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Digital Entrepreneurship as an opportunity for Greece

Apostolos Apostolakis

2nd Annual conference

April 22nd 2013

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APOSTOLOS: STARTUPS AS A WAY OF LIFE

1998 Cofounder e-shop.gr

2009 Cofounder Openfund.com

2011 Seed investor, advisor Taxibeat.com

2012 Cofounder e-food.gr

2012 Cofounder doctoranytime.gr

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Circumstances in Greece

Result: digital entrepreneurship tsunami

Opportunities

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INTERNET SERVICES ADOPTION LAGGED…

2000 2002 2004 2006 2010 2012

online travel

Computer etailing

car listings

clothing/ shoes etailing

House listings

Online banking

Social networks

Online insuranceJob

listings

Year of adoption in Greece

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…WITH STILL ROOM FOR DISRUPTION

Full doctor profile review and online appointment booking not possible before July 2012

Online delivery-food ordering was possible only by the end of 2011

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INTERNET VENTURES HAVE LOWER CAPITAL REQUIREMENTS…

•Low product development cost

•Efficient marketing

•Disruptive enjoy virality /social marketing

•Appeal to a larger market

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…EVEN MORE SO IN GREECE

18 months and 1 million euro funding•40,000 rides per month in Greece

•30,000 rides per month in Brazil

•Recently launched in Paris

•Lower IT wages

•Lower rents

•Startups in Greece are used to lack of support

Case study

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…AND OFFER FAST BUSINESS DEPLOYMENT

Within 10 months

•1600 available doctors

•books 1000 appointments per month

Within 16 months

•700 restaurants

•3 cities

•receives 800 orders per day

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GREEK CRISIS:AMPLE TALENT OPEN TO NEW EMPLOYMENT OPPORTUNITIES

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CIRCUMSTANCES HELP BUILD UP A WAVE

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Until 2007 no recurrent technology meetup in Greece

Until 2009 no seed investing fund in Greece

THINGS STARTED JUST A FEW YEARS AGO

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MANY MAJOR STARTUPS HAVE LAUNCHED IN THE LAST 2 YEARS

Raised 1,85 million USD funding, active in more than 10 countries

Profitable startup with main revenue from international clients

2 seed round total 400K Traction in Greece Brazil and Spain

Raised more than 5 million euro funding for Greek operations

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AND THEN EVEN MORE …

167 STARTUPS MAPPED @Greekstartups.com

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WE ARE JUST IN THE BEGINING..

MANY SUCCESS STORIES, NO MAJOR EXIT YET

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OPPORTUNITY FOR ENTREPRENEURS: LAUNCH OR WORK FOR DISRUPTIVE PROJECTS

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Co-working spaces

Accelerators/Incubators/Advisors

MANY AVAILABLE RESOURSES

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FUNDING IS EASIER…

Angel investors

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…BUT DOESN’T KEEP-UP WITH DEMAND

SO PUSH THE BUTTON

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WHICH CREATES AN OPPORTUNITY FOR INVESTORS

Very appealing financial returns

Pride for participating in a disruptive investment

Social responsibility

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OPPORTUNITY FOR GREECE

HIGHER EMPLOYMENT-EXPORTS -COMPETITIVENESS

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THANK YOU

APOSTOLOS APOSTOLAKIS