Daily Archives: July 12, 2024

It was our pleasure to learn more about ENTREPRENEDU Mentoring & Coaching Programme with Ina Todorova, Project Coordinator at CleanTech Bulgaria.

Please, briefly introduce yourself and tell us more about ENTREPRENEDU Mentoring & Coaching Programme’ goals and benefits?

I am thrilled to be part of the ENTREPRENEDU Mentoring & Coaching Programme as a mentor for Module 6 – Access to finance and related funding. My name is Ina Todorova, representing Cleantech Bulgaria, and together with my colleagues we bring more than 10 years of experience in boosting the innovative and entrepreneurial capital in Bulgaria and throughout Europe.

The ENTREPRENEDU Mentoring & Coaching Programme was designed to provide aspiring entrepreneurs with the necessary guidance and support to navigate the complex journey of starting and growing a successful business.

The Programme includes 6 mentoring modules and yours is about “Access to Finance and Related Funding”. Can you tell us a bit more about the module itself? What mentees can expect from it?

Module 6: “Access to Finance and Related Funding” focuses on providing participants with comprehensive knowledge of the various funding avenues to startups and teams, and to guide them in effectively navigating the financial landscape.

What mentees can expect from this module is:

• In-depth exploration of funding options: Mentees will gain a thorough understanding of the spectrum of financing options available for startup, including crowdfunding, grants, loans, angel investments, venture capital and bootstrapping. We’ll delve into the implications, advantages and drawbacks of each option, empowering mentees to make informed decisions about their funding strategy.
• Practical guidance on financial planning: Mentees will receive practical guidance on financial planning for startups, including developing financial models, forecasting revenue and expenses, and determining cash flow needs, We’ll provide tips on how to make realistic and convincing financial projections, ensuring that mentees are well-equipped to assess their funding requirement accurately.
• Crafting compelling investment pitches: Mentees will learn how to prepare effective investment pitches that articulate their startup’s unique value proposition, financial needs, and growth potential compellingly. We’ll outline the essential elements of an investment pitch such as the problem statement, solution, market size, business model, financial projections, and team, and provide tips on how to engage and persuade investors.

Overall, mentees can expect Module 6 to be a transformative learning experience that will equip them with the knowledge, skills and confidence to navigate the complex world of startup finance effectively. Whether they’re seeking seed funding, scaling their business, or exploring alternative financing options, this module will provide them with the tools and resources they need to succeed.

The participants of the Programme are winning teams of three HackTheBusiness competitions organised by ENTREPRENEDU. In your opinion, what are key potential takeaways for our participants after they conclude the Programme?

After concluding the ENTREPRENEDU Mentoring & Coaching Programe participants can expect to gain several key potential takeaways that will significantly impact their entrepreneurial journey:

• Comprehensive understanding of funding options: Participants will have a thorough understanding of the various funding avenues available to startups, enabling them to make informed decisions about their financing strategy. They’ll be equipped with the knowledge to explore different funding options and choose the ones that best align with their business goals and stage of development.
• Refined funding strategy: Participants will have developed a refined funding strategy tailored to their startup’s needs and goals. Through all the activities that the mentoring programme is offering, participants will have honed their ability to identify appropriate funding sources, craft compelling investment pitches and navigate the fundraising process effectively.
• Enhanced financial literacy: Participants will have improved their financial literacy and proficiency in financial planning for startups. They’ll be adept at developing financial models, forecasting revenue and expenses, and managing cash flow effectively, enabling them to make sound financial decisions and mitigate financial risks in their business.

It was our pleasure to learn more about ENTREPRENEDU Mentoring & Coaching Programme with Orfeas Voutyras, Senior Advisor at Corallia.

Please, briefly introduce yourself and tell us more about ENTREPRENEDU Mentoring & Coaching Programme’ goals and benefits?

My name is Orfeas Voutyras, and I work as a senior advisor at Corallia, an incubator, youth entrepreneurship accelerator, and multi-cluster facilitator established in Greece. My primary focus is on activities that support the growth of the Greek space ecosystem and Greek startups by providing technical due diligence and business consulting services. I hold a Master of Electrical and Computer Engineering from the National Technical University of Athens, where I am currently pursuing a PhD in the same field.

The mentoring programme aspires to assist young entrepreneurs with the first steps of their journey from ideation to execution and commercialisation. In other words, to help teams move from an innovative idea (conceptualised during the ENTREPRENEDU hackathons) to a functioning product and a profitable growth model.

As a consortium, we have integrated a blend of e-learning and interactive mentorship to offer all teams a tailored learning experience. In other words, participants in the programme receive the training and consulting benefits of a high-level business accelerator.

The Programme includes 6 mentoring modules and yours is about “Entrepreneurial Business Planning”. Can you tell us a bit more about the module itself? What mentees can expect from it?

The goal of this module is to equip participants with the knowledge and skills to craft a robust and persuasive Business Plan, and actually help them write the very first version of it. Emphasis is given on critical aspects such as market analysis, strategy formulation, operational planning, and financial projections. The module as a whole can help the teams strategically plan their business journey, align their team towards shared goals, and convincingly present their venture to potential investors or stakeholders.

If we want to get into details, through this module, mentees can expect at the very least to:

• Understand the importance of a business plan, its key components, and how to begin drafting one for their start-up;
• Conduct a market analysis, including competitive analysis and customer segmentation, and develop a suitable business strategy.
• Create budgets, financial forecasts, and a plan for financial management for their start-ups.

The participants of the Programme are winning teams of three HackTheBusiness competitions organised by ENTREPRENEDU. In your opinion, what are key potential takeaways for our participants after they conclude the Programme?

Due to the fact that the programme covers so many topics of the entrepreneurial journey, I would say that the most important takeaways are related to the most common reasons new startups fail. These are the lack of Product-Market Fit, the lack of a clear Business Model, neglecting Marketing and Sales, failing to onboard the right team members, and not adapting to change, to name but a few. I am confident that, after completing the programme, participants will be able to tackle (or, at the very least, identify) these threats and exploit their strengths accordingly.