Openfund - How to Apply
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Transcript of Openfund - How to Apply
![Page 1: Openfund - How to Apply](https://reader033.fdocuments.in/reader033/viewer/2022050613/54bff1254a7959156b8b4698/html5/thumbnails/1.jpg)
WYS vs WYGhow to apply to the Openfund*
or other relevant structures
Tue Feb 23 010, Open Coffee Athens XXX
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•WYS (What You See): What entrepreneurs write
•WYG (What You Get): What investors read
WYS vs WYG
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•share some insights
•break some myths
•provide some advice
how to apply, let’s
*some: subjective views & limited experience
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•description
•team
•product
•competition
•funding
•goals
application structure
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•complex is good
• . .
WYS - description
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•complex is good
•complex is not easily sellable
•neither to investors nor clients
WYG - description
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•fantastic idea! (even if it’s irrelevant)
•......... .......
WYS - description
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•fantastic idea! (no matter it’s irrelevant)
•only software/web/mobile ideas accepted
•do your homework first
WYG - description
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•simple & concise (demo/video are cool)
•to the extent you get clear
•also provide a one-sentence pitch
description
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•we’ve so far excessive experience & success!
• . .
WYS - team
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•we’ve so far excessive experience & success!
•then, why bother?
•are you committed?
WYG - team
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•strong technical background (but let’s skip the details)
• .
WYS - team
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•strong technical background (but let’s skip the details)
•share your past work
•what about business?
WYG - team
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•introduce yourselves, tell us more about you
•how members bond & complement each other
•trade-off between skills & commitment, pick wisely
team
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•we’ll build the next Google (or equivalently huge project)
•
• . .
WYS - product
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•we’ll build the next Google (or equivalently huge project)
•mission impossible, or
•you have no idea
WYG - product
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•we’ll build the local X
•
•
• . .
WYS - product
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•we’ll build the local X
•shallow market, no opportunity
•hard to beat a well-positioned product
WYG - product
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•be reasonable, beyond sharing your excitement
•showcase that you know what you are up to
•also that you have a plan & focus on a specific idea
product
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•we are one of a kind
•
•
• . .
WYS - competition
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•we are one of a kind
•no market research performed, or
•a questionable need
WYG - competition
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•are there competitors? yes/no (one word)
•
• . .
WYS - competition
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•are there competitors? yes/no (one word)
•care to share?
•is it reasonable to build a new product & compete?
WYG - competition
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•provide a list & more of your closest competitors
•showcase that you differ
•educate your reader, pitch your expertise
competition
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•we’re superb! thus, we ask for more money
•
• . .
WYS - funding
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•we’re superb! thus, we ask for more money
•you haven’t done their homework, study what is offered
WYG - funding
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•we’re modest, we ask for less money
• . .
WYS - funding
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•we’re modest, we ask for less money
•the targets are set low, or
•you’re not serious about
WYG - funding
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•make a request within the range offered
•provide a rough cost breakdown
•next to a product, set up a scalable business
funding
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•we’ll have millions of users, within 4 months
• . .
WYS - goals
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•we’ll have millions of users, within 4 months
•unrealistic targets, or
•very inexperienced team
WYG - goals
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•we’ll be ready to start building a product
• . .
WYS - goals
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•we’ll be ready to start building a product
•you are very slow, or
•the product does not fit
WYG - goals
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•pave the way to a working product, quantify
•bringing you close to a next round of funding, or
• organic sustainability/
goals
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•researchers: try to satisfy the reviewer
•freelancers: try to satisfy the customer
•now you’re looking for a partner, build trust!
in general
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Solve a real problem, have a strong team, demonstrate a prototype.
Alexey Orap, YouScan
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Be as extensive as possible, this shows that you are serious.
Alexis Ballas, Fashinating
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Make sure you stop, think about your customer's problem, brainstorm within team and propose to solve
Miro Solanka, Sportmeets
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Tell your story, who you are and why you feel passionate about your idea. Passion and enthusiasm are infectious.
Alex Schleifer, Listiki