Articles for May 2011

The 5th call ends, all rounds in hindsight

To get this out of the way, we expect to deliver the first round of feedback to all applicants by Monday the 16th along with the first go no-go.

Following that, two weeks’ time will be given to the teams that don’t have a business plan to write one. As always, if you feel comfortable about your idea you may skip ahead and start doing that based on our guide.

We thank all the entrepreneurs that shared their ideas and aspirations with us and vouch to make the best we can out of them whether we end up working together or not. We pride in offering feedback to every founder, on both what we liked and what we didn’t like. Even if you don’t end up being selected you will know what (in our humble opinion) you should work on improving.

With the 5th call having just closed, we wanted to take a look backwards and look at what we have achieved in the Openfund.

The following graph shows the accumulation of applications over time. Even though we advise that you send these in early, similarly to every previous round, the founders took the maximum allowed time to refine their submission.

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It also corroborates to the myth of Greeks doing things “last minute” — even though all countries seem to be trigger happy in the last two days.

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Two also interesting stats is the percentage of foreign submissions. After these 5 rounds and accounting for regression it’s safe to say that 41% of applicants come from the rest of Europe and 8% from beyond. We’re flattered by that, especially given that we don’t actively promote outside Greece.

We’re also proud to have proven that we’re more than interested in investing in any country where a team of talented founders lives.

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Another tidbit worth mentioning is the (lack of) evolution with respect to the skillset of the people that are interested in seed funding. The above bars reveal the self-evaluation of people with respect to certain skills.

Clearly this dispels the mythical geek in a garage startup. The teams that apply are mature, well rounded and become even more so over time.

Future updates regarding all those that participated in this round will arrive at their inboxes.