Startup

Startup cases
During a startup lifecycle, from considering to found a company to the time when the business starts to scale or an exit is planned, there are several instances, where an outsider can bring significant assistance. For this I have gathered here information and links, so that while moving forward in their businesses, Finnish startups would face as little as possible information gatekeepers. Based on this, I can then assist startups further in applying this information and by bringing my competences to concrete challenges, such as e.g.:
  • When founding a company, how complete should a business plan be, how to crystallise it, what else should be taken into account in the founding phase
  • How can I find the first customers
  • What is needed that financiers will get interested in a startup; how can I find right type of funding; what way to approach financiers, what is needed for that
  • When is the time to pivot
  • How can I accelerate growth, at what stage a startup is ready for fast growth
  • How to create more exit options for a startup

My own background is both in entrepreneurial world and in SMBs and enterprises. As an entrepreneur, I have founded and led two startups. In more established companies, I have worked in business management and development as well as in sales and marketing. In addition, I have very strong experience in developing new product and business models, commersialisation, international business and utilisation of digitalisation. Based on the above, I have been able to create extensive business networks that I utilise in helping startups, for instance to find customers and to link to bigger companies´ innovation initiatives. 

But the most important thing, however, is my understanding of entrepreneur´s world. You can discuss more with me about your challenges as an entrepreneur and possible steps ahead. Please call me, +358 40 559 7010, or send an email, [email protected] .

And here are the direct links to the information and web links:

 Founding a startup company Startup communities and events  Companies that support startups
   Accelerators and consultants (in English)

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Five friends founded a startup.  Although founders´ ideas were utilising well-known, but still emerging technologies, the core innovations were related to application of the technologies, e.g. in retail sector business development.  In a short time the startup was able to create solution prototypes that made it possible to raise interest among some of the important financiers. But when the company was still starting to accelerate its doings, it discontinued its operations. The basic reason was that the founders had very different views on how to continue.  There was too much hurry, when the company was established. Thus the key principles and directions that are typically outlined in partnership agreements and business plans, were not discussed and agreed on in detail enough – not to mention that the key principles would have been documented in writing.
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A startup got its initial funding mostly from the founders and their friends and families. Thus it was able develop product versions that were mature enough for starting to resolve the biggest uncertainties of the business model, i.e. customer and channel acceptance – with iterative approach, the company was able to crystallise its model better and better. But in parallel with this, the company cash was gradually running out. Tekes, the Finnish Funding Agency for Innovation, and some angel investors were found as investors. This required, however, changes in both product development plans and how customer development is integrated into the process. Crowdfunding was a funding option, because it would have increased customer awareness of the product. It was not selected, however, because it would have limited degrees of freedom of the product and business model development too much.
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In its business domain, a startup company had an excellent technological know-how and the key persons had also a very strong experience in developing quite similar type of products and businesses. Thus the company was also quite soon successful – it managed to get some industry leaders to use its technology as part of their total solutions. In spite of this, a startup was not able to close its preferred exit alternative, i.e. to find a major technology buyer to its business. The conclusion was that the company should pivot, change direction. The business model was transformed customer-driven, where the realised value-added for customer companies was the key in planning the offering.
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Enabled by the first customer deals, a startup had been able to complete it product development, so that its first products were sellable and deliverable. Revenue growth, however, was not satisfactory, so the company had to reconsider its growth strategies. Accelerating sales efforts on the current markets, developing new products based on the technology platform of the first product and opening up of new international markets were the realistic alternatives. Accelerating sales was not feasible, because it was improbable to get major orders from the current customers, and because too aggressive efforts for new customers would have caused very negative reactions from the existing ones. The new products would have generated money only after a considerably long time, and in the short term the investments would have been too high. The selected internationalisation strategy yielded quite a few new customers and revenue growth.