Bootcamp Structure

Bootcamp happens
Bootcamps are run three times a year
This deck gives you an overview into what happens
during and after the bootcamp & what the
objectives are
This is the ideal flow that we strive towards, but we
are able to deviate from it to accommodate the
needs of startups
What if…
You have a desire to get out of the building & find global
product-market fit for your startup?
You’re working with web or mobile, with software used to
deliver the value proposition to your customers?
You have completed MVP or are couple of months away
from one?
You’re proficient enough in English to conduct product
validation with customers?
You have committed team that can design, build and sell
the solution to customers?
You lucky b@$§&$#!
The bootcamp is
just for you.
Bootcamp offers
a unique opportunity to refine your value proposition
and test your business model with real customers
Your startup will be paired up with a dedicated coach
who will assist you throughout the program, work with
you to find the right customer contacts and advise you
on how to make the most of the problem and solution
interviews with customers
WYSIWYG
At the end of the program we expect you to have met at
least twenty potential customers, solidified your
business model and closed the first sales
If you succeed in this, you will have the opportunity to
join Helsinki Ventures Accelerator, giving you access to
a wider advisor network and follow-on funding
Bootcamp structure
A
p
p
l
i
c
a
t
i
o
n
sRemote

~6 teams
2 weeks
(6.-17.10.)
No cost to you
On site

~3 teams
4 weeks
(27.10.-21.11.)
Pay travel and
food, we cover
the rest
Incorporation

~X teams
4 weeks
23.11.
onwards
We cover
setup costs
up to 5k!
Initial funding

within 4
months of
incorporation
Scorecard
evaluation,
LOI, visas
Scorecard
evaluation
First customers
to show traction
BOOTCAMP ACCELERATION STAGE
Scorecard
evaluation
Evaluation
We will give you a score card ranking you on a
scale from 1 to 10 in the following areas:
•
Clarity of value proposition
•
Engagement with customers
•
Team, hustle factor
•
Product readiness
•
Revenue potential
•
Scalability
Ranked before each phase, we want to see
improvement; average score determines whether
you get to the next phase
Bootcamp - remote
Conducted remotely via Skype
Prerequisites: read Running Lean book
Your goals:
•
Refine value proposition and finalize lean canvas
•
Identify customer segment, define problem
hypothesis, make list of customers to contact
Our aim:
•
To get a feel for what it’s like to work together, how
fast you can move, respond to feedback & adapt
Bootcamp - on-site
Accommodation & working space provided - no
strings attached
Your goals:
•
Meet 20+ customers, ideally twice: once for problem
interview and the second time for solution interview &
to close the deal
•
Determine whether you have product market fit, if so -
refine your value prop, if not then pivot
•
If you have fit, close 1-5 paid deals or pilots; if no fit,
can re-apply to bootcamp at your own cost after a
pivot
“The program was split into two parts with a very sensible approach of first reflecting
on your own product and building a market hypothesis around it. This kind of
creative and imaginary work can never go flawless, but I think is often overlooked by
inexperienced startupers. The second, practical part of the bootcamp was about
diving into reality, facing real people, and testing your hypothesis against the cruelty
and harshness of the real world :)

Dennis Kreminsky
Founder & CTO
I strongly advise to apply, but only if you aim at global markets and have the potential
of a badass entrepreneur:
You value field experience of working with your customers and partners here and
now more than wasting your time on theoretical bullshit that "could be useful
someday";
You prefer to choose whom you would meet with by yourself, using vast network of
the accelerator team and their partners instead of waiting for some talking heads to
come with a lecture;
You prefer to work in batch of 3 teams with fast individual feedback & coaching
instead of tens of teams and lots of semi-random coaches that have no time to dive
deeply in your business;
You can plan your day yourself and squeeze there as much as you can instead of
drifting along the predefined schedule.
Anton Belousov
Founder
Incorporation
Incorporation in Finland is a prerequisite for Helsinki
Ventures’ acceleration program
Why? Why not. Seriously, that’s one of our funding
criteria. Plus there are other perks as well.
If you’re already incorporated elsewhere, need to
“flip” to Finland, i.e. transfer IP’s to Finnish legal
entity
Incorporation - part 2
We take up to 6% equity upon incorporation, cover
some setup costs
One representative of Helsinki Ventures joins board
of directors
We apply for a residence permit so it’s easier for
you to travel to & from the EU
Initial funding
Different options available depending on the stage
you’re at, how much you need etc.
Funding terms negotiated on a case by case basis
Funding expected to last 6-12 months
What’s next
Customer acquisition + business model
development continues
We want to see you through to VC1 (1M+ EUR
funding round) or exit
Can help raise and get matched public funding
“Bootcamp with Helsinki Ventures was the first of a kind in my life, and it made a first
impression of being designed with great care about the practical issues a foreigner
may expect during long stay in a new place, even in as comfortable country as
Finland.

Throughout these two months we received enormous amount of personal
involvement from HV guys, high quality of all contacts and arranged meeting,
enjoyed open and informal atmosphere, all combined with the most pragmatic and
very goal-oriented set up, Finnish-style. I truly believe this is just the right
combination for a technological startup”.

Dennis Kreminsky
Founder & CTO
Investment stages
#1PRODUCT VALIDATION
& CUSTOMER USAGE
1-3 founders, 35-150k
investment, accelerator
environment, multiple peers &
advisors / coaches
Test functional prototype / MVP
Develop minimum feature set
Improve design & usability, setup
conversion metrics
Test small scale customer
adoption
Demonstrate concept, reduce
product risk, test functional use
Develop metrics & filter possible
future investment
#2: MARKET VALIDATION &
REVENUE TESTING
Product validation & customer
usage
2-10 person team, 100K-1.3M
investment, Syndicate of Angel
Investors / Small VC Funds
Improve Product, Expand
Customers, Test Revenue
Alpha->Beta, ~6-12 months
Scale Customer Adoption =>
“Many People Use It & They Pay”
Test Marketing Campaigns,
Customer Acquisition Channels +
Cost
Test Revenue Generation, Find
Profitable Customer Segments
Prove Solution/Benefit, Assess
Market Size Test Channel Cost,
Revenue Opportunity Determine
Org Structure, Key Hires
#3: REVENUE VALIDATION &
GROWTH
5-25 person team, 1M-5M
investment, Seed & Venture
Investors
Make Money, Get to Sustainability
Beta to Production, 12-24 months
Revenue / Growth to Hey, this
engine makes money
Mktg Plan i.e. Predictable
Channels / Campaigns + Budget
Scalability & Infrastructure,
Customer Service & Operations
Distribution, Expand Growth
Prove/Expand Market,
Operationalize Business
Future Milestones: Profitable/
Sustainable, Exit Options