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Presentation by Emilios and Alexis, co-founders of Hellas Direct, at the 50th Open Coffee gathering in Athens. [Benaki Museum - 26 Oct 2012]
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HELLAS DIRECT: SETTING UP A NEW INSURANCE COMPANY IN GREECE
OPEN COFFEE�BENAKI MUSEUM�26 OCTOBER 2012 �
(STOP CHASING UNICORNS!)
Larry Page + Sergey Brin�
LIKE MOST ENTREPRENEURS, WE SET OFF THINKING WE’D BE THE NEXT GOOGLE GUYS …
* until this guy came along.�
GOOGLE: Largest tech IPO in history*.�
PRE-SEED� SEED� ROUND I �
CUMUL
ATIV
E CA
SH F
LOW�
ROUND II � ROUND III � ROUND IV�
ANGELS�
<EUR 100k � EUR 500k-1m � EUR 1-5m � EUR 5-10m �
8-10 YEARS�
1/3
IPO �
EUR 100-500k �
‘VALLEY OF DEATH”�
x x
EARLY-STAGE� LATE-STAGE�
… BUT WE SOON REALISED THAT REALITY CAN BE HARSH (9/10 START-UPS FAIL)
1/2 2/3 4/5
EXPANSION � FOLLOW-ON �EUR 30-50m � EUR 50m> �
GROWTH �
EUR 10-30m �
BREAK EVEN �
START-UP SURVIVAL
RATE
THAT BIG IDEA
WE SPENT ENDLESS TIME SEARCHING FOR:
(HAVE YOU EVER DONE SO? BE HONEST…)
When you start, the tendency is to go for the sexy stuff. [Wonderbra slide] We went the other way. Set up the best car insuranc company in Greece. [monty python slide] Our journey [our journey slide] A. First you get the money [New slide] That was tough [space arcade slide] The odds are definitely against you [vegas slide] B. Then you have to build the company [new slide] Hire the right people [new slide] Build your technology [new slide] Get regulated -‐ bureaucracy [new slide] C. Then you have to sell Who? Innovators. [new slide] ExponenNal growth? [new slide] How? The 'Why'? Find your tribe [new slide] Some days are tougher than others [orthodox jew slide] but the liPle things make it worth while [doxiadis post slide] Enjoy the ride [last slide] Books that inspired us [books slide] Thank you [thank you slide]
WE LOOKED FOR AN IDEA WHICH WAS DIFFERENT TO ANYTHING EVER DONE BEFORE …
(THE PURPLE COW!)
... AN IDEA WHICH WAS SEXY, COOL AND TRENDY!
WOMENSLINGERIE
IT DID NOT TAKE US LONG TO GET THAT THERE IS NO MAGIC TO AN IDEA …
… AND THAT SOMETIMES THE BEST BUSINESS CONCEPTS ARE RIGHT UNDER YOUR NOSE
CARINSURANCE
STOP CHASING UNICORNS*
IF THERE IS ONE MESSAGE WE WANT YOU TO TAKE AWAY FROM TODAY’S TALK IS THIS:
(BORING IDEAS OFTEN MAKE BETTER BUSINESSES!)
* those different, sexy, cool and trendy big ideas. �
WHAT’S OUR STORY?
¡ A NEW, DIRECT INSURANCE COMPANY IN GREECE.
¡ “CHANGING THE GREEK INSURANCE MARKET, ONE POLICY AT A TIME”.
¡ WE ARE HIGHLY SPECIALISED.
¡ WE LIVE AND BREATHE TECHNOLOGY.
¡ WE LOVE NUMBERS.
¡ WE SERVICE THE CONSUMER, NOT THE BROKER!
¡ 23 PEOPLE IN 3 COUNTRIES.
¡ A LONG JOURNEY: 3 YEARS FROM START TO OUR FIRST SALE.
¡ WE HAVE FACED THREE KEY CHALLENGES ALONG THE WAY…
CHALLENGE I: SECURE FUNDING
2,500 APPROACHES
300 MEETINGS
11 INVESTORS
1.5 YEARS
FINDING INVESTORS WASN’T EASY …
1 IN 8 1 IN 27
99.56% REJECTION RATE
… AND THE ODDS WERE NOT ON OUR SIDE
THERE IS A HIGHER CHANCE OF BETTING ALL YOUR MONEY ON BLACK IN A LAS VEGAS ROULETTE AND WINNING… … 7 CONSECUTIVE TIMES!
CHALLENGE II: BUILD A GREAT COMPANY
THERE ARE THREE BASIC INGREDIENTS TO BUILD A GREAT INSURANCE COMPANY
Invest in technology �Algorithmic pricing �Close ties with academia�
Keep innovating �Hire the right people � Get licensed�
A year of paperwork �Detailed business planning �Latest EU regulations�
Intelligence�Passion �A drive to make things better�
CHALLENGE III: DRIVE SALES
When you start, the tendency is to go for the sexy stuff. [Wonderbra slide] We went the other way. Set up the best car insuranc company in Greece. [monty python slide] Our journey [our journey slide] A. First you get the money [New slide] That was tough [space arcade slide] The odds are definitely against you [vegas slide] B. Then you have to build the company [new slide] Hire the right people [new slide] Build your technology [new slide] Get regulated -‐ bureaucracy [new slide] C. Then you have to sell Who? Innovators. [new slide] ExponenNal growth? [new slide] How? The 'Why'? Find your tribe [new slide] Some days are tougher than others [orthodox jew slide] but the liPle things make it worth while [doxiadis post slide] Enjoy the ride [last slide] Books that inspired us [books slide] Thank you [thank you slide]
LIKE ANY NEW IDEA, APPEAL TO THE INNOVATORS AND EARLY ADOPTERS FIRST
(IDENTIFY YOUR TRIBE!)
SOME DAYS ARE TOUGHER THAN OTHERS …
“Happy Hanukkah”�Israeli investor�
Tel Aviv, Israel�London, UK� Athens, Greece �
“Shaken not stirred”�Russian investor�
“Press 4 for help”�South African investor�
… BUT IT IS THE LITTLE THINGS THAT MAKE IT ALL WORTHWHILE
I have just insured my car with Hellas Direct in under 5’. If all other services (private or public) were as friendly to the user as this one, our productivity would be much higher and we would all be much calmer…
- a client’s facebook post
THANK YOU