Posts tagged: HackTheBusiness

The ENTREPRENEDU project is at the forefront of its mission to closing the innovation and educational gap between different regions of the EU, causing unbalanced business activity and fewer job opportunities in less developed entrepreneurial ecosystems.  At the heart of this initiative is the Venture Building Programme, a scalable and replicable educational model designed to equip students with the skills needed to successfully navigate the entrepreneurial journey, and its validation.

We sat down with Jacopo Piccagli, EU Project Manager at EBAN and a Venture Building Programme main organiser, to learn more about the main objectives of the Programme and the journey behind transformation of the entrepreneurial education.

1. Please, briefly introduce yourself and tell us more about your role inside ENTREPRENEDU project.

I’m Jacopo Piccagli, an EU Project Manager at EBAN, currently overseeing five EU-funded projects. My responsibilities include coordinating and implementing various tasks and work packages, all aimed at fostering angel investment and enhancing the European early-stage ecosystem. The ENTREPRENEDU Project is a project where EBAN leads Work Package 5 (WP5), named Venture Building Programme and validation. This work package focuses on transforming entrepreneurial education across Europe by bridging the gap between academic knowledge and practical entrepreneurship.

 

The aim is to create a scalable and replicable educational model known as the Venture Building Programme, which addresses regional disparities in innovation across Europe. The project unites innovation stakeholders and educational institutions from various countries to build a balanced and inclusive entrepreneurial ecosystem.

2. In simple words, what is the purpose of the ENTREPRENEDU Venture Building Programme and Venture Fellowship Programme?

The Venture Building Programme is a comprehensive educational framework that takes students through every stage of the entrepreneurial journey. This includes identifying and validating problems, developing solutions, discovering market opportunities, creating business models, and ultimately securing funding. The Programme’s primary aim is to bridge the gap between academic knowledge and practical entrepreneurship, offering a scalable and replicable model to foster entrepreneurial ecosystems across Europe.

 

This programme is highly adaptable and is currently being delivered in three distinct educational settings: a Master’s degree programme, an undergraduate programme, and a vocational education and training (VET) course. These are taught across three countries—Italy, Greece, and Bulgaria—demonstrating its versatility in different academic contexts and its ability to equip students with the tools needed to successfully develop and launch their ventures.

 

The Venture Fellowship Programme complements the Venture Building initiative by connecting selected students with business accelerators, companies, and other relevant initiatives that align with their pilot projects. The goal of this Programme is to foster long-term collaboration and commercial relationships. It supports the commercialisation and market entry of the students’ innovative solutions, contributing directly to the broader objectives of the ENTREPRENEDU project.

3. Please describe the envisioned collaboration between academia (professors and students) and ENTREPRENEDU within Work Package 5.

The development of the Venture Building syllabus was a collaborative effort led by EBAN, with essential input from academic partners, including LUISS University in Italy, the University of Thessaly in Greece, and Cleantech Bulgaria. This process was driven by a bottom-up approach, where feedback from students participating in the ENTREPRENEDU Mentoring Programme was critical. Students shared insights on which modules were the most effective, what improvements could be made, and how the structure of the Programme could best support their learning experience.

 

This feedback was then presented to the academic institutions, whose professors contributed their expertise to ensure the syllabus not only aligned with the theoretical foundations of entrepreneurship but also addressed the practical challenges aspiring entrepreneurs face. This collaborative approach has resulted in a syllabus that is robust, flexible, and capable of meeting the diverse needs of students across Europe, ensuring the Programme’s relevance and adaptability in various educational contexts.

We can conclude that one of the greatest strengths of the Venture Building Programme is its scalability and adaptability in a variety of educational contexts. As ENTREPRENEDU continues to work on its mission, this scalability will be key to reaching students from all walks of life and equipping them with the skills needed to drive innovation. Whether it’s a budding entrepreneur in a bustling city or a small town with big ideas, the Venture Building Programme has the potential to empower the next generation of European startups.

Indeed, the project’s vision is ambitious – a Europe where entrepreneurial spirit thrives! However, with the Venture Building Programme at its core and the hard work of the ENTREPRENEDU team, that vision is within reach.

In the competitive world of startups, mentorship can be the key that unlocks success. ENTREPRENEDU Mentoring & Coaching Programme had a mission to address the challenges faced by young entrepreneurs who are in need of a supportive mechanism to navigate the complexities of establishing their professional journey and potentially creating groundbreaking businesses. 

As the Programme has officially ended, we spoke with our participants to discuss their transformative experience and the lessons learned along the way. From the challenges of turning an idea into a reality to gaining  business knowledge, these entrepreneurs have navigated the ups and downs of startup life – always with the guidance of ENTREPRENEDU mentors by their side.

How has the ENTREPRENEDU Mentoring & Coaching Programme helped you achieve your business goals?

Merilin [Paw Paw] The ENTREPRENEDU Mentoring & Coaching Programme has been instrumental in helping me refine my business strategy and approach. The mentorship provided me with tailored advice and actionable insights, helping me navigate challenges and scale my business more efficiently. The coaches encouraged me to set clear, measurable goals, and held me accountable, which improved my focus and productivity. I also gained access to valuable resources and networks that have been critical in expanding my business.

 

Nikoleta [Edna Bulgarka] The ENTREPRENEDU Mentoring & Coaching Programme has been instrumental in shaping my startup journey. First and foremost, I want to express my gratitude to all the mentors for their time and dedication. Every mentoring session has significantly contributed to the development of my business idea, providing valuable insights and further inspiring me to turn it into a successful venture. True leaders inspire others and foster a cycle of leadership, which this Programme embodies.

Can you share a personal highlight from your time in the Programme?

Nikoleta [Edna Bulgarka] I found the sessions on Business and Financial planning particularly beneficial, offering a solid foundation for the financial aspect of my startup. The materials on Pitching were equally valuable, helping me refine how I present my business to others.

 

Merilin [Paw Paw] A personal highlight was the one-on-one coaching session where I was able to dive deep into my business model with a mentor who had significant experience in my industry. The mentor provided direct feedback and suggested improvements that I hadn’t considered before. This session not only boosted my confidence but also resulted in a pivot in my business approach that has since led to increased revenue and customer satisfaction.

What was the most valuable lesson you learned during the Programme, and how have you applied it in your business?

Merilin [Paw Paw] The most valuable lesson I learned was the importance of adaptability and continuous learning. The programme emphasized that businesses need to evolve with market changes and customer needs. I’ve applied this lesson by constantly reviewing and adjusting my business model, staying open to feedback, and investing in ongoing skill development. This has allowed me to stay competitive and grow even in uncertain market conditions. Thank you for the opportunity to be part of the Programme!

Nikoleta [Edna Bulgarka] Some mentors went above and beyond, helping me brainstorm brand names and naming conventions tailored to my target market. Their guidance in this area was crucial, and I truly appreciate the support. Please keep up this incredible Programme, which continues to inspire and support future entrepreneurs in pursuing their dreams.

The ENTREPRENEDU Mentoring & Coaching Programme was strategically designed to address the innovation imbalance within the European Union, particularly among young entrepreneurs in Italy, Greece, and Bulgaria. By providing participants with essential knowledge and mentorship, the Programme empowers them to advance their innovative ideas and startups to the next stage. Among others, our Participants were thought the skills to identify key opportunities and events to connect with investors, craft compelling pitches, and develop comprehensive business models. 

Merilin’s and Nikoleta’s stories offer a glimpse into the power of mentorship and the impact of Programmes like ENTREPRENEDU in shaping the future of business. As ENTREPRENEDU Team, we wish all our participants the best of luck in their future endeavors with a note – let this end mark the beginning of new, fruitful business opportunities! 

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.

It was our pleasure to learn more about ENTREPRENEDU Mentoring & Coaching Programme with Jacopo Piccagli, EU Project Manager  at European Business Angels Network (EBAN).

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

My name is Jacopo Piccagli, I am an EU project manager at EBAN (European Business Angel Network) currently working on four EU projects. My responsibilities encompass participating in the coordination and implementation of EU-funded projects aimed at facilitating angel investments and supporting Entrepreneurs. 

The ENTREPRENEDU Mentoring & Coaching Programme aims to equip young entrepreneurs with the necessary knowledge and tools to transform their business ideas into actual start-ups.

By providing over 60 hours of mentoring on vital entrepreneurial topics, the programme assists participants from ideation to execution and commercialization, helping them develop a functioning product and a profitable growth model.

The programme offers a tailored learning experience, ensuring comprehensive training on fundamental entrepreneurial skills often overlooked in academic settings, especially in low/moderate innovation regions in Europe. Start-ups are guided to identify funding opportunities, understand tech due diligence, and develop sound business models and plans.

The Programme includes 6 mentoring modules and yours is about “Investment Pitch and Quantifying Your Funding Needs”. Can you tell us a bit more about the module itself? What mentees can expect from it?

The “Investment Pitch and Quantifying Your Funding Needs” module is designed to equip mentees with essential skills and knowledge for effectively pitching their startups and understanding their funding requirements. The module includes three pre-recorded training videos, each lasting about one hour, covering core principles of investment pitching, different funding sources, and financial forecasting.

Participants will learn how to craft compelling investment pitches, tailor them for various audiences, and understand the different funding stages and sources appropriate for their startups. The first video covers the art of investment pitching, including structure, storytelling, and tailoring pitches for different investors. The second video details various funding sources, ideal equity percentages at different startup stages, and strategies for financial sustainability. The third video focuses on financial projections, market size, key financial metrics, and exit strategies, helping participants quantify their funding needs accurately.

In addition to the videos, the module includes a non-mandatory quiz to assess understanding, a live workshop to apply theoretical concepts, a Q&A session for addressing specific queries, and individual mentoring sessions for personalized guidance. These components collectively ensure that participants can refine their pitches, develop a sound financial strategy, and gain confidence in presenting to potential investors. The module culminates in a reflection session to encourage self-assessment and ongoing development.

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?

The ENTREPRENEDU Mentoring & Coaching Programme offers participants several key takeaways. Participants learn to identify the unique value of their business ideas and develop their business models. They gain entrepreneurial skills such as technical feasibility assessment, business model development, and quantifying funding needs.

Personalised guidance and feedback support individual growth, while networking with peers, mentors, and industry experts fosters future collaborations. Participants enhance their presentation and communication skills, understand market dynamics, and learn to analyse customer needs and competition. The programme encourages innovation, helping mentees develop unique solutions and deliver effective pitches to investors.

Finally, the comprehensive coverage of the entrepreneurial journey prepares participants to address common startup challenges, such as achieving product-market fit, establishing a clear business model, building the right team, and understanding how to meet investors.

It was our pleasure to learn more about ENTREPRENEDU Mentoring & Coaching Programme with Paola Belingheri, Lecturer on Innovation Management and Entrepreneurship at Luiss Guido Carli University.

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

My name is Paola Belingheri, I’m a Lecturer on Innovation Management and Entrepreneurship at Luiss Guido Carli, a university of social sciences located in Rome, Italy.

The mentoring and coaching program of ENTREPRENEDU is designed to support early-stage startups in acquiring some fundamental skills that will accompany them on their entrepreneurial journey.

The added value of the ENTREPRENEDU program is that it’s taught by an international cohort of universities, research centres and support organisations, all involved in entrepreneurship. The instructors thus possess different skills and espouse different perspectives, to which the young entrepreneurs are exposed. 

The Programme includes 6 mentoring modules and yours is about “Crafting a Unique and Competitive Value Proposition”. Can you tell us a bit more about the module itself? What mentees can expect from it?

Our module positions itself at the very start of the entrepreneurial journey, even before coming up with the entrepreneurial idea! Indeed, far too many startups throw themselves into the development of an innovation, without having a clear perspective of the value that their potential users are looking for, their constraints, and their needs.

Following the “Lean Startup ” methodology, we initially guide the students through a problem-definition phase where the aim is to acquire deep insights about their user’s behaviours, needs, pain points, current solutions and habits. We explain in detail how to conduct meaningful user interviews and how to strategize around the results effectively. Once this phase has been concluded, the startups then go through a solution validation, where similarly they try to learn as much as possible about the value that their intended solution could potentially provide to the users. Finally, all the information gathered is synthesised into a customer value proposition that will guide the remainder of the startups’ go-to-market path. 

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?

The programme is a great tool to increase participant’s self-efficacy, i.e. the belief and conviction they have to be able to create a successful product or service on the market, which is a fundamental ingredient to increase the resilience of entrepreneurs. I believe the program informs them on some of the complexities of setting up a successful business, all the while providing them with tools and methodologies to manage the complexity and thrive. Given its action orientation, it really helps them to move forward with their projects. In addition, my feeling is that the entrepreneurs also are encouraged by the instructors and each other’s enthusiasm, and receive a big motivation boost to continue pursuing their entrepreneurial dreams. 

It was our pleasure to learn more about ENTREPRENEDU Mentoring & Coaching Programme with Fabio Biscotti, Business Development Specialist of E. Amaldi Foundation.

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

I am Fabio Biscotti, Business Development Specialist and Mentor of E. Amaldi Foundation within the ENTREPRENEDU Mentoring & Coaching Programme. The aim of the programme is to provide advanced and comprehensive entrepreneurial training to young students and entrepreneurs who want to develop their own business idea in the world of deeptech technologies.

The ENTREPRENEDU Mentoring & Coaching Programme is structured to provide all-round training on the fundamentals that a young entrepreneurs should know in order to integrate knowledge that is often not deepened in the academic sphere, especially in those European regions defined as low/moderate innovation regions.

In my view, the mentoring offered by the ENTREPRENEDU programme represents a unique opportunity for mentees to further develop their best business idea through intensive support focused on their needs.

The Programme includes 6 mentoring modules and yours is about “Your Idea Pitch: from Tech Feasibility to Product Development”. Can you tell us a bit more about the module itself? What mentees can expect from it?

The aim of the module is to guide mentees through the challenging entrepreneurial path that ideally starts with the technical conception of a project and continues with the development of a product or a service, until its marketing and communication phase.

In particular, the module is focused on the exploration of different critical steps of this process:

• First and foremost the “technological feasibility”, conceived as preliminary but fundamental project’s analysis process. Students and aspiring entrepreneurs will benefit of an overall understanding of the main topics related to the design and performance of a technical feasibility study; they will receive theoretical references as well as methodologies, practical tips and examples to refer to.

• Secondly, the delicate transition phase from the tech feasibility to the product development: we’ll explore how the “design thinking approach” can help entrepreneurs to manage this process thanks to the explanation of methodologies, tools and tips to design, prototype, and test a product. As well as to retrieve feedback information to tailor their products or services on customer needs.

• Finally, we’ll try to understand how to best communicate and present the idea to a potential customer or investor. Basic concepts about the different kind of pitches and some tips to perform an oral or a written pitch will be provided.

Obviously, this is the general programme of the module, but we all know that personal interaction is the value of initiatives like this so I will enjoy engaging with mentees to tailor the meetings especially to their specific reactions and curiosities!

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?

Mentees can benefit from several important aspects. Firstly, they will develop a strong set of entrepreneurial skills, including an understanding of how to assess technical feasibility, how to develop their business model, how to quantify the funding needs, etc. In addition, they will gain a great deal of practical experience: the programme is not limited to theory, but allows participants to apply what they have learnt directly to their own projects. Their problem solving skills will improve significantly. Activities such as design thinking and feasibility studies will help them tackle the challenges they will face as entrepreneurs.

Another great benefit is personalised guidance and feedback, as each participant receives advice specific to their project, which really helps growth and development. Participants will also come into contact with peers, mentors and industry experts, which can lead to valuable collaboration and support in the future. They will gain confidence in presentation and communication, which is crucial for gaining support and funding. In addition, they will gain a solid understanding of market dynamics, learning how to research the market, understand customer needs and analyse the competition.

Finally, since the programme promotes innovation and creativity, mentees are encouraged to think outside the box and develop unique solutions that can stand out in the market.

It was our pleasure to learn more about ENTREPRENEDU Mentoring & Coaching Programme with Henry Nicolai Buxmann, our teammate and Research Associate at Franuhofer IPK.

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

My name is Henry Nicolai Buxmann, and I work as a research associate at Fraunhofer IPK, specializing in learning and competence management, as well as sustainability. I hold a Master of Science in Business Administration from the University of Amsterdam in the Netherlands. Throughout my career, I have gained valuable insights into the topic of sustainability from multiple perspectives, including consultancy, academia, and communication. This diverse experience has allowed me to develop a comprehensive understanding of sustainable practices and their application in various contexts.

The ENTREPRENEDU Mentoring & Coaching Programme aims to equip young entrepreneurs with the necessary knowledge and tools to transform their business idea into an actual start-up. Hereby, participants are provided with mentoring on vital entrepreneurial topics.

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

The module “Business Model Development” provides participants with a comprehensive understanding of the elements of a robust business model. 

Mentees can expect to be provided with foundational tools and strategic insights necessary for the effective development and implementation of their business model.

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?

I believe that there are several key takeaways for participants. But most importantly, participants need to go back to the drawing board and focusing on determining what the value is that the business idea brings to potential customers. From there on, the business model can be determined and refined. Hence, is it vital to determine the purpose of the business in the beginning to then focus on pitching and acquiring funds.