The economics of Startup Weekend Thessaloniki

An event about entrepreneurship where anyone can present ideas, network and learn from creative peers! This is what we had in our minds before setting up Startup Weekend Thessaloniki.

Long story short, running this kind of events requires a budget, right? Trying to bring SWThess to life we had to create our projections and calculate how much we’ll need to make it happen. So.. 54 attendees for a full house, 10 mentors, team, and volunteers. This is more than 80 people, it’s going to be kind of hard. Our cost per attendee is €35/person and the ticket price cannot be that high. So, let’s go…

Projected participants
Attendees: 54
Coaches: 10
Team: 7
Miscellaneous: 13
Total: 84

Then we had to project our expenses. We need a global facilitator – this was Katerina – to run the event, feed all those 84 people but ok they are not going to stay all day long so let’s cap it to 70-75, and print what we need from participation cards to business model canvases. So here are the projected expenses:

Expenses Cost Units Cap Total amount
Facilitator(Flight) €250 1 €250
Breakfast €30 2 €60
Lunch €4 2 70 €560
Dinner €4 3 75 €900
Prints €70 1 €70
Marketing €50 1 €50
€1,890

And here is our initial projection regarding tickets

Ticket Type Price Units Full house income
Blind €15.00 10 €150
Early €20.00 15 €300
Normal €30.00 29 €870
54 €1,320

So we’d started the execution of the event having in mind that we’ll have a loss of €570; however, thanks to each and everyone involved this is what finally happened:

    • Total attendees: 47
    • Mean age: 27,2 (Younger: 18, Older: 54)
    • Diversity ratio: 75(M)/25(F)
    • Ideas pitched: 14
    • Teams formed: 9
    • In-kind Sponsors: 19
    • Cash sponsors: 1
Income Amount
Thess Gala sponsorship €200
Ticket income €940.53
Total €1140.53
Final expenses Amount
Supermarket €115.14
Vegetarian food €36.7
Pizzas €248
Breakfast €15.1
Facilitator €290.35
Welcome bags €40.68
Prints €50
Ticketing fees €91.27
After party €51
Total €938.24
Income €1,140.53
Expenses €938.24
Revenue €202.29

But what’s the deal with Techstars? They help us run the event and get 50% of the revenue. That’s clear from the beginning and in our case this means ~€100 for Techstars. Thus, what’s in the cash desk right now? ~€100! We’ll be using this amount to make SWThess happen once again, but when? Ehhm I’d say this October the 19th (Shhhh! We’ll need some more time for the official announcements)

Ah! I forgot GeekBot’s sponsorship. This is a real connected community case and I love it! As you could recall, last day of ticket sales prices went -50% because of a GeekBot offer. The deal was like this “Startup Weekend decreases ticket prices by 50% and if there is any loss by the event closure, GeekBot pays the difference cash”. No loss at all, GeekBot just owes coach Sakis for a while as we’ll need to fix some designs for the upcoming SWThess 🙂

Wrapping it up, we are a team of volunteers that offer personal time and energy to make this event happen. We’d like to thank every and each sponsor that contributed, we love you all ❤. We still have no budget apart from those €100 but we promise that we’ll be doing SWThess happen again and again!

We’ll see you in October,

D

PS: In this PS I would like to greet people that were like “Of course, Startup Weekend! Let’s do it, we are sponsoring etc” and never responded to my calls, emails, and follow-ups. Hello guys! Next weekend we’ll be October the 19th, this is enough time to run processes and get in the loop, isn’t it? 😉








Why being honest matters

I don’t hide being an avid Netflix-created content binger. Among those binges, I found this great documentary series called “Dirty Money”. It outlines many dishonest business practices being performed by many companies around the world. The impact of this dishonesty is not only felt by consumers but also the businesses themselves. It turns out that being dishonest can only mean a short-term gain. In the end, we all must pay the piper.

What we have to keep in mind, is that in business, time can slow down considerably. This “slowing down” effect that might leave you thinking that “all is well”, means that you are probably surviving on borrowed time. At some point, past dishonesty will come back “in the now” and will be a critical, time-consuming affair that may impact your business. This could be in the form of losing a valued client, a business partner or damage your credibility as a business.

Being tainted in that way, especially when a business is just starting out, might mean the end of the business. Because when honesty is at stake, there are rarely second chances. Having the courage to own the mistakes and taking responsibility for the dishonest behavior are only two ways to mitigate the results.

As the famous auto industrialist John F. Dodge said: “There is no Twilight Zone of honesty in business — a thing is right or it’s wrong — it’s black or it’s white”. Nothing grey about it.

I hope to see you at Startup Weekend Thessaloniki where we can talk about it more!

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This post was originally written by our Speaker and Prize provider Mr. Leontaris.








Startup Weekend is back in town

Startup Weekend Thessaloniki is back in town and ready to empower your next creative entrepreneurial idea. We are happy to announce that ‘Get Your Hands Dirty’ is taking place from the 12th to the 14th of May at OK!Thess. This is a great opportunity to get your hands into new creations, working closely with experienced professionals, mix & match with like-minded people, network, learn and have fun during a highly creative weekend.

Startup Weekends are 54-hour events where developers, designers, marketers, product managers and startup enthusiasts come together to share ideas, form teams, build products, and launch startups! The weekend is all about learning how an amazing idea could be transformed into a lean & sustainable organization; learning is achieved via the hands-on approach.  

Our first coaches are on board and now its Bus time! A small bus departs from Athens downtown early Friday the 12th May! Wanna ride it? Tell us where to pick you upWant more info? Send us your inquiries at thessaloniki@startupweekend.org

Startup Weekend Thessaloniki, Organizing Team