ventureout project report

www.ventureoutchallenge.org

March 25, 2014

VentureOut

Final Project Report

VentureOut Final Project Report

1 www.ventureoutchallenge.org

Table of Contents VentureOut Executive Summary ................................................................................................................... 4

Participants engaged through VentureOut ............................................................................................... 4

Outcomes for the VentureOut Entrepreneurs .......................................................................................... 4

Evaluation of Finalist Pitching & Training Session .................................................................................... 5

Participants feedback on participating in VentureOut ............................................................................ 5

Key Statistics for top 13 VentureOut Finalist apps ................................................................................... 6

Milestones of VentureOut for enabler organizations ............................................................................... 6

Online Presence and Branding .................................................................................................................. 6

Knowledge Management .......................................................................................................................... 7

I. Introduction ............................................................................................................................................... 8

Program Background ................................................................................................................................ 8

VentureOut Partners ................................................................................................................................. 8

VentureOut Enabler Organizations ........................................................................................................... 8

II. Program Components and Modules ......................................................................................................... 9

VentureOut Challenge .............................................................................................................................. 9

TechConnect VentureOut ....................................................................................................................... 10

Virtual Training ........................................................................................................................................ 13

Mentorship ............................................................................................................................................. 14

Mentorship Process ............................................................................................................................ 14

Online presence and branding ............................................................................................................ 14

Working with local enabler organizations .............................................................................................. 15

Conference: Supporting Access to International Markets for Startups & SMEs .................................... 16

Internationalization events hosted by enabler organizations ................................................................ 17

Knowledge Management ........................................................................................................................ 19

III. Introduction to the VentureOut Finalists ............................................................................................... 21

Mentor Testimonial ................................................................................................................................ 23

Entrepreneur Success Stories ................................................................................................................. 23

Teddy the Guardian ............................................................................................................................ 23

Waabeh ............................................................................................................................................... 24

Nearest Locator ................................................................................................................................... 25

Marodi TV ............................................................................................................................................ 25

X-Rift .................................................................................................................................................... 26



M.A.D.E. - My App for Disasters and Emergencies ............................................................................. 27

IV. Monitoring and Evaluation (M&E) ......................................................................................................... 29

VentureOut Mixed Methods of Measuring Results ................................................................................ 29

A Four-Level Model Approach to Measuring Results ............................................................................. 30

V. Summary of Findings .............................................................................................................................. 31

Results of the Four-Level Approach ........................................................................................................ 31

Feedback on participation in VentureOut .............................................................................................. 32

Baseline evaluation of the top 24 VentureOut participants ................................................................... 32

Mentorship Evaluation by Entrepreneurs............................................................................................... 35

Comparison of top 24 semi-finalists with top 13 finalists ...................................................................... 38

Baseline data comparison ................................................................................................................... 38

Analysis of judges responses to the Submissions .................................................................................. 39

Judges comments on the Strategy for Internationalization of the App ............................................ 40

Main observations of judges comments to improve Internationalization Strategy .......................... 41

Judges comments on the Company & Management Track Record ................................................... 43

Enablers feedback about the VentureOut program .............................................................................. 44

VI. Lessons Learned & Recommendations .................................................................................................. 46

Mobile App Competition ......................................................................................................................... 46

Webinars ................................................................................................................................................. 46

Mentorship Program ............................................................................................................................... 47

Integrating Lean Startup Methodology .................................................................................................. 47

Curriculum Development ........................................................................................................................ 47

Website and Social Media ....................................................................................................................... 48

VII. Conclusion ............................................................................................................................................. 48

Annex 1: Follow-up Survey ......................................................................................................................... 50

Annex 2: Key VentureOut Metrics .............................................................................................................. 56

Annex 3: VentureOut Moldova Agenda ...................................................................................................... 57

Annex 4: Case Studies ................................................................................................................................. 60

Cellulant - Kenya ..................................................................................................................................... 60

eMedia Jamaica .................................................................................................................................... 63

Recommerce - Belarus ............................................................................................................................ 68

Annex 5: Bios of Experts Participating in VentureOut ................................................................................ 71

Speakers for VentureOut in Moldova: .................................................................................................... 71



VentureOut Global Mentors ................................................................................................................... 71

Virtual Training and Tool Kit Development ............................................................................................. 74

Annex 6: Profiles of VentureOut Finalists ................................................................................................... 76

GoMetro .................................................................................................................................................. 76

Prowork ................................................................................................................................................... 76

Idram Mobile Wallet ............................................................................................................................... 77

Manifesto ................................................................................................................................................ 77

Dorian Postevca, Moldova ...................................................................................................................... 77

Tuning Fork ............................................................................................................................................. 78

Grik.ly ...................................................................................................................................................... 78

M.A.D.E. - My App for Disasters and Emergencies ................................................................................. 78

SweetSOA ................................................................................................................................................ 79

Attachment: Moldova Evaluation Report ................................................................................................... 79



VentureOut Executive Summary In collaboration with infoDev, CRDF Global created and launched the VentureOut Challenge, a multifaceted program focused on giving entrepreneurs the tools, inspiration and opportunities to take their mobile apps to new markets. Throughout this project CRDF Global was tasked to coordinate with eight local enablers in eight countries to reach out to local networks in 33 countries, promote the competition, recruit speakers and mentors for the program, and build the VentureOut brand online through Facebook and Twitter. The program was managed from August 2013 to January 2014 and engaged hundreds of entrepreneurs through hands-on training, virtual learning opportunities, mentorship, international exposure, and seed funding. The project was recognized by participants, enabler organizations, mentors and the judges as a true success. Entrepreneurs came from local technology community enabler organizations located in eight countries: Armenia, Jamaica, Kenya, Macedonia, Nigeria, Senegal, South Africa and Trinidad & Tobago.

Participants engaged through VentureOut

809 Total connections with mobile app developers during VentureOut 510 Viewers of TechConnect VentureOut

122 Attendees at local internationalization events

113 VentureOut Challenge Applicants, 6 female

64 Attendees on training webinars

Outcomes for the VentureOut Entrepreneurs Twelve entrepreneurs responded to a survey that was given to the top 24 entrepreneurs. 100% of these respondents have either developed or strengthened their internationalization strategy as a result of participating in the VentureOut Challenge. Collectively these entrepreneurs count 77 useful connections they

Left: Day 1 panel discussion and Right: VentureOut judging panel

Entrepreneurs at YES Foundation in Macedonia participation in TechConnect VentureOut



have made with business partners, angel investors, or other strategic people as a result of participation in VentureOut. Furthermore, two of these twelve entrepreneurs report having entered new markets since participating in VentureOut Challenge. These entrepreneurs have spent $5000 and hired an additional five people specifically to enter a new market. As a result of entering the new markets, these enterprises have gained 70,000 new downloads and $10,000 USD in revenue.

100% Respondents who have either developed or strengthened their internationalization strategy as a result of participating in the VentureOut Challenge.

70K Downloads as a result of entering new markets since participating in VentureOut. $10K Revenue as a result of entering new markets since participating in VentureOut.

77 Useful connections entrepreneurs made with business partners, angel investors, or other strategic people as a result of participation in VentureOut.

Evaluation of Finalist Pitching & Training Session Respondents found the sessions offered in Moldova to be extremely valuable for increasing their understanding of market and sales techniques, both of which are critical for successfully navigating the international marketplace. A sampling of the positive ratings (very valuable and valuable) from the 22 responses to the end-of-training survey are illustrated below: 100% (22) - Business model canvas and

international customer discovery overview

95% (21) - Building a startup from emerging markets

95% (21) - Understand international marketing and sales techniques

95% (21) - Top 10 monetization hacks on mobile 90% (18) - Determine value of your app

internationally

Participants feedback on participating in VentureOut Of 112 applicants who applied to participate in the VentureOut community, 16 respondents shared their thoughts on participating in the VentureOut Challenge. They ranked the helpfulness of the feedback they received from the VentureOut judges about their submissions, giving an average score of 4.13, using a scale from 1 to 5, where 1 is not helpful and 5 is very helpful. A few of their comments follow:

Participating in the competition was great training and experience for me. The judges feedback on my submission was concrete and provided value. The feedback helped us to reshape our pitch deck in terms of the business model. The best advice I received was, While my idea may make sense to me, I need to find out how it

would make sense to others (customers, investors). Input for others is vital in structuring your idea. What you think the customer wants may not be what the customer actually needs. Investors are looking for a return on their investment so your idea needs to show how it would benefit them.

The best thing I learned was, Everything related to Lean Startup methodology. I found a lot of new ideas because I went out to my customers.



Key Statistics for top 13 VentureOut Finalist apps

100 People employed by the 13 VentureOut Finalists ventures 38 of those employees are women

1.7M Downloads

$30K Average monthly revenue

$930K Total funding raised

Milestones of VentureOut for enabler organizations The following VentureOut program milestones were achieved through working with local enablers: Seven of eight local enablers hosted a viewing site for the virtual broadcast TechConnect

VentureOut All enablers have hosted or plan to host internationalization events Six of eight enabler organizations participated in a capacitation webinar with an interactive

discussion led by Dr. Chuck Eesley, Assistant Professor at Stanford University.

Online Presence and Branding The VentureOut Challenges online presence was marked via a dedicated website, Twitter account and Facebook Page. Below are the links to VentureOut online pages and some statistics associated with the social media: 680+ likes on Facebook 220+ Twitter followers, with 630+ Tweets on Twitter Live Blog of VentureOut event in Moldova

Entrepreneurs watching TechConnect from CC Hub Nigeria

Mentorship during VentureOut Finalist event in Moldova



Knowledge Management Knowledge management was comprised of THREE major deliverables including: Case studies of technology startups from three

different regions- the Caribbean, Eastern Europe and Africa that can be used for educational purposes by local enabler organizations;

The Organizational Tool Kit and Internationalization Strategy Content; and

Monitoring and evaluation output to inform program organizers of future programs.

Participants filling out surveys at Moldova VentureOut event.



I. Introduction Program Background On August 2, 2013, CRDF Global was selected by infoDev to serve as the Global Expert and Project Coordinator of VentureOut. VentureOut is a partnership between infoDev and CRDF Global to propel expansion-ready mobile entrepreneurs into international markets. The CRDF Global team created and launched the VentureOut Challenge, coordinating with eight local enabler organizations in eight countries to recruit applicants and promote the competition. CRDF Global also enlisted speakers and mentors for the program, and built the VentureOut brand online through Facebook and Twitter. The program ran from August 2013 to January 2014 and engaged hundreds of entrepreneurs through hands-on training, virtual learning opportunities, mentorship, international exposure, and seed funding. Entrepreneurs came from enabler organizations, which are local technology community partners, located in eight countries: Armenia, Jamaica, Kenya, Macedonia, Nigeria, Senegal, South Africa and Trinidad & Tobago.

VentureOut Partners About infoDev - infoDev is a global partnership program within The World Bank Group. Its Mobile Innovation Program supports growth-oriented mobile app businesses by enabling entrepreneurship, building mobile innovation

communities, and researching the app economy of emerging and frontier markets. www.infodev.org

About CRDF Global - Founded in 1995, CRDF Global is an independent nonprofit organization that promotes international scientific and technical collaboration through grants, technical resources, training and services. www.crdfglobal.org

VentureOut Enabler Organizations Armenia: mLab ECA @ Enterprise Incubator Foundation www.eif.am and www.mLabECA.com Mariam Davtyan, mariam.davtyan[@]eif.am Serving: Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine and Uzbekistan

Jamaica: ConnectiMass www.ConnectiMass.com Ingrid Riley, ingrid[@]connectimass.com Serving: Jamaica

Kenya: mLab East Africa mlab.co.ke John Kieti, john[at]mlab.co.ke Serving: Kenya, Rwanda, Tanzania and Uganda.

Macedonia: Youth Entreprenerial Service (YES) Foundation http://www.yesincubator.org.mk; Akeksandar Filiposki, aleksandar.filiposki[at]yes.org.mk Serving: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Kosovo, Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia and Slovenia.

Nigeria:CC Hub Nigeria www.cchubnigeria.com Tunji Eleso, tunji[at]cchubnigeria.com Serving: Nigeria

Senegal: CTIC Dakar www.cticdakar.com Yann LeBeux, yann.lebeux[at]cticdakar.com Serving: Senegal

South Africa: mLab South Africa mlab.co.za Derrick Kotze, derrick[at]mlab.co.za Serving: South Africa

Trinidad & Tobago: The Enterprise Hub http://www.enterprise-hub.com/ Nigel Roach, info[at]enterprise-hub.com Serving: Trinidad & Tobago



II. Program Components and Modules VentureOut Challenge VentureOuts central component was a competition called the VentureOut Challenge. This competition was open to startup and early stage mobile app developers. The top entrepreneurs were then selected from the applicant pool based on the strengths demonstrated in their submissions including the team and mobile apps track record of success, and internationalization plan they had created for introducing their mobile app to new markets. The competition motivated the enabler organizations to provide training and mentorship for its entrepreneurs to prepare the applicants for success, incentivized entrepreneur participation in communicating their business and creating strategies to internationalize, and provided a process for business experts to share relevant venture-related feedback with the competition entrants. For this competition, the VentureOut Challenge has: Trained applicants on how to complete the application for the Challenge competition with

virtual materials and a live webinar led by Scott Gillespie on August 30, 2013. Hear Audio >> Offered a scholarship to TechCrunchs Disrupt Europe via partnership with TechCrunch Received 113 submissions from 19 countries Collected feedback from 23 judges (three judges rated each submission) Delivered judges feedback anonymously to all VentureOut Challenge participants

Figure 1: Process of VentureOut Competition

Amazing mobile app developers submit their

Internationalization Executive Summaries

Seasoned entrepreneurs & investors judge

submissions and provide feedback

24 Semifinalists selected: 6 from Caribbean, 10 from

Africa, and 8 from Eastern Europe & Central Asia

Semifinalists receive mentorship and training to improve their submissions.

Seasoned entrepreneurs & investors judge

submissions and provide feedback

13 Semifinalists selected to travel to Moldova: 3 from Caribbean, 5 from Africa,

and 5 from Eastern Europe & Central Asia

Seasoned entrepreneurs & investors judge pitches in

Moldova

Three $10K awards distributed

2 months of mentorship for all finalists via

LaunchPad Central



TechConnect VentureOut TechConnect is a series of interactive videoconferences that bring great entrepreneurial minds together to spark the creation of new technology ventures to address specific societal problems and market opportunities. The VentureOut edition of TechConnect focused on internationalizing entrepreneurs mobile apps and the steps an entrepreneur can take in order to bring their app to new markets. Topics discussed included user acquisition tips, marketing the power of your app, the importance of social media encourage downloads, and more. A visual summary of the topics discussed during the TechConnect is available on the following two pages. 386 online viewers from 23 countries joined in for this event in addition to the 124 viewers who joined in live from eight viewing sites in seven countries. The TechConnect created a community environment to learn from experts, and announced those who would be headed into the next round. Seven of the eight enabler organizations held viewing sites:

386 unique web visits from 23 countries during TechConnect VentureOut 124 viewers joined live at eight viewing sites in seven countries

Table 1: Distribution of viewers by Country

South Africa, Johannesburg 15 viewers Senegal 10 viewers South Africa, Cape Town 15 viewers Jamaica 22 signed up to view online Lagos, Nigeria 17 viewers Macedonia 20 viewers Trinidad & Tobago 10 viewers Armenia 15 viewers

Video of the TechConnect has been posted online for viewing: mms://wbmswebcast1.worldbank.org/FIE/2013-09-7/FIEID_Tech_Connect.asf

Entrepreneurs at mLab South Africa watching VentureOut TechConnect

--The audience really loved hearing from experts they would otherwise not have access to. Lots of questions and engagement followed post the broadcast. Also a little bit of a competitive spirit was born to grow fast and possibly qualify for similar future challenges. Derrick Kotze of mLab South Africa



Figure 2: Mind Map created from TechConnect VentureOut



Mind Map from TechConnect VentureOut continued:



Virtual Training Webinars were an important vehicle to share knowledge associated with mobile app business development skills and information about going global. The virtual training was offered to all 113 who had applied to the VentureOut Challenge. As such, the attendance rate was high, with 36 (32% of the 113) people attending the first webinar, and 28 (25% of the 113) people attending the second webinar. Internationalization Webinar On Monday, September 23, 2013, 36 entrepreneurs from a diverse number of countries joined the internationalization webinar during which Mr. Augie Rakow, a Corporate Attorney with Orrick's Emerging Companies Group in Silicon Valley, answered entrepreneurs questions about bringing their businesses to new geographies. The webinar covered a wide range of topics, including: When to create a presence in the USA How to protect your ideas What type of businesses should use patents and how to identify which type of business you

have Financial concerns such as taxation and bank accounts in the US market, and Setting up business in the USA: Why Delaware?

The webinar recording can be accessed here

Mentorship Kickoff Webinar

On Thursd

ay, Octobe

r 10, 2013, Mr. Jim Chung, Director of the Entrepreneurship Center at George Washington University, led a workshop focused on applying Lean Startup Methodology in domestic and international contexts. This webinar was offered to entrepreneurs and mentors, as the mentorship that VentureOut finalists would receive would be centered around seeking new markets internationally using Lean Startup as a means to gain market knowledge, create a plan and expand. The webinar targeted the top 13 entrepreneurs who received mentorship during the month preceding and following the finalist event in Moldova. The webinar was also opened to all of the entrepreneurs within the VentureOut Community. 28 participants joined the event. The webinar recording can be accessed here.

Entrepreneurs from Macedonia and Nigeria tune in for TechConnect VentureOut



Mentorship Mentorship is a key component of VentureOut. As the mentorship began one month prior to the event in Moldova, the top 13 entrepreneurs received advice from mentors before heading into the final pitching room. The mentorship platform Launch Pad Central was used by mentorship teams, allowing entrepreneurs to create and virtually share their business model canvases with their mentors. LaunchPad Central served as a starting point for the mentorship as mentors could quickly understand how the entrepreneurs thought about their businesses, and more efficiently make suggestions to the entrepreneurs.

Mentorship Process The process was comprised of three hours of mentorship that were offered from October 15 through January 31, 2014.

Preparation of mentors: Mentors received a mentorship plan that included a description of the Lean Startup Methodology and LaunchPad Central, suggestions for topics to cover during mentorship, and a set of learning outcomes. During the initial meeting, mentors were introduced to the venture, discussed where the entrepreneurs should improve their messaging, and how this could translate into a better pitch for internationalization at the VentureOut Challenge finals event. Preparation of mentees: Mentees were briefed on the Lean Startup Methodology by Mr. Steve Blank, a serial entrepreneur and Founder of the Lean Startup Methodology, via Udacity courses online. Entrepreneurs then constructed their business model canvases, which were used as a central place to share their business ideas and operations with their mentors. Mentees were encouraged to schedule the mentors meetings and keep track of the notes and actions they would take via LaunchPad Central.

Online presence and branding The VentureOut Challenges online presence was marked via a dedicated website, Twitter account and Facebook Page. Below are the links to VentureOut online pages and some statistics associated with the social media: 680+ likes on Facebook https://www.facebook.com/VentureOutChallenge 220+ Twitter followers, with 630+ Tweets https://www.facebook.com/VentureOutChallenge Live Blog of VentureOut event in Moldova

http://www.coveritlive.com/mobile.php/option=com_mobile/task=viewaltcast/



Working with local enabler organizations Local enabler organizations are in-country technology partners that were key to the success of VentureOut. Their outreach to the entrepreneur-applicants was personal and engaging. The communities that they build and sustain on the ground is a true asset that enabled the VentureOut program to reach hundreds of entrepreneurs. The Enterprise Hub of Trinidad & Tobago mentioned that at both events they hosted for VentureOut (the VentureOut Challenge Outreach event and the TechConnect VentureOut), participants were very engaged and many of them stayed after the scheduled program for hours to discuss plans for building their ventures and the entrepreneurial ecosystems in their country. Milestones of the VentureOut Program in enabler organizations countries include:

All local enablers confirmed local mentorship for the top 24 semi-finalists; All enablers received internationalization content materials and hosted, or plan to host,

internationalization events Six of eight enabler organizations participated in a capacitation webinar with an interactive

discussion led by Dr. Chuck Eesley, Assistant Professor at Stanford University. Figure 3: VentureOut Partner Logos



Conference: Supporting Access to International Markets for Startups & SMEs The 13 VentureOut Challenge finalists who were selected through two rounds of judging, gathered in Chisinau, Moldova, on October 2013 for a three-day conference that was focused on skill set development, networking, mentorship and pitching. These finalists were mobile app entrepreneurs who were selected by judges during the VentureOut Challenge competition. During the course of the event, over 100 members from the Moldovan entrepreneurial community came together including entrepreneurs, incubator organizers, local government officials, community volunteers, and members of the press. Around 25 of the participants were startup entrepreneurs who joined for all three days of the training. Day One featured regional leaders from incubation and accelerator programs who shared best practices from their work. Days Two and Three focused on entrepreneurship trainings, engaging participants in a series of seminars on practical skills in a variety of areas, ranging from creating a business plan, business model, and pitch, to tips for monetizing mobile apps, and leadership activities. Day Two featured one-on-one mentoring, where each VentureOut finalist received a 45-minute mentorship. The entrepreneurs also worked on improving their pitches based on the training and feedback received during mentorship sessions. The highlight of the Day Three was the pitching competition where finalists presented their mobile apps.

Please see Annex 3 for the agenda of the three-day event in Moldova or here for a complete evaluation report of the VentureOut event in Moldova.

VentureOut finalists, speakers and organizers View from the panelists table in Moldova Finals event



Internationalization events hosted by enabler organizations The internationalization curriculum was developed to guide enablers to host internationalization events for their communities. Six of eight enabler organizations hosted events between December 2013 and February 2014. These events, hosted in six countries, engaged a total of 122 entrepreneurs. The other two enablers plan to host events in March. Details from each of the events are available below: YES Macedonia YES Foundation of Macedonia hosted an internationalization event on December 25, 2013 for an audience of 16 entrepreneurs. Aleksandar Filiposki, the organizer for the event, noted that The materials provided were used for the training and the structure of the presentation is really well defined and all aspects when penetrating new markets were addressed. The group was really interactive and were discussing almost every step of the process.

mLab East Africa mLab East Africa hosted the internationalization event on January 9, 2014 for an audience of 15 entrepreneurs. It is important to ensure you gain the product/market fit at home first before entering new markets, says Agosta Liko, the CEO and Founder of Pesa Pal who was presenting during the event. Cynthia Ndeti, the organizer at mLab East Africa said, Participants were excited and appreciated the information they were given. They found this very helpful.

CTIC Dakar CTIC Dakar hosted a focused event about internationalization on February 28, 2014. Four entrepreneurs participated, but although the group was small, the participants were focused in their purpose. Yann LeBeux, organizer with CTIC Dakar cites that the entrepreneurs had very interesting discussions since all of their companies already had international plans. He goes on to note that learning about a structured mobile app internationalization process has been the most valuable part of CTIC Dakar teaming up with VentureOut. mLab South Africa mLab South Africa hosted an internationalization event on January 17, 2014 to an audience of over 20 entrepreneurs. Justin Coetzee, CEO and Founder of GoMetro and also a finalist in the VentureOut Challenge, was a facilitator in the event. Derrick Kotze, the organizer for mLab South Africa, said of the event, It was an interesting experience for us to see how the conversation moved completely off the provided or planned content to direct peer engagement. There was a lot more interest in the local teams and their stories around the topic than in international case studies. Also more interest in internationalizing into Africa than other global markets. A webpage about the event can be seen at: http://www.mlab.co.za/internationalization-mobile-apps/

mLab East Africa hosts an internationalization event



CC Hub Nigeria CC Hub Nigeria hosted the internationalization event on January 17, 2014 for an audience of 17 entrepreneurs. Tolu Agunbiade, the organizer said, The interactive platform and the activity sessions made them more open and vocal about concerns they had about internationalization and their startups. They were very excited about the event and all of them went back fulfilled. A webpage announcing the event is available here.

mLab ECA The Internationalization of Mobile Apps - Mobile Monday Yerevan event was held on February 3, 2014 at AEON anticafe. Around 50 representatives of mobile community, mobile application developers, telecoms, mobile operators, entrepreneurs and tech students attended the event. During the event entrepreneurs discussed issues related to when and how to go international. The participants also highly appreciated short presentations by Lionsharp Solutions, Idram and Moveo Technologies startups, which shared their experience concerning internationalization. Gevorg Poghosyan of Idram Mobile Wallet, who attended the VentureOut conference in Moldova on behalf of his startup app team, was present and gave a small testimonial at the event as well. An article about the event is available here, and photos are available here.

CCHub Nigeria hosts an internationalization event

mLab ECA hosts an internationalization event



The Enterprise Hub of Trinidad and Tobago and ConnectiMass Jamaica both plan to host their internationalization events in March. The decision to wait until March was made as many people are busy with carnival and attendance at events is low during February.

Knowledge Management The VentureOut program is multifaceted, and a key component of the program is Knowledge Management (KM). KM is the process of capturing, developing, sharing, and effectively using organizational knowledge. In this program KM is shared in four key deliverables: Creation of case studies of technology startups from three different regions of the Caribbean,

Eastern Europe and Africa The Organizational Tool Kit for Internationalization Internationalization Strategy Content Development Monitoring and evaluation output

Creation of case studies of technology startups These studies were requested by infoDev and show the diversity of experiences that successful entrepreneurs have had starting and expanding tech businesses to new markets. The cases come from the three VentureOut regions of the Caribbean, Africa and Eastern Europe & Central Asia. The case studies are to be used by enabler organizations to start discussions and inspire entrepreneurs to take risks. The case studies are included as material in the curriculum for internationalization that CRDF Global developed for the VentureOut program. Mobile app case studies were created to analyze the three following companies: Recommerce, eMedia and Cellulant. Please see Annex 4 for the case studies. The Mobile App Case Studies, internationalization content and, logistics handbook and outreach materials were posted on the main VentureOut website and shared via social media.

Organizational Tool Kit for Internationalization An electronic reference tool kit was developed for entrepreneurship enabler organizations located all over the world including mLabs, mHubs, incubators, accelerators, and mobile development and entrepreneur community groups. The purpose of the VentureOut tool kit is to empower these organizations around the world to help their entrepreneurs to consider bringing their mobile apps to new geographies, and if appropriate, take action to do so. The first section of the tool kit covers content for enablers to run an internationalization event. There are activities and an agenda for one full day of programming that introduces and guides entrepreneurs as they develop their apps for multiple markets and bring their apps to new countries. The next sections of the tool kit offer step by step guides for programs ranging from startup boot camps, mentorship programs, business competitions, and international web broadcasts; all of which engage entrepreneurs. The programs are vehicles that can be used to deliver knowledge and guidance that will help entrepreneurs achieve professional goals. With the basic framework, the organizer can implement many types of trainings from introducing the idea of internationalization, to other goals such as improving business planning, forming and managing their team, and more. The last section of the tool kit shares techniques for how to monitor and evaluate programs, along with providing some sample surveys. All throughout the tool kit there are other sample or template documents such as sample press releases, social media strategies and email templates. All of this content is ready to use, develop, customize, change and implement. The library of documents can be found via DropBox at this link. The Tool Kit PDF is available at the link below:



https://www.dropbox.com/s/n5gjxf1ffikx35u/CRDF%20Organizing%20Tool%20Kit.pdf

Internationalization Strategy Content Development The presentations and materials were shared with enablers. Representatives from six enabler organizations joined in for a webinar with Chuck Eesley, Associate Professor of Management Science and Engineering at Stanford University, to receive training and orientation on the content. This webinar was held to prep enabler organization leaders to organize an event or workshop focusing on the topic of internationalization in their communities. The elements of the internationalization content are: Internationalization Workshop Agenda This sample agenda can be served as a guide on how to

present this material in the format of a full day workshop. https://www.dropbox.com/s/woy3gmnxyt89fn1/Internationalization%20Agenda.docx

Introductory remarks from Chuck Eesley, Assistant Professor at Stanford Chuck guides the viewers through using the curriculum in a 7 minutes video. https://www.youtube.com/watch?v=ikb3kgq1fbM

Internationalization white paper Good material for organizers to read. Organizers may also assign entrepreneurs to read ahead of the Workshop, provide copies at the workshop, post the paper online, and discuss sections of the paper during the workshop. https://www.dropbox.com/s/j5y6ol6yq5m5vyj/Internationalization%20White%20Paper.docx

Internationalization PowerPoint presentations These three PowerPoint presentations can be useful in presenting the topics during the workshop. The content and activities can be taught during a daylong workshop, or over the course of three meetings.

https://www.dropbox.com/s/cfax0x0hlz0oeo2/Intro%20-%20Internationalization%20PPT.pptx

https://www.dropbox.com/s/2l03nqn8be5ocvi/Collecting%20Market%20Feedback%20-%20Internationalization%20PPT.pptx

https://www.dropbox.com/s/p1e6gu0atferwp9/Entering%20new%20market%20-%20Internationalization%20PPT.pptx

Customer development interview worksheet This worksheet should be printed to accompany the interactive activity. The worksheet includes the activity rules as well as a feedback sheet. https://www.dropbox.com/s/vah9t72k35y5muy/Customer%20Development%20Interview%20Worksheet.docx

Case Studies These case studies can be discussed during the presentation of the material. https://www.dropbox.com/s/fcwo3c3wrtgf3h8/Internationalization%20Case%20Studies.docx

The internationalization checklist This is a worksheet to keep track of the progress of internationalization throughout and after the workshop. https://www.dropbox.com/s/mi0iw4q5jvq1m1b/Checklist%20for%20Internationalization.docx



III. Introduction to the VentureOut Finalists 13 VentureOut Finalists were selected from the VentureOut Challenge by a panel of judges. Three judges rated each finalist and those scores were averaged together and the top scores from each of the three regions of Africa, the Caribbean and Eastern Europe & Central Asia were selected. Here you will see a comparison of key statistics of the Finalists at the time of participating in the training in Moldova from October 2013, and then their metrics three months later in January 2014.

Baseline information collected from the top 13 participants (October 2013): Eight of the top 13 apps are registered businesses. Eight of 13 founders work full time on their business. Four entrepreneurs work 30 hours per

week on their business, and one works for three hours per week. These 13 ventures had generated a total of $435,800 in funding. The 13 ventures employ cumulatively 79 people, 35 of them are women. Six of top 13 have revenue streams. Of those six the average monthly income is $1,588.88.

Follow up information collected from the top 13 participants (January 2014): Eight of the top 13 apps are registered businesses. None of the five unregistered businesses

have registered their businesses since participating in VentureOut. Two founders have begun working on their ventures full time since participating in the

VentureOut program, so that now 10 of 13 founders work full time on their businesses. Two entrepreneurs work 30 hours per week on their business, and one works for four hours per week.

These 13 ventures had generated a total of $930,500 in funding; $494,700 more in funding since participating in VentureOut.

The 13 ventures employ cumulatively 100 people (21 more than in October 2013, 38 of them are women (3 more than in October 2013).

The same six ventures of the top 13 have revenue streams. Of those six, the average monthly income is $1,667 in January 2014, an increase of $77.22 from

October 2013. On the following page you will see tables that describe venture by venture the metrics that have been collected on the 13 VentureOut Finalists mobile apps.



Table 2: Comparison of key venture metrics during and after the VentureOut Challenge

*A pink cell denotes an imputed value, assuming no change between Oct. 2013 and Jan. 2014 as data was not available

Table 3: VentureOut Finalists achievements

The following section includes detailed qualitative stories from one VentureOut global mentors as well as success stories about six of the thirteen VentureOut Finalists. Additionally, you can find profiles on the remaining seven of the VentureOut Finalists in Annex 6.

Venture Country

Oct. 2013 Jan. 2014

Oct.

2013

Jan.

2014

Oct.

2013

Jan.

2014

Oct.

2013

Jan.

2014 Oct. 2013 Jan. 2014

GoMetro South Africa 160,000 160,000 10,000 10,000 8 8 3 3 450,000 1500000

Grik.ly Jamaica 4,500 4,000 - - - 5 - - 987 2,871

IDRAM Mobile Wallet Armenia 24,000 24,000 15,000 15,000 27 27 17 17 10,000 10,000

M.A.D.E (My App for Disasters and Emergencies)Trinidad & Tobago 10,000 21,000 - - 5 4 3 2 - -

Manifesto Moldova 10,000 10,000 500 500 3 3 - - 30,000 31,000

Marodi.tv Senegal 50,000 60,000 2,440 4,000 10 10 6 5 26,000 26,000

Nearest Locator Nigeria 10,000 15,000 - - 4 3 1 1 70,000 100,000

Prowork Nigeria 40,000 60,000 500 250 4 5 - 1 12,000 14,500

SweetSOA Jamaica 300 500 - - 2 1 - - 122 150

Teddy The Guardian Croatia 100,000 540,000 - - 2 8 2 5 2,800 2,800

Tuning Fork Azerbaijan 10,000 10,000 - - 5 4 1 1 - -

Waabeh Kenya 6,000 15,000 150 250 3 3 - - 7,500 24,324

X-Rift Kazakhstan 11,000 11,000 - - 6 19 2 3 11,000 20,000

TOTAL 435,800 930,500 28,590 30,000 79 100 35 38 620,409 1,731,645

Total FundingAvg Monthly

RevenueEmployees

Women

EmployeesDownloads

Re sults Gri

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Go

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IDR

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Ma

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Pro

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Sw

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Gu

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Tu

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Wa

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X-R

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T o ta l

Access toFinancePersonal funding >$215000

Friends and family $50000

Angel Investors $100000

Grants / Seed Funding $145,000

Job CreationFull Time Jobs 50

Part Time Jobs 40

Jobs for Women 38

Market ValidationDownloads >750,000

Revenues >$30,000 / month



Mentor Testimonial Mark Thirman, Vice President, Indirect Channels, M2M Americas, Vodafone Group Enterprise, Inc. Mark Thirman was paired with Daniel Tonkopiy of X-Rift. Mark has over 25 years of experience in executive, business development, and sales roles gathered in a broad range of telephony, infrastructure, networking, and computer companies, which he was able to share with Daniel Tonkopiy.

I had the opportunity to work with a great entrepreneur, Daniel Tonkopiy, of X-Rift. He is from the Ukraine, which Im sure youre aware is very much in the news these days. While many of our entrepreneurs are from emerging markets with difficulties, I fear that things are so unsettled in that region, that Daniel and his company will benefit from further opportunities outside his home region.

While working with Tonkopiy, Thirman shared that Daniels biggest improvement has been that he now adds, more detail to his pitch, understanding the need to tell a story, be succinct, understanding that the product is important, but the business is the thing being discussed.

Furthermore, Daniel and I have remained in touch since the end of the mentorship period, which is another sign of an entrepreneur worthy of further consideration and support. I act as a guest lecturer on occasion at MIT Sloan and Tufts, and one of the hallmarks of Sloan students is their ability to network and follow up. Daniel would fit right in with any of the Sloanies, with his skill set.

Thirman also sends a warm message to VentureOut: This was a great program. Thank you for including me in this!

Entrepreneur Success Stories

Teddy the Guardian Ana Burica and Josipa Majic, Croatia Category: Health Josipa Majic and Ana Burica, co-founders of Teddy the Guardian, are the recent winners of the 2013 VentureOut Challenge, which was sponsored by CRDF Global and infoDev. As a result of the teams fantastic performance, the team was selected to attend TechCrunchs Disrupt Europe event on October 26-29, 2013 in Berlin, Germany. CRDF Global also decided to sponsor medical device

startup Teddy the Guardian during the 2014 International CES in Las Vegas, Nevada from January 7-10, 2014. Developed in Croatia, Teddy the Guardian is an individually designed plush teddy bear with built-in medical sensors that track a child's vital signs and send recorded values wirelessly to a physician or parents tablet or web application. Teddy the Guardian is focused on supporting parents, children and physicians in making the medical care process happier and less stressful. In todays global economy, the ability to solve problems requires not only innovation, but determination, CRDF Global Senior Vice President John Hurley said. Teddy the Guardian embodies the



type of innovation we strive to support at CRDF Global. With an entrepreneurial spirit, it bridges the gap between children, their families and medical providers, which is very innovative and valuable. During the event in Moldova Ana stated, We developed broader perspective on employment and fundraising issues and gained some relevant insight from mentors like Amir and Augie, especially. Before and after the VentureOut event in Moldova, the team received mentorship from Andres Blank, the founder of Pixable - one of the biggest photo apps in the mobile space with almost 10 million downloads before selling to SingTel for $26.5M in 2012. Blank said that during the mentorship, I'm helping them mainly with a fundraising strategy and I believe it has improved. The team feels that Blank has been very helpful in developing and advancing our business goals and strategies. Ana has reports that talks with mentor are more illustrative and to the point. We really appreciate dedication that has been delivered from the organization team, are very grateful for the mentors you chose due to their extensive experience and very helpful advice that we could apply to our specific case.

Furthermore, the team reports that participating in VentureOut has helped them access people in new markets. As a result of some of the contacts they have made, Teddy the Guardian established its presence in even more market niches than they had originally planned. Their team of extraordinary PhD level engineers, experts and partners from CEE region, Western Europe and the States are ready to deliver Teddy the Guardian which they believe will redefine the medical industry.

Waabeh King Ori Maina and Jeff Maina, Kenya Category: Entertainment/Games https://waabeh.com Waabeh is Africas audio market for music, audiobooks and podcasts available on the Web, as an Android app and Nokia Windows 8 app. The venture helps people discover new and vintage African sounds. Two of three co-founders of Waabeh, brother duo Jeff (the teams front-end developer) and Kingori (the teams CTO) of Kenya, traveled to Moldova

together as a part of VentureOut Challenge. Before attending the event in Moldova, the team had already reported that VentureOut provided them with crucial knowledge. Jeff reports, The whole business model & lean startup canvas model; the entire lesson in the Udacity course was great! Kingori was looking forward to the VentureOut event Moldova to learn how to present and pitch the business. The team was paired up with mentor Scott Hartley, who is a Venture Capitalist in mobile and consumer electronics with Mohr Davidson. Over three meetings with Scott Hartley, Kingori indeed reported that Scott helped the Waabeh team improve on the pitch and use the time given well. Scott noted that the team has improved on their ability to articulate simply and clearly the problem statement and solution they are offering, and that hell definitely keep in touch with the team in the future. Kingori reported



that since being involved with VentureOut, the team has been able to scale and expand their business and that they can attribute some of this growth from the lessons they had learnt from the event in Moldova.

Nearest Locator Ayoola Ajebeku, Nigeria Category: Navigation www.getnearest.com Nearest Locator is a mobile application that helps you locate nearest points of interest; like banks, ATMs, hospitals, filling station, interesting events and where to get products at reduced prices. All this information is even more crucial in

emerging economies as data from larger providers is often inaccurate for developing markets. Ayoola has reported, The number of downloads we have has increased greatly, from just 200 to over 61000, from October 2012-October 2013. Ayoola was a great contender in VentureOut as his app was already going global. As Ayoola notes, Our initial market was Nigeria, but today we have active users from India, Ghana, and Kenya. For the VentureOut mentorship program, Ayoola Ajebeku was matched with Alex Bashian a Senior Investment Manager for Invested Development, which is an impact investment fund manager investing in seed-stage, for-profit social enterprises with innovative solutions to poverty in mobile technology and alternative energy that serve emerging markets. Alex shared with us the details of the mentorship conversations, I have offered guidance on critical issues as the company develops and emphasized that the questions must be clear and concise and well thought out. Alex noted that Ayoola had gained longer term thinking and improved understanding of the value proposition and revenue model, during the conversations that Ayoola and Alex had together. Ayoola feels enlightened by his mentor saying, He has given us great insight into what investors are really looking out for whenever we apply for funding. With the help of Alex, I now know how investors think and that has helped improved my pitch deck. We recently got $5000 grant from a local venture capitalist, thanks to improvement of our pitch deck. As a result of his participation in VentureOut, Ayoola now believes that the business model is as important as the product itself. Today Nearest Locator counts over 180,000 downloads and preinstalls and they are expanding from Android to other mobile platforms like iOS, Windows Phone and Nokia X.

Marodi TV Jimmy Kumako, Senegal Category: Entertainment/games http://www.marodi.tv Jimmy Kumako is the Mobile Project Manager at MarodiTV, a company based in Senegal that streams African content online and on mobile phones. Before coming to VentureOut Challenge event in Moldova, Jimmy noted that MarodiTV had experienced growth from 500000 page views to 1 million page



views per month. Just prior to attending VentureOut Challenge, the company had launched its mobile app, bringing the desktop experience of MarodiTV to mobile phones. For mentorship, Jimmy was paired with Anju Aggarwal, Associate Director of Mobile Financial Services at LeapFrog Investments, a company that invests in high-growth companies in Africa and Asia. Anju shares, They became much more informed on what should go into an investor presentation and pitch and followed a number of my steps such as an elevator pitch and structuring an investor presentation. I've let them know I am always available and open to them bouncing ideas off me, asking for my help on presentations, making intros or more. Jimmy shares that Participating in VentureOut helped us realize our potential. It also helped us get out of technical matters and think more business. Jimmy found the mentorship very helpful. The mentor helped us to get prepared for meeting investors. In the mentorship process, I learned how to present the venture to an investor by focusing on the appropriate points. Investors have specific areas of interests that we must address correctly. Jimmys biggest take away has been the importance of a well-defined and tested business canvas, and that a startup is not a smaller model of a bigger company. As of March 2014, MarodiTV has more than 30,000 downloads combined from iOS and Android stores, and more than 40% of its users come from mobile, as opposed to only 20% in October 2013.

X-Rift Daniel Tonkopiy, Ukraine Category: Entertainment/games www.x-rift.com Daniel Tonkopiy is a serial entrepreneur, Founder and CEO of X-Rift, he previously founded best.ua (the Yelp for Ukraine), and co-founded adlog.tv (video search on TV, "google for TV"), chudocard.com.ua (coalition loyalty

program), mp.kz (procurement system) and others. Tonkopiys X-Rift is an augmented reality game that is the first of its kind, with the development team based in Ukraine. The concept was inspired by the game Ingress that integrates mobile technology into group gaming. After creating the first version of X-Rift in February 2013, the team began showcasing X-Rift to many people in the gaming industry and community, and they found strong interest to try out the game from everyone from designers, programmers. Ingress players in particular were interested to try it out. Throughout 2013, X-Rift has been networking, entering, and placing very high in competitions including the Best Mobile App Game in Europe and Central Asia and taking 2nd place in CRDF Globals Science and Technology Entrepreneurship Programs IT Startup Boot Camp in Lviv of Western Ukraine. In October of 2013, X-Rift participated in VentureOut and was one of the top 5 mobile apps from Eastern Europe and Central Asia who was invited to participate in the finals event in Moldova and receive 3 months of mentorship via the program. Tonkopiy met two mentors David Kirsch, a professor of business at of University of Maryland and Mark Thirman, a Vice President at Vodafone via the VentureOut program. Tonkopiy subsequently won a contest hosted by the government of Kazakhstan which sent him and four other Kazakhstani



entrepreneurs to Silicon Valley and Los Angeles, CA for two weeks. These two introduced Tonkopiy to many valuable connections in Silicon Valley. The mentors that Tonkopiy met during VentureOut were valuable allies that helped him maximize the benefits of the business development trip to the USA. Tonkopiy highlights, Mark Thirman helped every day while I was in the U.S. via emails and Skype. David Hirsch introduced Tonkopiy to staff from a couple of game studios with whom Daniel was able to set up meetings during his time in California. These introductions helped X-Rift find a potential partner for publishing their game and Tonkopiy is discussing the next steps to take in that relationship. The most valuable part of working with VentureOut has been the mentors, connections and network, says Tonkopiy. When sharing advice with other entrepreneurs, Tonkopiy is resolute: When entrepreneurs work with mentors, they should always ask about relevant contacts for their projects. Contacts are the most relevant resource for new startups. There are some problems we as entrepreneurs can solve with money, but contacts, you cannot get by sitting in the office. The most powerful thing Ive received from participating in VentureOut and other tech development programs are new friends, and colleagues. The X-Rift team is currently working on the second version of X-Rift and plans to have a Kickstarter campaign in 2014.

M.A.D.E. - My App for Disasters and Emergencies Ade Inniss-King and Elisia Madonna Corrian, Trinidad & Tobago Category: Safety M.A.D.E. is a Caribbean based startup that creates value for its users by effectively delivering actionable, location-specific information about natural disasters and emergencies. The Caribbean has its fair share of natural disasters, so there is a market for the app. In 2012 Trinidad & Tobago

experienced flash flooding that caused over US $15 million in damages in Diego Martin. In Haiti, a 7.0 magnitude earthquake struck in 2010, resulting in at least US $8 billion in damages and left hundreds of thousands dead. It connects those in need directly with first responders and disaster response coordinators, enabling them to optimally allocate resources, something greatly lacking in the Caribbean. The project director, Ade Inniss-King has fifteen years of experience at Kronus Geological Services Limited, a geological consultancy operating in Trinidad and Tobago whose major clients include Centrica Energy, BG T&T, BHP Billiton, and Repsol YPF. The VentureOut mentorship program has been instrumental in helping the MADE team decide on a specific business plan. Of the support she has received Inniss-King said, Ovidiu Bujorean [Senior Project Manager at CRDF Global] and Simon Obstbaum [Founder of the IT firm YOPESO and a mentor at VO Challenge] were particularly useful in giving us global insight on how to grow our startup. Santiago Tenorio, our mentor, continues to act as a sounding board for new ideas and is kept up-to-date with latest developments. His input has been invaluable. One of the most important principles the MADE team has learned under mentorship is the idea to, as Ade says, Nail it, then scale it.



Another valuable lesson MADE has learned is to not focus on what they as a team think is a good idea, but to focus on the people they are making their product for. Designing for the customer is the only way to make demand sustainable. Under the supervision of mentors, the staff of MADE hosted a Startup Weekend event in Trinidad and Tobago, the first event of its kind. Not only is MADE a force in their own field, but they are seeking to build an entrepreneurial ecosystem for the whole Caribbean region. Since participating in the Venture Out program, MADE has:

Extended their professional networks regionally

Established meaningful relationships with two local insurance companies who signalled their intent to advertise on the platform

Completed the alpha build prototype on the Windows Phone 8 platform

Scheduled a Beta release for May 1st, 2014 Not only has mentorship allowed for these things to happen, but the whole MADE team has expressed their deepened understanding of the benefits of mentorship and is committed to maintaining mentorship relationships for the entirety of their time in business.



IV. Monitoring and Evaluation (M&E) Monitoring and evaluation (M&E) are key program components of Knowledge Management that assure transparency, quality control, monitor program progress, address problem areas during the course of a programs lifespan, and evaluate short-term, intermediate and long-term outcomes of VentureOut. Below we present our methodology of M&E and our findings.

VentureOut Mixed Methods of Measuring Results A mixed methods approach to collecting and analyzing the qualitative and quantitative data was employed. The use of mixed methods allowed the triangulation of data collection and the provision of multiple lines of evidence of program successes and/or shortfalls. A participatory, collaborative approach seeking input from all stakeholders was used to bring together data points that illustrate the achievements of VentureOut. A listing of the mixed-methods approach used in VentureOut is visually presented below. Figure 4: Components of VentureOuts M&E Approach

The following types of evaluations were conducted during the course of the program:

A survey of all 113 applicants was conducted via Google with 16 responses, constituting a 14% response rate.

A baseline survey was conducted via SurveyMonkey with the Top 24 participants to collect information on their venture startups and to seek their feedback on the on-going trainings. 21 participants responded to the survey, constituting an 87.5% response rate.

A follow-up survey was conducted with the Top 13 entrepreneurs via SurveyMonkey to collect information on participants experience with the mentorship and its usefulness for making positive changes in their business ventures (11 of 13 responded with an 85% response rate).

A comparative analysis of the top 13 finalists and 11 semi-finalists VentureOut Submissions was conducted to analyze strengths and weaknesses of the submissions to determine concrete ways that curriculum, mentorship and training might address weaknesses.

An end-of-event evaluation of the Moldova Boot Camp Participants, a hard copy survey, was conducted and the final evaluation report of the Moldova conference was written.

VentureOut's Mixed Method Approach

On-Site: observations, feedback from program participants, finalists, mentors and

enablers, informal interviews

Surveys of the enablers; end-of-event evaluation

Review of competition applications

Participatory monitoring and

evaluation

Baseline & end-of-program surveys with partcipants



A survey was conducted with VO Mentors via Survey Monkey two months after the event to understand their satisfaction with the mentorship, seek feedback to improve the program and explore their willingness to stay in touch with their mentees; eight of 13 mentors responded, constituting a 61.5% response rate.

A survey with enabler organizations was conducted via Survey Monkey at the end of the program; 100% (eight of eight) in-country enablers responded to the survey.

Feedback through in-person communication was also solicited by CRDF Global team from all stakeholders, including mentors, participants, finalists and enabler organizations. The results based on data collected from each group is located in the Lessons Learned and Recommendation section in this report.

A Four-Level Model Approach to Measuring Results A four-level model of measuring results is employed to quantify the VentureOut-related benefits as well as measuring success of the program as a whole. These levels are illustrated below: Level 1: Satisfaction: Was VentureOut and its multifaceted components and modules valuable

and beneficial for participants and enablers? Did the program deliver expected outcomes? Did VentureOut meet participants and enablers professional goals and expectations?

Level 2: Knowledge Gains: Did the program encourage subject-related knowledge gains? Does the program encourage a realistic plan to use the knowledge?

Level 3: Behavioral Change (anticipated outcomes): Will participants use their new knowledge and experience to benefit their ventures? Will enablers apply new knowledge to strengthen their organizations and provide further support to entrepreneurs as well as to encourage new startups? What are the major areas of new knowledge application?

Level 4: Institutional Change & Sustainability of Effort (anticipated outcomes): Will VentureOut result in internationalizing mobile apps, ventures growth, new job creation, new funding obtained? What regional and international contacts and linkages have participants built as a result of VentureOut? Will VentureOut encourage new initiatives in each participating county and the regions?

Figure 5: A Four-Level Model of Measuring Program Results

Level 4: Sustainability of Effort Has VentureOut resulted in internationalizing mobile apps, venture growth, new job creation, new funding obtained, new regional & international contacts & linkages? Level 3: Behavioral Change Have participants used their new knowledge and experience to benefit their ventures? Have enablers applied new knowledge gained?

Level 2: Knowledge Gains Did the program encourage subject-related knowledge gains? Is the knowledge actionable?

Level 1: Satisfaction Was the VentureOut project-related activity/training beneficial and dit it produce the expected outcomes?



V. Summary of Findings Results of the Four-Level Approach Below we will explore a summary of findings as they relate to the four level approach. Level 1: Satisfaction: Was VentureOut and its multifaceted components and modules valuable and beneficial for participants and enablers? Did the program deliver expected outcomes? Did VentureOut meet participants and enablers professional goals and expectations?

Over 90% of participants at the VentureOut Finalist Event found all sessions at the event valuable or very valuable.

Participants rated the judges feedback on their submissions at an average score of 4.13, a score between very helpful and extremely helpful

All eight enablers reported acquiring new ideas and skills as a result of participating in VentureOut

Level 2: Knowledge Gains: Did the program encourage subject-related knowledge gains? Is the knowledge actionable?

18 of 20 VentureOut semi-finalist and finalist respondents reported learning useful knowledge during VentureOut in the baseline survey

13 of 13 VentureOut semi-finalist and finalist respondents reported either creating or improving their internationalization plan as a result of being involved with VentureOut

Level 3: Behavioral Change (anticipated outcomes): Will participants use their new knowledge and experience to benefit their ventures? Will enablers apply new knowledge to strengthen their organizations and provide further support to entrepreneurs as well as to encourage new startups? What are the major areas of new knowledge application?

10 of 11 VentureOut finalists reported that VentureOut has improved their professional skills and helped them improve their venture pitch

The majority of VentureOut finalists reported that VentureOut has empowered them to improve outreach to customers, form key connections and networks and make key operating decisions

6 of 8 enabler organizations have hosted internationalization events, showing they have already put to use the knowledge on internationalization that has been developed

Level 4: Institutional Change & Sustainability of Effort (anticipated outcomes): Will VentureOut result in internationalizing mobile apps, ventures growth, new job creation, new funding obtained? What regional and international contacts and linkages have participants built as a result of VentureOut? Will VentureOut encourage new initiatives in each participating county and the regions?

The Enterprise Hub Nigeria, mLab South Africa have given indications that they will incorporate internationalization into their future programming

2 of 11 VentureOut finalist respondents have reported entering 3 new markets by investing $5,000 USD and employing an additional 5 people resulting in 70,000 more downloads and a growth in revenue of $10,000 USD

11 VentureOut finalists reported making a total of 77 strategic connections via VentureOut



The 13 VentureOut finalist ventures reported to employ 100 people in March 2014, up from 79 people reported in October 2013

Feedback on participation in VentureOut As VentureOut is designed to inspire the mobile app entrepreneurial community to internationalize their innovations, all 113 applicants who applied to participate in the VentureOut community were invited to share information about the application procedure and helpfulness of the feedback received from the judges. Of this group, 16 respondents responded, and all of these respondents shared that the written feedback they received from the VentureOut judges about their submissions was either helpful or very helpful. They ranked the feedback helpfulness with an average score of 4.13, using a scale from 1 to 5, where 1 is not helpful and 5 is very helpful. Many of these respondents offered detailed comments, including the following quotes:

Participating in the competition was great training and experience for me. The judges feedback on my submission was concrete and provided value. The judges made clear what I was feeling deep down about my business. The feedback helped us to reshape our pitch deck in terms of the business model. The best advice I received was While my idea may make sense to me, I need to find out how it would make sense

to others (customers, investors). Input for others is vital in structuring your idea. What you think the customer wants may not be what the customer actually needs. Investors are looking for a return on their investment so your idea needs to show how it would benefit them.

The best thing I learned was Everything related to Lean Startup methodology. I found a lot of new ideas because I went out to my customers.

I appreciate that the webinars were recorded and available later when we could not attend. We are very positively surprised by the concept of this event and would definitely like to encourage this to go on

as something that diversifies itself from other mainstream startup competitions.

Baseline evaluation of the top 24 VentureOut participants A baseline evaluation survey was conducted with the top 24 VentureOut participants to collect data on participants ventures, number of employees by gender, the size of the ventures and growth within the last twelve-month period, funding sources and prospects for the future. The survey was administered to the top 24 ventures who were at the semi-finalist level. All 13 finalists responded, and 8 of the semi-finalists responded, for a total of 21 respondents. Survey questions addressed only the programming that was offered by VentureOut up to October 26, 2013. Therefore, the survey results do not include benefits that may have been attributed to participation in the finalist event in Moldova, or to mentorship that occurred during or after the Moldova event. These survey questions were designed to collect the following information:

Basic baseline statistics of the status of the mobile app at the time of response Strengths of and suggestions for the VentureOut program as reported by the respondents

Answering the question regarding the best single professional/personal experience that entrepreneurs had during their participation in VentureOut, a wide range of answers was provided, indicating a number of benefits received. One entrepreneur mentioned the best experience they had with VentureOut included: business development, networking, fleshing out business model with a lean canvas approach, how to make business development - with focus on monetization and business model,



and a focus on customers. Additional quotes, depicting the whole spectrum of best experiences are provided below.



Comments from the top 24 participants on the best single experience My best personal experience was to learn the importance of getting international patent for the project, in September,

during travel to Silicon Valley arranged by CRDF Global Program. Having my question on viral social media advertising, answered at a seminar at the World Bank! Our mentors, local and global, were very helpful. They listened and gave insights, suggestions and specific action points. In the mentorship process, I learned how to present the venture to an investor by focusing on the appropriate points.

Investors have specific areas of interests that we must address correctly.

Connecting with a Turkish-American mentor, when we are looking at Turkey as our next market for expansion.

The efficiency of Amanda Gant to get my passport to the US and back to me on time. Reviewing and refining the business model canvas with our mentor. He provided AMAZING insight that allowed us to

create the minimally viable product and achieve good product-market fit. Amazing talk with Andres Blank (mentor) on sales and raising investments in the USA where his company is located.

That particular connection will help us contact best VCs and angel investors once Teddy the Guardian moves to the States.

Everything was professionally done, the feedback from the judges useful and the handler (Amanda) was amazing and getting everything together.

Participants were asked to share the best lesson that they had learned while participating in the VentureOut Challenge, and to indicate which component of the program that lesson (new knowledge) came from. Participants listed different aspects of knowledge that they gained through a variety of program activities and interactions, including webinars, videos, interviews and mentor sessions. One entrepreneur highlighted a better understanding of thinking globally, how to prepare presentations for interested investment and how to do a lean canvas and flesh out business model, how to prepare a business attractive pitch for investors, and focus on customers, the true value of the business model canvas and customer interviews as being essential data points. Many participants stressed that learning they gained from the webinar about business model and focus on customers was crucial and a true discovery. Additional quotes, highlighting knowledge gains are listed below.

Comments from the top 24 participants on the best single experience The best lesson was that advertising may not be a viable sole income model for a social platform until the user base

has reached critical mass. It forced us to reassess and to quickly find other ways in conjunction with advertising to monetize the app in order to survive.

The whole business model & lean startup canvas model. The entire lesson in the Udacity course was great! In listening the founder of Pixable, I found out that you should never give up on your idea. When something doesnt

work, pivot. Minimal Value Product concept from videos I watched as well as Lean Start up methodology. Not everything could be

used daily, but I found a lot of interesting stuff including how to test my ideas and future developments. On top of it during interviews I found some very nice ideas that I intend to test and implement according to priorities.

From videos watched, the best lesson was "A startup is not a smaller version of a bigger company" The need for more customer interviews. We already subscribe to the lean startup methodologies at Prowork, usually

we did 1-3 customer interviews weekly but the Launch Pad Central course challenged us to do more. Now the target is 10 weekly, such that every opportunity we are speaking with people and learning the business problems, some of them become paying customers at the end of the interview.

The lean startup methodology - Udacity videos Nail it, then scale it - Mentor The extent to which VentureOut Challenge is international taught us a great lesson and focused our attention on the

countries and continents that have extraordinary projects and teams which we will meet in Moldova and that is specially exciting and provides opportunities for collaboration because we do not have a chance to spend time with entrepreneurs from Africa, Caribbean Islands and Asia.

Answering the question on what major things participants wanted to learn and apply in their venture, the majority who responded to this question highlighted that revising commercialization strategy



would be critical. When providing their recommendations on what activities, sessions, and additional training topics to be included in order to help to further develop their ventures, participants highlighted among others, market acquisition technique, marketing and sales, customer development, introductions to serious mobile investment firms, how to manage and motivate project team members, as well as to learn more about social media /online marketing, lean start-up survival techniques for the first year of operations, and to develop skills in financial management.

Mentorship Evaluation by Entrepreneurs From December 19, 2013 to January 31, 2014 the top 13 entrepreneurs were invited to respond to the follow-up survey regarding business statistics and their participation in VentureOut mentorship. This survey served to gauge the entrepreneurs satisfaction with mentorship. Thirteen participants received mentorship, eleven (85%) responded on the final survey about mentorship and their satisfaction with the VentureOut program as a whole. The analysis of the responses from the final survey are presented below.

Finalists satisfaction with mentors and benefits of mentorship: The mentorship was one of the key components of the program and was designed with three objectives in mind: Preparing the entrepreneurs for the pitching competition, guiding them through their work with the business model canvas and encouraging entrepreneurs to improve their mobile apps based on feedback from their customers and the market. Based on the survey responses from entrepreneurs, the mentorship program was evaluated overall as very helpful in improving their mobile apps. 82% (9 of 11) found their mentorship helpful, very helpful or extremely helpful 82% (9 of 11) found the use of LaunchPad Central and the Lean Startup Methodology helpful,

very helpful or extremely helpful in improving their mobile apps Graphs 1 and 2 below illustrate participants satisfaction with the VentureOut mentorship program as well as with LaunchPad Central and the Business Canvas. Graph 1: How helpful was the VentureOut global mentorship?

37%

27%

18%

18%

How helpful was the VentureOut global mentorship?

Extremely Helpful Very helpful Helpful

Somewhat helpful



Graph 2: How helpful was the use of LaunchPad Central and the Business Canvas?

Satisfaction with and benefits of VentureOut Program Participants were asked a multiple choice question to report on benefits received as a result of their participation in VentureOut. All 11 entrepreneurs (100%) reported on benefits of participating in the program, marking one answer or the other. Those benefits included improving professional skills, preparing a stronger pitch, improving outreach to customers, establishing linkages and contacts, building networks, developing skills on how to make key operating decisions, understanding and utilizing business models and improving the venture outcomes. Table 4 and graph 3 below illustrate a wide spectrum of benefits listed by the participants. Table 4: Benefits received by participants as a result of VentureOut Benefits received from VentureOut % and # answered

Improve my professional skills 91% (10)

Prepare a stronger pitch 91% (10)

Improve outreach to customers 64% (7)

Form key connections and networks 64% (7)

Make key operating decisions 55% (6)

Understand and utilize business models 45% (5)

Improve the venture outcomes 36% (4)

ventureout project report

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