Professional Documents
Culture Documents
VentureOut Project Report
VentureOut Project Report
VentureOut
Final Project Report
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809
510
122
113
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100%
70K
$10K
77
Participating in the competition was great training and experience for me.
The judges feedback on my submission was concrete and provided value.
The feedback helped us to reshape our pitch deck in terms of the business model.
The best advice I received was, While my idea may make sense to me, I need to find out how it
would make sense to others (customers, investors). Input for others is vital in structuring your idea.
What you think the customer wants may not be what the customer actually needs. Investors are
looking for a return on their investment so your idea needs to show how it would benefit them.
The best thing I learned was, Everything related to Lean Startup methodology. I found a lot of new
ideas because I went out to my customers.
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1.7M
$30K
$930K
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I. Introduction
Program Background
On August 2, 2013, CRDF Global was selected by infoDev to serve as the Global Expert and Project
Coordinator of VentureOut. VentureOut is a partnership between infoDev and CRDF Global to propel
expansion-ready mobile entrepreneurs into international markets. The CRDF Global team created and
launched the VentureOut Challenge, coordinating with eight local enabler organizations in eight
countries to recruit applicants and promote the competition. CRDF Global also enlisted speakers and
mentors for the program, and built the VentureOut brand online through Facebook and Twitter. The
program ran from August 2013 to January 2014 and engaged hundreds of entrepreneurs through handson training, virtual learning opportunities, mentorship, international exposure, and seed funding.
Entrepreneurs came from enabler organizations, which are local technology community partners,
located in eight countries: Armenia, Jamaica, Kenya, Macedonia, Nigeria, Senegal, South Africa and
Trinidad & Tobago.
VentureOut Partners
About infoDev - infoDev is a global partnership program within The World Bank
Group. Its Mobile Innovation Program supports growth-oriented mobile app
businesses by enabling entrepreneurship, building mobile innovation
communities, and researching the app economy of emerging and frontier markets. www.infodev.org
About CRDF Global - Founded in 1995, CRDF Global is an independent nonprofit
organization that promotes international scientific and technical collaboration through
grants, technical resources, training and services. www.crdfglobal.org
Jamaica: ConnectiMass
www.ConnectiMass.com
Ingrid Riley, ingrid[@]connectimass.com
Serving: Jamaica
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24 Semifinalists selected: 6
from Caribbean, 10 from
Africa, and 8 from Eastern
Europe & Central Asia
13 Semifinalists selected to
travel to Moldova: 3 from
Caribbean, 5 from Africa,
and 5 from Eastern Europe
& Central Asia
Semifinalists receive
mentorship and training to
improve their submissions.
2 months of mentorship
for all finalists via
LaunchPad Central
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15 viewers
15 viewers
17 viewers
10 viewers
Senegal
Jamaica
Macedonia
Armenia
10 viewers
22 signed up to view online
20 viewers
15 viewers
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Mento
rship
Kickoff
Webin
ar
On
Thursd
ay,
Octobe
r 10, 2013, Mr. Jim Chung, Director of the Entrepreneurship Center at George Washington University,
led a workshop focused on applying Lean Startup Methodology in domestic and international contexts.
This webinar was offered to entrepreneurs and mentors, as the mentorship that VentureOut finalists
would receive would be centered around seeking new markets internationally using Lean Startup as a
means to gain market knowledge, create a plan and expand. The webinar targeted the top 13
entrepreneurs who received mentorship during the month preceding and following the finalist event in
Moldova. The webinar was also opened to all of the entrepreneurs within the VentureOut Community.
28 participants joined the event. The webinar recording can be accessed here.
Entrepreneurs from Macedonia and Nigeria tune in for TechConnect VentureOut
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Mentorship Process
The process was comprised of three hours of mentorship that were offered from October 15 through
January 31, 2014.
Preparation of mentors: Mentors received a mentorship plan that included a description of the Lean
Startup Methodology and LaunchPad Central, suggestions for topics to cover during mentorship,
and a set of learning outcomes. During the initial meeting, mentors were introduced to the venture,
discussed where the entrepreneurs should improve their messaging, and how this could translate
into a better pitch for internationalization at the VentureOut Challenge finals event.
Preparation of mentees: Mentees were briefed on the Lean Startup Methodology by Mr. Steve
Blank, a serial entrepreneur and Founder of the Lean Startup Methodology, via Udacity courses
online. Entrepreneurs then constructed their business model canvases, which were used as a central
place to share their business ideas and operations with their mentors. Mentees were encouraged to
schedule the mentors meetings and keep track of the notes and actions they would take via
LaunchPad Central.
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Please see Annex 3 for the agenda of the three-day event in Moldova or here for a complete evaluation
report of the VentureOut event in Moldova.
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CTIC Dakar
CTIC Dakar hosted a focused event about internationalization on February 28, 2014. Four entrepreneurs
participated, but although the group was small, the participants were focused in their purpose. Yann
LeBeux, organizer with CTIC Dakar cites that the entrepreneurs had very interesting discussions since
all of their companies already had international plans. He goes on to note that learning about a
structured mobile app internationalization process has been the most valuable part of CTIC Dakar
teaming up with VentureOut.
mLab South Africa
mLab South Africa hosted an internationalization event on January 17, 2014 to an audience of over 20
entrepreneurs. Justin Coetzee, CEO and Founder of GoMetro and also a finalist in the VentureOut
Challenge, was a facilitator in the event. Derrick Kotze, the organizer for mLab South Africa, said of the
event, It was an interesting experience for us to see how the conversation moved completely off the
provided or planned content to direct peer engagement. There was a lot more interest in the local
teams and their stories around the topic than in international case studies. Also more interest in
internationalizing into Africa than other global markets. A webpage about the event can be seen at:
http://www.mlab.co.za/internationalization-mobile-apps/
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mLab ECA
The Internationalization of Mobile Apps - Mobile Monday Yerevan event was held on February 3, 2014
at AEON anticafe. Around 50 representatives of mobile community, mobile application developers,
telecoms, mobile operators, entrepreneurs and tech students attended the event. During the event
entrepreneurs discussed issues related to when and how to go international. The participants also highly
appreciated short presentations by Lionsharp Solutions, Idram and Moveo Technologies startups, which
shared their experience concerning internationalization. Gevorg Poghosyan of Idram Mobile Wallet, who
attended the VentureOut conference in Moldova on behalf of his startup app team, was present and
gave a small testimonial at the event as well. An article about the event is available here, and photos are
available here.
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Knowledge Management
The VentureOut program is multifaceted, and a key component of the program is Knowledge
Management (KM). KM is the process of capturing, developing, sharing, and effectively using
organizational knowledge. In this program KM is shared in four key deliverables:
Creation of case studies of technology startups from three different regions of the Caribbean,
Eastern Europe and Africa
The Organizational Tool Kit for Internationalization
Internationalization Strategy Content Development
Monitoring and evaluation output
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Eight of the top 13 apps are registered businesses. None of the five unregistered businesses
have registered their businesses since participating in VentureOut.
Two founders have begun working on their ventures full time since participating in the
VentureOut program, so that now 10 of 13 founders work full time on their businesses. Two
entrepreneurs work 30 hours per week on their business, and one works for four hours per
week.
These 13 ventures had generated a total of $930,500 in funding; $494,700 more in funding since
participating in VentureOut.
The 13 ventures employ cumulatively 100 people (21 more than in October 2013, 38 of them
are women (3 more than in October 2013).
The same six ventures of the top 13 have revenue streams.
Of those six, the average monthly income is $1,667 in January 2014, an increase of $77.22 from
October 2013.
On the following page you will see tables that describe venture by venture the metrics that have been
collected on the 13 VentureOut Finalists mobile apps.
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Total Funding
Country
South Africa
Jamaica
Senegal
Nigeria
Nigeria
Jamaica
Croatia
Azerbaijan
Kenya
Kazakhstan
TOTAL
Employees
Women
Employees
Oct.
2013
Jan.
2014
Oct.
2013
Jan.
2014
Oct.
2013
Downloads
Jan.
2014 Oct. 2013 Jan. 2014
160,000
4,500
160,000
4,000
10,000
-
10,000
-
8
-
8
5
3
-
3
-
450,000
987
1500000
2,871
24,000
10,000
10,000
24,000
15,000
500
15,000
10,000
30,000
10,000
4
3
17
3
-
17
500
27
5
3
27
21,000
10,000
50,000
10,000
40,000
300
100,000
10,000
6,000
11,000
60,000
15,000
60,000
500
540,000
10,000
15,000
11,000
2,440
500
150
-
4,000
250
250
-
10
4
4
2
2
5
3
6
10
3
5
1
8
4
3
19
6
1
2
1
2
5
1
1
5
1
3
26,000
26,000
100,000
14,500
150
2,800
24,324
20,000
435,800
930,500
28,590
30,000
79
100
35
38
620,409
Avg Monthly
Revenue
2
-
70,000
12,000
122
2,800
7,500
11,000
31,000
1,731,645
*A pink cell denotes an imputed value, assuming no change between Oct. 2013 and Jan. 2014 as data was
not available
N e ar es t Lo ca
t or
P ro w or k
S w ee tS O A
X -R if t
M ar o di .t v
W a ab eh
M an if es to
T un in g F o rk
M .A . D . E
T ed d y T he
G ua rd ia n
I D R A M M ob
ile W a lle t
G oM et ro
R e s ults
G ri k . ly
T o ta l
Access to Finance
Personal funding
Friends and family
Angel Investors
Grants / Seed Funding
>$215000
$50000
$100000
$145,000
50
40
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>750,000
>$30,000 / month
Jo b Creatio n
Full Time Jobs
Part Time Jobs
Jobs for Women
Market Validatio n
Downloads
Revenues
The following section includes detailed qualitative stories from one VentureOut global mentors as well
as success stories about six of the thirteen VentureOut Finalists. Additionally, you can find profiles on
the remaining seven of the VentureOut Finalists in Annex 6.
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While working with Tonkopiy, Thirman shared that Daniels biggest improvement has been that he now
adds, more detail to his pitch, understanding the need to tell a story, be succinct, understanding that
the product is important, but the business is the thing being discussed.
Furthermore, Daniel and I have remained in touch since the end of the mentorship period, which is another sign of
an entrepreneur worthy of further consideration and support. I act as a guest lecturer on occasion at MIT Sloan and
Tufts, and one of the hallmarks of Sloan students is their ability to network and follow up. Daniel would fit right in
with any of the Sloanies, with his skill set.
Thirman also sends a warm message to VentureOut: This was a great program. Thank you for including
me in this!
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Furthermore, the team reports that participating in VentureOut has helped them access people in
new markets. As a result of some of the contacts they have made, Teddy the Guardian established
its presence in even more market niches than they had originally planned. Their team of
extraordinary PhD level engineers, experts and partners from CEE region, Western Europe and the
States are ready to deliver Teddy the Guardian which they believe will redefine the medical
industry.
Waabeh
King Ori Maina and Jeff Maina, Kenya
Category: Entertainment/Games
https://waabeh.com
Waabeh is Africas audio market for music, audiobooks and podcasts
available on the Web, as an Android app and Nokia Windows 8 app. The
venture helps people discover new and vintage African sounds. Two of
three co-founders of Waabeh, brother duo Jeff (the teams front-end
developer) and Kingori (the teams CTO) of Kenya, traveled to Moldova
together as a part of VentureOut Challenge. Before attending the event in Moldova, the team had
already reported that VentureOut provided them with crucial knowledge. Jeff reports, The whole
business model & lean startup canvas model; the entire lesson in the Udacity course was great! Kingori
was looking forward to the VentureOut event Moldova to learn how to present and pitch the business.
The team was paired up with mentor Scott Hartley, who is a Venture Capitalist in mobile and consumer
electronics with Mohr Davidson. Over three meetings with Scott Hartley, Kingori indeed reported that
Scott helped the Waabeh team improve on the pitch and use the time given well. Scott noted that the
team has improved on their ability to articulate simply and clearly the problem statement and solution
they are offering, and that hell definitely keep in touch with the team in the future. Kingori reported
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Nearest Locator
Ayoola Ajebeku, Nigeria
Category: Navigation
www.getnearest.com
Nearest Locator is a mobile application that helps you locate nearest points of
interest; like banks, ATMs, hospitals, filling station, interesting events and where
to get products at reduced prices. All this information is even more crucial in
emerging economies as data from larger providers is often inaccurate for developing markets. Ayoola
has reported, The number of downloads we have has increased greatly, from just 200 to over 61000,
from October 2012-October 2013. Ayoola was a great contender in VentureOut as his app was already
going global. As Ayoola notes, Our initial market was Nigeria, but today we have active users from
India, Ghana, and Kenya.
For the VentureOut mentorship program, Ayoola Ajebeku was matched with Alex Bashian a Senior
Investment Manager for Invested Development, which is an impact investment fund manager investing
in seed-stage, for-profit social enterprises with innovative solutions to poverty in mobile technology and
alternative energy that serve emerging markets. Alex shared with us the details of the mentorship
conversations, I have offered guidance on critical issues as the company develops and emphasized that
the questions must be clear and concise and well thought out. Alex noted that Ayoola had gained
longer term thinking and improved understanding of the value proposition and revenue model, during
the conversations that Ayoola and Alex had together.
Ayoola feels enlightened by his mentor saying, He has given us great insight into what investors are
really looking out for whenever we apply for funding. With the help of Alex, I now know how investors
think and that has helped improved my pitch deck. We recently got $5000 grant from a local venture
capitalist, thanks to improvement of our pitch deck. As a result of his participation in VentureOut,
Ayoola now believes that the business model is as important as the product itself. Today Nearest
Locator counts over 180,000 downloads and preinstalls and they are expanding from Android to other
mobile platforms like iOS, Windows Phone and Nokia X.
Marodi TV
Jimmy Kumako, Senegal
Category: Entertainment/games
http://www.marodi.tv
Jimmy Kumako is the Mobile Project Manager at MarodiTV, a company based
in Senegal that streams African content online and on mobile phones. Before
coming to VentureOut Challenge event in Moldova, Jimmy noted that
MarodiTV had experienced growth from 500000 page views to 1 million page
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X-Rift
Daniel Tonkopiy, Ukraine
Category: Entertainment/games
www.x-rift.com
Daniel Tonkopiy is a serial entrepreneur, Founder and CEO of X-Rift, he
previously founded best.ua (the Yelp for Ukraine), and co-founded adlog.tv
(video search on TV, "google for TV"), chudocard.com.ua (coalition loyalty
program), mp.kz (procurement system) and others. Tonkopiys X-Rift is an augmented reality game that
is the first of its kind, with the development team based in Ukraine. The concept was inspired by the
game Ingress that integrates mobile technology into group gaming. After creating the first version of XRift in February 2013, the team began showcasing X-Rift to many people in the gaming industry and
community, and they found strong interest to try out the game from everyone from designers,
programmers. Ingress players in particular were interested to try it out.
Throughout 2013, X-Rift has been networking, entering, and placing very high in competitions including
the Best Mobile App Game in Europe and Central Asia and taking 2nd place in CRDF Globals Science and
Technology Entrepreneurship Programs IT Startup Boot Camp in Lviv of Western Ukraine. In October of
2013, X-Rift participated in VentureOut and was one of the top 5 mobile apps from Eastern Europe and
Central Asia who was invited to participate in the finals event in Moldova and receive 3 months of
mentorship via the program.
Tonkopiy met two mentors David Kirsch, a professor of business at of University of Maryland and Mark
Thirman, a Vice President at Vodafone via the VentureOut program. Tonkopiy subsequently won a
contest hosted by the government of Kazakhstan which sent him and four other Kazakhstani
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VentureOut's Mixed
Method Approach
Review of competition
applications
Participatory
monitoring and
evaluation
Baseline & end-of-program
surveys with partcipants
The following types of evaluations were conducted during the course of the program:
A survey of all 113 applicants was conducted via Google with 16 responses, constituting a
14% response rate.
A baseline survey was conducted via SurveyMonkey with the Top 24 participants to collect
information on their venture startups and to seek their feedback on the on-going trainings.
21 participants responded to the survey, constituting an 87.5% response rate.
A follow-up survey was conducted with the Top 13 entrepreneurs via SurveyMonkey to
collect information on participants experience with the mentorship and its usefulness for
making positive changes in their business ventures (11 of 13 responded with an 85%
response rate).
A comparative analysis of the top 13 finalists and 11 semi-finalists VentureOut Submissions
was conducted to analyze strengths and weaknesses of the submissions to determine
concrete ways that curriculum, mentorship and training might address weaknesses.
An end-of-event evaluation of the Moldova Boot Camp Participants, a hard copy survey, was
conducted and the final evaluation report of the Moldova conference was written.
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A survey was conducted with VO Mentors via Survey Monkey two months after the event to
understand their satisfaction with the mentorship, seek feedback to improve the program
and explore their willingness to stay in touch with their mentees; eight of 13 mentors
responded, constituting a 61.5% response rate.
A survey with enabler organizations was conducted via Survey Monkey at the end of the
program; 100% (eight of eight) in-country enablers responded to the survey.
Feedback through in-person communication was also solicited by CRDF Global team from all
stakeholders, including mentors, participants, finalists and enabler organizations. The results based on
data collected from each group is located in the Lessons Learned and Recommendation section in this
report.
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V. Summary of Findings
Results of the Four-Level Approach
Below we will explore a summary of findings as they relate to the four level approach.
Level 1: Satisfaction: Was VentureOut and its multifaceted components and modules valuable and
beneficial for participants and enablers? Did the program deliver expected outcomes? Did VentureOut
meet participants and enablers professional goals and expectations?
Over 90% of participants at the VentureOut Finalist Event found all sessions at the event
valuable or very valuable.
Participants rated the judges feedback on their submissions at an average score of 4.13, a score
between very helpful and extremely helpful
All eight enablers reported acquiring new ideas and skills as a result of participating in
VentureOut
Level 2: Knowledge Gains: Did the program encourage subject-related knowledge gains? Is the
knowledge actionable?
18 of 20 VentureOut semi-finalist and finalist respondents reported learning useful knowledge
during VentureOut in the baseline survey
13 of 13 VentureOut semi-finalist and finalist respondents reported either creating or improving
their internationalization plan as a result of being involved with VentureOut
Level 3: Behavioral Change (anticipated outcomes): Will participants use their new knowledge and
experience to benefit their ventures? Will enablers apply new knowledge to strengthen their
organizations and provide further support to entrepreneurs as well as to encourage new startups?
What are the major areas of new knowledge application?
10 of 11 VentureOut finalists reported that VentureOut has improved their professional skills
and helped them improve their venture pitch
The majority of VentureOut finalists reported that VentureOut has empowered them to improve
outreach to customers, form key connections and networks and make key operating decisions
6 of 8 enabler organizations have hosted internationalization events, showing they have already
put to use the knowledge on internationalization that has been developed
Level 4: Institutional Change & Sustainability of Effort (anticipated outcomes): Will VentureOut result
in internationalizing mobile apps, ventures growth, new job creation, new funding obtained? What
regional and international contacts and linkages have participants built as a result of VentureOut? Will
VentureOut encourage new initiatives in each participating county and the regions?
The Enterprise Hub Nigeria, mLab South Africa have given indications that they will incorporate
internationalization into their future programming
2 of 11 VentureOut finalist respondents have reported entering 3 new markets by investing
$5,000 USD and employing an additional 5 people resulting in 70,000 more downloads and a
growth in revenue of $10,000 USD
11 VentureOut finalists reported making a total of 77 strategic connections via VentureOut
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The 13 VentureOut finalist ventures reported to employ 100 people in March 2014, up from 79
people reported in October 2013
Participating in the competition was great training and experience for me.
The judges feedback on my submission was concrete and provided value.
The judges made clear what I was feeling deep down about my business.
The feedback helped us to reshape our pitch deck in terms of the business model.
The best advice I received was While my idea may make sense to me, I need to find out how it would make sense
to others (customers, investors). Input for others is vital in structuring your idea. What you think the customer
wants may not be what the customer actually needs. Investors are looking for a return on their investment so
your idea needs to show how it would benefit them.
The best thing I learned was Everything related to Lean Startup methodology. I found a lot of new ideas because
I went out to my customers.
I appreciate that the webinars were recorded and available later when we could not attend.
We are very positively surprised by the concept of this event and would definitely like to encourage this to go on
as something that diversifies itself from other mainstream startup competitions.
Basic baseline statistics of the status of the mobile app at the time of response
Strengths of and suggestions for the VentureOut program as reported by the respondents
Answering the question regarding the best single professional/personal experience that entrepreneurs
had during their participation in VentureOut, a wide range of answers was provided, indicating a
number of benefits received. One entrepreneur mentioned the best experience they had with
VentureOut included: business development, networking, fleshing out business model with a lean
canvas approach, how to make business development - with focus on monetization and business model,
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My best personal experience was to learn the importance of getting international patent for the project, in September,
during travel to Silicon Valley arranged by CRDF Global Program.
Having my question on viral social media advertising, answered at a seminar at the World Bank!
Our mentors, local and global, were very helpful. They listened and gave insights, suggestions and specific action points.
In the mentorship process, I learned how to present the venture to an investor by focusing on the appropriate points.
Investors have specific areas of interests that we must address correctly.
Connecting with a Turkish-American mentor, when we are looking at Turkey as our next market for expansion.
The efficiency of Amanda Gant to get my passport to the US and back to me on time.
Reviewing and refining the business model canvas with our mentor. He provided AMAZING insight that allowed us to
create the minimally viable product and achieve good product-market fit.
Amazing talk with Andres Blank (mentor) on sales and raising investments in the USA where his company is located.
That particular connection will help us contact best VCs and angel investors once Teddy the Guardian moves to the
States.
Everything was professionally done, the feedback from the judges useful and the handler (Amanda) was amazing and
getting everything together.
Participants were asked to share the best lesson that they had learned while participating in the
VentureOut Challenge, and to indicate which component of the program that lesson (new knowledge)
came from. Participants listed different aspects of knowledge that they gained through a variety of
program activities and interactions, including webinars, videos, interviews and mentor sessions. One
entrepreneur highlighted a better understanding of thinking globally, how to prepare presentations for
interested investment and how to do a lean canvas and flesh out business model, how to prepare a
business attractive pitch for investors, and focus on customers, the true value of the business model
canvas and customer interviews as being essential data points. Many participants stressed that
learning they gained from the webinar about business model and focus on customers was crucial and a
true discovery. Additional quotes, highlighting knowledge gains are listed below.
The best lesson was that advertising may not be a viable sole income model for a social platform until the user base
has reached critical mass. It forced us to reassess and to quickly find other ways in conjunction with advertising to
monetize the app in order to survive.
The whole business model & lean startup canvas model. The entire lesson in the Udacity course was great!
In listening the founder of Pixable, I found out that you should never give up on your idea. When something doesnt
work, pivot.
Minimal Value Product concept from videos I watched as well as Lean Start up methodology. Not everything could be
used daily, but I found a lot of interesting stuff including how to test my ideas and future developments. On top of it
during interviews I found some very nice ideas that I intend to test and implement according to priorities.
From videos watched, the best lesson was "A startup is not a smaller version of a bigger company"
The need for more customer interviews. We already subscribe to the lean startup methodologies at Prowork, usually
we did 1-3 customer interviews weekly but the Launch Pad Central course challenged us to do more. Now the target is
10 weekly, such that every opportunity we are speaking with people and learning the business problems, some of
them become paying customers at the end of the interview.
The lean startup methodology - Udacity videos Nail it, then scale it - Mentor
The extent to which VentureOut Challenge is international taught us a great lesson and focused our attention on the
countries and continents that have extraordinary projects and teams which we will meet in Moldova and that is
specially exciting and provides opportunities for collaboration because we do not have a chance to spend time with
entrepreneurs from Africa, Caribbean Islands and Asia.
Answering the question on what major things participants wanted to learn and apply in their venture,
the majority who responded to this question highlighted that revising commercialization strategy
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82% (9 of 11) found their mentorship helpful, very helpful or extremely helpful
82% (9 of 11) found the use of LaunchPad Central and the Lean Startup Methodology helpful,
very helpful or extremely helpful in improving their mobile apps
Graphs 1 and 2 below illustrate participants satisfaction with the VentureOut mentorship program as
well as with LaunchPad Central and the Business Canvas.
Graph 1: How helpful was the VentureOut global mentorship?
37%
Extremely
Helpful
Very
helpful
Helpful
Somewha
t helpful
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Very
helpful
Helpful
37%
18%
27%
Somewha
t helpful
% and # answered
91% (10)
91% (10)
64% (7)
64% (7)
55% (6)
45% (5)
36% (4)
36%
45%
55%
64%
64%
91%
91%
0%
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
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Yes, 8, 73%
Amazing talk with Andres Blank (mentor) on sales and raising investments in the USA where his company is located. That
particular connection will help us contact best VCs and angel investors once Teddy the Guardian moves to the States.
Travelling to Chisinau and experiencing the way people utilize the internet is an eye opener for me. It shows that every
region is peculiar and should be treated as such.
Everything was professionally done, the feedback from the judges useful.
The best experience was reviewing and refining the business model canvas with our mentor. He provided AMAZING
insight that allowed us to create the minimally viable product and achieve good product-market fit.
Our mentors, local and global mentor, were very helpful. They listened and gave insights, suggestions and specific action
points.
Most meaningful to me in the VentureOut program was connecting with a Turkish-American mentor, when we are
looking at Turkey as our next market for expansion.
In the mentorship process, I learned how to present the venture to an investor by focusing on the appropriate points.
Investors have specific areas of interests that we must address correctly.
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Basic comparison
Years of professional
experience before
launching business
Age of company
6 years
Range: 0-12 years
5 years
Range: 1-12 years
1.42 years
1.48 years
Percentage of founder
who work full time
Those founders who
work part time, how
many hours?
Average personal
funds invested into
the business (USD)
61.5%
8 of 13 respondents
3 hours (1 respondent)
30 hours (1 respondent)
30 hours (1 respondent)
$15,830
Range: $0-$50,000
50%
4 of 8 respondents
2 hours (1 respondent)
20 hours (1 respondent)
20-25 hours (1 respondent)
$3337.50
Range: $0-$10,000
$13725.50
Range: $0 - $39,000
$29,676.90
Range: $0 210,000
6.07 people
3.00 people
Average number of
downloads
53431.46 downloads
Range: 0 450,000
* One outlier in the top 13 group whose mobile app venture employs 27 people was removed.
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Strategy for
Internationalization
of the App (25.0 %)
- Score
Top 13
3.79
4.00
Top 24
3.33
Difference
0.46
Position in the
Market (15.0
%) - Score
Company &
Management
Track Record (15.0
%) - Score
Pitch
Presentation
(20.0 %) - Score
Average of
all scores
3.54
4.26
3.85
3.89
3.10
3.30
3.53
3.60
3.35
0.90
0.24
0.72
0.25
0.53
We can see that the larger differences in performance between the two groups are in the categories
Strategy for Internationalization of the App (a difference of .90 points) and Company & Management
Track Record (where the two groups differ by .72 points). There is more diversity in performance
between the two groups in these two categories than in the other categories, and this points to the
need for entrepreneurs to become more qualified in responding in these areas in order to convince
judges that their venture is strong. In the following section we will more qualitatively analyze judges
comments from those two sections in order to guide us to make relevant suggestions for supporting
entrepreneurs to become champions.
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Top 13
Top 24
Total
Partnerships
Localization
Country
14
Success at home
User acquisition
11
18
27
26
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39
30
69
Needs attention - what strategies will you use to reach international markets? Will word of mouth be sufficient?
Good start, but you need more details and methods to push your product - app stores are flooded with apps nobody
wants.
The team is employing a crafty, grass-roots strategy to establish the marketplace. The team should explore additional
venues to bolster its international strategy.
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The VentureOut Challenge Organizing Tool Kit includes an internationalization curriculum that
addresses marketing and partnerships in new geographies. The curriculum also includes an
activity to create and manage a marketing strategy to become proficient in the tools and directs
entrepreneurs to decide how to work towards those goals.
Managing Partnerships
Judges comments
Its going to be difficult to expand to foreign markets because its about forming those relationships with partner
providers. It might make sense to just sell or lease the infrastructure to other partners who work on content and have
some financial incentive to expand.
Partnerships are laudable and the team should clearly articulate how these relationships will enable them to create a
global company.
Partnerships with carriers take a lot of time and don't always promise large distribution. You should think more about
viral growth using social networks
Addressing Localization
Judges Comments
Something important that's missing is translating the app into multiple languages.
Gaming is universal and a huge market; there are some language barriers and also technology fragmentation so
internationalization is not so straight forward but definitely doable.
How will you address multi-lingual support in the application?
I would think through what translation and UI changes will be required to grow to new markets--my hunch is that
these costs alone could be quite prohibitive.
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I think you do have potential to expand into foreign markets but because you haven't demonstrated success you don't
have specific evidence to support it.
Product is not ready to go international it seems. Establish traction in Romania first.
In terms of your internationalization strategy, starting small and expanding gradually to other Caribbean destinations
makes sense If I were you, I would nail it in the Caribbean - focus on curating awesome local content - and then scale
it.
There's no mention of other team members, an advisory board, investors, etc. These are important additions
to the team that can help with decision making.
The team is impressive and it would be helpful to have additional background information on them.
Missing an additional team member who would bring key skills to the team
Designing a mobile / web application's UI requires specific technical skills and I don't see whether [the
teams] training or past work experience included any of that. I think the team would benefit from someone
with a design or direct mobile development background.
0
Strongly Disagree
Disagree
Undecided
2
Agree
Strongly Agree
We can see from the feedback in table 9 on the following page that most enabler groups agree that their
entrepreneurial community was strengthened by participating in VentureOut, that VentureOut provided
good business development opportunities to the entrepreneurs, that the entrepreneur benefitted from
joining in for the VentureOut TechConnect and that the Organizational Toolkit provided is or will be
helpful for implementing entrepreneurship and internationalization activities. All enabler groups agreed
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Strongly Disagree
Disagree
Undecided
Agree
Strongly Agree
The organizers of the enabler organizations also shared some helpful comments. A sampling of the comments
shared is displayed below.
Access to relevant and useful information not readily available locally and that we can access that information post
event for ease of reference and ensuring others outside of attendees benefit, was listed as a capacity building aspect
that their organization has developed as a result of VentureOut.
Our organization benefited by being directly involved with an organized forum for discussion on commercial
technology development. This has helped our positioning in the market for the provision auxiliary services.
As a small program with tight deadlines and goals we are very internally focused. VentureOut made the larger and
broader vision a priority.
The single best benefit one enabler reported receiving was, Being able to convince startups that they should not focus
on one region alone. That they are capable of scaling into new markets.
We realized that we need better video call/skype/telco and streaming capabilities to connect our community to
global mentors and knowledge. We also learned that we needed to bring in more local experts outside the technical
sphere (and have now made those connections). A global outreach for mLab and an internationalization strategy
should form part of our next program.
Learning about a structured mobile app internationalization process and the international visibility and connections
for our entrepreneur, were the top skills building benefits recognized by one enabler.
The program opened the minds of entrepreneurs who otherwise were looking only into their local markets. It also
validated the assumptions of some entrepreneurs who are positioning themselves for the world beyond Nigeria.
Venture out brought a very interesting international perspective to the local tech community. Entrepreneurs learned
to think globally. Furthermore, the entrepreneur selected from Senegal was the African winner, which brought a lot of
visibility and credibility to them, the incubator, the country, and Francophone Africa.
One notable impact seems to have been the discussions that provided encouragement and served to add fuel to the
passions of, not only mobile, but other entrepreneurs at the gatherings.
VentureOut has put the importance of other markets, asking questions and having it on their "to-do list." It honestly
never featured much in any of our strategies, now it does. It might not be an immediate focus due to many other
important milestones in their business development but its there and will most likely have an impact going forward as
they become more mature.
The target audience received contact and guidance with experienced mentors that opened new horizons. Taking into
account that most of the consultants were from the U.S., the entrepreneurs got an opportunity to receive more insight
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Webinars
Based on observations made during the production of two webinars, the CRDF Global team members
identified the importance of scheduling webinar presenters to join 30 minutes in advance to ensure
smooth operation of the technology.
Timeframe for Webinars: The CRDF Global team has also observed that it is best to schedule the
webinars at least two to three weeks in advance, to allow for appropriate promotion. This is not
always possible due to securing speakers, but should be attempted.
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Curriculum Development
Insights gained from analyzing 69 judges comments of the top 24 applicants from the competition have
shown CRDF Global three areas where curriculum development could support entrepreneurs in
succeeding in competitions, and also in their business outcomes.
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Areas for curriculum development: Key areas that entrepreneurship development curriculum
should cover are: 1) User acquisition and marketing tools, 2) Partnership formation and
management, and 3) Steps to create your internationalization plan. The last of these topics is
covered in the VentureOut Organizer Tool Kit.
Locally based case studies: Feedback from the enabler organizations showed high interest from
entrepreneurs in discussing case studies of locally-based entrepreneurs who have succeeded.
VII. Conclusion
The VentureOut program was a success. The ultimate goal of sharing tools with entrepreneurs to
expand the reach of mobile applications startups in Africa, ECA and the Caribbean outside of their
national markets was achieved. 113 entrepreneurs received valuable feedback from international
venture judges, thus making their venture stronger. Hundreds of entrepreneurs tuned in for the
TechConnect VentureOut discussion with top mobile entrepreneurs about taking their apps global. Six of
eight enabler organizations hosted internationalization events that engaged 122 entrepreneurs between
December 2013 and February 2014 using curriculum that was developed by CRDF Global. Another two
of the enabler organizations will host events this March 2014. Finally, a community of 13 finalists
learned lessons, received mentorship and pitched in Moldova. All of these thirteen finalists reported
that they had benefitted by participating in the VentureOut Program.
This project created networks, shared expertise across borders via the webinars and TechConnect, and
empowered local organizations to bring new knowledge about internationalization to their
entrepreneurs. As the project was successful in creating a community around the notion of entering new
markets, CRDF Global encourages infoDev to continue in this area to foster a sustainable engagement of
these topics with entrepreneurs and enabler organizations globally. The curriculum can be shared with
more enabler organizations, and future trainings and competitions can be even more fruitful now that
relationships have been developed. It is important to continue this engagement so that mobile
application entrepreneurs continue to receive the training, network and resources to help them succeed
in new markets.
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Finance
Weather
Navigation
Productivity
Health
Education
News
Agriculture
Social networking
Entertainment/games
Other (please specify) __________________________________________
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2. Please self-evaluate the extent to which you have retained and/or advanced your level of
knowledge and skills since your participation in VentureOut.
Program Topics
Basic
After
VentureOut
Average
Now
After
VentureOut
Advanced
Now
After
VentureOut
Expert
Now
Prior
My knowledge of internationalization
strategy was
My knowledge of marketing, including
customer interviews was
My skill to venture pitching present to
investors was
My knowledge on how to improve apps
visibility in app stores was
The importance of beta testing and
iteration in improving their app
Comment: _________________________________________________________________________________
4. Since VentureOut what other things have you done differently as a result of your participation in
VentureOut that you would not have done otherwise?
5. Please share what accomplishments have you achieved with your mobile app since submitting
your app/venture to the VentureOut Challenge in September 2013. Please include any key
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After
Comment: ________________________________________________________________________________
8. Have you entered new markets since participating in the VentureOut Challenge?
Yes
No (if no, please skip the following question)
9. If you have entered new markets since participating in VentureOut Challenge (October 2013), please
provide us the following information:
Number of new countries entered
Number of new customers gained
by entering new market/s
Number of new employees hired
in order to enter new market/s
Amount of funds raised in order
to enter new market/s
Number of downloads gained as a
result of entering new markets
Total amount of money in USD
secured through new contracts
Seed funding/grants
Other
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Country
Nature of
collaboration
Month/Year of starting
relationship
11. What funding sources has your venture used or received since your participation in VentureOut? Please
provide the totals in USD in the appropriate boxes below.
Personal funds
Friends and/or family
Angel investor
Venture capitalist
Microfinance loan
Traditional bank loan
Seed funding/grants
Other
12. How much revenue have you generated since your first engagement with VentureOut?
Please use USD amount. _______
13. What is your companys average monthly revenue in USD for three periods of time, indicated below?
(E.g. September, October, and November 2013: "an average revenue is about $500 USD per month."
The response would be "$500").
September, October,
November, December
2013:
January, February, March,
April 2014:
May, June, July, August
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14. How many employees does your company currently have? Please indicate how many new employees
did you hire in each category listed below since VentureOut? For example: if you have currently 14
employees and 5 new hires since VentureOut, please list 14/5.
Full time:
Part time:
Females (full or part
time):
15. How many new downloads have you registered since VentureOut? _________
SECTION V: RECOMMENDATIONS
16. Given another opportunity would you submit your mobile app/venture to a similar contest
as VentureOut Challenge? Yes No
17. What additional components, modules or topics of VentureOut would you recommend to
include in the similar programs in the future?
18. What changes/improvements would you recommend to the VentureOut program (if any)?
19. We welcome additional comments about the VentureOut, enablers, mentors, and program.
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City/Town
Country
E-mail/telephone (optional)
High school
Undergraduate MS or MA (graduate)
Ph.D. Postdoc
Skype (optional)
Male Female
up to 25
26-35
36-45
46-55
55+
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Metrics
VentureOut
Challenge
1 Competition
1 Preparation Webinars
7 Local Outreach Events
1 Tech Connect
Online
Education
Website
Media
Social Media
Print pieces
Promotional Materials
Mentorship
Global Mentorship
LaunchPad Central Platform
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9:30-10:30
10:30-11:00
Break
11:00-12:30
12:30-13:30
DAY ONE
9:00-9:30
Lunch
13:30-14:15
Global Networking and Session: Polish your networking skills through tips from which events to attend, how
to know who you need to meet, opening a conversation and effective follow up.
- Ovidiu Bujorean, Senior Program Manager, CRDF Global
14:15-15:00
15:00-15:30
Break
15:30-17:00
Strengthen the entrepreneurial community: through providing value to entrepreneurs - In this practical
session we will discuss how to run compelling business competitions and how to maximize the benefits of
mentorship. With clear plans and skill building events, we can help unite the community and leave lasting
lessons for entrepreneurial success.
- Mariam Davtyan, Director, mLab Eastern Europe & Central Asia: a view from Armenia
- Radu Ticiu, Coordinator, ECAbit: Eastern Europe and Central Asia network of business incubators
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9:30 10:30
10:30 10:45
Break
10:45 - 11:15
11:15-12:00
12:00 - 13:00
Lunch
13:00 - 14:00
14:00 - 14:45
DAY TWO
9:00 - 9:30
14:45 - 15:00
Break
15:00 - 15:45
15:45 - 16:25
Mentorship - Session One: 13 ventures are divided into two groups (Group A & B)
Group A VentureOut Entrepreneurs: One-on-one mentorship to go over business presentation and overall
questions of feasibility and internationalization.
Group B Entrepreneurs: Interactive learning environment to ask questions and work on presentations for future
use.
16:25 - 17:00
Mentorship - Session Two: 13 ventures are divided into two groups (group A & B)
Group B VentureOut Entrepreneurs: One-on-one mentorship to go over business presentation and overall
questions of feasibility and internationalization.
Group A entrepreneurs: Interactive learning environment to ask questions and work on presentations for future
use.
17:00 - 17:30
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9:00 9:45
10:15-10:45
10:45 11:00
Break
11:00 11:30
11:30 12:00
12:00 13:00
Lunch
13:00 14:30
14:30 15:00
Break
15:00 16:00
16:00 16:45
16:45 17:30
Award Ceremony
DAY THREE
9:45 10:15
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June 2009
Sept 2008
Founded eMedia
eMedia enters
Technology
Incubation Centre
December 2011
Receive US$350,000
funding from Pan
Caribbean Financial
Services
Sept 2013
eMedia enters the US
Market
Contact information:
Email: info@joinemedia.com
Phone: 876.970.5657
Web: http://ezinesreader.com/
http://ivutv.com/
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Santiago Tenorio, Co-founder and CEO, Melba Santiago is the co-founder and CEO of Melba, an online
marketplace that allows chefs and cooks to display their talent by offering unique dining experiences to
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Prowork
Francis Onwumere, Nigeria
Category: Productivity
http://prowork.me
Many businesses in emerging markets face massive loss of productivity as a result of dispersing their
project activities across different improvised media. This is because most traditional project
management tools are difficult to use, not collaborative, or not available on mobile.
Prowork is a collaborative project management solution for business. It empowers businesses and helps
them lower costs by bringing project management and collaboration together on one platform, and
making it mobile, real-time, ubiquitous, and business intelligent.
With better internet connectivity businesses in emerging markets with populations over 1 billion, will
embrace innovative cloud solutions like Prowork to save cost, and improve efficiency. The team plans to
internationalize Prowork through language localization and partnerships across Sub Saharan Africa and
South America.
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Manifesto
Dorian Postevca, Moldova
Category: Social Networking
www.seemanifesto.com
Manifesto allows users to immediately shoot video or capture audio with one tap and make it public
with a click. Manifesto provides both instant capture and content sharing, unlike other apps that focus
only on one or the other. During its free promotional period, the app was downloaded 30,000 times in
48 hours.
From its launch in Summer 2013, the app has received 15 paid downloads per day from virtually zero,
and has an average 5 star rating from many of its users. Because of UX and design, the app could be
easily scaled to other regions. Their internationalization strategy consists of localizing promo material
and designing the app for users in different languages.
Cofounder Dorian Postevca runs a dynamic but scalable team of three. With ten years of experience, he
is the head of internet services in Orange Moldova. He also founded www.zap.md the most popular
online store in Moldova.
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Caribbean
Grik.ly
Dwayne Samuels, Jamaica
Category: Productivity
www.grik.ly
Grik.ly is a business networking application that works to replace the unmeasurable use of the
traditional business card and allows users to share contact details easily, while remembering who
theyve met and where theyve met them. Grik.ly also allows users to stay updated when individuals
change any information on their business card.
Grik.lys strategy for internationalization focuses on building their user base through strategic
partnerships, using SEO and blog posts, giving first hand demos at conferences, and adding experienced
mentors to their board. Grik.ly launched their MVP to the general public on the Windows Phone
platform in 2013 and are developing versions for Android and iOS.
Director Dwayne Samuels is a mentee of the Branson Center of Entrepreneurship and studied Computer
Information Science at the Northern Caribbean University.
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SweetSOA
Jerome Campbell, Jamaica
Category: Productivity
www.sweetandsoa.com
With the rapid adoption of mobile devices, companies look to provide mobile solutions that grow their
businesses. This is a challenging task for companies as specialized app development can be an
expensive, complicated, and lengthy process.
SweetSOA provides a generic mobile application that companies can easily customize specific to their
needs. Unlike other solutions, this app gives businesses the ability to create customized low cost mobile
solutions without requiring the user to do any programming. SweetSOAs internationalization strategy
focuses on a marketing campaign targeting technology professionals that need a mobile app for their
business. SweetSOA plans to partner with web service technologies like SoapUI, which averages 20,000
downloads per week. Team leader Jerome Campbell is a Senior Systems Analyst with more than seven
years in enterprise software development and a passion for innovation.
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