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1 Grow VC Group Copyrights Grow VC Group 2014 smart city expo 2014 Valto Loikkanen

2 For #startupecosystem

3 About me

4 As an Entrepreneur 20 years as international Serial Entrepreneur (US, EU, Asia) & Portfolio Entrepreneur, with personal hard earn success & failures 17 years experience in developing web based tools for various business processes 6 Years of developing equity crowdfunding model globally via Grow VC Group (scaling access & availability of risk funding) 5 years for Startup Ecosystem online support tools, platforms & metrics Past year, being part of three Horizon 2020 Groups: Access to Risk Finance, Widening participation and International Cooperation

5 As a Business Advisor 10 years of startup mentoring with over 2000 one to one mentoring sessions and workshops with entrepreneurs and hundreds of startups around the world at various development stages and industries 10 years developing Startup Support services, with entrepreneurial mind and lean methodology (fast ideation, implement and measure cycle) 5 years of living lab development for Startup Ecosystem in Finland with City of Helsinki

6 About Grow VC Group "The global pioneer of securities crowdfunding, peer to peer marketplaces and new investment models."

7 Other Business Verticals Real estate, P2P loans etc. Startups Consulting & knowledge Services Enable online investment platforms and marketplaces Global Investors Local Investors Online infrastructure to manage and measure startup ecosystems Startup Ecosystem

8 Other Business Verticals Real estate, P2P loans etc. Startups Consulting & knowledge Services Enable online investment platforms and marketplaces Global Investors Local Investors Online infrastructure to manage and measure startup ecosystems Startup Ecosystem

9 "How to generate more innovation and improve return on investment from your innovation ecosystem."

10 Where Does Innovation Happen?

11 Innovation Ecosystem Innovation via Big Companies & Public Sector. Research IPR Funding Sources Closed process & Internal resources Innovation by Startups Customers

12 Megatrend Innovation process is moving away from closed structures and big companies to more open and collaborative startup ecosystem.

13 Innovation Ecosystem Startup Ecosystem Innovation via Big Companies & Public Sector. Research IPR Funding Sources Innovation via Big Companies & Public Sector. Research IPR Closed process & Internal resources Innovation by Startups Customers Innovation by Startups Funding Sources Open, collaborative & external resources Support Organizations Customers New Funding Solutions Service Providers

14 Startup Ecosystem Innovation via Big Companies & Public Sector. Customers Research IPR Innovation by Startups Funding Sources Support Organizations Open, collaborative & external resources New Funding Solutions Service Providers

15 Why this megatrend? The megatrends of innovation is focusing more and more around startups The old world is about ideas, research and big companies creating the innovation (products and services from these). The old models is already working at it s best and is difficult to improve - as such, little growth can be achieved in that area The new world is about making the innovation happen via Startups, where innovation is also more openly and independently exposed to markets Startups are outsourced innovation for big companies and biggest group generating new jobs Startups are fast, flexible, highly motivated, cost effective and supported by private and public parties The big companies themselves are moving away from traditional innovation models towards more open innovation and working with and buying most promising startups after they have validated scalable innovation.

16 Difference between innovation & startup?

17 Innovation is about developing a new product, service or business model.

18 Startups do innovation and also develop a new growing company & business.

19 "What are the keys to get successful results?"

20 Focus To new growth ambition startup creation Pre-startup and early stage startup support services get more research, inventions, ideas and other IPR to be utilized by startups

21 Why Startups?

22 Recent study by Kauffman Foundation and the Institute for Competitiveness & Prosperity.

23 Over the last twenty five years, almost all of the private sector jobs have been created by businesses less than five years old.

24 Between 1988 and 2011, companies more than five years old destroyed more jobs than they created in all but eight of those years.

25 What is a Startup?

26 Startup A startup company or startup is a company or temporary organization designed to search for a repeatable and scalable business model

27 Startup The only essential thing is growth. Everything else we associate with startups follows from growth.

28 New Startup High Growth Ambition and very scalable business model "new startup" A Market validated business model B Unvalidated business model C D "a kiosk" Low Growth Ambition and/or Non Scalable business

29 Startup stages

30 Startup Development?

31 Startup Development?

32 Improved Startup stages

33 Growth Vision & Mission -2 Minimum Viable Product (MVP) Target -1 0 Product Market Fit 1 Scale 2 3 Time Ideation Concepting Commitment Validation Scaling Establishing Scalable product or service idea for a big enough target market. Some initial business models for how it would make money. One person or only a vague team; no confirmed commitment or no right balance of skills in the team structure yet. Clear and meaningful target with direction for at least 3 years with milestones how to get there, -> 3, 6, 12, 24, 36 months Team of two or three core founding partners with balanced ownership. Can also already have some extended team with lighter commitment (stock options and or cash compensation) Committed and balanced founding team. Able to develop the product or service (Minimum Viable Product) without dependency of uncommitted external resources, or already an initial product or service in place. Existing signed shareholder agreement between founders, with milestones, committed time and money use, for at least 2+ years with vesting. Can demonstrate some user growth and or revenue (initial traction). Continue to attract additional resources (money or sweat equity) for equity or future revenue. Looking for clear market validation (Product Market Fit), to move into scaling. Showing a clear, growing and measurable user and or market traction in a big or rapidly growing target market. Can and wants to scale fast. May have attracted significant funding. Achieved great growth, that can expected to continue. No longer needs to struggle to get resources and can acquire those easily. Continues to grow and often wants to culturally continue behaving like a "startup" for as long as possible. Founders exit or continue business as usual. Startup Key Stages By This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.

34 Startup Ecosystem A startup ecosystem is formed by people, startups in their various stages and various types of organizations in a location (physical and/or virtual), interacting as an organic system to create new companies. Different organizations typically focus on specific parts of the ecosystem function and/or startups at their specific development stage(s). Learn more:

35 Startups & Ecosystems Startups develop in startup ecosystems through the development phases in constant interaction with various organizations, services & people. The more dynamic, transparent and balanced the ecosystem is the more successful startups ecosystem can create.

36 Case Helsinki

37 Challenge was Not enough (high) growth companies in Finland Growth services were a total mess Growth potential or stage was not systematically identified Angel investing was not systematically organized Poor investment readiness Ecosystem concept and understanding as a whole was missing ROI at single service and ecosystem level is unclear

38 Level 1: Identify problem Growth potential and development phases should be systematically identified Need more high growth companies to Helsinki Clear guidance to right growth paths Matching growth potential with most fitting services, people and accelerators should be systematically coordinated Improved investment readiness Ecosystem should be visualized to be understood

39 Level 2: Take action Make Startup development phases more broadly used as "canvas" for ecosystem service design Get common terminology more broadly to be used Identify service gaps and development new services to fix them Improve ecosystem level understanding and communications among the ecosystem parties Define handovers between services and iteratively improve Implement online ecosystem infrastructure to BETA use

40 Level 3: Finalize and start iterating Common metrics identified Ecosystem IT infrastructure in use Metrics implementation Metrics in use and shared with the ecosystem Iterative ecosystem development and validation by metrics

41 Midterm results Less unknown Silos are braking ROI becomes more measurable and understandable target Growing supply of investment ready startups more new companies creating jobs and attracting international investments into region

42 Three steps of ecosystem development 1. map out starting position 2. Identify and fix gaps and bottlenecks 3. implement measurements Iteratively improve; measure and learn

43 With help of key stages tool Map out ecosystem services Public & Private Describe ecosystem target Label items; startups, services, events, funding instruments, blog posts, tools, ideas, suggestions, etc.

44 Growth Vision & Mission -2 Minimum Viable Product (MVP) Target -1 0 Product Market Fit 1 Scale 2 3 Time Ideation Concepting Commitment Validation Scaling Establishing Scalable product or service idea for a big enough target market. Some initial business models for how it would make money. One person or only a vague team; no confirmed commitment or no right balance of skills in the team structure yet. Clear and meaningful target with direction for at least 3 years with milestones how to get there, -> 3, 6, 12, 24, 36 months Team of two or three core founding partners with balanced ownership. Can also already have some extended team with lighter commitment (stock options and or cash compensation) Committed and balanced founding team. Able to develop the product or service (Minimum Viable Product) without dependency of uncommitted external resources, or already an initial product or service in place. Existing signed shareholder agreement between founders, with milestones, committed time and money use, for at least 2+ years with vesting. Can demonstrate some user growth and or revenue (initial traction). Continue to attract additional resources (money or sweat equity) for equity or future revenue. Looking for clear market validation (Product Market Fit), to move into scaling. Showing a clear, growing and measurable user and or market traction in a big or rapidly growing target market. Can and wants to scale fast. May have attracted significant funding. Achieved great growth, that can expected to continue. No longer needs to struggle to get resources and can acquire those easily. Continues to grow and often wants to culturally continue behaving like a "startup" for as long as possible. Founders exit or continue business as usual. Startup Key Stages By This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.

45 Supporting Startup Development Startup Knowledge - Money & Connections Private service providers & investors Public services & funding

46 Map your current startup ecosystem support services

47 Business Business idea Company Team Online Communities and tools on connected platform (Startup Commons) 1

48 Sample set of services

49 Startup Info (stages & service matching) Co-working space and pop up advisory Customer Development Business Business idea Biz Model Canvas MVP & metrics workshop Pitch Training & feedback Pitching events: for advisors, funding, sweat equity & visibility Media as a Service Marketing Workshop Marketing Services Startup Weekend etc. Sales as a Service Accelerator Bootcamps Subsidised specialist grants (UX, design etc. etc.) Public sector as a customer Group Advisory Team Private Advisory: One advisor In search of co-founders SHA Workshop General networking Private Advisory: Multiple advisors In search of team members Recruiting support & advisory Company registration, VAT etc. basics advisory Random events, meetups & presentations in the ecosystem Online Communities and tools on connected platform (Startup Commons) 3 Company Subsidised specialist grants (accounting, legal etc.) 2

50 Evaluating things

51 Business Idea Potential Less Potential Small market Market shrinking Market Push Not scalable More Potential Big Market Market growing Market pull Scalable

52 Team Validation Less Potential Solo Entrepreneur Uneven Skills Not committed Talker Attitude Wrong Culture More Potential Good Team Balanced Skills Committed Doer Attitude Right Culture

53 Startup High Growth Ambition and very scalable business model Early Startup at Stage 2 A B New Startup at Stage 0 Unvalidated business model Market validated business model C D "a kiosk" Low Growth Ambition and/or Non Scalable business

54 Idea evaluation NOTE: as a public sector! High Job Creation Potential (need of people) Low Value Idea High Value Idea A B High Demand Potential a lot of potential well paying international customers Low Demand Potential Very few and/or low paying limited region customers C D No Value Idea Medium Value Idea Low Job Creation Potential

55 Use together with development phases criteria

56 About Metrics Ecosystem as a funnel Input and output volumes of each service Compare each service ROI separately

57 Other tools Ecosystem development workshop Development support Mapping and agreement templates Ecosystem IT infrastructure Knowledge on demand (for all levels) Library of best practices service models

58 Recap Develop startup ecosystem as a whole Measure everything to learn and improve Improve iteratively

59 Single most valuable tool to improve your ROI Free to use under creative commons licence Original www. startupcommons.org Licence terms org/licenses/

60 Only the things that are understood can be developed

61 When more people and organizations are developing things together, there needs to be a common language and understanding about what is being developed.

62 Systematically implement this common language to your ecosystem and everything follows naturally.

63 Only things that can be measured, can be improved.

64 Missing knowledge you can buy.

65 Plenty of EU funding available.

66 Just take the first step...

67 #startupecosystem Valto Loikkanen (FIN) (US) Grow VC Group

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