by maria | May 4, 2016 | Uncategorized
‘Hey Maria. Saul Klein was just confirmed as speaker for the Lisbon Investment Summit 2016. Do you want to interview him?’
Wait. Let me just stop for a moment here. Saul Klein? The Saul Klein? The one who is a former partner at Index Ventures, considered by many as Europe’s leading VC? The founder of Lovefilm International, which was acquired by Amazon? The founder of Seedcamp and Kano, the incredibly fun computer kit for kids (well, I kind of want one for myself)? Yes, that’s the man we’re talking about here.
Saul Klein, has spent the last 2 decades building and exiting companies in the US, Israel and Europe, and, despite my startling nervousness, of course I wanted to interview him. So, I had brief conversation with him over the phone last week, while he took a cab drive in London, I imagine. However, this quick chat was more than enough for me to understand that he’s not the average type of investor. Why? Because he’s truly passionate about building great products and helping entrepreneurs with their challenges, at the earliest change.
So, who is Saul Klein, in which kind of startups does he invest, and what will he do in Lisbon?
“We focus on the surfers, not the waves”
When leaving Index, Saul Klein, realised that what he’s most passionate about is starting companies. “It’s a stage of a company’s life cycle that I find incredibly exciting – it’s in my blood and I can’t shake it” as he admits.
So, the man who considers himself as an “an accidental VC” moved on from Index to focus entirely on helping startups in what he likes to call “inception stage”, with Local Globe VC. And what is inception stage you ask? “It’s the earliest stage, when startups are still building the product, setting up the team, and go-to-market strategy is not yet finalised” explained Saul over the phone.
But how does Saul and Local Globe VC choose the founders they’re gonna work with?
According to Saul, they usually invest in founders “who have a good product sense, unique insights, who are targeting a big market, and who are based in London”. Why? “Because we give the mentoring and feedback but then, it’s up to the entrepreneur to go forward with their own company – we just have to trust that the founders we invest in will be smart and take the right decisions”.
But he goes even further at describing their investment strategy. When I asked if he was looking at specific industries he confidently replied: “No, we focus on the surfers, not the waves”. Meaning, in Saul’s opinion, it all comes down to the founders, the core team and the size of the market, other than particular industries, sectors or business models.
“We always ask ourselves: can this business be big at scale? Is the market big enough? Are these founders capable of raising from top tier investors? Because if you’re unable to fundraise, then it probably means you’re unable to sell to big customers…”
So, what will Saul Klein be doing in Lisbon this June?
Well, he’s using the Lisbon Investment Summit as an excuse to come and get to know the Lisbon startup scene. “I know some startups who are in Lisbon, like for example Uniplaces, and I think it’s a very promising ecosystem”. He even admits that he’s “a bit late for the party” but he’s looking forward to getting to know the local tech community this year with the Lisbon Investment Summit, and then later on the Web Summit.
At this point, I hear the cab’s door close and I know we’ve ran out of time. Saul is a busy man so I politely say goodbye by thanking him for the interview, and Saul kindly replies: “You’re welcome, see you in Lisbon soon”.
Well, and if he can say all this in a 15 min. interview, in a cab, imagine how much we’ll all learn from him at #LIS16… You should probably get your ticket, like now.
by ggomes | Apr 20, 2016 | Uncategorized
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“What’s the code?”
The 2-metre tattooed security guard whispers in the middle of a dimly lit alley. Three hours later, our character is seated at the final table of a card game, joined by some very unfriendly and scary gamblers. It’s his final play and all depends on the cards he’ll choose: either he wins and manages to pay his debts or the story doesn’t have a happy ending.
We all know at least one movie with this cliché, but there are other situations where suspense also reigns and where you must play your cards right in order to keep your startup alive.[/fusion_text]
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Seed Money
Fundraising is usually one of the main headaches for startup founders and for early stage startups it can sometimes feel like an endless loop: to raise money you’ll need traction, but to build a prototype and gain traction you might need money.
The goods news is that nowadays, there are more channels and different ways to find that initial investment that will provide the push that some of these startups need. Clearly certain types of funding are more adapted to specific types of companies but all these forms of funding are considered Seed Money: The necessary money to for your startup to take it up a notch.[/fusion_text]
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Love Capital
“Of course honey, you were always such a bright kid, how much do you need? You’ll pay us when you become a millionaire”
This is the capital entrepreneurs can ask their families or friends. It can be the easiest way… but also the trickiest one: Most of the time, it’s not easy for these people to understand the project or the context which may lead to false expectations which creates problems further down the road. It’s important to take the necessary time to explain all the risks involved and that maybe, according to the odds, they may never get their investment back.[/fusion_text]
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Crowdfunding
Crowdfunding is usually done through a platform like Kickstarter or Indiegogo, whereyou expose your product and with some luck, collect the desired amount of money from a large number of people, in exchange for rewards.
You also have equity crowdfunding, see Seedrs, where instead of rewards you give small percentages of equity.
If well done, Crowdfunding can provide you with the necessary money, raise awareness and capture the interest of other investors. Not all products fit well into crowdfunding and remember you’ll always need to design a good strategy. Don’t assume this to be an easy option – it’s not.[/fusion_text]
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Angel Investors
Business Angels or Angel Investors are affluent individuals that invest a certain amount of money in your startup, usually in exchange for an equity stake. Though it’s different from the pressure a VC puts on your performance, this money brings more responsibility whereby the investor now also has a say in your decisions. One of the benefits is that these investors normally already have valuable networks and resources that can become really useful.[/fusion_text]
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This pretty much covers the short definitions of the three ways through which you can look for your first investment but you should go deeper. If you’re lucky enough to be reading this blogpost right now you can be one of the last few to get your early bird ticket(available until Saturday) for the Lisbon Investment Summit. This is your chance to get great insights on fundraising in a surprisingly informal and slightly unexpected startup conference.
[/fusion_text][fusion_text]Meet the 30 or so speakers here that have already confirmed and stay tuned for further exciting news.[/fusion_text][/fullwidth]
by ggomes | Apr 5, 2016 | Uncategorized
Talking to investors is usually associated to stress that may even include sweat pouring down your forehead, stuttering and feeling like you’re on your final judgment day – all contributing to the “myth” that all these meetings are conducted in a formal and tense atmosphere.
Actually it doesn’t have to be like that and at Beta-i we’re deconstructing that image: The Lisbon Investment Summit is the proof that to receive great insights on serious investments you don’t need serious meetings or formal talks. You will need to take it seriously.
On the 7th and 8th of June, #LIS16 is back with another two-day event where every attendee can talk with top speakers, in a casual ambience with a lot of unconventional surprises prepared for you.
Speakers & Investors
Speaking of top speakers and investors, we want to introduce you to all of those that have so far confirmed their presence so far in Lisbon, including:
Ragnar Sass: Serial Entrepreneur, Co-Founder of Pipedrive, a sales management tool with more than 100 000 users across 140 countries and Co-Founder of Garage48, a non-profit organization that promotes Entrepreneurship by organizing events in different parts of the world. He’s also a mentor with a focus on funding, hiring, traction and marketing.
Luciana Lixandru: Principal at Accel Partners, where she’s focused on early and growth stage investments in software, Internet and digital companies. Accel Partners has created an impressive portfolio in the las three decades, helping to build companies like Facebook, Groupon, Spotify, Dropbox and Rovio.
Saul Klein: One of the most regarded tech celebrities in Europe, Saul is an Entrepreneur, Investor and Operator. He was part of the original executive team at Skype, co-founded Seedcamp, Lovefilm International, The Accelerator Group and Kano between others, and also was a partner at Index Ventures and a board-member at Codecademy.
Meet here the 30 or so speakers already confirmed, stay tuned for the upcoming exciting news and reserve your ticket to the most relevant and irreverent Investment Event in Lisbon before they sell out.
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by nlopes | Mar 30, 2016 | Featured
Yesterday was the first day of the Lisbon Challenge Spring’16 edition which is testing out a smaller batch number in the quest to concentrate on quality. As all the founders sat in the auditorium listening to Pedro Rocha Vieira welcoming them to the 6th edition of the main accelerator of Beta-I, one would hope that most were internalizing their plan for the 10 weeks they will get to work hard, play hard and relax – the benefits of being in Lisboa.
You Are in Control
Accelerator programs don’t guarantee any kind of success instead provide the platform and tools for your startup to evolve – how much is really up to you. That’s why it’s essential that as a CEO you clearly define your path, create milestones and aggressively pursue them to ensure the final outcome is superior to what you initially envisaged.
It’s all about setting realistic expectations and understanding that the Lisbon Challenge accelerator provides you with mentorship, expert advice, networking and a structured program but it’s in the quality of questions that you’ll find the quality answers and solutions. Ask smart questions, chase people up and use their expertise to help you progress.
Though you will have access to investors at several stages of the accelerator, culminating in the demo days, you need to ensure that your product, team and pitch is first class – obsess over the details but don’t forget your product.
Your Product
Do you have customers that love your product? Airbnb’s co-founder and CEO, Brian Chesky recalls the advice Paul Graham gave him whilst at Y-Combinator – if you have people that love your product, you don’t have to worry about the viral growth thing – it will take care of itself.
Some startups focus too much on the investment and even though we realize how important that is when your runway is short, overly focusing on this can become a distraction for the founders taking too much time away from further developing your product.
For every main aspect of building your startup, there will be a mentor or expert on hand to help you in finding solutions. Though access to these professionals is extremely valuable, don’t underestimate the relationships that you will be able to develop with your program peers and Beta-I team. The capacity to bounce ideas off other founders that have as many similar as diverse experiences as you, is invaluable – a network that will outlive the time you spend in Lisboa.
Accelerator Advice
You will be exposed to many people who share their views openly, often giving you conflicting advice but despite all the support and great advice you get, you are still expected to think for yourselves. This is your startup and it’s your future. Lisbon Challenge will provide you access to data and informed opinions but you need to process them with caution. Part of the learning process is handling conflicting feedback from the many mentors and experts. They are not wrong, just in context to each and everyone’s experience and vision of business. Be courteous and above all check your egos at the door – be open minded and respectful then take the decision that is right for you.
Increasing Your Odds of Success
Mark Suster wrote this week the post “How to decrease the odds that your startup fails” with some very useful insights that you should take the time to read:
- Building for Yourself Instead of a Market
- Lack of Any Market Validation
- One-Sided Competitive “Analysis”
- No Route to Customers
- Claiming False Competitive Advantages
- Winging the 60-Second Pitch
- Ignoring Your Faults
Mark ends with:
“Plan. Think. Study. Test. Validate data. Validate firmly held positions. Know your planned sources of differentiation and adjust as you learn. Read plenty of “what went wrong” eulogies by founders and see what you can learn. But also understand that the lens from which they tell you the answer is both imperfect and has a narrative bias.“
There’s also that old saying “the harder I work the luckier I get.” Those who tend to outperform when they graduate from Lisbon Challenge accelerator program really made the most out of the program and probably had a little luck too. So good luck and stay tuned to our blog as we follow your progress and post useful insights to help you along the way.
