Presentation by Emilios and Alexis, co-founders of Hellas Direct, at the University of Cyprus in Nicosia. [University of Cyprus - 18 Mar 2013]

1. STARTING AN
INSURANCE
COMPANY
IN GREECE
LAUNCHING A START-UP
AT A TIME OF CRISIS
UNIVERSITY OF CYPRUS
PRESENTATION
MARCH 2014

2. ¡ A NEW, DIRECT INSURANCE COMPANY IN GREECE.
¡ “CHANGING THE GREEK INSURANCE MARKET, ONE POLICY AT A TIME”.
¡ WE ARE HIGHLY SPECIALISED.
¡ WE LIVE AND BREATHE TECHNOLOGY.
¡ WE LOVE NUMBERS.
¡ WE SERVICE THE CONSUMER, NOT THE BROKER!
¡ 32 PEOPLE IN 3 COUNTRIES.
¡ A LONG JOURNEY: 3 YEARS FROM START TO OUR FIRST SALE.
¡ RAISED EUR 12M FROM A GROUP OF ANGEL INVESTORS.
HELLAS DIRECT: OUR STORY.

3. PRE-SEED SEED ROUND I
CUMULATIVECASHFLOW
ROUND II ROUND III ROUND IV
ANGELS
<EUR 100k EUR 500k-1m EUR 1-5m EUR 5-10m
8-10 YEARS
1/3
IPO
EUR 100-500k
‘VALLEY OF
DEATH”
xx
EARLY-STAGE LATE-STAGE
1/2 2/3 4/5
EXPANSION FOLLOW-ON
EUR 30-50m EUR 50m>
GROWTH
EUR 10-30m
BREAK
EVEN
START-UP
SURVIVAL
RATE
THE ‘WHAT THE FUCK’CHART OF THE DAY.
ENTREPRENEURS LIVE IN A REALITY DISTORTION FIELD.

4. WHY
GREECE?
A SCREWED UP COUNTRY:
GREECE IS RUN BY CROOKS
AND INCOMPETENT
POLITICIANS.
A RESET OPPORTUNITY:
GOING THROUGH A HUGE
TRANSFORMATION.
LARGE ENOUGH:
A MARKET OF 11M PEOPLE.

5. WHY CAR
INSURANCE?
OBLIGATORY BY LAW:
EUR 2BN MARKET SIZE.
LETHARGIC COMPETITION:
HIGH COSTS AND
INEFFICIENCIES.
MIDDLEMAN IS STILL KING:
OBSENE COMMISSIONS.

6. WHY
NOW?
STRUCTURAL CHANGES:
TROIKA INTRODUCED
BETTER REGULATION.
STRONGER DEMAND:
TECHNOLOGY FUELLING
THE RISE OF THE
CONSUMER.
DROPPING COSTS:
THIS IS THE BEST TIME
TO BUILD A BRAND.

7. CHALLENGES
THREE
BIG

8. SECURE (REAL) FUNDING.

9. 2,500 APPROACHES
300 MEETINGS
11 INVESTORS
1.5 YEARS
FINDING INVESTORS WASN’T EASY …
1 IN 8
1 IN 27

10. 99.56%
REJECTION
RATE.
THERE IS A HIGHER
CHANCE OF BETTING
ALL YOUR MONEY ON
BLACK IN A LAS VEGAS
ROULETTE AND
WINNING…
… 7 CONSECUTIVE
TIMES!
… AND THE ODDS WERE NOT ON OUR SIDE.

11. BUILD A GREAT COMPANY.

12. INVEST IN TECHNOLOGY.
ALGORITHMIC PRICING.
CLOSE TIES WITH
ACADEMIA.
KEEP INNOVATING:HIRE THE BEST:
INTELLIGENCE.
PASSION.
A DRIVE TO MAKE
THINGS BETTER.
GET LICENCED:
A YEAR OF PAPERWORK.
DETAILED BUSINESS
PLANNING.
LATEST EU
REGULATIONS.
THREE BASIC INGREDIENTS NEEDED.

13. GET YOUR MESSAGE OUT.

14. APPEAL TO THE INNOVATORS FIRST.
NOT EVERYONE WILL GET IT – TARGET YOUR TRIBE FIRST!
Word of
Mouth

15. THINKING OF
STARTING YOUR
OWN BUSINESS?
BELIEVE
ANGELS.
(OR SHOULD YOU?)

16. MOST
ANGELS
ARE
ROCK
STARS!
FINANCIAL BACKERS
BRAND AMBASSADORS
ADVICE/SUPPORT
MENTORSHIP
CONTACTS

17. BUT…
THERE ARE
SOME REAL
PSYCHOS
OUT THERE.

18. FOUR ANGEL TYPES
THAT WILL
DEFINITELY MAKE
YOUR LIFE DIFFICULT.
COLLECTIVE OBSERVATIONS FROM DIFFERENT ENTREPRENEURS.
SHARED WITH LOVE, CARE AND LOTS OF TEARS.

19. THE
SHARK.
CHARACTERISTICS:
RUTHLESS.
CALCULATIVE.
PUSHY.
DRIVEN BY:
GREED.
WHAT’S THE WORST
THAT CAN HAPPEN?
PAINFUL TERMS.
ROUGH INTERACTIONS.
BLACKMAIL AT EXIT.
A

20. THE
GOD .
CHARACTERISTICS:
IMPOSSIBLE TO PLEASE.
OPINIONATED.
SUPERIORITY COMPLEX.
DRIVEN BY:
PERSONAL GLORY.
WHAT’S THE WORST
THAT CAN HAPPEN?
NARCISTIC BEHAVIOUR.
INTRUSIVE.
CONSTANT CRITICISM.
B

21. THE
ROYAL.
CHARACTERISTICS:
SELF-CENTRED.
TAKES NO ACTION.
NEEDY.
DRIVEN BY:
LEGACY.
WHAT’S THE WORST
THAT CAN HAPPEN?
ERRATIC BEHAVIOUR.
UNDERMINING.
CONSTANT REASSURANCE.
C

22. THE
MUPPET.
CHARACTERISTICS:
EMOTIONAL.
INSECURE.
CONSENSUS-DRIVEN.
DRIVEN BY:
RANDOM.
WHAT’S THE WORST
THAT CAN HAPPEN?
REPEAT THINGS 1000 TIMES.
WANTS TO BECOME YOU.
ACCIDENT PRONE.
D

23. TIP OF THE DAY:
TIME IS YOUR
MOST PRECIOUS
ASSET – DO NOT
WASTE IT.
IF SOMETHING DOES NOT
FEEL RIGHT WITH AN ANGEL
YOU MEET, GET THE HELL
OUT!
alexis.pantazis@hellasdirect.gr
emilios.markou@hellasdirect.gr
Thank !You!!