvalstu riska kapitāls Balt Cap Commercialization Reactor ENTER mini-akselerators ALTUM programmas LGA aizdevumi / garantijas LatBan, Amber Sea Nordea Biznesa skola Komercbankas