Startup Weekend in Moscow: a working Saturday
On May 26 the company Glavstart held the working Saturday Startup Weekend at Digital October for creators of Web projects.
Startup Weekend is a program of the investment company Glavstart, which will allow Internet entrepreneurs to consult with experts, confirm the viability of their projects in advance, and obtain initial investments.
This time, Glavstart classified projects more strictly and was planning to receive no more than 50 participating projects. The main requirement for selection was the presence of a team possessing a range of competencies for its realization; if something has already been done, this was a large plus.
A large amount of time to interact with experts
Around 30 experts participated in Startup Weekend. As the number of teams shrinks, each team had a greater possibility to interact with the experts. Some of the experts have volunteered to conduct their interaction with projects in the form of a master class.
At 15:00, a master class took place on analyzing a startup’s business model, which was held by the director of Microsoft’s Seed Investment Fund, Gaidar Magdanurov.
In the course of the master class, participants were invited to analyze the business model of a famous project or one of the projects of the participants in the master class according to Steve Blank’s simplified “business model canvas” in real time. As a result, the participants in the master class were able to practice using an approach that is appropriate for analyzing any business in any sector.
Faster and faster
The participants had only one day to:
- Interact with experts, compare the opinions of different professionals, and obtain valuable advice;
- Find partners, colleagues, and new useful acquaintances;
- Present their projects at the final presentation on Saturday evening and await the possibility of obtaining investment from Russia’s main startup investor, Arkady Moreinis and other members of the Syndicate.
Such a format was a real test of speed of thinking, reaction time, and understanding of the essence of one’s project — as it is these qualities are key for a successful startup.
The project teams that were able to explain and justify how and for how much they will be able to confirm the viability of their projects and their models received from $20 000 to $100 000 from Glavstart and Moreinis.