I have agreed to participate as a Mentor for the Entrepreneurship 3 week course with the title “Startups and New Ventures” for the new incoming students in Reykjavik University. It used to be a Business Plan development course, this year the course manager changed it to be run like a Startup Weekend for 3 weeks. This would be a great training for Kristjan from Innovit before he starts running Startup Reykjavik, IMHO. However, what was fascinating to see was the number of students (there were more than 300 split up into 50 teams!) who were working with the Business Model Canvas and trying to create a new business that creates value. This is a valuable life lesson and I am very happy to see the transformation that is happening in Iceland. It is a great build up before Startup Iceland.
I started blogging this post in Akranes, where I was volunteering as a Mentor in the Startup Weekend organized by Innovit. I keep asking the question why am I the only “investor” participating in all these events? well, maybe we need more participation from the Investment community in Iceland. This is what I want to change. No-one from the Investor group ever comes to any of these events. I have inquired about this to Kristjan and this is probably the 10th Startup Weekend organized in Iceland and I have participated in the last 3 and I have not seen one Angel or Seed Investor. Ok, I will stop with the rant. I have written a lot about being a Mentor, it is hard work and it takes a lot of commitment… it is about giving without expecting anything back. I do this willingly because I learn a lot while listening to people talk about their passion and vision. If I can help even one of them realize that vision, my job is done. I will be part of the mentoring team this coming friday as well at RU.
I will give a lecture on May 7th on the following topic to those students – From a startup point of view: How to talk to investors?
- What do investors want to hear
- do’s and dont’s
- What does a term sheet look like
- what is fair for both startups and investors
- how much should you be willing to give away in your idea?
- Overall valuable lessons
Ok, I did not come up with the name for the topic or the key items, Kristjan did… I think. Never the less, I think it is an important topic from a startups and entrepreneurs perspective. I will try to publish this in the blog for everyone to see and use. I always have a disclaimer in any advice I give, this is my opinion it does not mean it is right or should be used to make decision. These are more like recommendations and you should always consult your lawyer or accountant before making key decisions related to agreements or finances.