Go-to-Market Fit: The next day for the emerging start-ups in the Greek ecosystem

As part of the launch event of the Found.ation Spark program, Found.ation organized an online discussion about the problems startups face when graduating from business incubators in Greece and the steps they need to take in order to seek funding from existing institutions. The virtual event, entitled “Go-to-Market Fit: The next day for the emerging start-ups in the Greek ecosystem”, was attended by prominent members of the ecosystem, representing a various range of stakeholders: fundraising vehicles, private investors, large organizations and developed startups. This is one of the goals of the program itself, which aspires to bridge the gap between the stage that startups are when graduating from established incubation programs in our country and that of being ready to ask and receive funding from investors, by creating networking and collaboration opportunities.  

The first part of the event was coordinated by Dimitris Kalavros-Gousiou (Velocity.Partners) who hosted a discussion with Vivi Papasouli (Mandate Manager, European Investment Fund), Jason Manolopoulos (General Partner, Alecta Capital), Iraklis Bourantas (COO & Co-Founder, Novoville) and Alexandros Roustas (Managing Director, IQbility). The participants identified several important indicators of maturation of the Greek ecosystem, in terms of business individuals being active and offering services, collaborations being created, and vehicles available for technical and financial support. Of particular value for startups is the strengthening of the product’s relevance to the reference market, as well as the networking with customers and potential investors that accelerators can offer. Domestic funding opportunities have increased in the last decade in Greece, and have acted as a catalyst for the education and maturation of the ecosystem. In addition, the growing international successes of Greek startups, which continued this year despite the ongoing difficulties, have multiplied the interest of investors from abroad and have yielded successful and remarkable deals. 

With investors showing upfront increasing interest in the quality of the team and the maturity of a business plan than in the product itself, teams need to be precise and clear on how they plan to use the funds they are requesting. At the same time, startups seem to be looking for more initial capital, as this provides them with more time to focus on developing their product, without wasting resources on repetitive fundraising efforts. 

In the second part of the event, which was coordinated by Neofytos Kolokotronis (Innovation Specialist, Found.ation), representatives of the major organizations that support the Found.ation Spark program had the opportunity to discuss on how they can help but also be helped by start-ups, looking at both their challenges and their opportunities for synergies. Dimitris Papalexopoulos (Chief Business Officer, Kathimerini) noted that Kathimerini has a strong tradition but also a belief in innovation, providing start-ups with a communication program through its print and digital media and promoting the objectives and the goals of these companies. As an organization, Kathimerini has been both on the side of the investor to start-ups, but also of the partner, using the offerings from startups for the implementation of projects in which their specialized technological knowledge was deemed necessary. Stavros Fotiadis (Chief Customer Advisor, Oracle) stressed that Oracle is an organization that leads the IT market in multiple areas (technology, ready-made applications, cloud) and is able to find common ground with start-ups in the field of technology and assist them significantly in their growth. Through the Oracle for Startups program, Oracle supports startups with free credits and significant financial discounts on its cloud services, as well as mentorship, coaching, and international networking. Angelos Benos (Tax Partner, PwC Greece) explained that PwC, using its experience in providing services and consulting on issues related to technology and organizational processes of a company, advises companies in their first business steps, supporting them actively for their faster and more balanced development.

The teams participating in this year’s first edition of Found.ation Spark were also presented at the event. Arkris, from Romania, creates an AI assistant to facilitate and automate HR processes for large companies, while the Greek Loopcv innovates in the field of job search, evolving a service for targeted and automated job applications. At the same time, OMNIO from Bulgaria is developing a financial transaction control system to combat illegal activities, while the Greek Oliveex has already created and optimized an IoT system for the remote measurement and monitoring of production and storage conditions of food products in biotechnology and industrial units. 

You can watch the entire recording of the event at the following link (simple registration with email address is required): https://www.crowdcast.io/e/go-to-market-fit.