supporting service specialisation: the role of incubators ...oct 16, 2019  · supporting service...

Supporting Service Specialisation: the role of incubators, accelerators, and S&T

Parks in delivering sector specific support

16th October 2019Belgrade, Serbia

Investing in technology startups

Kosta Andrić, Managing PartnerICT Hub Venture Serbia

Project funded by the European Union

Øicthub.rs

Project funded by the European Union

Silicon Valley

Serbian Ecosystem

VENTURE CAPITALAS

“TEEN SEX”

Project funded by the European Union

How our venture fund came to be?

Project funded by the European Union

What is ICT Hub Venture• First privately owned venture capital fund in

Serbia valued at 1 million euros• Investments up to 50.000 euros• 5-15% of equity in the company• Preferably B2B start-ups• Besides the money, portfolio start-up receive

tailor made mentoring, access to ICT Hub network of clients and access to our premium education services

Project funded by the European Union

Why we started the first VC?

• Founded in early 2017• Problem we saw – lack of local early stage

funding & lack of business development knowledge

• Lack of interest from the foreign investors• There was a good trend of newly founded

start-ups

Project funded by the European Union

How the process looks like?

• Meeting the start-ups on local events, referral or application form on our website

• First meeting - 30 min long with an aim to understand the business idea and see if the applicant has everything requested. If it does…

• Second meeting – up to an hour long with specific questions in place. Due diligence and market research was done before that meeting.

• Presentation to our Board of Investors

Project funded by the European Union

Results so far

Project funded by the European Union

3 Lessons learned along the way• Evaluate the team first, than their business

idea and logic• When evaluating the start-up or prospective

team for investment, look for proof of their previous dedication to their idea. The core team needs to have the ”skin in the game”

• Company needs to start selling their product or a solution as soon as possible to be breakeven before they run of money

Future steps

Project funded by the European Union

Speaker contact details

• Kosta Andrić• Managing Partner, ICT Hub Venture• kosta.andric@icthub.rs• +381 63 448 881