Posts tagged ‘Entrepreneur’

May 24, 2013

3 reasons why you should attend Startup Iceland

I am the Master of my fate

I am the Master of my fate

I have been debating this internally, I would really like your feedback on this. Do you feel that there is value in a conference like Startup Iceland? I think there should be, here are my reasons:

  1. Inspiration and Knowledge: The purpose of events and conferences is not just to listen to someone talk about their success but to get inspired to act. Take ownership of challenges and act on them. Having people who have walked that path share their experiences gives us motivation and courage. My guess is if you hear some of the speakers share their troubles and tribulations, you may say, hey, that does not sound so bad maybe I can do it. I think we have a fantastic line of speakers, any conference around the world would love to have this roaster…
  2. Networking: One of the most popular blog posts that I wrote was about the 2 Must have skills for Entrepreneurs, you guessed it right it is Networking and Selling. During the conference, you as an entrepreneur get the opportunity to have a booth where you can sell your idea and while doing that get a fantastic chance to network with local participants as well as all the guests who are coming into to Iceland. The guests who are coming are curious about Iceland and want to learn more about it and guess what you are the expert there, you live in Iceland. It is a fantastic opportunity for you to present Iceland and your company or your idea or your dream, whatever to build a relationship with someone across the pond. Having contacts around the world is invaluable to doing business. If your idea takes off and you need to go sell it in the US or Europe or wherever, having someone who you have met, connected in Iceland gives an excellent bridge into whatever you need to do in that persons home market. Don’t believe me ask Gunnar Holmsteinn, how he built CLARA’s presence in Silicon Valley. It is all networking and building relationships.
  3. Participation: Not everyone has the time or the energy to organize events like what we are trying to do with Startup Iceland, but we are doing this to bring value to the Startup and Entrepreneurial Community here in Iceland. We have fantastic press coverage, a lot of people want to come to Iceland and see this miracle of a recovery that is happening in Iceland. Dont you want to participate in this transformation? How can you contribute? well, it is simple, just show up! if you don’t have time to volunteer, then you can take the time to attend the event. There are 3 events, the Hackathon which does not require any fee, you just need to have a computer and know how to write software programs in any language, we provide the food, drinks and all the help you need to build something of value. The last hackathon winner got recruited into GreenQloud and the solution he build was released as a service by Twitter 2 week after he had built it. So, you don’t have software development skills no worries, show up for the Unconference event, where all we need is for you to participate and share your ideas on how to build a sustainable, antifragile startup/entrepreneurial ecosystem in Iceland and in the world over. All of us have ideas, here is a platform for you to contribute. You are shy and don’t want to do that, no worries, the 3rd event is a simple conference where you just participate and listen to those who have walked the path.

…all this being said, I hear people complain about the cost of the conference. I believe very strongly that the ticket price to participate in Startup Iceland is an Investment not an expense. An investment you are making in yourself, your company or your idea or your dream. Why would you not want to invest to build yourself? rather than focusing on the cost, focus on the value, what is the value you derive from participating? If you don’t think there is value in this event, I want to hear about it please share it with me, I have my email in the public domain it is bala at startupiceland dot com. We are here to build something and those who give feedback do it only when they care. So please care!

We had the same discussion last year, and I wrote a blog post on who should attend the event. Lets talk about costs, it costs thousands of ISK to get a flight ticket, hotel room etc to go to a similar event outside of Iceland. It should be obvious that having all these speakers come to Iceland would be beneficial to the local Entrepreneurial community. Still people complain. All I say is try organizing an event like this and provide food, drinks, venue for 250+ participants, flight tickets to 9 guests, hotels, taxi etc I have thrown the challenge out to many people, you have better ideas to organize this event please contact me and tell me how we can do this better. Every member of the group that is organizing Startup Iceland is a volunteer, none of us get paid to do this and if you thought this does not take time and effort, please reach out to me I will buy you coffee and you can tell me how we can do this better. I am not an expert but I am committed and motivated to build a startup ecosystem in Iceland to help the future enterpreneurs… help me to help them. Participate! nothing happens by magic or miracles, it is the age old saying, a lot of blood, sweat and tears have been spilt to build society. This effort is no different.

May 14, 2013

Lauf forks – Startup Profile

Magnús Ragnarsson

Magnús Ragnarsson (I really liked this picture, he looks good doesnt he?)

LaufForks_Heimasida6_900x514Magnus Ragnarsson was the host of Startup Iceland 2012 and we requested him if he would oblige us the same service this year for Startup Iceland 2013 and he agreed. Yay! Thank you Magnus. Magnus has been part of the media, entertainment and startup scene in Iceland since the very beginning days of OZ and Lazy Town etc and in addition to that he is avid cycler and is organizing the WOW Cyclothon. He pointed me to a new startup in Iceland called Lauf that has designed a shock absorber for bicycles that is 500 grams lighter than the competitors out there and it is all carbon fibre based there is no metal involved. I am no cyclist or know anything about bicycles but the design of this shock absorber is pretty cool. I think this startup has potential, that being said, I always come back to the same notion that it is not the idea or the product or how ingenious the solution is, it all comes back to how well you sell the story, tell the story, in what platform you tell the story and do you get attention from the main stream media to attract potential partners, investors and customers. Talking to Magnus it looks like this startup is going the same route as many startups in Iceland, i.e trying to figure out how to make this thing rather than trying to figure out how to sell this thing. I think Lean Methodology to sell this is best way to build a company. That being said, maybe the founders are doing that and I don’t have enough information to say what they are doing is right or wrong. I believe very strongly that there is a lot more to building startups and companies than a great idea. Anyways, check it out. The global bicycle market is massive multi billion dollar industry and providing parts to that industry is not a bad business.

May 12, 2013

SI2013 – Speaker Profile – John Sechrest

johnsechrest_headshotI got connected to John through Kristjan Freyr Kristjanson, CEO of Innovit+Klak and who runs Startup Weekend in Iceland. I had always felt that what we lacked in Iceland was broader participation of investors and mentors in the Startup community. John has been solving that problem in Seattle and in the greater Washington state. I am excited to hear about how he has been able to get new Angels to invest into the startup companies. I am also really excited by the philosophy that John has put into practice through his Seattle Angels Network. Startup companies need a lot of due diligence and investors need to play a role in actually helping the startup get off the ground. I believe strongly that Investor group has to work as hard as the Entrepreneur to make the startup a success. I have been writing about Brad Feld, Brad Burnham and Fred Wilson, in my opinion the successful venture investors work much harder than any entrepreneur I know. Check out the documentary “Something Ventured“, it is obvious how much effort the early VCs started to invest much like Angel investors and how much effort they put into each of the companies that they invested in. I think the advent of the Investment Management profession has killed the spirit of each and everyone to become an investor and entrepreneur. I think we have some really smart people working in the Investment management and Asset management business but I don’t think Investment is something that we should outsource. By getting involved with early stage companies with the partnership of experienced angel investors and investor mentors I believe anyone and everyone can invest in Startups and be successful. Don’t believe the fear mongering that your Financial Advisor gives you, Risk is misunderstood consistently by everyone so Investment or Fund managers are no different or better than any of us.

Anyways, I have digressed enough. The post was about John, John Sechrest is the founder of the Seattle Angel Conference and the Willamette Angel Conference, each providing a venue for new angel investors to explore the process. He is a co-organizer of the Lean Startup Seattle, helping entrepreneurs get focused on stronger company processes. As a global facilitator for Startup Weekend, he has worked with several communities take a step forward on entrepreneurial ecosystem development. The motivation to get John to visit Iceland and participate in Startup Iceland is to bring some knowledge on how we can create an Effective Angel Investor community here. I want to expand on the idea that John and other successful Angels have created. Maybe we will launch as I had wrote about before an Accelerator for Investors so young and new investors can get started early and participate in building an Antifragile Startup Community in Iceland.

May 4, 2013

Its the Entrepreneur…and the Team

Gunnar, Co-Founder/CEO

Gunnar, Co-Founder/CEO

svenni

Svenni, CFO

Unless you’ve been living under a rock, you’ve probably heard the news that CLARA was acquired by Jive Software (NASDAQ:JIVE) last week. Everyone in Iceland is talking about this deal. It was the first investment my partners and I at Auro Partners made in Iceland. We are very happy to have shared the journey with Team CLARA (a.k.a Resonata). If I am not wrong, this is the first Icelandic software company to be acquired by a NASDAQ listed Silicon valley company. This was a huge win for CLARA, Jive Software and for the Startup Community in Iceland!

Gummi, CMO

Gummi, Co-Founder/CMO

Sverrir, CTO

Sverrir, CTO

I continue to emphasize that the key to success is always the entrepreneurial team. Finding and assembling the right team to drive success is an art. CLARA’s success can be attributed to many factors aligning at once and at the right time. But the core factor in CLARA’s success was its team. Auro Partners was impressed with the technology CLARA was building, but we invested in its founders.

I have written about CLARA before and the team at CLARA. This acquisition effort was led by Gunnar Holmsteinn (CLARA’s CEO), Sveinbjorn Indridarsson (CFO), the dedicated members of CLARA’s team, a committed Board of Directors, and guided by our lawyer Justin Hovey from Pillsbury Law.

Maggi, Co-Founder/Designer

Maggi, Co-Founder/Designer

Jon, Co-Founder/Developer

Jon, Co-Founder/Developer

There were numerous late night meetings, legal documents to review, negotiations, round table discussions and hard work that brought this win home. Like the startup team itself, the people that comprise the Board of Directors of a startup makes a huge difference in the company strategy, direction and opportunity for success. We were very lucky to have had a wonderful and dedicated Board, that consisted of experienced business minds with diverse backgrounds: Egill Masson from NSA, Paula GouldRagnheiður H. Magnúsdóttir, myself and Bjarni Armansson. Together we had the right mix of people with the right backgrounds and the right attitude.

The last 3+ years with Team CLARA has been a huge learning experience for me personally and I would like to thank every member of Team CLARA to have given me that opportunity to be their first investor and the Chairman of the Board.

210317_10150100521859906_8190227_o

Steinn, Developer

Steinn, Developer

Tomas, Developer

Tomas, Developer

On behalf of Auro Partners, I will say we are extremely happy to see Team CLARA get to do the things they love doing, and successfully. We are more confident now than ever about our Investment thesis on Iceland and excited to be part of the Startup Community in Iceland. We will continue to invest time, money and effort into building a much more vibrant business community in Iceland.

Rick, Sales

Rick, Sales

If you are an Entrepreneur or a startup team, you should definitely participate in Startup Iceland 2013. Gunnar Holmstein will be among one of the many exceptional and experienced speakers this year. He will share with us his journey, stories and strategies that worked (and didn’t work) for Team CLARA. Don’t miss out on the opportunity to learn from someone who fought the good fight to bring Iceland a huge win.

April 19, 2013

Icelandic Geothermal Cluster

Had a chance to meet with Hakon Gunnarsson, the Managing Director of Gekon and he has been leading the initiative to bring all the gekonlogoIcelandic Geothermal related companies in forming a cluster. I am not a big fan of these cluster concept, if you have read my previous blog post about the Seafood Cluster. That being said, I do believe creating an accelerator program for new startups in the Geothermal space is not such a bad idea. I think that is precisely what Hakon is planning to do. It was interesting to hear all the work that has gone into mapping the cluster, interfacing with all the service providers and research organizations. I am usually amazed at the amount of time that is wasted in doing all of this and the money that it takes to organize these things but I guess it is cost of engaging with established companies who really are not in the business of disrupting their own business model. Geothermal has always been a fascinating source of energy for me, I got a lot of knowledge about it while I was working for Glitnir.

There is an abundance of this energy in Iceland, Dr. Michael Porter believes that there is an great opportunity for Iceland in this space.michael porter I am not that smart but I believe creating an ecosystem where new companies can innovate and create value in this niche technology is not such a bad idea. I believe this because there is a reservoir of knowledge and experience and experimentable area in Iceland, however tapping it and using it in a responsible manner is always a debate. I think the challenge Geothermal Energy development companies have is the large capital need in the early stage and I believe software and data can solve this problem for the typical engineering challenge. I have worked with Engineering companies like Mannvit who are experts in doing feasibility studies and designing and implementing the engineering solution to tap this energy source. There is so much more that can be done, I think the biggest opportunity is in applying the latest software and data techniques to mitigate one of the biggest risks in Geothermal development which is the risk of sucking the water table below the earth and also predicting the real potential of the source of geothermal energy across the globe. Unfortunately, there is not a lot of work being done in this area and once again there is a huge generational gap in people working in this area. I am excited to see how Hakon is going to take this idea forward.

There is a calendar of events related to this starting to happen in Iceland and I am glad to see an entrepreneur taking the lead on this.2013-minversion If you are in the Geothermal space reach out to Hakon and be a mentor to the new generation of companies that he plans to facilitate through the establishment of Startup Geothermal… an accelerator for Geothermal entrepreneurs. I am starting to see a trend here :) What do you think?

April 14, 2013

Traction brings money; Money does not bring traction

seedforum-logoI was at the Seed Forum this year, but I could not participate for the whole day but I attended the cocktail hosted by the British Embassy in Iceland. It was fascinating to see the British Ambassador pitching to the startups to look at UK to locate or move their startups when they scale out of Iceland… he even went to the extent of saying moving to the US was not a good idea :) I am happy to see different countries pitching to startups and entrepreneurs in Iceland to move to their country, it is good for the Entrepreneur and it is good for the Startup Ecosystem that there is growth path out of Iceland. I got a good impression of all the teams that were pitching. I have written about why Startups should not be focused on raising money. I am going to repeat this until I turn blue, the focus of the startup should be to solve a really itching problem, win customers and raise capital from the customer first. As much as I support the initiatives like Seed Forum, I really believe that it muddles the real issue facing startups and entrepreneurs. The Seed Forum this year had a famous Icelandic Entrepreneur and Cofounder of Opera, Jon Von Tetchner, actually he lived and worked in Norway but he is Icelandic. He had a very good talk and Q&A session about being an Entrepreneur. His advice and the advice given by Brad Feld and every other entrepreneur who has walked through the fire of creating a company and successfully transitioning says the same thing – Delay taking money from Investors as much as you can. Sometimes it is not possible i.e if you need machines, or equipment or buildings you need Capital but with startups in Software you dont need any of that or Capital to get started… that is one of the reasons that I am so bullish on the fact that Software based companies that are building solutions on top of the new Infrastructure of Cloud Computing, Google, Apple, Amazon, Twitter, Facebook, LinkedIn, Pinterest etc will be able to bootstrap much better, faster and get through the valley of death without pledging your soul to the devil, no, not all investors are bad but there are different incentives if you are an investor vs if you are an entrepreneur.

In other news, Klak and Innovit merged into Klak Innovit… I am happy to see some movement in the Accelerator, Incubator and Institutions that help entrepreneurs collaborate and optimize in Iceland. Accelerators are a key ingredient in the Startup Community development and I believe Kristjan Kristjanson the new CEO of the merged organization has his heart in the right place. He also runs Startup Weekend, Startup Reykjavik and has been of great help to many startups since he started working with entrepreneurs in 2007-8 I think.

April 11, 2013

Mayor of Reykjavik City, Free WiFi in Reykjavik and Bingo Bar!

Met Jon Gnarr, the Mayor of Reykjavik. I have to say he was generous, attentive and really wanted to help with Startup Iceland Conference…Jón Gnarr we will have to wait and see what that would be. I think the most important thing that I learnt was that there are several free WiFi Hotspots setup by the City of Reykjavik and apparently not being used. I was both surprised and delighted to hear about this. I think WiFi is the killer app of this decade. Like everything else the City of Reykjavik does, no-one knows about the existence of the free WiFi, and rightfully the Mayor was surprised that there was not much usage. We agreed that the reason is probably because no-one knows about it. If any of you know of a website which lists all the Free WiFi’s in the City of Reykjavik, please post them in the comments section. I found this website WiFiCafeSpots.com, that lists all WiFi hotspots in the City of Reykjavik

Free WiFi Hotspots in Reykajvik

Free WiFi Hotspots in Reykajvik

, but I think these are all Cafes and merchant shops that have free WiFi. I believe a modern city like Reykjavik needs to have WiFi has one the core infrastructures and to that end the Mayor of City agrees. It was really inspiring to meet him and get his support for Startup Iceland. I think he is very smart man and an Entrepreneur himself and super funny. He even came up with an idea to start a business! I think it is so funny that it might just work. You heard it here first, Mayor wants to pitch his idea of “Bingo Bar!” in Startup Iceland, it is a cool idea, everyone who walks into Bingo Bar and orders a beer gets a Bingo Card and the bar tender is rolling and calling out the numbers through out the evening and anyone who wins a Bingo, gets a Beer! it is so simple, smart and visual that I think it could actually work. So if you are an entrepreneur thinking about starting a business and do not have an idea here is one! you maybe able to get the Mayor of Reykjavik to work with you :)

Check out the Entrepreneurial journey of Jon Gnarr to becoming the Mayor of Reykjavik. I think he is an inspiration, being entrepreneurial, we take ourselves too seriously and maybe doing what he has done is really cool, he says in the interview below that when people elected the Best Party, they were voting for more honesty and fun. He said that he was going to do something the next 431 days he is in office. I don’t understand either why we have made Politics so boring and serious! Below you will find the link to an interview and the link to the Documentary GNARR

April 9, 2013

Iceland Seafood Cluster

I have been writing a lot about Entrepreneurship and Startups, but I am not a big fan of the Cluster concept primarily because getting sjavarklasinn-70established companies to be Entrepreneurial is very hard because they look at different metrics and the incentive for the established companies to participate in Cluster building is a long term game, however established companies are relatively short term focused because they are trying to increase their yield on invested capital by getting more efficient on the operation, sales etc. On the other hand a startup in the same sector is more or less not too focused on efficiency, they are trying to exploit a weakness or a problem in the existing solutions, therein lies the challenge. It would take visionary leaders in established companies to harness, foster and encourage the building of a ecosystem around the sector that their companies are built in. This is exactly what Dr.Thor Sigfusson has done with his startup/project Seafood Cluster a.k.a Sjávarklasinn in Icelandic. thor_sigfusson-145It is fascinating to see how he has convinced established companies in the Seafood sector and new emerging companies to co-located in a building in harbor of Reykjavik. He has ambitious plans to expand the facility to allow more startups and established companies to have meetup spaces. It was exciting for me to watch this because Seafood is the sector that is as traditional as they come, we are talking about really established fishermen looking into working with young new startups, mentoring them and seeing if they can improve the established methods using new technology.

There is a wealth of information and reports around the concept, I have not read all the reports but I believe this is something that I believe can work. I like the idea and the execution of the fact that if you put new companies and established companies near each other and once they start talking magic usually happens. In addition, the same location has some support services like legal, marketing and publishing etc Think of this as an Accelerator for a startup in the Seafood Sector. I think the missing piece is what typical accelerators do which is a 3 month bootcamp like environment that basically focuses on the validation of the new startups and also getting investors to be part of the project. I think Dr.Thor Sigfusson has already done that because the Seafood sector or the Fishermen are the richest cohort in Iceland and they are starting to see the value of having such a place and are investing in this.

We have invited Dr.Thor Sigfusson to be a Speaker in Startup Iceland 2013, I think this concept needs to be communicated in the Startup Iceland platform, and he has agreed to do that. In addition, it would be interesting to learn from his talk what were the challenges, opportunities and road block that he had to cross to get this project off the ground. If you are interested you should definitely buy the tickets soon as they tend to run out fast.

March 22, 2013

Startup Reykjavik 2013

Image representing TechStars as depicted in Cr...

Image via CrunchBase

I started on this journey to build a Startup Community in Iceland right after the Financial Collapse of 2008. What is needed when you need to create a lot of startups is an acceleration platform and I searched tirelessly for it and I bumped into TechStars and the first video I saw of TechStars I knew that is what we needed to have right here in Iceland. Here is that video:

StartupReykjavik-logo-portorateAnd then I started viewing all the videos in the Founders – Techstars – Boulder. I was so inspired 3 years back and I went and met with everyone that I could to get Techstars to Iceland. I was extremely pleased to see that dream come true when Arion Bank took the initiative to launch Startup Reykjavik, which is part of the Global Accelerator Network which is the network of accelerators that is part of the Techstars program. If you have not watched the videos, I really encourage you to check out the TechStars TV channel in YouTube. Go to the videos that were loaded 3 years back. I get really inspired even today when I watch those episodes. What is this got to do with Startup Reykjavik? well there is only 6 more days to apply for Startup Reykjavik. If you are stuck in a dead end job and really don’t enjoy what you do here is a fantastic opportunity to go build a business. It is also for those of us who have always been saying that one day we will be our own boss (actually that never happens because you are always reporting to someone, either your board or investment committee or whatever but thats not the point, its about taking ownership of your destiny).

The 2012 program was the first accelerator in Iceland and I was very happy to see to complete and as far as I know many of the companies are still in existence and trying to create  a business some have actually made more progress than others. It is a marathon and not a sprint, so I am looking forward to seeing some of these companies build a sustainable business in the future.

I volunteer as a Mentor in Startup Reykjavik and in every other Startup or Entrepreneurship related activity in Iceland because I have made that my life purpose. I want to help Entrepreneurs no Serve Entrepreneurs… I think that is a pretty good goal. Anyways enough about me. Have you applied yet? if you have been telling yourself you want to do something this is your chance like Nike says Just Do It.

March 18, 2013

Startup Weekend Reykjavik

Startup Weekend Reykjavik happend this last weekend. I volunteered again as a mentor and it was a lot of fun.

Source: iceland.startupweekend.org

Source: iceland.startupweekend.org

This time around the organizing team at Innovit had brought an external facilitator from the UK, and I was also impressed that the organizing team nudged the participants to aggregate around ideas that actually had some meat in the bones. In the previous few Startup Weekend that I have participated in Iceland, the challenge has been that some of the team members were married to their idea but the idea did not have a big enough market or potential of becoming a business. Anyways, the teams that were working on the ideas this time had some programming resources with them and some designers. It was obvious as they could actually develop the websites and have some working apps within the 54 hours of the weekend. There were 13 teams presenting at the end of the day, I met with most of them and talked to all of them and I learnt a lot and I was tempted to write a check to a couple of the teams, but realized that it would be too soon and the teams were not ready for that. I intend to follow up with the teams to see how they are doing and who knows maybe I will invest :)

Here is the coverage of the event in Icelandic, It was great to see a lot more mentors participate in the event.

Source: MBL.is

Source: MBL.is

I think what is missing is if an Angel Investor would show up and write a check at the end of the Weekend to the winning team and get them started on the journey to becoming entrepreneurs. My intention is to be able to do that here and also in Startup Reykjavik. I think we are starting to see the green shoots of yearly activities showing up in Iceland which goes back to the strategy of building a startup community here in Iceland. In my opinion, we are on Year II on the journey to building an Antifragile Startup Ecosystem here in Iceland.

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