Hellas Direct - Hack Cyprus 2013
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Presentation by Emilios and Alexis, co-founders of Hellas Direct, at Hack Cyprus 2013 in Nicosia. [Hilton Park Hotel - 8 Sep 2013]
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Hellas Direct - Hack Cyprus 2013
- 1. HELLAS DIRECT: SETTING UP A NEW INSURANCE COMPANY IN GREECE HACK CYPRUS 2013 NICOSIA, CYPRUS 4-8 SEPTEMBER 2013 (“LAUNCHING A START-UP AT A TIME OF CRISIS”)
- 2. LOOKING FOR A NEW CHALLENGE IN LIFE?
- 3. Sir Richard Branson (2012) Oldest man to kitesurf across the English Channel. THERE ARE A BUNCH OF CRAZY THINGS YOU COULD DO TO PICK YOURSELF UP Hugh Hefner (2013)Felix Baumgartner (2012) Married to a 26-year old when he turned 86. Skydived from space, breaking the speed of sound.
- 4. … IN INSURANCE, IN GREECE, IN 2012! OR YOU COULD START A NEW VENTURE
- 5. WTF?!
- 6. SO, WHO ARE WE? WHAT DO WE DO? HOW DID WE GET HERE? TIP OF THE DAY: STARTUPS CAN BE BAD FOR YOUR LOOKS A LONG, LONG TIME AGO IN A GALAXY* FAR FAR AWAY… * IN LONDON
- 7. Larry Page + Sergey Brin LIKE MOST ENTREPRENEURS, WE SET OFF THINKING WE’D BE THE NEXT GOOGLE GUYS … * until this guy came along. GOOGLE: Largest tech IPO in history*.
- 8. PRE-SEED SEED ROUND I CUMULATIVECASHFLOW ROUND II ROUND III ROUND IV ANGELS <EUR 100k EUR 500k-1m EUR 1-5m EUR 5-10m 8-10 YEARS 1/3 IPO EUR 100-500k ‘VALLEY OF DEATH” xx EARLY-STAGE LATE-STAGE … KNOWING THAT REALITY CAN BE HARSH (9/10 START-UPS FAIL) 1/2 2/3 4/5 EXPANSION FOLLOW-ON EUR 30-50m EUR 50m> GROWTH EUR 10-30m BREAK EVEN START-UP SURVIVAL RATE
- 9. SO, WHY GREECE? A COUNTRY RUN BY CROOKS AND INCOMPETENT POLITICIANS TRANSFORMATIONAL OPPORTUNITY - GOING THROUGH A HUGE RESET LARGE ENOUGH – 11M PEOPLE
- 10. AND WHY CAR INSURANCE? OBLIGATORY BY LAW LETHARGIC COMPETITION – HIGH COSTS AND INNEFFICIENCIES MIDDLEMAN IS STILL THE KING WITH OBSENE COMMISSIONS – BROKERS NOT AGENTS EUR 2BN MARKET SIZE
- 11. WHY NOW? A STRONGER REGULATOR THE RISE OF THE CONSUMER BEST TIME TO BUILD A BRAND
- 12. OUR STORY ¡ A NEW, DIRECT INSURANCE COMPANY IN GREECE. ¡ “CHANGING THE GREEK INSURANCE MARKET, ONE POLICY AT A TIME”. ¡ WE ARE HIGHLY SPECIALISED. ¡ WE LIVE AND BREATHE TECHNOLOGY. ¡ WE LOVE NUMBERS. ¡ WE SERVICE THE CONSUMER, NOT THE BROKER! ¡ 23 PEOPLE IN 3 COUNTRIES. ¡ A LONG JOURNEY: 3 YEARS FROM START TO OUR FIRST SALE. ¡ WE HAVE FACED THREE KEY CHALLENGES ALONG THE WAY…
- 13. CHALLENGE I: SECURE (REAL) FUNDING
- 14. 2,500 APPROACHES 300 MEETINGS 11 INVESTORS 1.5 YEARS FINDING INVESTORS WASN’T EASY … 1 IN 8 1 IN 27
- 15. 99.56% REJECTION RATE … AND THE ODDS WERE NOT ON OUR SIDE THERE IS A HIGHER CHANCE OF BETTING ALL YOUR MONEY ON BLACK IN A LAS VEGAS ROULETTE AND WINNING… … 7 CONSECUTIVE TIMES!
- 16. CHALLENGE II: BUILD A GREAT COMPANY
- 17. Invest in technology Algorithmic pricing Close ties with academia Keep innovatingHire the right people Intelligence Passion A drive to make things better Get licensed A year of paperwork Detailed business planning Latest EU regulations THERE ARE THREE BASIC INGREDIENTS TO BUILDING A GREAT INSURANCE COMPANY
- 18. CHALLENGE III: DRIVE SALES
- 19. LIKE ANY NEW IDEA, APPEAL TO THE INNOVATORS AND EARLY ADOPTERS FIRST (NOT EVERYONE WILL GET IT – TARGET YOUR TRIBE FIRST!)
- 20. SOME DAYS ARE TOUGHER THAN OTHERS … “Happy Hanukkah” Israeli investor Tel Aviv, IsraelLondon, UK Athens, Greece “Shaken not stirred” Russian investor “Press 4 for help” South African investor
- 21. … BUT IT IS THE LITTLE THINGS THAT MAKE IT ALL WORTHWHILE I have just insured my car with Hellas Direct in under 5’. If all other services (private or public) were as friendly to the user as this one, our productivity would be much higher and we would all be much calmer… - a client’s facebook post