Insights from attending a startup accelerator program in Greece
Since joining Genesis Ventures four months ago, the team and I have been working towards the 5th cohort of our DayOne startup accelerator. In this program, we handpick 10–12 exciting startups, in their very early stages (often pre-revenue and sometimes pre-MVP) and provide them with crucial resources to launch successfully, as well as an opportunity to secure their first institutional ticket. Our goal is to equip young or academic teams with the commercial and operational skills needed to thrive. With the conclusion of this cohort, I can confidently say it has helped me gain valuable insights that will support my path in VC. Here are some DayOne-inspired insights:
Strong but limited Greek talent:
Contrary to popular belief, the Greek ecosystem does not only produce 2nd class ideas or copycats (not to say that all copycats are bad). From ways to revolutionise children’s ophthalmology through gamification to pioneering smart technologies to decrease farm animal mortality, innovative breakthroughs continue to be produced by Greek researchers, despite them often working under-resourced. Our engineers and scientists are just as talented as their global peers. However, there is a notable gap in entrepreneurial acumen. Greeks often produce great ideas but struggle with turning them into revenue-generating businesses. That’s where programs like DayOne can make a real difference, offering the essential entrepreneurial training needed to shift this dynamic.
Non-diverse teams and the importance of an ecosystem:
Building on my previous point, I’ve noticed that Greek founding teams often lack diversity in their skill sets. Rather, it’s very common for all founders to be experts in the same discipline. Meanwhile, given the vastness of what is required to scale a business, successful startups usually stem from teams whose skills complement each other. This could partly be attributed to the structure of the country’s higher education system, with universities being separated by discipline. Meanwhile, the country’s nascent startup ecosystem does not give like-minded people enough opportunities to mingle. As a member of the country’s VC scene, I see this as partly my fault. More Genesis initiatives for ecosystem building and co-founder matching to come, so stay tuned!
Obsessiveness for the win:
It’s no surprise that at such early investment stages, the main focus when assessing a startup is on the founding team. After all, business plans and products change, but it’s the right team that makes all the difference. But what makes a team “right”? Beyond hard and soft skills and coachability, we look for signs of “obsessiveness”. As Panos Papadopoulos of Marathon Ventures emphasised during a session with our participants, the teams that thrive (especially under the pressures of startups), are those deeply committed to addressing the issues they’ve identified. Building successful businesses is about solving problems. So before choosing entrepreneurship, think about the why.
A lack of female founders:
Out of the 32 participants in our latest cohort, only four were women. This 12.5% representation is actually on par with industry standards in Greece. According to entrepreneur and ardent tech investor Lars Rasmussen, throughout his decades of investing, he has found that there is a large correlation between gender diversity within the founding team and venture success. More female entrepreneurs means a more successful ecosystem. Just another reason to work towards it!
Initiatives like DayOne are exactly why I chose to get into early-stage investing in the first place. They have a tangible impact on society, enabling social mobility by empowering talented people to embrace entrepreneurship. I see these as a major contribution of Genesis Ventures to the Greek ecosystem. Stay tuned for the exciting developments from our upcoming DayOne and DayZero cohorts.
