Sales Software Frux wins CA Technologies Startup Challenge

What are promising Austrian startups in the field of software development and IT-systems? The Austrian branch of CA Technologies, one of the largest independent software corporations in the world, wanted to find out and launched the CA Technologies Startup Challenge in partnership with the City of Vienna and the initiative DigitalCity.Wien. Proud winner of the challenge is Patrick Kirchmayr (picture above in the middle) from FRUX. His startup develops a B2B sales intelligence platform. Second place went to INDOO.RS (on the picture left: Co-Founder Bernd Gruber), an indoor navigation and positioning app. Jakob Etzel (on the right) won with PredictR, a banking software for personal financial forecasting, the third place.

All three startups get prices with a total value of 100.000 Euros including tickets to the IT conference “CA world” in Las Vegas and PR services. Additionally, Frux can use one year CA Technologies software for free, including support and training.

 

from left: Ulrike Huemer (City of Vienna), Mario Reismüller (CA Technologies) and Martin Giesswein (DigitalCity.Wien)

from left: Ulrike Huemer (City of Vienna), Mario Reismüller (CA Technologies) and Martin Giesswein (DigitalCity.Wien)

 

 

Presentation with finalists

Preceding the awards ceremony, five finalists had to pitch their idea on October 20th at the Vienna University of Technology. Besides Frux, Indoors and Predictr, the startups CareerMoves (job portal for people with disabilities) and Wave (mobility assistant app) got nominated. The best startups were selected through a jury as well as an audience vote, which was conducted with the app from DealMatrix.

Dealmatrix CEO Christoph Drescher explains how to use his app for voting. © David Bohmann

Dealmatrix CEO Christoph Drescher explains how to use his app for voting. © David Bohmann

“We were surprised by the high number of applications and impressed by the variety and creativity of the ideas – it was not easy to make a preselection”, says Mario Reismüller, CEO of CA Technologies in Austria.

In total, 24 startups applied for the challenge. Venionaire had the responsibility to screen and analyze every startup and consult CA Technologies on the possible synergies and growth potentials of the candidates. From our point of view, startup challenges such as this one, innovation2Company or Security Rockstars are a good sign, that the awareness within corporates for collaborating and engaging with startups is growing. This is great news for the whole startup ecosystem as it enables new growth opportunities for startups while corporates profit from a new stream of innovation and business ideas.

Our Partner Alexander Rapatz (on the left) was part of the Jury at the CA Technologies Startup Challenge.

Our Partner Alexander Rapatz (on the left) was part of the Jury at the CA Technologies Startup Challenge. © David Bohmann

If you are interested in launching your own startup challenge or want to cooperate closer with startups, just give us a hint. We are more than happy to help!

IXOLIT invests in German FinTech

Our friends from IXOLIT are extending their payment solutions portfolio by investing a six digit number in the German startup SEPAexpress. Ixolit also supports the startup by integrating their payment solution into their own payment gateway IXOPAY. Among others, the Austrian Fintech experts Bernd Egger and Michael Müller (mPAY24 and co-founder of paysafecard) as well as Michael Rudhart, CEO of Windata, are already invested.

SEPAexpress is a white-label DirectDebit solution for 3rd party payments. Founder and CEO Viktor Brenner developed the product especially for payment providers as an easy installable, secure and affordable service for DirectDebit payments. DirectDebit is a very common und often used payment method in Europe. Almost every second costumer prefers paying with DirectDebit over credit card. Biggest advantages of DirectDebit for merchants are the low costs of transactions and high preference by costumers.

SEPAexpress is already the third investment of the Austrian IT company and payment provider IXOLIT this year, which is getting more active in the field of early stage investments. They invested a five digit number into BarriqueAffairs, which are producing a luxury Cooking Spoon made out of old wine barrels, and launching purchased.at, a payment solution platform specialized for merchants of digital goods.

We are more than happy to support them with our PR services regarding the transaction. You can read the full press release in German here. If you are interested in getting your transaction in the media, just give us a hint.

Startup Awards: Highlighting innovation in Slovakia

The Startup Ecosystem is evolving in Slovakia. One example is the program of STARTUP AWARDS, which is a competition for Slovak early-stage tech companies with global potential. Our business development expert Laura Lennkh will participate as mentor, advising startups on how to present their pitch at the STARTUP AWARDS final event in December. In addition, it is a good opportunity for us to see first hand the hot ideas and innovations from our neighboring country.

 

Largest startup and innovation event

For the first time, STARTUP AWARDS will host more than 1,000 entrepreneurs, innovators, investors and corporates. Additionally, the event will be extended to a full day conference with panels and workshops, presenting top international investors and successful entrepreneurs. In addition to the pitches of most promising Slovak startups, attendees will also have a chance to see the icon of Israeli startup scene, Uri Levine. Uri is the founder of Waze, the largest community-based traffic and navigation app in the world. After having sold Waze to Google for over one billion dollars in 2013, Levine has been fully devoted to developing new tech companies as an angel investor. The confirmed speakers list includes Esther Dyson, named as one of the most influential women in American business by Forbes magazine, Andrej Pan?ík, a young Slovak, who sold his startup Represent for 100 million EUR, or biotech entrepreneur Danny Cabrera who produces 3D bio-printers that manufacture human tissue.

 

Visit the website for more infos!

 

Corporate Venturing: Managing the Digital Transformation

Corporate Venturing found its way to the forefront. But how can corporates manage the digital transformation process? Our CEO Berthold Baurek-Karlic wrote an article about this topic for the finance & controlling journal “CFO aktuell“, published by “Linde Verlag”.

In his article he emphasized the need for more institutionalized cooperations between startups and big companies, which can be summarized as Corporate Startup Engagement (CSE). Normally, corporations begin their engagement with a sort of “innovation radar” – screening existing startups. At the same time (or later on) they enter a “Trail-and-Error”-Phase followed by a consolidation period, in which they develop a mix of measures and finally incorporate them.


Note:
One of the most critical for accelerators and corporates are negationations about the startup valuation. We developed a startup valuation tool to help with that.

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Read the article (in German) for more details about corporate startup engagement or simply contact us. We are more than happy to help!

 

Download the article.

 

Corporate Venture Capital (CVC) – The Empire Strikes Back

Those Star Wars aficinados among you may well remember the episode: Darth Vader captures Han Solo and Princess Leia on Cloud City (please note how appropriate the name is in today´s era) to bait Luke Skywalker to come to the rescue which, unsurprisingly, he does. As Luke is a young and unexperienced Jedi, he loses the duel but he manages to escape – finally defeating Vader in the last episode. As morals of stories go, it was the principles, challenge and learning process which made Luke a stronger Jedi. Luckily, CVC can be the Force in our version of Star Wars, providing benefits to both the Empires (corporations) and the Skywalkers (start-ups), allowing them to grow with each other.

So what is CVC? In short, when a corporate fund directly invests in an external start-up, classically by taking an equity stake in the company (through a company-internal or external fund). However, the galaxy of involvement can be very broad: from corporation funded incubators and accelerators, or to start-ups which can even be incubated in the parent company (thus making it an R&D hybrid), to strategic alliances and collaborations, all of which is referred to as “corporate venturing”.

 

Changing times they are

Corporate Venture activities started before the 1970’s as a niche investment strategy with few players who had a strong technological background: however, this never became a market standard, spilling over to other industry sectors. But now, in Yoda’s words, “the time is commander”. The digital revolution or transformation is challenging every field of business, changing the way we collaborate at work, the way we organize and manage company structures and value chains. Demands and habits of employees and clients have been changing as well. The difference to the changes which occurred 20 years ago is the speed behind these developments – innovation was never so fast and companies have never before been forced to be as agile as they need to be today. Start-ups have been at the forefront of this technological evolution, disrupting the established ways how large companies are operating. For instance, it is no surprise that Hewlett Packard recently split its technology business from the PC and printer business, as the latter is expected to fade out eventually. Margins are under pressure, new products are needed and technologies are driving changes in many fields, too many to solve all of them internally, and if so, by assuming considerable opportunity costs. The consequence: large corporates are finally stepping again into the arena of Venture Capital, which means that there is a lot of capital paired with strategic interests on the rise. According to a report by 500 Startups (see Hubspot,  p. 25 and 30), more than half of the 500 largest public companies are engaged in some way of corporate venturing, with three European countries in the lead: France with 23 out of 25 companies, Germany with 15 out of 21 and Switzerland with 10 out of 14. According to Global Corporate Venturing, over 1790 CVC deals were executed in 2015 totalling a worth of 75,4 billion USD, five times the amount executed in in 2012 (see www.globalcorporateventuring.com). The Force is already visibly at work!

 

Corporations – benefit they will

“To be or not to be” – as a company, if someone does more effectively what I do, I seize to be relevant. Alas I can research and try to outrun the others, and or, be involved in the ecosystem of my market by investing in the right start-ups, partake and sponsor the right incubators and accelerators to find the technologies which can enhance my product/ supply chain/ route to market / market infrastructure. That very much depends on the corporate’s investment priorities.

It’s in the numbers: it is well understood that the “next new thing” can happen anywhere within and outside of the corporations as such. Maintaining a long-term investment in the internal R&D not only is costly and might also be risky – they simply might not find that precious next new thing. In comparison, CVC operates under a mid-term perspective, with lower costs and average risks, allowing corporations to essentially externalized their R&D. They can cherry pick whom to invest in and it diversifies the winning options and risks as it can very much be kept independent from the core business without limiting potential high returns. Also, it most certainly may help to keep oversight if your M&A team decides to strike.

Jedi practice: chances are, when you practice something with someone else, you’ll put in more effort. Start-ups are lean – if they have to fail, they better do it fast – being tight on capital means becoming very creative in how to reach targets. Having a younger fitter Jedi partner keeps us in shape simply because we need to adjust to their (faster) speed. Engaging with start-ups, investing in talents and innovations, leads to faster reactions and helps to succeed in direct competition within a sector.

 

“Unlearn you must, do or not do, there is no try.”

Yoda encourages young Skywalker to undo old paradigms. We have experienced a true rise in acceptance of innovations, understanding of the digital economy and willingness to engage with start-ups. As part of a holistic digital innovation strategy, Corporate Venture Capital has become a must in 2016 with respect to our core markets Austria, Switzerland and Germany (ASG), particularly if we regard the abovementioned numbers. In its recent publication of 10 Big Venture Capital Trends by Inc Magazine, an increase in Corporate Deals and sprouting of Incubators and Accelerators (usually lead or sponsored by corporates) are among the first two most important trends mentioned. Alas, we are already unlearning the old ways: Do you must, may the Force be with you!

For more infos about Corporate Venturing and how we can support you in this area, please contact us directly.

Coworking Spaces vs. Startup-Campus

Coworking Spaces in Austria and Europe

Our CEO Berthold Baurek-Karlic analyzed the coworking landscape in Austria and Europe for “Der Brutkasten”, the Austrian Startup and Innovation Platform. Here is compromised what he had to say:

  • The Austrian startup ecosystem is growing fast
  • With the growing ecosystem new industry sectors emerged, such as coworking spaces
  • We already have some established coworking spaces in Austria but they are relatively small
  • Austria still lacks a central startup campus as #1 address for all stakeholders
  • Vienna could be a lucrative location for international coworking providers, offering perfect conditions for their business
  • A new central “mega-campus” would definitley strengthen the visibility of the Austrian startup ecoystem

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5 Fundraising Tips

We are reguarly helping startups in their fundraising as well as analyzing a lot of pitch decks. From our long experience, we would like to present you 5 key fundraising tips:

 

#1 Do your homework

Time is always your most valuable asset, so don’t waste it. Find out everything you can about the fund: their investment strategy and focus, current portfolio, track record, the type of investor they are. Make sure to ask questions that build on the information that is already there. Nothing is more annoying than asking the obsolete – it simply conveys you didn’t care or engage enough.

 

#2 Nail your pitch – know your numbers

Your story needs to be sound – what problem in the market am I solving, how am I solving it and how will I grow and survive doing it: your raison d’être. But whilst you want a sexy pitch, you also need to be able to go into the nitty gritty details to back it up: monthly revenue growth and forecasts, your customer acquisition and operating costs and of course, your margins; make sure you understand what drives your cash flow! Be prepared to answer the uncomfortable questions and make sure not to exaggerate your financial projections – due diligence will do the relationship test for you.

 

#3 On being likable

This seems like an obvious one but you’ll be surprised how many startups fail to get past the first meeting due to this issue. In the eyes of the investor, if I am going to spend a lot of time with you but I don’t like you as a person, it’s just not going to happen: why would I choose to spend time with you if you make me feel uneasy? You need to convince the investor that the money is well invested because YOU are worth his time and able to lead a company and sell its product: lying, boasting, refusing to listen, being unable to accept criticism, those are not the sought after characteristics to start a business relationship.

 

#4 Timing and amounts

There is much disagreement on this one. Some experts will tell you to raise money when you need it least because it gives you more leverage, while others say there is no need to give a piece of the cake too early. Be certain when and how much you need and how and when you want to ask for it – be clear on your funding objectives. Remember, just like in any personal relationship, it takes two to tango. The reason you strike a deal is because there is a purpose for both parties, so you should neither be too cocky nor too desperate: but know your worth!

 

#5 Follow-up

After the first successful contact, be sure you keep up with what you promised: Show the investor how you will, and have achieved agreed targets, it will make him more likely to trust and invest his time and effort into you. Be cooperative and confident: you need to uphold your end of the bargain, and if it is a fit, that relationship will thrive.

What we can learn from the Silicon Valley Mindset

Silicon Valley is undoubtedly the most innovative region on the planet. Many people visit the valley every year to get an understanding of what makes this region so different. Is it the air, the water, the landscape? Or are people genetically different? Not so, because the 3.5 million people include 60.000 Germans, Austrians and Swiss who live and work here.

The secret as it turns out is not the nice buildings or the great climate, but the several dozen behavioral traits that people practice. While each one in itself may seem small, taken together they give Silicon Valley the competitive edge. Because behaviors can be changed, there is no need to wait for the creative genius to be born in our country. We can all learn and practice those behaviors as well.

 

Mindfulness

Being mindful is the art of being aware of one’s surroundings and looking at things with fresh eyes. We do that when we are traveling, as we notice differences from our own home. An architectural style, a meal, the way waiters behave, people line up or don’t at a bus station, all these things make us aware of differences. And we realize that things can be done in ways deviating from what we are used to and think those are the only ways.

Reminding ourselves to being mindful every day in our own city or country can help us discover inconsistencies, or potentially new ways of doing things. On our way to work lets just lift our eyes from the smartphone screens and observe our surroundings. This opens us up to another creative technique, namely …

 

Questioning the Status Quo

For an innovator the logic ‘never change a running system’ makes no sense. While the waiting line is the process we are used to we can ask “Are there other options?” Can we reduce wait times, or get completely rid of waiting line? Why actually do we have waiting lines? Do we need so many buttons to use a smartphone? Do we need a driver in cars? What if we remove keyboards from smartphones and drivers from cars?

By questioning the Status Quo we are opening ourselves to making new discoveries and potentially improving processes and creating new ones. Doing this is not a sign of disrespect to somebody or an institution. It’s a sign of respect to humanity making their lives better. Coming up with alternatives to the Status Quo, we need …

 

Ideas

Ideas keep the innovation engine running. That’s why we need many of them. We need to generate many ideas, we need to talk about them and share them with others, and we need to listen. Many Austrian startup often ask me to sign an NDA before they share an idea with me. And I always reject. And it also tells me that the idea still sucks, because without sharing it, the startup has not yet gotten enough feedback to see the validity and demand for their idea.

A common misunderstanding is that ideas have value. No. Ideas are cheap. I can easily write down hundred of them. The hard part, the one that is difficult is to execute on the ideas. Turning them from an idea into reality.

That’s also a reason why we can never say what is a good idea and what not. Every idea that didn’t sound ridiculous first, was never there to change the world.  People using a machine heavier than air to fly? Riding on a cart that has a noisy and stinking steam boiler attached to it? Putting a railway underground? All those ideas sounded ridiculous and many great and highly respected ‘experts’ told the ‘fools’ why their ideas wouldn’t work. Until they did. And those ‘fools’ didn’t care about …

 

Reputation

If you are craving for a good reputation you choose a task or job where you are not looking like a fool. If every meeting for you is one to confirm your status, one will only try proven things. Considering the statistics this is a smart way to do your business. Most of the ideas will never fly; most will fail. But the ones that succeed can bring humanity forward.

To demonstrate that principle I address everyone coming to visit or trying to understand Silicon Valley by the first name and using an informal version. Instead of addressing somebody with ‘Sie’ (German) or ‘Vous’ (French), I right away use the informal ‘Du’ (German) and ‘Tu’ (French). This allows everyone to relax. It’s not about your reputation anymore, it’s about what ideas you have right now. Then you stop being afraid of expressing an unpolished idea out of fear to ‘look silly.’ No great idea will ever be perfectly polished. Coming up with a good idea is creating many ideas, filtering the good ideas, building on the many bad ideas, sparking new ideas by combining several.

If one is too afraid to look silly, you deprive us from getting to many ideas and finding the good ones. That’s why we need to create a…

 

Psychological safe environment

Hospitals need to maintain books, where every medical error is reported. Two hospitals were compared, one which had an error book with only few errors report, the other one had many errors listed. Which hospital is safer for patients? After all we talk about errors that can be fatal. Turns out that the hospital with more errors reported was much safer, had much less medical complications and fatalities than the other. The reason becomes obvious: in the hospital with few reported errors people were punished fo making mistakes. So the medical staff tried to hide errors and not report them. By not reporting the others couldn’t learn and improve the system. The result was that more people died there and more complications occurred.

The hospital with the many errors had created a ‘psychologically safe environment’ that encouraged every staff member to report errors and let the others know. Changes were suggested and followed and fewer medical complications and fatalities occurred.

Ask yourself: does your organization foster a psychologically safe environment? Do people need to be afraid that they are being punished or badmouthed behind their backs? Are you the one badmouthing them? Are you the one ridiculing them for ideas they have? Are you the one finding all reasons why something will never work, and that you knew it all along? Then you should use a method called …

 

Yes, and …

When somebody shares an idea with us, our first reaction may almost certainly be “What a silly idea! Will never work!“ Guess what? We are very bad with selecting the good from the bad ideas. Building a platform where people send each other messages limited to 140 characters? Bad idea, right? No, that’s Twitter. A platform where people talk to kids about what they do at their jobs? Another bad idea, right? No, that’s Whatchado.

This is certainly one of the hardest behaviors to change. Overcoming our gut feeling, our initial reaction and taking instead a step back, breathing in and out, and saying “Interesting. Can you tell me more about your idea?“ and then “Yes, and … can I do this as well with the idea?“ Suddenly, this turns into an invitation to a dialog about an idea and the potentials for it crystalize. This is where an idea turns from a pebble into a boulder and then into a gold nugget.

This is also the moment, where you want to …

 

Connect

You may not know much about the industry or discipline of such an idea, but giving constructive feedback is a first step. And then you may remember a friend  or acquaintance who works in that field, or can connect you to somebody else, or knows somebody who does something similar or complimentary. Connect them. A short introduction mail is done in a minute. And you never know what will happen. At minimum two people met and had a coffee together, at best they executed a great idea and serve humanity. Guess whom they will remember and help when needed?

These are some of many more behaviors that people in Silicon Valley tend to show more than people in other regions. While we have access to the very same knowledge and technologies, these traits help us to unleash our own potentials by combining them with our own strengths. The good news is: the Silicon Valley mindset can be learned. It’s up to us to pick them up and embody them.

 


Mario Herger is a technology & trend researcher and consultant living in Silicon Valley. He writes books on technology, innovation and behavioral topics, including Silicon Valley Mindset and Gamification. His next book is about the second car revolution, titled “The last driver license holder”. He has written a number of articles for magazines and given interviews (The Guardian, LA Times, Financial Times, Der Aktionär…). Herger has 15 years of experience in the enterprise software space and worked with SAP in Germany and SAP Labs in Palo Alto as developer, development manager, and senior innovation strategist. He is founder of the boutique consultancy Enterprise Garage .

4 tips to attract better deal flow

How can you attract better deal flow as an investor? There is a clear relation between the volume and quality of deal flow a business angel or early stage VC is able to attract and its potential performance. It does not matter how many companies one has founded, how many investments one has made, or how strong investment process or sound risk management is. Even if you are one of those super lucky “hot shots” – having had one or two nice exits, true success over time does strongly depend on the quality of investment opportunities you get your hands on and there are some simple strategies to master the art of attracting the best deal flow possible for your strategy.

Being an investor is hard work. The only difference to classical asset classes – such as equity, fixed-income or fund investments – is the type of work you need to do. Attracting deal flow is the fundament of a solid portfolio and it could be compared to attracting talent by top-tier HR professionals.


Note:
Agreeing on a valuation is one of the most critical point for the investor-startup-relation. We developed a startup valuation tool to help with that.

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#1 Communicate your Investment Scope

The worst thing, besides attracting any deal flow, is if you only receive application out-of-scope. Every application should be looked into and answered individually, as this will influence your reputation in the community, but you do not want to waste your time and concentrate on time for the right companies, right? The best way to attract a better fit of applications is to publish your investment scope and strategy, where you explain:

  • How much do you invest?
  • How many investments are you willing to make per year?
  • Investment strategy (industry, stages, regions)
  • What type of investor are you? (hands-on, co-invest (syndicator), financial investor …)
  • Investment process: hard criteria (must haves) and soft criteria (nice to haves)
  • Average response-time
  • Current portfolio & track record

Don’t forget to explain who you are and why startups should work with you. Besides the smartness of money – driven by your personal experience, skills, network and such – synergies to other portfolio companies may be highly valuable.

There are multiple ways to publish your investment scope and investors profile. One good starting point is a website of your investment company, if you have enough resources to attract significant traffic. If you are lazy writer, I would recommend occasional blog posts about your experience, latest success storys, digital trends, technologies and startups of interest and personal experiences on platforms like “Medium“, where you profit from a better reach. You may also list yourself at online platforms for deal flow like Dealmatrix, AngelList and Crunchbase. Some of these platforms are free, others offer additional services, like date, process and investment tools, additional deal flow and other management tools to make your life easier at a small cost.

 

#2 Play your Network

Personal connections are very important, probably even the secret to most successful investors. If you consider building a portfolio, you will always need to partner up with other investors to leverage your personal skills and to diversify you financial risk – and this is the same for all professional investors, therefore they are usually open to talk about co-investments and collaboration on deals. It is smart you surround yourself with top-investors and maintain these relations with heart.

There are many ways to engage and widen your networks. One way is to become a member and attend meetings of local angel groups. Be aware that there are a number of different ways these groups work. Some charge member fees (smaller and higher), others take a success fee at closing of promoted deals and participated in terms of carried interest and others are free in order to foster angel investments within a region.

 

#3 Be active within your Startup Community

Almost every day there is an opportunity to engage with the startup ecosystems. There are meetups, conferences, demo days of accelerators and incubators, launch events, speakers-nights at co-working centers and investors meetings – there are even so many that you can easily be overwhelmed by the possibilities.

We highly recommend the following events, as we believe they are among the most important ones for business angels, active in the European startup ecosystem (in alphabetic order / not ranking by importance):

Events like those above are always looking for great speakers and judges for pitch or business plan competitions and mentors. Accerlators an incubators tend to work closely as well with investors, as they technically need a great pool of advisors, mentors and early stage investors to work with startups within their programs – it is always worth approaching these organizations and apply for such an active role. Active engagement in the community will build a strong reputations for you and will make to approachable to startups and naturally turnout in better deal flow presented or forwarded to you.

 

#4 Active Scouting

In case you are interested in true high-tech innovations, I highly recommend to engage with technical and bio-engineering universities (depending on your investment focus) and actively scout for startups through a more specialist environment. Another very European approach is to work closely with state-driven high-tech supporting institutions such as AWS in Austria or KfW in Germany. It is common for investors in this field to approach startups at early stages and pitch them as an investor. Some startups in this field are like raw diamonds and need to be scouted!

 

Conclusion

If you are transparent about your interests and your offerings, enjoy working with young and hungry entrepreneurs and are willing to spend time and effort within your ecosystem, better deal flow will come to you for a fact.

If you have limited time or simply not focusing solely on startup investments you may participate as a qualified investor from becoming a limited partner (investor) of a venture fund or outsource tasks like screening and transactions to professional service providers such as we are. We are trusted deal flow partners and provide professional analyst services for early stage investors, corporates and SMEs, as well as corporate innovation contests like www.innovation2company.wien, with a very tailored and scouting driven approach to our clients.

 

Further Readings

A glimpse on the Iranian startup ecosystem

When we talk in Austria about innovation and startups, we almost always reference to Silicon Valley, London or Berlin. However, the startup ecoystem is gathering speed in other parts of the world as well. Take Iran as an example. The oil rich country is still struggling with economic growth, but on the plus side Iran has a highly educated and young population, hungry for success and in high demand for new products and services.

 

Visit to Teheran
Therefore we were more than happy to accept the invitation to the 1st International Marketing Conference on knowledge-based industries in Teheran, which took place last week. The conference was held by the Iranian Marketing Research Association (IMRA) and Innovative Consultants in cooperation with the European Society for Opinion and Marketing Research (ESOMAR), the Iran Vice-Presidency for Science and Technology and the Center for Innovation and Technology Cooperation of Iran Presidency (CITC) with the aim of transferring marketing knowledge to knowledge-based companies and promoting the necessity of market research. Our partners Alexander Rapatz and Sasan Hashemi attended the conference, with Alexander holding a keynote about venture capital investments as a go-to-market approach. On the following panel discussion he was joined by Sasan, Farhad Rasouli from the Danish platform Venture Cup and Dr. Amir Albadvi, Faculty member at the Tarbiat Modares University. The conference was co-hosted by Pirooz Malekzadeh, CEO of Innovate Consultants and Board Member of Iran Marketing Research Association, who also organized and supported Venionaire in attending side-events, such as visits to the PARDIS Technology Park and the FINEX 2016  – Iran Exhibition of Bank, Exchange & Insurance.

pardis

 

Big market with high potential
Iran may not be the first destination investors would think of when it comes to startups, but its track record is huge. Iran is one of the world’s biggest emerging markets and the startup and venture capital ecosystem is growing fast. 120-130 Million people are talking Farsi, with borders to huge and untapped countries in the Middle East and Asia. Therefore it is definitely worthwhile to keep an eye on this region.

teheran-marketing-conference

 

Pictures provided by Innovate Consultants / Alexander Rapatz

 

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FOR STARTUPS

Venionaire Capital exclusively invests through the European Super Angels Club, for more information and application please go to the website. We do not accept direct investment proposals via this website.