Startup Sauna - REE @ Aalto
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Building a world class Accelerator Program in A(alto) University context
QuestionThink of 3 most important factors that form
a startup ecosystem
TalentKnow-how
Internationality
Answers
InvestorsStartupsCulture
StudentsEntrepreneurs
University
UniversityCompanies
Government
1. Who are we today2. How & Why it came to be
3. A grain of research
1. Who are we today
The seed accelerator for the most promising startups from Northern Europe, Baltics and Russia
MeetupsTo get the word out and have everyone involved.
Warmups1 day coaching events to help as many startups as possible.
Accelerator6 week program brings together the 20 most promising
startups from Northern Europe, Baltics, Russia twice a year
5 batches of Startup Sauna16 million USD raised to date31 Warmups organized74 startups gone through Sauna 380 startups coachedAs of 2012 Spring
Accelerator
Internship
Co-workingIn the future...
1.
2.
3.
QuestionHow does your university support
entrepreneurship - 3 things?
AnswersEducationIncubation
Tech TransferStudent societiesWorking space
NetworksConferences
Funding
2. How & Why it came to be
First, everything was founded because of the cultural issue.
“Entrepreneurship is next to unemployment.”“When are you going to get a real job?.”
“You made it big, and have to show it small”“Yet again a company sold abroad”“I’d rather work for a big company”
“I’m a normal human, how could I create the next Apple?”“It’s too tough and uncertain to run a company”
Group of students with an ambitionNo examples, no money, no space
A perfect opportunity to bring together Aalto students before Aalto was formed
Founded 2009
Mission was to find serial entrepreneursInvite them to share their story and inspire
Start DOING, not reporting
Founded 2009
over 10 similar entrepreneurship societies bornover 300 events (keynotes, workshops, programs etc.)
over 500 students involved hands-onover 7000 students online
over 1 million € of funding raised
Founded 2009
Co-working space in Aalto University campus
An old industrial hall bringing together the students,
entrepreneurs and startup communities
A 2 month summer program for students and
researchers, from Aalto University
All you need is an idea and a team.
An internship program for Aalto University students
to go work in startups Helsinki / Silicon Valley.
Creates a stream of new talent. Latest, a YC funded
startup Kippt.
The vision grew bigger.
Let’s make our region the next technology hub.Let’s give everyone a reason to come out here.
BudapestHelsinkiKaunasKazan
KrasnodarMalmö
MoscowNovosibirsk
OsloOulu
RigaSt.Petersburg
TallinnTampere
TurkuShanghai
StockholmYekaterinburg
VilniusWarsaw
Growth entrepreneurship is not about money, office space, civil servant advice or lecturing.
Growth entrepreneurship is all about attitudes, knowhow, coaching, sharing, risk-taking, skills &
learning through failing.
Growth entrepreneurship is all aboutlearning from the best
that big hairy audacious vision, making a dent into the universe,
changing what is and creating what will be.
Growth entrepreneurship is tough.
2009 2010 2011
3. A grain of research
Open For Acceleration: The Case of Startup Sauna in Finland
DHRUV BHATLI, IRG, Université Paris Est, FrancePAOLO BORELLA, Boro Oy, Espoo, Finland
JUKKA KARIMAA, Aalto School of Economics, Finland
PAOLO BORELLA - Coach at Startup SaunaDirector at AppcampusFounder at Boro OyVice President at Fox Mobile Distribution GmbHDirector at Nokia, Portfolio Mgmt. for Service and Software GTM
Incubators can be broadly categorized as:
University based Incubators (UIS)Independent / Private “for profit” Accelerators (PAS)
University based Incubators (UIS)
Benefits: Extended support for long development ventures, e.g. Life sciences, tech. based startups
Provides cost free resources: Infrastructure, organizational services etc.
Disadvantage: Bureaucratic, No intensive Mentoring, No access to commercial networks
Independent / Private “for profit” Accelerators (PAS)
Benefits: Intensive coaching to help short development cycle ventures, e.g. Web, ICT, Gaming
More dynamic with easy access to markets, funds and commercial networks
Disadvantage: Takes equity or revenue share from the ventures, Accepts narrow venture types
1. What is the business model of SUS “non profit” accelerator?
2. How is the incubation process managed at SUS?
3. What is the value provided by SUS to participating NV's (acceleratee's)?
4. What are the adjustments made by SUS, as a regional accelerator to attract deal flow and succesfully sustain in the competitive
entrepreneurial landscape?
Open For Acceleration: The Case of Startup Sauna in Finland
STUDY FRAMEWORK
STUDY RESULTS
1. Accepts all venture types, SDC/ MDC/ LDC, diverse range of ventures2. 40% ventures (non service based)
3. Provides cost free resources: Infrastructure, organizational services etc. 4. Intensive coaching to help participating startups
5. Takes No equity or revenue share from the ventures
STARTUP SAUNA NOT A REGULAR PAS
STUDY RESULTS
PAS UIS
HYBRID POSITIONING
BENEFITS FOR ACCELERATEES
1. Connections to a growth network (including future investments)2. Validation of “graduated startup” for external actors (reduced contingency,
Vetted Idea)3. Part of a support community (Peer to Peer Network)
4. Time bound progress and growth objectives through intensive mentoring (Necessary push)
5. Improved team dynamics and performance6. Visibility, access to media and generate genuine interest
RESULTS IN NUMBERS
844 applications since start of operations in Spring ‘10 380 startups coached in Warmups and batches63 (7%) graduates from 5 batches83% increase in Startups headcount post Sauna73% Alumni have raised early stage funds16 Million USD raised from first 3 batches (38 Alumni)
DiscussionWhat are the key entrepreneurial issues in your university
and how to empower students to improve them?
Lessons
1. Serendipity
2. Empower the students
3. Darwinian evolution
Antti YlimutkaCaptain of Startup Sauna@startupsauna / @[email protected]
One more thing...