Startup Wise Guys: New Accelerator With Ties To The #BalticMafia
(Article edited to correct that Wiseguys does take 8% equity)
Hot and fresh out of an event in Riga is a new Tallinn based accelerator: Startup Wise Guys. The accelerator is built in the modified Y Combinator model with a similar setup to Startup Sauna in Finland. Getting accelerated involves a 13 week program, demo day in Tallinn and London, and €5000 of funding per founder for 8% of equity. To build some hype, Wise Guys is also offering €500 for any startup referral that makes it into the program (this is my get rich quick scheme-- you heard it here first). The application process is open from 9th of February until 11th of March and the program starts on 25th of April.
Unfair Advantage - 005 - Operating Systems Of Our Lives
In the fifth episode we talk to Estonian investor and serial entrepreneur Allan Martinson. Allan Martinson is the managing and founding partner of MTVP. MTVP is one of the more well known and successful investment companies operating in the Baltic region. In the show, we discuss numerous things about the Nordic and Baltic startup scene as well as the role of accelerators. Martinson also tells us what he thinks needs to be done on the regional scale to get things working better and more effectively.
We also want to thank our first sponsor of the show: Kippt.com - it makes bookmarking and reading the web easier (and we'd like to add beautiful). It works well on your browser as well as on your mobile devices like iPad and iPhone.
Finally - you're also able to now find us in the top navigation under Unfair Advantage. You'll find all the shows there for future reference.
Tallinn, Riga, Vilnius, Helsinki - We Have A Problem
Allan Martinson, one of the most best known and experienced investors from Estonia (currently the founding and managing partner of MTVP), has cast concern about the amount of new accelerators and different support programs for startups. He states a valid point, that if every town and your brother has an accelerator they will fail to attract critical mass to support their functions. Martinson states that Baltics really need one big accelerator with strong financing and a strong team to make a splash in the global pond of startup activities.
There really cannot be too much discussion around this topic, and therefore we have included Allan Martinson's original statement from his public Facebook status below.
Cherry.ee, Beta.lt and Grupinis.lt Announce Merger
Three independent “daily deals” -sites, Cherry.ee, Beta.lt, Grupinis.lt, have today announced a merger to create the largest internet coupon site in the Baltics. The newly created company has over a 50% market share in the region and had a turnover of 0.94 million euro in March 2011. The three companies were all owned by their founders and angel investors. The merger was completed through a stock swap.
We’ve been expecting this sort of activity to take place and it’s great to see companies with similar interests partner to improve customer experience.
Wrapping Up Slush2010
On more than 3000 m2 with more than 300 people attending, this October for the third year Helsinki hosted Slush , a two-day annual conference focused on entrepreneurship. The highlights included insightful key-note speeches by Allan Martinson and Mårten Mickos, Slush Seven pitching competition for early-stage start-ups with the prize of €7500 cash and Slush School of Angels. The event also included many presentations from local start-ups and some captivating panel discussions. The space was thoughtfully organized with plenty of booths and chairs, though some participants missed the smaller and more intimate lay-out of venues used in previous years.
Estonian Inner Circle and Sportlyzer Close Seed Rounds
Estonian sports software startup Sportlyzer and social network startup Inner Circle have closed seed rounds. The common investor in both is Estonian Development Fund. Sportlyzer also received private angel backing from Rein Lemberpuu, ex-CEO of online gambling value added service provider Playtech Estonia, and Inner Circle's investors included in addition Estonian private-sector firms Regio and Live Nature Eesti.
Open For Applications: Elevator Pitch Contest
Update: The deadline is extended until May 13th.
The conference agenda can now be downloaded from the event home page (or use this PDF direct link).
ArcticStartup is proud to present an opportunity for all Baltic and Nordic startups to connect with and pitch to venture capitalists and compete for great prizes.
In alignment with the Second Annual Tallinn Conference organized by The International Technology Law Association in collaboration with Enterprise Estonia, ArcticStartup is cooperating to organize an Elevator Pitch Business Plan Contest with support from Connect Estonia. The contest is held in Tallinn, Estonia on May 26, 2009.
Prizes:
- One full day of law consulting with Fish & Richardson P.C., Silicon Valley, worth $6000. The prize can be used as the winner wishes, e.g., to incorporate a subsidiary to establish operations in Silicon Valley. The consultation can be done in person or by Skype or Polycom video. Consultation with the Munich office of Fish & Richardson P.C. may also be included, subject to availability and requirements of the contest winner.
- One full day of law consulting with Knobbe, Martens, Olson & Bear, LLP, worth $3000, to be used as the winner wishes. The consultation can be done in person (location negotiable) or by Skype or Polycom video.
The jury:
- Martin Hauge, Managing Director, Creandum, Stockholm
- Allan Martinson, Managing Director, MTVP, Tallinn
- Artturi Tarjanne, Managing Director, Nexit Ventures, Helsinki
- Rick Marshall, Managing Director, Intelligent Capital, San Francisco
- Sten Tamkivi , Chief Evangelist, Skype, Tallinn
- Ott Parna, Managing Director, Estonian Development Fund, Tallinn
- Richard Allan Horning, Principal, Fish & Richardson P.C., Silicon Valley
Growth-oriented technology startups from all Nordic and Baltic countries are welcomed to apply. Five firms will be selected to present a 5-minute pitch at the event. The judging criteria include the expected success of the firm, growth potential, differentiation and competitive advantage, risk and financial viability, and the management team.
Please note the contest rules and other information in the Invitation. Any questions about the contest can be sent to miikka(at)arcticstartup(dot)com.
The applications must be based using this form.
Please send your application to events(at)arcticstartup(dot)com latest by May 13th 6:00 PM EET. Finalists will be announced on May 14th.
Coaching and training for preparing the pitches are available to all chosen finalists prior to the contest, provided by Connect Estonia and members of the International Technology Law Association Luiga Mody Hääl Borenius and Raidla Lejins & Norcous, either online, in Tallinn, or in the participants' home country, depending on possibilities.
ArcticEvening In Tallinn - A Success
Last night we held ArcticEvening in Tallinn, Estonia in co-operation with Connect Estonia, so we could bring part of the Finnish startup scene to meet the Tallinn scene. This is a great way to get people from different scenes to meet and find new opportunities to work together beyond national borders. The night was a success. We had a four startups presenting, Scred, Edicy, Snoobi and Nutiteq. The audience put the startups to test during the Q&A, but for the most part the startups surviced well.
The panel was equally good. Sten Tamkivi, Allan Martinson and Taneli Tikka gave the audience what they came for - a very interesting and thought provokin take on the current economy, the startup ecosystem, most interesting companies and events of 2008 and what they predict will the ones to follow in 2009.
What stuck with me was Allan's remark that you should look beyonnd just the Internet for new business ideas. The focus has been so squarely on the Internet for the past few years that the biggest opportunities might now be on the edges of the Internet where the Internet meets the real world, or in totally different areas, like for example the food industry that's trying to cope with the EU legislation. Similarly, after I grilled Taneli for a while to reveal the areas he is looking most closely at, he mentioned the fast improvements in the genetics industry and the possibilities to link the social web to the improvements in that area. Similarly, Sten made us think beyond the 'Skype as phone' concept talking about mobility and how Skype is looking at possibilities of introducing an Open API.
A great evening, that we want to build on also in the future. Look out for more ArcticEvenings around the Baltic and Nordic countries.
