This year I’ve submerged myself in the Parisian startup ecosystem and I’m blown away. By the quantity and quality of workshops, conferences, classes, networking events and co-working spaces, offered to help entrepreneurs to educate themselves and concretize their ideas and dreams. Most of them: for free.
This time, I attended a conference held at WeWork La Fayette, a beautiful co-working space located in an impressive Art Deco building to learn what it takes to make a startup to be chosen and financed by a VC.
The 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 Lucey Fund:
- From 5.000 proposals received per year, they invest in only 1%
- They have 5 offices: Dublin, London, Spain, Poland and Ukraine
- They invested in 100+ startups over the past 4 years
What does a startup need to present in order to be chosen?
A phenomenal solution that can be scaled internationally.
(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.)
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.
An example of a company in which you have invested?
Good advice to startups:
- 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. (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.)
Are there any patterns of successful startups?
- No, the key is the founder’s willingness to execute, to lead, and to succeed.
Does every startup chosen should move to Dublin?
No, but you might be interested in doing so if you have a big team as we are building a co-working space (with magnifique sea views) soon to be the biggest one in Ireland: Harbour Campus.
Memorable advice said in the conference:
“Think of a price that you would be embarrassed to ask from your client — and double it.”
Want to know more?
Check Lucey’s Fund blog: https://medium.com/the-lucey-fund
Thank you for reading. Hope this article was useful for you!