Venture prodigy

In adulthood, geeks often do not occupy top of the ratings and are "strong middle peasants," and if not stop at the second level, those deputies - all your favorite, bright, but not to the forefront of applying. Some of this is attributed to fatigue from glory to which the child "overfed" at an early age, others believe just a person changes with age and the "genius" as a come and go. Elena Masolova - a typical child prodigy. At school, she won the Olympics and other competitions in mathematics, chemistry, biology, took third place at National Competition in economy and in general was among the top graduates of Moscow. In the HSE - the same story: the victory of the championships, "What? Where? When ", a competition for the best business plan and even more unexpected in this series championship in football, which Elena herself for some reason likes to mention. However, business projects Helena Masolova long for a young man three years did not achieve great success. Of course, the other would be envious of such a fate - but the "star" was not there. Still in the institute won a grant of $ 3 thousand, and it created the Russian equivalent of getAbstract - the online library digests business literature. The project was launched and even paid off, bringing the revenue, but after a couple of years, successfully passed away: the clientele has been exhausted. It did not work with venture fund Ruvento: he liked everybody, everybody understood the promise of the market, but the money neobstrelyannyh students to no avail. Payback pizza. Elena Masolova does not believe in superstitions. Still, no luck she could not do, and some overlap in her life were not rational. The first known outside of the university came in 2008 when it created a new startup - fund investments in Web projects. Managed to find a really serious money - as much as $ 300 thousand. Investors have become the creators of "Buka" Igor Ustinov and his colleagues. So the business angel (about Igor Ustinov, see page 47) created a different business angel - one of the most well-known venture projects Runet AddVenture. "I would not place Ustinov gave $ 300 thousand twenty-three years of experience with startups moderately successful - with some surprise, says Elena Masolova. - But it only confirms that in any project, especially important expertise - and we have over three years, she has accrued. " The name of Helen Masolova flashed in the media and blogs. However, it appears, for the development of their own start-up of the accumulated expertise was not enough. Another of the project, Cheap-and-Daily, had a number of analogs, for example, American Woot. It serves only one product, but with a big discount. The first day he paid for investments, which, however, almost did not take. "Tea and pizza" - describes its budget Elena Masolova. But very quickly it became clear that the maximum turnover of the scheme is $ 30-40 thousand per month. That is, with the margin at 10% of revenues from the project is just enough to pay for two employees. Unreal money. Coincidentally, at the very moment when the development of Cheap-and-Daily drawing to its logical conclusion, the ocean began to gain momentum Groupon, use about the same model, but to sell the goods themselves are not, and discount coupons for goods and services. Accordingly, there were no problems with logistics, and the margin could be arbitrarily large. The idea of ​​Andrew Mason has found dozens of followers in various parts of the world: Groupon clones appeared almost daily. Not spared pestilence, and Russia - one of those projects was the "DarBeri" Helena Masolova. Get money for this project was easy, and the three Western investors, including European venture capital fund eVenture, issued on its development once $ 700 thousand Groupon was established in autumn 2008, fame came to him six months later - in the spring, he was already working in three major U.S. cities. In March 2010, appeared "DarBeri", and in August with the help of Groupon has come to Russia. Turnover of "DarBeri" had already made $ 150 thousand a month, and the margin was 50%. «Groupon will be more than Amazon, because one is engaged in services, and the second - merchandise - sure, Elena. - The volume of market services is greater and the margin on the sale of services is always more of a return on Amazon can not dream. " The exact reasons for the success of "DarBeri" incomprehensible, as unknown, and the amount for which the American giant has bought Russian clone: ​​in print is the volume of investments of several million dollars and the final estimate of the proportion Masolova and partners in almost $ 50 million Elena Masolova does not like to talk about how she is rich. "When are IPO, then we can talk about success. Perhaps, Groupon will be released on placement this spring, then we can evaluate this result, "DarBeri" and my contribution, "- she said. Between the virtual and the real money is a big difference, says Elena. For example, one of the projects in the next round AddVenture investment was valued at more than $ 10 million, "But no company is traded on the exchange, so that we can not take and sell their shares at a fixed price - she says. - How much the project will cost in the future - it is not known to it and venture capital. " Perhaps the success of "DarBeri" played their role very rapid growth of the company: a few months managed to fine-tune effective sales in the seven cities, perhaps originally a transparent business model, but may not always be the correct steps competitors (a very successful Biglion, for example, simply copied from Groupon site design). However, as acknowledged by Masolova is in it and some element of "fate": "We are really lucky that one of the investors' DarBeri" from the fund eVentures was familiar with the board of directors Groupon ». So the fate of the project magically determined yet when it starts. Iron Girl. AddVenture fund a $ 300 thousand invested six projects, some of which were closed, some are kept, and some - for example, a startup AlterGeo, earning tens of thousands of dollars and attracted to the second round of Kite Ventures about $ 1 million - have become truly successful. The "cumulative assessment" Elena Masolova proved to be a fairly tight player. AddVenture buys projects approximately 20-30% of the shares, investing in them, usually from $ 30K to $ 50K For example, one of the creators of the "stars" of the fund - diary service for parents "MiniBanda" - sold 15% of the project AddVenture for $ 50 thousand, however, it became clear that the fund went into the project only three months, for which "MiniBanda" had not only to fulfill certain requirements to attract new users and monetization, but also to find an investor the second stage, with the money received from AddVenture could only spend on promotion, rather than operating expenses. Another story is connected with an online project to designing interiors Roomix. Press widely disseminated information about investing in start-up of $ 340 thousand, but as it turned out, a large portion of the amount provided AddVenture traffic. "We asked for 300 thousand, but they were 5 times less. So, after sitting on bread and water over a year and did not make it work the business model as follows (many times it changed, listening to the market), have decided to cover the project, "- wrote a blog is one of the founders of Roomix. "Investors! You are a fungus startups traffic, that is, hunger, Morita? Are they not human beings? They eat, drink, shelter is not necessary? Domorites - will leave for California. There are now bubble seed investments - startup for 3 people without a prototype for more than 30 million in the average price. And all the other advice: when in Russia say about a thousand millions, the ears do not hang out "- was indignant about this one of the leading lights of Russian business venture Yuri Ammosov, now holding the position of adviser on innovation and high-tech leader Ernst & Young in Russia. According to Elena Masolova, a venture capitalist - is not important in the project. For the project to be invested, its creators have to give everything themselves completely, to the maximum of the preliminary work - to collect that same "expertise" and still be ready to accept all risk. "We promised to" Rumiksu "$ 17 thousand, then invested another $ 17 thousand - that's all - Helen Masolova objection. - Yes, to help the project, we gave more traffic to the amount of more than $ 300 thousand, but on this occasion from our side there were no commitments. " However, the criticism she is not offended, "Ammosov often scolds many, it is normal for him, and I perceive it is normal, because I'm acquainted with the venture on his book," - says Elena. No hyphens. He then gave a new turn. Although, in terms of a normal human being, a step of "startups" to the investor - is obvious progress, the fall of 2010, Elena moved away from the control Masolova AddVenture. This is all the more strange that the company's capabilities have steadily increased: the fund Addventure II possessed $ 500 thousand, and now operating fund AddVenture III has a volume already in the $ 5 million and, according to the most Masolova is able to invest in a project to $ 500 thousand "real money "which, of course, is not comparable to the size of the same" Rumiksa. " "Recently I was at TechCrunch in Silicon Valley, and then I was there - depending on how you call - whether enlightenment, or" darkening "I realized that I was wondering the very start projects and not to advise others how to run them - Yelena Masolova. - So that was interesting to me AddVenture while he was a startup. " Of its "own", while the most promising independent projects Masolova Helen believes the platform of "social" games Pixonic, now brings over $ 100 thousand per month. Now Pixonic works with three Russian social networks, but in the long run it will be 15-20 world networks (already connected 8 West). "Before that, my projects have been limited to Russia, and now we are hooked Latin, German, French, Chinese, Indian social networking, negotiating with the Japanese and other social networks" - with the enthusiasm she says. As the publisher of the company provides translation and promotion of the game, but is also involved in the production. There is a clear mechanism for how the game "shoots". For example, the transition to the next level should require a certain number of points completely, if it happens too quickly, the user "jumps" the game and he did not pay for that, if the transition is too complicated, it begins to get bored and go away, said Elena Masolova: "The game is calculated debugged and mathematicians, "- she said. In Pixonic only two competitors - the American and Russian Viximo I-Jet, she says. "One investor familiar jokes that the company, containing a hyphen in its name, not very successful, and my experience in start-Cheap-and-Daily confirms this - continues Masolova. - So that we consider only one competitor, and thus seriously hope that will raise the world leader. " And that's Elena Masolova not going to stop. After the deal with Groupon it easier to communicate with investors. For example, one of the projects quickly raised $ 1 million, "I think with the current reputation and standing of the project if I am able to draw for two - two and a half months to $ 10 million - reflects it. - Of course, this is quite a bit even on the scale of the Russian market, I suppose, DST (Digital Sky Solutions, invested in Mail.ru and Groupon - «F.") in the same terms and be able to attract $ 500 million. " In the U.S., Elena Masolova has been negotiating with venture capital funds: in their portfolios is a company successful in the U.S., but are not represented in Russia. For example, an obvious niche - tourism, services, online booking: in Russia there are people who use services such western, but they are scarce. "The business community sometimes gets the impression that if they are using, say," Twitter, "then the whole country without exception enjoy it, but it is not - says Elena Masolova. - For example, "DarBeri" we are faced with the fact that, although bank cards have very many people still prefer to pay cash to the courier, without risking contact with online payments. " To overcome this barrier, she said, was difficult, but possible - were held shares with a check in 30-50 rubles, so people are not afraid to risk such a sum. And now some 150 thousand people to make purchases on the "DarBeri 'bank cards. A similar breakthrough in its opinion, it is possible in other areas of online services. In search of differences. Helen Masolova reproach that her case strongly disagree with the declarations. One of them - the motto of life make a difference («do what is different"), but almost all projects have Helena Western prototypes. "This is the case, and, nevertheless, make a difference is my motto. For example, the choice of path in life - she objected. - Most of my classmates are now engaged in finance, and some of them vice presidents of large companies. I chose a different path - what I wonder. " By this choice Helen has work as a consultant: it handled large amounts of information, as the result of the work provided only a beautiful presentation. "I already had managerial experience: the university held a contest of business plans with a prize fund of $ 5 thousand, which had to be found, already knew how to assemble the team and work with them - she says. - So that chose the work, the result is more tangible and understandable. "