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OPENFUND
The Business PlanDraft version - June 2009
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Abstract
The document at hand consists of the specifications of a seed venture capital fund,focused specifically on innovative efforts immediately related to the Internet and HighTechnologies.The initiative capitalizes on the global promise and best practices of creating a disruptivestart-up enterprise, next to the lack of proper early-stage investment infrastructure in thearea of south eastern Europe. Moreover, it leverages on the locally available brainpower andtraction developed around innovation and entrepreneurship, as this is manifested throughthe lasting momentum of Open Coffee meetings in Greece.A brief description of the above potential is initially illustrated, together with the portraitof the current situation in the local venture capital market, and some facts figuring outthe latent opportunity. Then, a detailed description of the formulated process is deployed,providing all the specifications of the open call for applications, the selection and seedingprocedures, a process which is to be iterated for a number of rounds.The document then moves on to shape out in detail the organizational structure of the fund, including the liabilities and benefits of the Executive and Investor Boards, aswell as the Board of Advisors. An extended analysis of both the international and localmarkets follows to document the funding void and investment opportunity to be addressed.Further on, a financial analysis of the scheme is presented, covering the amount needed tobe raised, together with a breakdown of the operational cost of the vehicle. The expectedreturn on investment profiles are also put forward, next to the various exit strategies to betargeted at.Finally, the fund’s goals, under the perspective of each one of the participating entitiesare stated, while also appendixes with application and evaluation templates, and the shortbios of the members of the Executive Board are provided.The specifications provided within the document have matured over a broad time win-dow and a number of reengineering cycles to finally shape out what is believed to be a solidand close to optimal approach to the given problem and investment opportunity. At thesame time, it is clearly stated that all contents are subject to change and the document onhand does not convey any legal powers or responsibilities.
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Contents
1 Executive Summary 52 Status & Promise 7
2.1 Global Promise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.2 Local Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.3 Open Coffee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
3 Description 11
3.1 Phases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113.2 Cycle iteration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
4 Structure 16
4.1 Executive Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164.1.1 Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164.1.2 Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174.2 Investor Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184.2.1 Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184.2.2 Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204.3 Board of Advisors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214.3.1 Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214.3.2 Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214.4 Corporate Processes and Policies . . . . . . . . . . . . . . . . . . . . . . . . . 22
5 Market analysis 23
5.1 International Market Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . 235.2 Local market attributes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
6 Financial analysis 27
6.1 Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276.2 Return on Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276.3 Exit strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
7 Goals 27A Application & Evaluation Templates 29
A.1 Application template . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293
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