Startup Central

Want to make it big with your startup?

You’ll need to attract venture capital to get your idea off the ground.

And today, I had the fantastic opportunity to attend a lecture by Dr. Ken Singer of the University of California, Berkeley, as he addressed a group of students at the European Innovation Academy and told them how to do just that. After an introduction by U.S. Ambassador to Estonia Jeff Levine (whose hometown just happens to be in what is now Silicon Valley), Ken walked the student teams through the essential steps required to win over the toughest audience of all: the men and women who control millions of dollars of venture capital that can make or break a startup with their quick decisions. Ken’s take away messages were so many, but it all comes down to distinguishing your business, product or service from a field chock full of serious competitors.

The event was hosted by the Tallinn University of Technology and brought together 200 students, pairing them with experienced mentors, successful entrepreneurs, venture capitalists and academics from tech hot spots all over the world. Split up into thirty international teams, these students are forming their own startup business plans and getting ready to “pitch” them as part of the three-week experience. One of the biggest groups in attendance came from UC Berkeley.

It was really thrilling to be in the room with so many bright minds – all of them intent on turning their concepts into viable businesses. One student team proposed to set up a web-based person-to-person bike rental service for people on vacation. As an avid biker and traveler, this is one business I’d use in a heartbeat. Each of these teams will be facing a mock competition in the next few days … and the best team will win €10 000! I wish them all the best of luck in the next few days and success as they pursue careers of innovation and entrepreneurship after graduation.

Post by APAO Alison Davis
Photos by Cultural Assistant Jane Susi