To: ITU Telecom World Young Innovators Competition Entrepreneurship Challenge From: Teodor Panayotov, Co-Founder Embrioo Incubator Re: Business plan, Embrioo Incubator Executive Summary Launch an Incubator (Pilot in Bulgaria) which upgrades the existing models, targets wider group of young people and overcomes todays’ limitations faced by the local Startups. Currently in Bulgaria: 2 seed accelerators & 2 grown stage VCs both funded by the EIF. We asked ourselves few questions: Why sometime pitches are won by ‘Best-presented idea’ not by ‘Best idea’? Why great ideas which have been incubated and funded by the existing accelerators are later advancing very slow? Why most of the ideas already supported look quite similar to each other and/or are copy/paste models from other countries? Standard target group - fund existing startup teams coming with an idea, concept or prototype Existing status: Our idea is to … Incubation - 3-6 months Then the startup team goes alone (except for minor ad-hoc further help) Go-to-market – small network opportunities afterwards and little or no focus by the funding companies to “the old teams” The need? Fund other target group – talents with entrepreneurial aspirations but lack the idea, the team or both Euro Barometer 2012 Entrepreneurs Report shows that 49% of youths want to be entrepreneurs but part of them (20%) are lacking the idea or the team, or both. Target Incremental 10% of all. Access unique ones. Incubation – customized incubation period upon each project specific Embrioo Incubator core- team today has a network of over 40,000 Corporations, Investors, Institutions, potential b2b partners all around the world. “The club” can reach anyone in the world to further help the teams in their growing. A business model between “The club” parties to be set. Our USP => Go-to-market – each team stays “forever in the club”. Build structured “Next steps” program using the huge network anyway in existence today The first Strategic vs Financial Partner/Incubator. Our USP =>
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To: ITU Telecom World Young Innovators Competition Entrepreneurship Challenge From: Teodor Panayotov, Co-Founder Embrioo Incubator Re: Business plan, Embrioo.
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To: ITU Telecom World Young Innovators Competition Entrepreneurship ChallengeFrom: Teodor Panayotov, Co-Founder Embrioo Incubator
Re: Business plan, Embrioo Incubator
Executive Summary Launch an Incubator (Pilot in Bulgaria) which upgrades the existing models, targets wider group of young people and overcomes todays’ limitations faced by the local Startups. Currently in Bulgaria: 2 seed accelerators & 2 grown stage VCs both funded by the EIF.
We asked ourselves few questions: Why sometime pitches are won by ‘Best-presented idea’ not by ‘Best idea’? Why great ideas which have been incubated and funded by the existing accelerators are later advancing very slow? Why most of the ideas already supported look quite similar to each other and/or are copy/paste models from other countries?
Standard target group - fund existing startup teams coming with an idea, concept or prototype
Existing status: Our idea is to …
Incubation - 3-6 months Then the startup team goes alone (except for minor ad-hoc further help)
Go-to-market – small network opportunities afterwards and little or no focus by the funding companies to “the old teams”
The need?
Fund other target group – talents with entrepreneurial aspirations but lack the idea, the team or both
Euro Barometer 2012 Entrepreneurs Report shows
that 49% of youths want to be entrepreneurs but part of
them (20%) are lacking the idea or the team, or both.
Target Incremental 10% of all. Access unique ones.
Incubation – customized incubation period upon each project specific
Embrioo Incubator core-team today has a network of over 40,000 Corporations, Investors, Institutions, potential b2b partners all around the world.
“The club” can reach anyone in the world to further help the teams in their growing.
A business model between “The club” parties to be set.
Our USP =>
Go-to-market – each team stays “forever in the club”. Build structured “Next steps” program using the huge network anyway in existence today
The first Strategic vs Financial Partner/Incubator. Our USP =>
Existing status: Our idea is to … The need?
Pitching skills – teams lack Charisma, Live Presentation and Stage behavior skills. 90% of them lack the ability to connect with audience, present ideas in clear and enthusiastic way.
Improve pitching skills. Increase chances to success – professional trainings and workshops, as well as create a pool of people-to-pitch “on rent”. Outsource the pitching!
67% of projects fail to either find investors, win Contests, or recruit clients solely due to lack of presentation skills of the teams.
Same size funding – little flexibility in funding size within both seed and grown stage funds.
Very big gap – funding opportunities for either very small (seed - 25K €) or very big (grown - 1M €). Lack of mid-size projects funding opportunities.
‘Your size’ concept – apply customized approach in both overall funding size & funding phases per project.
Flexibility in this context attracts disruptive ideas and innovations. We’ll access ‘The different’ ideas!
Cover the mid-size niche Connect with 50-600K € angels to support mid-sized projects and/or longer incubation period.
Innovative, world scalable ideas most frequently require mid-size funding since its very beginning!
Team with prototypes done directly need bigger amount of funding to scale.
We are flexible - Market driven, not rules driven. Our USP =>
In Summary:
Launch an Incubator targeting mid-sized innovative projects. With maximum flexibility of the equity investment size and the incubation period. Widen the horizon of recruiting ideas and co-founders (team members) - target those 10% with strong entrepreneurial insight but lacking the idea, the team, or both - Source the ideas and the team-mates from embrioo.com – access great ideas not yet known to other funds. Assure successful post-incubation step via professional trainings in Live presentation and Stage behavior skills. Let all teams stay “forever in the club” using our team’s wide resources to connect potential clients and partners (Corporations, Institutions, Governments, b2b partners) all around the world. Fund size: 0.8m € (OPEX for 2 years). Fund timeframe: 2 Years, after – self-sustainable. ROI: Y3 (1.002). Launch: Sep 2015. The team: Ready to launch it.
The Initiative
Who’s in? Contribution …
Rennie Popcheva-Capri – Embrioo.com Founder
Embrioo.com provides: 1) Ideas, 2) Team-mates, 3) Online platform for collaboration between all teams and among members in each team
Target Incremental 10% of all. Access unique ones.
Pilot in Bulgaria (scalable worldwide) - its social purpose:
a. Overall potential impact is 490,000 Bulgarian young adults between the ages 18 and 30 (49% of all), who have expressed an interest in starting their own business; research by 2012 Euro Barometer Entrepreneurship Report.
b. Specifically may impact 480,000 young people who want to start their own business but lack the idea, the team or both, or have skills-related limitations (98% of all those 49%); approximately just 10,000 people (2,000 teams) have applied for all accelerators grants for the past two years.
Selected A-team to ensure world class execution:
Teodor Panayotov –
Embrioo Incubator Co-FounderTeodor will personally provide ICT training platform and Network worldwide. He’ll be a major support to the team about Future Trends, Disruptive Innovation Sales & KA Management
Gergana Passy – Digital
Champion of BulgariaNetworking with Institutions, Corporations, EU Commission, NGO, Government; also PR and Media (Mass and Social media)
Solomon Passy – The Atlantic
Club of BulgariaNetworking with Institutions, Corporations, EU Commission, NGO, Government all around the world
Olga Nedyalkova – NLP &
Charisma CoachLive presentation & Stage behavior trainings, Incubator team-mates assessment, profiling, HR topics, communication within the teams, Sales & Negotiation skills
Our team – expertise & experience:
Solomon Passy – Founder & President of the Atlantic Club of Bulgaria (1990-present), Chairman-in-Office of the OSCE (2004), Chairman of the UN Security Council (2002-2003), Bulgaria’s nomination for Secretary General of NATO (2009), Computer Scientist at Sofia University / Bulgarian Academy of Sciences
Gergana Passy – Social & Digital causes ambassador
Founder & President at Digital National Alliance, Bulgaria under the umbrella of The Grand Coalition for Digital Jobs launched by Nellie Crus in 2013, Former diplomat
Rennie Popcheva-Capri – Marketing & Creative
Award winner at Creative Business Cup, Copenhagen, 2013Award winner at Sheffield University Innovation Challenge, 2012; TEDx Speaker, 2012; Featured in Forbes 2014; EMBA student at Sheffield University.
Teodor Panayotov – IT, ICT
Singularity University graduate, Exponential Organizations Expert (ExO), Cisco certified business instructor, Founder @ IT-Instructor. Worked as Biz Development Manager in Fast Lane Group in Berlin, London, Cary/NC, Ljubljana, Tokyo, St. Petersburg, Singapore.
Olga Nedyalkova – Famous NLP, Charisma, Presentation and Stage behavior trainer. 15+ years of experience in sales, pubic speaking and fund raising. Inspires you to speak with power, confidence and presence. Netherland’s Coach Certificate, Olde Vechte Foundation. Competent Communicator and Competent Leader from Toastmasters International. Psychodrama Trainer from Hiron Institute.
External parties gathered (both local & worldwide):• Governments, NGOs and Institutions• Star Up, Pre-accelerators & Accelerators communities• Corporations, Trade associations, Trade Chambers• Investors (VC & Angel)• Universities & Colleges • Mass Media
Intellectual Property:• While in the incubator - IP protection process already @embrioo.com – all known
measures have been taken to protect all parties via disclaimers, privacy policy, restricted or diverse levels of access, e-signatures, logs and archive system etc.
• Post-incubator concepts/prototypes disclosure – upon standard NDA procedures
Supply Chain:• Mainly on-line using embrioo.com platform and online Project management tools
• Off-line teams and clients/investors/partners meetings. Of-line own events to promote the initiative, also use other’s events to gain fans and applicants
Marketing & Sales (Description & USP)
Become an Entrepreneur. Even if no idea is coming to your mind. Wonder what to do? No worries: Our Idea becomes your own business. Have a talent? Join our pool of co-founders and select the idea and the team.
We’ll stand by you! From A to Z:
• We’ll prepare you for the moment you’ve been waiting for. Pitching time! Get professional training on How to pitch, How to build impactful presentations and How to speak up without voice shaking
• We’ll be there when the time comes to call the buyer, meet and sell him
• Still shaking? We may recommend you the Sales person to come with you and lead that sale by the time you can make it alone.
• Now you can quickly & easily contact next Buyers via Embrioo.com by your own
• Hard to reach the Institutions and Top Guys? We’ll do it for you.
Marketing Strategy (Research data & 4Ps)
Price: We need to research and still fine-tune the business model between all the stakeholder which will participate in the process and support the teams. E.g. What would be the benefit of an outside person who introduces certain product/service to potential client and gets the deal? What about the “Sales person on-demand? Do they get revenue share, or upfront fee and royalty?
Incubator Promotion:
• Social Media (Facebook, Twitter, LinkedIn, You tube, Pinterest etc.)
• Mass Media (Press-conference, PR articles, TV)
• Via Universities
• Investors’ recruit via personal introduction
• Own branded events
• Direct e-mailing
• Also using all partners’ networking capacity
• WOM & recommendations
Social purpose & Impact
Who’ll benefit: People who want to have own business but lack the idea, the team, or both; Idea generators who doesn’t start own venture for whatsoever reason; The talents with entrepreneurial aspirations.
Social Impact (Quantitative criteria) – Comparison vs Plan and vs other local and foreign accelerators best practices. Internal measurement tools/stats:
• Number of ideas posted for the Incubator
• Number of team-mates who have applied to join a setup team
• Number of teams gathered
• Achieved vs Planned sales results per team (N clients, revenue, profit)
• Number of new jobs openings thanks to our Incubator
• Number of Success stories (Funding raised, funding size, self-sustainability, valuation etc.)
• The increase/decrease (the dynamics) of ‘next-series’ of entries
Growth Potential & How do we measure it?
Embrioo Incubator concept – scalable worldwide:
• Potentially – in each country, University and diverse communities such as AIESEC, JA etc.
• We plan to use TED penetration approach – via partners all around the world who decide to open Embrioo Incubator by own initiative, then follows the same fundamentals and use all of the resources of ‘The mother Incubator” as well as of all other ‘Franchised Incubators’ already established.
Growth KPIs:
• Number of ‘Franchised Units’ opened
• Same KPIs per Unit as it applies for ‘The mother Incubator’ such as number of teams, financials, number of new jobs openings etc.
Finance – PL:
2015 2016 2017 2018 2019 2020 Total
Revenue Total 0 0 6,880,000 23,980,000 50,570,000 138,460,000 219,890,000