Summer of Startups 2011

Slide 1: 

Summer of Startups 2011

Summer of Startups is…: 

Summer of Startups is… A ten week program for 10 very early stage student- and researcher led teams Offers a platform to try one ’ s wings as an entrepreneur during the summer Teaches the individuals the basics of startups and their working methodologies that will last throughout their lifetime Teams are provided a 5k€ grant, 24/7 office space and coaching

Some facts and figures along the way…: 

Some facts and figures along the way… 76 applications from all around the world Everything from PhDs to freshmen 10 selected to the program Mostly ICT, 3 with hardware 2 teams completely out of Finland (Russia & India) Over 10 nationalities involved ( Russia , Peru, U.S., Latvia , India , Finland , Sweden ...) 5000€ grant given to every team to help product development , travel expenses , accommodation , founding a company (OY), external services ...

Timeline: 

Timeline February August June November Organization begun Coaches activated 4 trips to abroad Application process opened in March, closed in April Teams screened with 5 serial entrepreneurs Lecture marketing to students and researchers Program ran from 6 th of June to 10 th August Teams present at Aalto Venture Garage / Design Factory through the summer Many big keynotes during the summer (Sami Inkinen, Kristian Segerstråle, Peter Vesterbacka) Huge kick-off and demodays (1000 people in total) Trip to Silicon Valley Exposure to local ecosystem (VCs and angels) Learning how to work efficiently Great motivation to keep pushing forward

Slide 5: 

Peter Vesterbacka , Mighty Eagle at Rovio Risto Siilasmaa , Founder and Chairman at F-Secure Panu Mustonen , Senior Business Developer, Elisa Juha Mattson, Founder of Symbioosi Heikki Leskelä , CEO at RunToShop Ville Simola , Captain at Startup Sauna Ramine Darabiha , Product Manager, Rovio Moaffak Ahmed, Partner at Veturi Venture Accelerator Aape Pohjavirta , Chancellor at Ympyra Juha Ruohonen , Head coach at Startup Sauna Antti Kokkinen , Partner at BlueRun Ventures Osma Ahvenlampi , CTO at Sulake Peter Kelly, Professor at Aalto Micki Honkavaara , CEO at nVidia Finland Corp. Ville Miettinen , CEO at Microtask Petteri Koponen , Partner at Lifeline Ventures Mike Bradshaw, Professional Presentation Coach Reidar Wasenius , COO at Briim , Professional Keynote-speaker Alex Nieminen , CEO at N2 Allan Martinson, Partner at MTVP Andrei Korobeinik , CEO at Rate Solutions Andres Susi, CEO at Flirtic , Member of Estonian Parliament Mårten Mickos , CEO at Eucalyptus Systems Jukka Wallasvaara , Chief-Evangelist at Microsoft Hanne Leskinen , Project Manager at Microsoft ( BizSpark ) Christina Forsgård , CEO at NetProfile Finland Nicolai Wadstrom , Founder at BootstrapLabs Kristo Ovaska , Founder of Aaltoes , Startup Sauna, Aalto Venture Garage, Startup Life Michael Wicander , CEO at Cloudmore Niklas Högset , CTO at Cloudmore Sten Tamkivi , General Manager of Estonia at Skype Margus Uudam , Head of VC Investments at Ambient Sound Investments Kristjan Laanemaa , Investment Manager at Ambient Sound Investments Jaan Tallinn, Founder of Skype and Ambient Sound Investments Samuli Simojoki , Senior Partner at Borenius Mikko Järvenpää , Chief Marketing Geek at HackFWD Sami Inkinen , President and co-founder at Trulia Antti Hemmilä , Senior Partner at Borenius Alexander Osterwalder , Entpreneur , Author, Speaker, co-Inventor of theBusiness Model Canvas Kristian Segerstråle , GM and co-founder of Playfish Coaches involved (+50 coaching sessions)

Slide 6: 

Pitching From 10 second pitches to 30min presentations Business models How to create value for the customers? Customer Development Every team pushed out from building Legals Shareholders agreements, term sheets and IPR Sales planning, differences between a ngel & VC funding How much money needed to raise & burn in order to manage growth and upkeep? Teams coached about…

Slide 7: 

Pitching One coach following up, using “ the why, the how, the what ” –method. No slides in the beginning, just focusing on delivery (content, appearance on stage, voice control, expressions..) Every team member pitches in front of others, sometimes their own business, sometimes someone else ’ s. Main point is to teach everybody to always WANT to pitch. Direct, honest and constructive feedback curated by the coach A platform for even a 40-year old PhD to fail safely Usually about a 2-3 hour session / 3-4 times during 10 weeks. Different coaching methodologies

Slide 8: 

Business models & Customer Development 2 coaches following up every Monday using Dr. Alexander Osterwalder ’ s Business Model Canvas Primary focus on Customers, Value Proposal and Partners as the startups were very early stage Weekly follow-up about how many customers talked to, what was the feedback, what was learned, what to do next week? Teams were taught cold calling and basic follow-up “ rules ” Different coaching methodologies This part is harder than thought, Steve Blank ’ s Lean Launchpad model requires a lot of background work, lectures about the business model canvas and discipline!

Slide 9: 

Legals Shareholders agreements: what are the common mouse traps, their importance even if founders are good friends, example of disputes and results Term sheets: explaining the very basics, great example from seriesseed.fi , IPR: different types of IPR, when and why to apply for patent rights, various example cases Different coaching methodologies

Slide 10: 

Sales planning Very simple simulations in Excel to make teams understand how much money needed to run operations E.g. best case scenario (customers) for the next 3 months Explaining value chains and the actors in different businesses Angel & VC funding How much money needed to raise & burn to not to make an ass out of yourself when raising money Differences in terms of characteristics, requirements and amounts (pre-seed, seed, series A and forwards) Different coaching methodologies

Slide 11: 

Every session curated and led by coaches who are either serial entrepreneurs, investors or other professionals 2-3 hour lectures where students and researches are pushed to perform and answer questions 1 hour “ war stories ” from coaches to motivate and help understand growth entrepreneurship 15-20 minute 1on1 sessions with 1-3 coaches present using the speed dating method. Apply the learned skills in to use, get feedback from various sources, get relevant contacts if deserved. Different coaching sessions

Slide 12: 

2-3 companies gotten seed funding (5-10k€) 1 company founded in Finland by a Russian team 2 companies founded in Finland by Finns 2 partner deals with more established startups 1 partner deal with AirTel (India ’ s 2 nd biggest operator) Only 2 teams didn ’ t continue after the program Students and researches gave excellent feedback Results for startups

Slide 13: 

Great initiative to bring young and talented foreign students and researchers into Finland and Aalto Documentation throughout the summer at Muutoksentekijat.fi Visibility in Finland and Russia has been amazing, blog posts on biggest tech sites http://habrahabr.ru/blogs/startup/125295/ http://www.php.ru/news/rss/217010/ Will be organized in 2012, hopefully become part of Aalto ’ s curriculum in the future All in all…

Slide 14: 

Antti Ylimutka antti.ylimutka@startupsauna.com T: @andynosebone / S: andynosebone http://linkd.in/bhhRpg Mikko Hagelberg mikko.a.hagelberg@gmail.com T: @mhagelb / S: mikko_hagis_hagelberg http://fi.linkedin.com/in/mikkohagelberg Contact