Let me start from the beginning.
This year I’ve submerged myself in the French startup ecosystem (I’m based in Paris) and I’m blown away. By the quantity and quality of workshops, master classes, networking events, coworking spaces and support offered in order to help entrepreneurs to clarify, and concretize their ideas and dreams. Most of them: for free!
My evening date, was held at WeWork La Fayette, an impressive coworking space located in a beautiful Art Deco building. I then met Per, our presenter, who was there to explain me and many other entrepreneurs, what his company looks for when choosing a startup in order to invest in it.
We had 1-hour of insightful presentation followed by a super interesting Q&A. These are my notes about what was said:
Our speaker was Per Stahl, CIO of Lucey Fund, a venture tech firm based in Dublin that builds new products for early-stage startups in return for equity. Or as they say: they make startups happen.
Some numbers: from 5.000 proposals received per year, they invest in 1%
They have 5 offices: Dublin, London, Spain, Poland and Ukraine.
They invested in 100+ startups over the past 4 years.
A company in which Lucey invested: Wall Brand
What does a startup need to present in order to be chosen?
A phenomenal solution that can be scaled internationally.( 1)
Which are key the elements to be included in every startup proposal?
- Know your industry
- Know how to position and sell your product
- Know your math – or how to monetize your idea.
Good advice from Per:
- Build your reputation
- Invest time in social media marketing
- Use Linkedin to connect with people who may be potentially interested in your project
- Use these contacts as advisors, and when you ask for advice, you may ask for suggestions about who may be interested in investing in your start-up.
- Always always! beta test your product. (2)
Patterns of successful companies:
- There aren’t.
- The key is the founder’s, willingness to execute to lead and to succeed.
Every startup chosen should move to Dublin? No, but you might be interested in doing so if you have a big team as they are building a massive coworking space with sea views!: soon to be the biggest one in Ireland: Harbour Campus.
A phrase that made me laugh: “think of a price that you would be embarrassed to ask from your client — and double it.”
Want to know more? Lucey’s blog: https://medium.com/the-lucey-fund
Thank you for reading. Hope this article was useful for you!
- Scalability is the capability of a system, network, or process to handle a growing amount of work, or its potential to be enlarged to accommodate that growth. If the design or system fails when a quantity increases, it does not scale.
- Beta test : the final stage in the testing of a new software or hardware product before its commercial release, conducted by testers others than its developers.