After quite a few months of preparation work we can at last tell the world what we’ve been doing and why every single other project of ours has been stagnating. Yesterday at the Open Coffee meeting of Athens, we announced the Openfund is a seed capital construct aimed at supporting startups aimed at the Internet and emerging technologies in general.
We believe that it covers a huge gap in the financing schemes available today in Greece and Southeastern Europe ofcourse. The slides explain how we arrived at the idea in a quite explicit way, so take some time to flip through them.
Now to answer rather bluntly a few questions of the audience that may be popping in your mind:
Why do you make a valuation of the company in advance: This isn’t about what your company is worth in day 0. It’s about the things we’ll be doing together to build your dream. Don’t look at this as a valuation, it’s enough money to get you started (although we’ll guide you into getting further funding in various ways), and getting the Openfund’s executive team as your partners.
Why would I entrust you with my idea ?: There’s a number of reasons really to back this:
- Our reputation is more valuable that the money we could make by manipulating your idea and selling it out. We are participating in this with our names, not a faceless construct.
- If you came up with the idea, then you are capable with coming up with more of the same quality. Most companies that get funding later realize that they have to change many parts of their business plan along the way.
- Your team is most likely the best team out there to flesh out your idea. We’d be stupid to pick another team to do what you’re already great at doing
Do you provide incubation facilities ?: With respect to space, Microsoft Hellas is donating a generous amount of working space for limited spans of time. We’ll hook you up with other office hosting deals and so on, but seriously that’s not a difficult thing to handle. With respect to other things such as helping you with legal, accounting and other details, the answer is yes. We will do whatever it takes to get you to work exclusively at what your main skill is. Beyond that however we’re not a flower garden and we won’t be mass producing pansies. We will guide you into acquiring the skills and solving your problems, but you will have to take the decisions and do the phonecalls.
Do you throw more weight in innovation or profitability: In an ideal world these should be intertwined, but they’re not. We believe that innovation is core to making profit on the web, but we will not be funding research either. Depending on the availability of ideas we reserve the right to foster the ones we believe are the best for all involved parties.
Do you accept groups of 1 member ?: Absolutely not. Find people that you trust and that complement or support your skills. Groups will be given a better chance for both qualities.
I’m an investor. Can I participate in the Openfund ?:Yes. You can head on to the www.theopenfund.com and leave your name and email and we’ll contact you with the detailed investor pouch that contains all the details of the deal.
Do you take in applications of already incorporated ideas ?: This is complicated but solutions do exist. It depends on the maturity of your effort and the status of your intellectual property. We don’t want to get in IP battles and we don’t want to undermine the value of existing work either. Get in touch with us and we’ll work out something.