Startup Sauna: accelerating startups - Fall '11 (Preso)

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Sauna open sources seed acceleration for early stage startups in Northern Europe and Russia. The presentation is a summary of the study to map the current status and assess the performance of Alumni teams as of Fall '11. For more info check

Transcript of Startup Sauna: accelerating startups - Fall '11 (Preso)

  • Startup Sauna: Accelerating Startups from Northern Europe & Russia Study Summary - Fall 11 Report Paolo 26.1.2012
  • IntroductionStartup Sauna open sources seed accelerationfor early stage startups in Northern Europe andRussia since 2010.Activities financed by Tekes and Aalto Center forEntrepreneurship.Pro-bono support from talented coaches.We executed a study to map the current statusand assess the performance of Alumni teams. 2
  • BackgroundSeed Accelerators: structured, temporarily helpfor early stage startups to maximize success.Concept born with Y Combinator (USA) in 05: open, competitive application process focus on small teams temporarily help, intense coaching, Demo Day BatchesNo earlier studies covering Startup Sauna, keyquestion: is Startup Sauna helping teams? 3
  • MethodologyQuantitative survey in October - December 11: hypothesis and questions online form emailed to 38 Alumni teams 89% response rate complemented data with own knowledge data consolidation and analysis peer review & finalized findings 4
  • 2 Years of activity +1600 Students, Entrepreneurs, Investors & Media Exposed to Startup Sauna message!(*): Including Fall 11 Batch in Admitted teams 5
  • Growing InterestFirst batch in Spring 10: 60 applications, 100% Finland 23% acceptance rateLast batch in Fall 11: 240 applications from 6 countries 7% acceptance rateMore selective, applicant quality increasing! 6
  • 3 Batches, 38 graduate teams+100 entrepreneurs coached during camps 7
  • Evolution of Teams+76% of Alumni launched their product 8
  • 25 Companies in 5 countries 29 17 3 2 2 1 1Increasing diversity, growing the community! 9
  • Industry coverage(*): EVCA model 10
  • Accelerating Fundraising +339% +33%Attracting International investors! 11
  • 8.2 M Funds Raised 12
  • 10 companies with revenue for a total of 420K/y 5 2 2 1 13
  • Growing Entrepreneurs +65% +15%16% Female Entrepreneurs (Founder, CXO) 14
  • 138 People Employed 16 7 6 5 1Growing the next generation of entrepreneurs! 15
  • Conclusions 1/2Startup Sauna has a positive impact on teams.Alumni more successful at raising funds after camp: 20 teams, avg 60K before the camp 25 teams, avg 210K post camp 11 teams raised more than 260K within 1 yearStartup Sauna has a great momentum withyouth and helped develop the local startupcommunity in size, diversity, attitude. 16
  • Conclusions 2/2Deal flow is growing, teams quality is improving.Showcases: Blaast, Campalyst, Ovelin.Opportunity to further develop the alumni survey: Repeat the survey every 6-12 monts Improve quantitative metrics Batch level data granularity Extend methodology to qualitative data Evaluate Social Impact Benchmarking (Finland/global, teams/accelerators) 17
  • Back-up Data 18
  • ReferencesDonna Kelley, Niels Bosma, Jose Ernesto Amoros (Jan. 11): Global EntrepreneurshipMonitor: 2010 Global Report. GEM, available at (Nov. 2011), Enterprise Capital Report 2011. EVCA, available at Miller, Kristen Bound (June 2011): The startup Factories. NESTA, available at J. Dee, Finbarr Livesey, David Gill and Tim Minshal (September 2011): Incubationfor growth. NESTA, available at Ruohonen (July 2007): VICTA Virtual ICT Accelerator,Technology Review 219/2007. TEKES, available at Tekes.fiGianluca Dettori, Aziz Gilani (June 2011): Accelerators in US and Europe: Speed andscale in capital formation. Kauffman Fellow program, available at 19
  • Start-up Alumni Surveyed Alumni Spring 2010 batch Alumni Autumn 2010 batch (cont.)1 Aalto Brain Company 20 (ex Lisa monitoring)2 Audiodraft 21 Ajelo (ex MetroDRT)3 Barisma 22 Lifeportfolio (ex-Octarine)4 Finders Base 23 PowerVTT5 Blaast (ex Hipui) 24 Titan BGA6 Kassi 25 Tribestudios7 LucSens Alumni Spring 2011 batch8 MakuMaku 26 Campalyst9 Relationship Games 27 Double Defense10 Videolla (ex RoMM) 28 Fund Friends11 Shobble 29 Futureful12 Thermophotonic Heat Pump 30 Hakema13 Asema Electronics (ex-Widsen) 31 Mighty Fingers14 Wikimaps (ex-DreamTravel) 32 Ovelin Alumni Autumn 2010 batch 33 Solu15 Co-housing Suomi 34 Stereonic (ex fluorescent nanoscopy)16 DealMachine 35 SunyRide17 Dentatube 36 SynchMachine (ex-Tohina)18 FunRank 37 Twonicorns19 Hookie Technologies 38 Walkbase 20
  • Quantitative Questionnaire# Question Basic Info 1 Original/Current Team Name 2 Start-up Sauna/Bootcamp attented 3 Are you still active as Start-up Team? 4 Do you have a Legal Company for your Start-up? 5 Is your Product/Service live with customers (yes/no, if private/public, since when/target launch date) Quantitative data 6 How much Sales Revenues generated from your product/service (no sales / estimates K/Year based on current quarter data) 7 Headcount before the camp (Full Time Equivalent) 8 Headcount during the camp (Full Time Equivalent) 9 Headcount at present (Full Time Equivalent):10 Funding collected before the camp (timing & amounts in K: Founders/Angels/Governments/VCs, also specify if grants or equity investment11 Funding collected during the camp (as above)12 Funding collected after the camp (as above)13 Have you done an Exit, Merge or Acquired any other team? (specify company name, timing, amount in K and # people involved)14 Are you actively looking for additional funds (timing, amount in K) ?15 Are you interested in the opportunity to meet investors in events organized by Start-up Sauna in the near future? Others16 Other notes and comments: 21
  • Summary Table 1/2 Parameter # (*) % Number of Start-up Applications 525 Number of Start-up Coached 270 Number of Sauna Batches 4 Number of Start-ups Admitted to Sauna 54 10% Number of Start-ups Graduated from Sauna 38 7% Number of Start-ups still Alive 31 82% Number of Startups Launched Product/Service 29 76% Number of Startups that have raised Funding 33 87% -Before Sauna 20 53% -During Sauna