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San Francisco – Day 5

Indiegogo

This morning the first stop of day five in San Francisco was at the headquarter of Indiegogo, an international crowdfunding website. Indiegogo is one of the first companies that offered crowdfunding that allows people to fund money for a start-up business by opening your idea to a community through its platform.

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Udayan welcomed us in Indiegogos headquarters and told us the story behind Indiegogo with a focus on the basics of a successful campaign and explained the fundraising mechanism. The company has a global audience and is present in 204 different countries that do business through Indiegogo. Their believe is that the crowd should be the one that decide which innovative ideas are going to be supported with funds, instead of Venture Capitalists.

The reason why a startup should consider Indiegogo as a platform to raise money is due to the possibiliy of global campaigns, further is Indiegogo open for everyone in the sense that ther is no application process, and everyone can launch an idea on its platform. And last but not least the company has a strong customer focus and therefore it is open and transparent.

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For answering the question why a start up should regard crowdfunding as an option gives Indiegogo five reasons. It is possible to validate a market, data can be captured and the three most important things are that on this platforms a direct interaction with customers take place, identities can be early adopted and money can be raised. They are very transparent about the data they capture. Startups have fast and direct access to all the data of their customers, which helps them to tailor its approach and identify their target audience.

Indiegogo offers different models of campaigns for different companies. The largest amount raised on Indiegogo was 12 million dollars.

Further Udayan talked about the importance of the 4 P’s or more generally the marketing mix, why it should be set before starting fundraising on a crowdfunding platform and talked about the importance of E-Mail marketing that brings in the beginning 20% more funding than for example Social Media Marketing.

After his presentation Udayan showed us around Indiegogos headquarters.

Zynga

In the afternoon the connectUS delegation went to Zynga an American provider of social video game services which was founded in 2007. Kayleigh, responsible for university relations,  warmly welcomed us in the impressive and colorful lobby of Zyngas headquarter.

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Zyngas office is really colorful designed and each part has its own motto. A big concern of Zynga is that their 1000 employees have a good work life balance therefore the company offers  free food, happy hour and spaces to relax or play games. The connectUS delegation was invited to feel home and could enjoy some Frozen yoghurt and drinks.

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Kayleigh showed us around the headquarter and accompanied us into a cozy conference room where two experts, a senior director of engineering that works in the field of software development and a product manager, were ready to talk to the delegation and answer their questions.

The social media game industry is steadily growing and Zynga was the leader in social games and with Farmville launched Zynga probably one of the most famous Facebook games ever.

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After this interesting session with two experts the delegation got the unique opportunity to have some fun in the in house arcade of Zynga.

Boston – Day 2

Swissnex

Today the connectUS 2016 delegation was warmly welcomed by Swissnex at their office in Boston.

As an introduction Jonas Brunschwig briefly explained to us the unique characteristics of the vibrant ecosystem especially for entrepreneurs in Boston. With over 300 universities it is a huge pool of talents. Jonas refered to Boston as Athen of higher education. This makes it also very attractive for startup companies as well as for venture capitalists.

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Furthermore the Consul Dr. Felix Moesner gave deeper insights into the mission of Swissnex. Their overall mission is to connect dots, mainly between public to private partnerships. The areas they focus on are education, innovation and research. Through hosting as well as in participating in selected events like the New York Fashion Week or the MIT Career Fair, they want to strengthen Switzerlands reputation as a center for science and innovation.

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After a short coffe break we could enjoy two presentations about entrepreneurship which enriched our knowledge with new perspectives we didn’t hear so far.

Martin Steinmann, Managing Partner of SteamFab Ventures, told us about his perspective of the differences between Switzerland and the US business culture. He talked about seven variables that are crucial when starting a startup in the US: Culture, Financing, Market Size, Test for Demand, Team, Commitment and the Legal Framework. Especially he pointed out that a good preparation is key, as failure matters and is not easely forgiven by venture capitalists.

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The last presentation of the day was hold by Patrick Anquiel, PhD, CEO of Portal Instruments. He shared his personal success story in the field of life sciences with us which represents his formula for entrepreneurial success: Select a huge market, define a clear value proposition and have a defensible IP.

His presentation ended with a quote of Steve Jobs: “You can only connect the dots backward“.

MIT

In the afternoon after lunch Jonas Brunschwig gave us a tour through the MIT and showed us the most important places.

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Cambridge innovation Center and Venture Cafe

At the end of the day the connectUS delegation had the great opportunity to visit the Cambridge Innovation Center and got a tour through the location. The CIC supports the entrepreneurship community in Boston. In the end we could join a real life networking event at the Venture Cafe.

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