Virtual TripVirtual TripEntrepreneurial EcosystemEntrepreneurial Ecosystem

Next Generation Angel Next Generation Angel Investments Fund and Startup Investments Fund and Startup

AcceleratorAccelerator

44thth Open Coffee Volos Open Coffee Volos

Dimitris TsigosDimitris TsigosFounder & CEOFounder & CEO

Virtual Trip Entrepreneurial EcosystemVirtual Trip Entrepreneurial Ecosystem

InnovationInnovation

• One of the most heavily overloaded One of the most heavily overloaded terms of our eraterms of our era

• Everybody is talking about innovation, Everybody is talking about innovation, few really understand it, even fewer do few really understand it, even fewer do materialize itmaterialize it

• No, it’s not about the next Nobel PrizeNo, it’s not about the next Nobel Prize– Neither it’s about nicely set-up Neither it’s about nicely set-up

spreadsheets resulting to amazing spreadsheets resulting to amazing EBITDA…EBITDA…

What is the value of an idea?What is the value of an idea?

Zero.Zero.

An idea turns valuable after – An idea turns valuable after – or, in the process of – or, in the process of –

materializing it.materializing it.

Have people run out of Have people run out of ideas?ideas?

• Absolutely, not.Absolutely, not.• People just do not try to turn their ideas People just do not try to turn their ideas

to sustainable business activities.to sustainable business activities.• Plethora of reasons:Plethora of reasons:

– Lack of entrepreneurial culture in the Lack of entrepreneurial culture in the societysociety

– Barriers by the legal systemBarriers by the legal system– Access to capitalAccess to capital– Access to marketAccess to market

If you have to choose?If you have to choose?

You do need bothYou do need both

• A startup needs Customers much more A startup needs Customers much more than it needs Capitalthan it needs Capital

• However, securing financing in the very However, securing financing in the very early stage is an “if and only if” early stage is an “if and only if” conditioncondition

What else does a What else does a startup actually need?startup actually need?

• Management & Strategy ConsultingManagement & Strategy Consulting• Mentoring / Coaching ServicesMentoring / Coaching Services• Legal advisoryLegal advisory• Marketing communicationsMarketing communications• Administrative ServicesAdministrative Services• InfrastructureInfrastructure

– Focus to MIS / ITFocus to MIS / IT

Entrepreneurial EcosystemEntrepreneurial Ecosystem

• http://en.wikipedia.org/wiki/Entrepreneurial_ecosystemhttp://en.wikipedia.org/wiki/Entrepreneurial_ecosystem

“ “An entrepreneurial ecosystem is a group of non-competing An entrepreneurial ecosystem is a group of non-competing companies, including start-ups, established companies and one or companies, including start-ups, established companies and one or more coordination entities, which share the same vision, values, more coordination entities, which share the same vision, values, culture, strategy and business processes and decide to form an culture, strategy and business processes and decide to form an organization in order to explore economies of scale in business organization in order to explore economies of scale in business

functions such as business development, financing, market functions such as business development, financing, market analysis, marketing communications, IT / MIS infrastructure, analysis, marketing communications, IT / MIS infrastructure,

human capital management, legal support, financial & accounting human capital management, legal support, financial & accounting managementmanagement””

© Dimitris Tsigos | Virtual Trip, November 29© Dimitris Tsigos | Virtual Trip, November 29thth 2009 2009

Ecosystem ServicesEcosystem Services

• Strategy – Advisory ServicesStrategy – Advisory Services• Financing – Access to CapitalFinancing – Access to Capital• Business Development – Access to MarketsBusiness Development – Access to Markets• Talent ManagementTalent Management• Financials & Accounting ManagementFinancials & Accounting Management• MIS & IT InfrastructureMIS & IT Infrastructure• Marketing CommunicationsMarketing Communications• Legal AdvisoryLegal Advisory• Business AdministrationBusiness Administration• Offices / facilitiesOffices / facilities

BackgroundBackground

• Virtual Trip Ltd was founded in September 2000 at the Virtual Trip Ltd was founded in September 2000 at the Science & Technology Park of CreteScience & Technology Park of Crete

• Initially focused to consulting, development & integration Initially focused to consulting, development & integration projectsprojects

• Started a s/w vendor activity in 2003 and spawn products Started a s/w vendor activity in 2003 and spawn products out as subsidiary companiesout as subsidiary companies

• Created a central business unit for common strategy, Created a central business unit for common strategy, business development and administrative tasksbusiness development and administrative tasks

• Virtual Trip Holdings SA became a gold member of EBAN in Virtual Trip Holdings SA became a gold member of EBAN in 2009 as an “early stage investor”2009 as an “early stage investor”

• Virtual Trip España SL and Actech LLC founded in 2009Virtual Trip España SL and Actech LLC founded in 2009• First investment in “external” company in 2011First investment in “external” company in 2011

– Syndesis Ltd, Next generation ICT services for personalized Syndesis Ltd, Next generation ICT services for personalized homecare of chronic illnesses homecare of chronic illnesses

Our VisionOur Vision

• ““The Virtual Trip Entrepreneurial Ecosystem aims to The Virtual Trip Entrepreneurial Ecosystem aims to be recognized as a leading international start-ups incubator be recognized as a leading international start-ups incubator

in the ICT sector.” in the ICT sector.”

• Materializing InnovationMaterializing Innovation

• ““Our start-ups create value through high technology for Our start-ups create value through high technology for their Customers and their socioeconomic environment”their Customers and their socioeconomic environment”

Ecosystem FiguresEcosystem Figures• Personnel: 5 → 45Personnel: 5 → 45• Revenues: 100KRevenues: 100K€€ → 10.5M → 10.5M€€• International presenceInternational presence

– Antenna office in Madrid, Spain since January 2009Antenna office in Madrid, Spain since January 2009– Subsidiary in Ohio, US since September 2009Subsidiary in Ohio, US since September 2009– Antenna offices in SF, London, Budapest, Brussels in Antenna offices in SF, London, Budapest, Brussels in

20122012• Broad spectrum of markets, products & servicesBroad spectrum of markets, products & services

– Products: SOLO Gateway, eFront e-Learning, mVision, Products: SOLO Gateway, eFront e-Learning, mVision, Insurance Manager, Diagramma, OpenVote, S4Trips, Insurance Manager, Diagramma, OpenVote, S4Trips, VeritaVerita

– Services: S/W Engineering, Systems Consulting, GIS, e-Services: S/W Engineering, Systems Consulting, GIS, e-Learning, Mobile applicationsLearning, Mobile applications

– Markets: Markets: Mobile and Fixed-line Operators , Small & Mobile and Fixed-line Operators , Small & medium businesses, Infotainment, Advertising, Education & medium businesses, Infotainment, Advertising, Education & Training, e-GovernmentTraining, e-Government

The Virtual Trip GroupThe Virtual Trip Group

• Incubation ServicesIncubation Services– Entrepreneurial Ecosystem SA, www.entrepreneurialecosystem.eu Entrepreneurial Ecosystem SA, www.entrepreneurialecosystem.eu

• ServicesServices– Virtual Trip Ltd, Virtual Trip Ltd, www.vtrip.netwww.vtrip.net– Infomap SA, Infomap SA, www.infomap.grwww.infomap.gr – Next Generation Learning Services SA, www.ngls.com.gr Next Generation Learning Services SA, www.ngls.com.gr

• VendorsVendors– Epignosis Ltd, Epignosis Ltd, www.efrontlearning.netwww.efrontlearning.net– MVNS SA, www.mvns.mobiMVNS SA, www.mvns.mobi– AbZorba Games, www.abzorbagames.com AbZorba Games, www.abzorbagames.com – SOLO Gateway SA, SOLO Gateway SA, www.sologateway.comwww.sologateway.com– Insurance Manager SA, Insurance Manager SA, www.insurancemanager.grwww.insurancemanager.gr – Diagramma Ltd, Diagramma Ltd, www.diagramma.inwww.diagramma.in– S4Trips Ltd, www.s4trips.comS4Trips Ltd, www.s4trips.com– Verita Ltd, www.veritadv.com Verita Ltd, www.veritadv.com

• DistributorsDistributors– Actech LLC, www.actechco.comActech LLC, www.actechco.com– IT Center Ltd, www.itcenter.gr IT Center Ltd, www.itcenter.gr

• Antenna officesAntenna offices– Virtual Trip San Francisco, London, Brussels, BudapestVirtual Trip San Francisco, London, Brussels, Budapest

Management TeamManagement Team• ExecutiveExecutive

– Dimitris Tsigos, Group Founder & Chief Executive OfficerDimitris Tsigos, Group Founder & Chief Executive Officer• www.linkedin.com/in/tsigoswww.linkedin.com/in/tsigos

– Thanassis Parathyas, Director Virtual TripThanassis Parathyas, Director Virtual Trip– Thanassis Papagelis, Director eFront e-LearningThanassis Papagelis, Director eFront e-Learning– Manos Moschous, Director AbZorba GamesManos Moschous, Director AbZorba Games– Vangelis Mihalopoulos, Director SOLO GatewayVangelis Mihalopoulos, Director SOLO Gateway– Giorgos Kripotos, Director Insurance ManagerGiorgos Kripotos, Director Insurance Manager– Katerina Kastriti, HR DirectorKaterina Kastriti, HR Director

• Non – Executive Non – Executive – Prof. Christos N. Nikolaou, Non-Executive PresidentProf. Christos N. Nikolaou, Non-Executive President

• Greek National Education Council, Rector of the University of Crete Greek National Education Council, Rector of the University of Crete • www.linkedin.com/in/christosnikolaou www.linkedin.com/in/christosnikolaou

The Ecosystem StrategyThe Ecosystem Strategy

• 2000 – 20102000 – 2010– Investing in Internet Technologies start-Investing in Internet Technologies start-

upsups

• 2010 – 2020 2010 – 2020 – Investing in Cloud Computing and Investing in Cloud Computing and

Software-as-a-Service start-upsSoftware-as-a-Service start-ups

How has Virtual Trip How has Virtual Trip been financed?been financed?

• We tried for the famous 3FsWe tried for the famous 3Fs– Unfortunately, we were limited to friends & family Unfortunately, we were limited to friends & family

• Great support by the banking systemGreat support by the banking system– Not because of our innovation or extroversion, but Not because of our innovation or extroversion, but

because of the revenue materialized out of the because of the revenue materialized out of the integration projects and the collaterals that were offeredintegration projects and the collaterals that were offered

• Many services projects in Greece, both private and Many services projects in Greece, both private and public sectorpublic sector

• 30+ R&D grants by the European Commission and the 30+ R&D grants by the European Commission and the GSRTGSRT

• Not, it has not been efficient. It has worked, however.Not, it has not been efficient. It has worked, however.

The next step?The next step?

• Looking for an IPO opportunity and /or a Looking for an IPO opportunity and /or a strategic investor for Virtual Trip Holdingsstrategic investor for Virtual Trip Holdings

• Looking for receiving VC funding for mature Looking for receiving VC funding for mature spin-outs, like eFront, SOLO Gateway and spin-outs, like eFront, SOLO Gateway and AbZorba GamesAbZorba Games

• Keep investing to existing ecosystem Keep investing to existing ecosystem members and actively looking for investment members and actively looking for investment opportunities in high-tech startupsopportunities in high-tech startups

• Focus to creating even better “access to Focus to creating even better “access to market” channels and improving quality of market” channels and improving quality of offered ecosystem servicesoffered ecosystem services

Thank you Thank you