As we have said before here, sustainability job number one is putting bread on the table. To that end, it was great to see SAP’s Startup Focus program take off so well, gaining over 1,000 companies signed up in less than two years.
We profiled the Startup Focus program on GreenMonk earlier this year, talking to three of the participant companies about it. They were very enthusiastic about how it had helped them break into the enterprise software market, and said they wished they’d joined the program sooner.
More recently, we spotted news from TechEd Bangalore that SAP CTO Vishal Sikka announced there that of the over 1,000 companies who have joined the Startup Focus program, 158 of the come from India. I’d love to know what percentage of the Startup Focus companies overall come from newly industrialised countries, and what level of employment they are helping create.
At the recent IT@Cork Web 2 conference, reference was made by Fergus Burns to the difficulties startups have raising funds in Ireland. He asked the question “how many VCs are in the audience?” – there were none. As Fergus said, that tells its own story.
The venture issue is another story and it is the one where I see change happening sooner and faster.
Now I come across an organisation which seems like a perfect fit for this need – Business Angels Partnership. The partnership works with startups to put together a business plan to present to its panel of business angels. The partnership is a not-for-profit so they don’t take any of the funding from the startup.
The funding provided is seed capital (100k-300k) early stage investment. No customer is required of the startup (although I assume it wouldn’t hurt the proposal!).
It sounds like an ideal proposition. For the angel investor, the partnership presents them with a qualified set of business proposals to look over and for the startup, they receive help putting the proposal together and get introduced to angel investors.
Win, win! Anyone know of anyone who has gone through this and did they win the lotto get funded?
Tom Raftery – Global VP, Futurist, and Innovation Evangelist for SAP, inspirational keynote speaker, and global influencer's take on how digitization and innovation are creatively disrupting our world