Following the results of the second Minsk StartUp Weekend
The next Minsk StartUp Weekend took place. By the way, the next session, which will take place in about two months, will be devoted exclusively to IT projects; Well, for now, it’s nice to take stock of the events of the past.
This time, the organizers received about 30 applications for participation, half of them, having passed the preliminary selection, were invited to the event. The format was as follows: on the first day, the projects make preliminary presentations, according to their results, investors vote for the most interesting proposals, which get the opportunity, right in the hall, to pick up a team to finalize the project during the second day.
However, this is the main outline of the event, but also this time there were a couple of innovations. First, for a nominal fee, those who wish could attend a seminar before the weekend, where a number of entrepreneurs told what and how investors want to hear from applicants. I will say right away: we are not developing this initiative anymore. We are strong in hindsight, oh, strong: if about 10% of the applicants who wanted to attend the weekend wanted to come to the seminar, then on Sunday evening they came to us almost through one with requests - yes, now we understand that we have something to learn - how much is it?
Another new work format has become the beloved by many business coaches, the so-called “Aquarium”: at the beginning of the second day, a group of volunteers was invited to play in front of an audience in the real market - without hard roles and rules. The situation, by the way, turned out to be very indicative: as expected, more experienced players captured in the first minutes - some in a more civilized way, some less - key resources and ... right, they sat on them with a fifth point, not really understanding that, actually continue to do with them. Then we saw a wave of speculative deals (by the way, it looks very much like what happens to startups in reality, when the owners change over and over again, and the real work is hardly going forward). Then people, seeing for themselves more opportunities in the market than inside of an incomprehensible project, began to break off contracts with “employers”. Generally,
Honestly, this time the project teams were surprised: every one of them announced that they really need marketers to work on the project. I had to run from one group to another and, it seems, the participants were satisfied with my help. It is a pity, however, that we were unable to play one internal game: before starting work, I really wanted to choose one of the really promising projects, enter the group as a consultant and, in the process, using my experience, take the lead. But, alas, the nominally promising projects turned out to be such a self-confident and weak team that, in fact, there was nothing to intercept. But a very clear case could have turned out: such situations in reality are also not uncommon.
Well, actually the results in a generalized form:
a) It was very clearly seen that it is startups that can count on investor interest, that is, projects that are already at some primary stage of implementation, and not just seed ideas. The logic is clear: show that you yourself believe enough in your project to invest your own resources in it.
b) Projects related to new technologies in material production aroused and cause great interest, or the production of certain new products for traditional applications (new building materials, for example). This is clearly connected with the fact that in Belarus the business itself is predominantly industrial, not post-industrial. But technologically sophisticated projects, incomprehensible to investors, were far from being so successful. Conclusion: look for “your”, a profile investor.
c) Investors explicitly made it clear that at this stage they do not so much believe in the purchase of projects, but rather in the purchase of the teams behind them. In particular, it is already known that a number of projects from the first event, held at the end of 2009, moved forward, but at the same time changed very much in the course of work with an interested investor. Conclusion: before you go to the investor, determine exactly what you want - to realize your idea or make money on it. Otherwise, they may expect disappointment further.
... and those who wish to submit their projects to the third, purely IT StartUp Weekend, can do this through the website of the organizers . There are all the necessary contacts.
This time, the organizers received about 30 applications for participation, half of them, having passed the preliminary selection, were invited to the event. The format was as follows: on the first day, the projects make preliminary presentations, according to their results, investors vote for the most interesting proposals, which get the opportunity, right in the hall, to pick up a team to finalize the project during the second day.
However, this is the main outline of the event, but also this time there were a couple of innovations. First, for a nominal fee, those who wish could attend a seminar before the weekend, where a number of entrepreneurs told what and how investors want to hear from applicants. I will say right away: we are not developing this initiative anymore. We are strong in hindsight, oh, strong: if about 10% of the applicants who wanted to attend the weekend wanted to come to the seminar, then on Sunday evening they came to us almost through one with requests - yes, now we understand that we have something to learn - how much is it?
Another new work format has become the beloved by many business coaches, the so-called “Aquarium”: at the beginning of the second day, a group of volunteers was invited to play in front of an audience in the real market - without hard roles and rules. The situation, by the way, turned out to be very indicative: as expected, more experienced players captured in the first minutes - some in a more civilized way, some less - key resources and ... right, they sat on them with a fifth point, not really understanding that, actually continue to do with them. Then we saw a wave of speculative deals (by the way, it looks very much like what happens to startups in reality, when the owners change over and over again, and the real work is hardly going forward). Then people, seeing for themselves more opportunities in the market than inside of an incomprehensible project, began to break off contracts with “employers”. Generally,
Honestly, this time the project teams were surprised: every one of them announced that they really need marketers to work on the project. I had to run from one group to another and, it seems, the participants were satisfied with my help. It is a pity, however, that we were unable to play one internal game: before starting work, I really wanted to choose one of the really promising projects, enter the group as a consultant and, in the process, using my experience, take the lead. But, alas, the nominally promising projects turned out to be such a self-confident and weak team that, in fact, there was nothing to intercept. But a very clear case could have turned out: such situations in reality are also not uncommon.
Well, actually the results in a generalized form:
a) It was very clearly seen that it is startups that can count on investor interest, that is, projects that are already at some primary stage of implementation, and not just seed ideas. The logic is clear: show that you yourself believe enough in your project to invest your own resources in it.
b) Projects related to new technologies in material production aroused and cause great interest, or the production of certain new products for traditional applications (new building materials, for example). This is clearly connected with the fact that in Belarus the business itself is predominantly industrial, not post-industrial. But technologically sophisticated projects, incomprehensible to investors, were far from being so successful. Conclusion: look for “your”, a profile investor.
c) Investors explicitly made it clear that at this stage they do not so much believe in the purchase of projects, but rather in the purchase of the teams behind them. In particular, it is already known that a number of projects from the first event, held at the end of 2009, moved forward, but at the same time changed very much in the course of work with an interested investor. Conclusion: before you go to the investor, determine exactly what you want - to realize your idea or make money on it. Otherwise, they may expect disappointment further.
... and those who wish to submit their projects to the third, purely IT StartUp Weekend, can do this through the website of the organizers . There are all the necessary contacts.