Point Nine at Hive61, Poznan January 2014
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Transcript of Point Nine at Hive61, Poznan January 2014
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@
Poznan, 29.1.2014
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About .9
The Angel VC: •Up to 1m EUR •Berlin-based •SaaS •Marketplaces
Quite active in Poland (incl. previous private involvement of team):
About me: •Born/raised in PL •Moved to DE at 17 •Worked in finance •Startups since 2008 (angel, TE, Point Nine)
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Crowdsourcing works
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Topics for today
1) Point Nine’s investment criteria
2) Going international
3) Polish vs. German / Berlin startup community
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Investment Criteria
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Criteria: stage = .9
Seed Series A Later StageSeries B, C and D
Pre-IPO Private Equity
Investment Round Size
Sources of Capital
€100k - €1M €1M - €10M €5M - €25M >€20M
Family & Friends AngelsGrants
Crowd-funding
Venture CapitalSuper Angels
Venture CapitalGrowth Equity
Late-Stage VCsCorporate VCsHedge Funds
Point Nine Capital invests between €100k and €1M during Pre- A and A rounds in companies at various revenue stages
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Criteria: geo
Company based in:
•Europe
•Outside: English speaking markets
Target market:
•Global / international / multi-local
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Space: SaaS, marketplaces, et al.
We love SaaS:
•vast experience:
•big trend, great business model if done right
We love marketplaces and network effects:
•examples:
•hard to get scale, but durable and powerful once there
Fast growing consumer
Exceptions happen, esp. for amazing teams
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Going International
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Going International
1. “Flat” global / international product from the start • Esp. applicable for SaaS
2. Multi-local: • Esp. in marketplaces: Delivery Hero, Brainly, Docplanner
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“International” product
Examples:
!
!
“Easy” to start, can be centralised for long time
Typically competitive, expensive marketing
Sales might still need to be local, esp. to larger accounts
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“Multi-local” product
Examples:
!
!
Logistical challenges to launch local versions
Frequent local competition, little global competition
International scale helps win local markets
Tough and expensive (but well possible) if physical goods involved (e-commerce)
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3 thoughts on the ecosystem in PL
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1. Talent: engineers vs. managers
We are proud of our IT/analytical skills
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1. Talent: engineers vs. managers
We underestimate the commercial side Lack of management/sales/marketing talent
They are needed a lot!
…but do not have to wear suits :-)
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1. Talent: engineers vs. managers
…and sometimes it feels like this
Can do this: Can’t do that:
Which one is harder / more important?
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2. Decentralisation is good…but not in tech!
No-one knows which is the key city in Poland for tech: !
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Hubs are very important in tech due to cluster effects: • SV, Tel-Aviv, London, NY, Berlin best known • Urban, attractive areas to live in (young ppl!) • All skills, financing, entrepreneurial drive in one place • We all know this…
2. Decentralisation is good…but not in tech!
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…and we are building technology parks in forests… !
Germany (and others in Europe) had similar ideas There was no political plan for tech in Berlin
!
2. Decentralisation is good…but not in tech!
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3. International isolation - PL scene is … Polish
• Berlin is part of the international tech ecosystem
• Is Poland? Certainly not yet, hopefully getting there
• Internationality key - best practices, (commercial) talent
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We cannot reinvent all wheels ourselves !
!
!
!
!
!
esp. in commercial areas, like marketing, sales, general management..
!
3. International isolation - PL scene is … Polish
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What can we do?
Gov programmes (KFK) seem to promote international isolation (check www.pawel.ch) International investment works best - facilitate it! (a few internationally oriented VCs have appeared: Protos, Giza, Innovation Nest) Initiatives help:
3. International isolation - PL scene is … Polish