Startup Success. Creating a World Class Eco system. Gary A. Fowler, GVA LaunchGurus

STARTUPSUNLEASHING HUMAN POTENTIAL

“The only way to do

great work is to love

what you do”… Steve Jobs

Examples of successful startups (From LaunchGurus)

185 Startups created 36% success rate $30M raised >700 jobs created >$143M valuation In just 3 years!

Why Riga?A) a safe and low risk access point for global companies and

B) a springboard for top technology, information and innovation talent seeking a route out of Russia/Ukraine

• Fastest growing economy in Europe• Fastest internet – Latvia #4 fastest Internet

in the World (USA is #14)• Second largest city in N. Europe (bigger than

Copenhagen, Helsinki, and Oslo)• Business Friendly: Low Tax rates – 15%

corporate income tax; Low Labor rates• Ideal Location – Direct flights to all EU hubs;

1:15 min to Moscow; 2:45 min to London• Stable political system – Democratic, NATO

member; Euro currency• International and fluent in English and

Russian• Access to skilled workforce - IT Sector is 2%

of GDP with rich resources from Baltics, Russia, and Ukraine.

GVALGIT Companies

Universities

Smart Investors

Startup culture

Govtincentives

Highly synergistic elements of ecosystem support each other:•Universities – Local and foreign universities partner to train high demand talent•IT Corporations – Top IT companies gain access to top talent•Startup culture is promoted through events and conferences; generate awareness through high level speakers and expand network of clients, partners, talent, and ideas•Govt Incentives – Encourage developing high tech startups to come to Latvia to develop, get resources, investment, and build ties to Silicon Valley•Smart Investors – Not just capital, but smart money that promotes a culture of risk investing and an open community (VCs and Biz Angels), startups, and large companies.

Components of a successful innovation ecosystem

Business Confidential

Passion

Optimism

Visualization

It needs to change…

90% - innovative startups fail

80% - VCs fail

Startup Accelerators are following the VC pattern

Current State

Are they focused on

creating value?or financial performance

But do VCs, Incubators,

and Accelerators really

address the reasons

why startups fail?

Lack of competency Not understanding how customers buyConflicts with partners or investors

Top three causes

for startup failure

Each of these causes

can be eliminated

through deep & applied

skill and knowledge

development

The key to

successful startups PassionOptimismVisualizationCompetency-buildingFostering a startup culture

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Thank you!GARY A. FOWLER

CO-FOUNDER,[email protected]