Bootcamp Structure

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    Bootcamp happens

    Bootcamps are run three times a year

    This deck gives you an overview into what happens

    during and after the bootcamp & what the

    objectives are

    This is the ideal flow that we strive towards, but we

    are able to deviate from it to accommodate theneeds of startups

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    What ifYou have a desire to get out of the building & find global

    product-market fit for your startup?

    Youre working with web or mobile, with software used to

    deliver the value proposition to your customers?You have completed MVP or are couple of months away

    from one?

    Youre proficient enough in English to conduct product

    validation with customers?

    You have committed team that can design, build and sell

    the solution to customers?

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    You lucky b@$&$#!

    The bootcamp isjust for you.

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    Bootcamp offers

    a unique opportunity to refine your value proposition

    and test your business model with real customers

    Your startup will be paired up with a dedicated coach

    who will assist you throughout the program, work with

    you to find the right customer contacts and advise you

    on how to make the most of the problem and solutioninterviews with customers

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    WYSIWYG

    At the end of the program we expect you to have met at

    least twenty potential customers, solidified yourbusiness model and closed the first sales

    If you succeed in this, you will have the opportunity to

    join Helsinki Ventures Accelerator, giving you access to

    a wider advisor network and follow-on funding

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    Bootcamp structure

    Applications Remote

    ~6 teams

    2 weeks(6.-17.10.)

    No cost to you

    On site

    ~3 teams

    4 weeks(27.10.-21.11.)

    Pay travel and

    food, we cover

    the rest

    Incorporation

    ~X teams

    4 weeks23.11.

    onwards

    We cover

    setup costs

    up to 5k!

    Initial funding

    within 4

    months ofincorporation

    Scorecard

    evaluation,

    LOI, visas

    Scorecard

    evaluation

    First customers

    to show traction

    BOOTCAMP ACCELERATION STAGE

    Scorecard

    evaluation

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    EvaluationWe will give you a score card ranking you on a

    scale from 1 to 10 in the following areas: Clarity of value proposition

    Engagement with customers

    Team, hustle factor

    Product readiness

    Revenue potential

    ScalabilityRanked before each phase, we want to see

    improvement; average score determines whether

    you get to the next phase

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    Bootcamp - remote

    Conducted remotely via Skype

    Prerequisites: read Running Lean book

    Your goals: Refine value proposition and finalize lean canvas

    Identify customer segment, define problem

    hypothesis, make list of customers to contact

    Our aim: To get a feel for what its like to work together, how

    fast you can move, respond to feedback & adapt

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    Bootcamp - on-site

    Accommodation & working space provided - no

    strings attached

    Your goals: Meet 20+ customers, ideally twice: once for probleminterview and the second time for solution interview &

    to close the deal

    Determine whether you have product market fit, if so -

    refine your value prop, if not then pivot If you have fit, close 1-5 paid deals or pilots; if no fit,

    can re-apply to bootcamp at your own cost after a

    pivot

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    The program was split into two parts with a very sensible approach of first reflecting

    on your own product and building a market hypothesis around it. This kind of

    creative and imaginary work can never go flawless, but I think is often overlooked by

    inexperienced startupers. The second, practical part of the

    bootcamp

    was about

    diving into reality, facing real people, and testing your hypothesis against the cruelty

    and harshness of the real world :)

    Dennis Kreminsky

    Founder & CTO

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    I strongly advise to apply, but only if you aim at global markets and have the potential

    of a badass entrepreneur:

    You value field experience of working with your customers and partners here and

    now more than wasting your time on theoretical bullshit that "could be useful

    someday";

    You prefer to choose whom you would meet with by yourself, using vast network ofthe accelerator team and their partners instead of waiting for some talking heads to

    come with a lecture;

    You prefer to work in batch of 3 teams with fast individual feedback & coaching

    instead of tens of teams and lots of semi-random coaches that have no time to dive

    deeply in your business;

    You can plan your day yourself and squeeze there as much as you can instead ofdrifting along the predefined schedule.

    Anton Belousov

    Founder

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    Incorporation

    Incorporation in Finland is a prerequisite for Helsinki

    Ventures acceleration program

    Why? Why not. Seriously, thats one of our funding

    criteria. Plus there are other perks as well.

    If youre already incorporated elsewhere, need to

    flip to Finland, i.e. transfer IPs to Finnish legalentity

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    Incorporation - part 2

    We take up to 6% equity upon incorporation, cover

    some setup costs

    One representative of Helsinki Ventures joins board

    of directors

    We apply for a residence permit so its easier foryou to travel to & from the EU

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    Initial funding

    Different options available depending on the stageyoure at, how much you need etc.

    Funding terms negotiated on a case by case basis

    Funding expected to last 6-12 months

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    Whats next

    Customer acquisition + business model

    development continues

    We want to see you through to VC1 (1M+ EUR

    funding round) or exit

    Can help raise and get matched public funding

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    Bootcampwith Helsinki Ventures was the first of a kind in my life, and it made a first

    impression of being designed with great care about the practical issues a foreigner

    may expect during long stay in a new place, even in as comfortable country as

    Finland.

    Throughout these two months we received enormous amount of personal

    involvement from HV guys, high quality of all contacts and arranged meeting,

    enjoyed open and informal atmosphere, all combined with the most pragmatic and

    very goal-oriented set up, Finnish-style. I truly believe this is just the right

    combination for a technological startup.

    Dennis KreminskyFounder & CTO

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    Investment stages#1PRODUCT VALIDATION

    & CUSTOMER USAGE

    1-3 founders, 35-150k

    investment, accelerator

    environment, multiple peers &

    advisors / coaches

    Test functional prototype / MVP

    Develop minimum feature set

    Improve design & usability, setup

    conversion metrics

    Test small scale customer

    adoption

    Demonstrate concept, reduce

    product risk, test functional useDevelop metrics & filter possible

    future investment

    #2: MARKET VALIDATION &

    REVENUE TESTING

    Product validation & customer

    usage

    2-10 person team, 100K-1.3M

    investment, Syndicate of Angel

    Investors / Small VC Funds

    Improve Product, ExpandCustomers, Test Revenue

    Alpha->Beta, ~6-12 months

    Scale Customer Adoption =>

    Many People Use It & They Pay

    Test Marketing Campaigns,

    Customer Acquisition Channels +Cost

    Test Revenue Generation, Find

    Profitable Customer Segments

    Prove Solution/Benefit, Assess

    Market Size Test Channel Cost,

    Revenue Opportunity Determine

    Org Structure, Key Hires

    #3: REVENUE VALIDATION &

    GROWTH

    5-25 person team, 1M-5M

    investment, Seed & Venture

    Investors

    Make Money, Get to Sustainability

    Beta to Production, 12-24 months

    Revenue / Growth to Hey, this

    engine makes money

    Mktg Plan i.e. Predictable

    Channels / Campaigns + Budget

    Scalability & Infrastructure,

    Customer Service & Operations

    Distribution, Expand Growth

    Prove/Expand Market,

    Operationalize Business

    Future Milestones: Profitable/

    Sustainable, Exit Options

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