When you have startups building solutions to what they think are problems, they may be right they may be wrong. But what if startups knew for sure what the global problems to solve were? 100 Open Startups is a program that presents its competing startups with global challenges already identified by conglomerates that run the world and have these same corporations pick the winning solutions.
Dr. Bruno Rondani is the founder and CEO of the
100 Open Startups program. He is also the head of Inova Venture Partners and has been part of many successful startups so he knows what to look for in a startup.
Excerpts of a conversation with Dr. Rondani.
Tell us about a few startups that you have been involved in?I have been involved as entrepreneur and/or investor in:
- Omnisys, Brazil (executive - sold to Thales Group in 2006)
- Nanotimize, Brazil; Phi Innovations, Brazil (angel investor - management buyout)
- Wabber; Emprendemia, Brazil (angel investor - write-off)
- Entrega Delivery, Brazil (angel investor - sold to HelloFood; part of JustEat, UK since 2014)
- MBA60, Brazil; Lean Survey, Brazil; and Find a Nerd (angel investor - portfolio companies)
- Induct Software, Norway (IPO launched in January, 2016 at Merkur Market which lists companies electronic trading of share and equity certificates as part of the Oslo Børs)
Here’s what he says about 100 Open Startups and how Indian entrepreneurship compares to the rest of the world.
Why did you decide to go with the name “100 Open Startups?[Chuckles] 100 is a special number in the VC community. We believe 100 is the number of startups you need to have in your portfolio to have a high success rate. The word “open” is added to symbolize effectuation, lean startups (opposed to high burn rate startups), and innovation that happens collaboratively, with large corporations coming together.
100 Open Startups concluded its trial phase in early September, 2016. The program saw many Indian entrepreneurs enter the competition. What do you think about Indian entrepreneurship?The level of maturity of entrepreneurs in India is high. At 35-45 average years of age, the entrepreneurs are not teenaged, nor are they college drop outs. This is merely a misconception. The Indian entrepreneurs we see are mostly former corporate executives with a massive amount of experiences. A founder’s experience and maturity is one thing VCs everywhere consistently highlight as a big plus point when deciding to fund a company because it gives them confidence in the execution capabilities and ability to manage daily business pressures. So it’s a very positive thing for the Indian startup ecosystem.
BW Reporters
Regina is a reporter for BW Businessworld. In her previous assignments, she has worked with Independent television Network as a news anchor and reporter in Sri Lanka
