The Open Fund

July 23, 2009

I had the pleasure of attending the first Open Coffee meeting, two years ago. From the humble beginning (10 geeks in a small cafe) the project went from strength to strength. Typically, around 300 people participate in the monthly event where aspiring entrepreneurs present their ideas.

I always thought that Open Coffee was just one part of the equation: surely, networking opportunities are important for bootstrapping an ecosystem of entrepreneurs. But a great idea doesn't guarantee a successful business. Neither does technical savvy.

A business needs funding, legal consulting, prudent accounting and strong management to flourish. The OpenFund is Open Coffee's long awaited take on this problem. Borrowing the concept of YCombinator and similar funds, OpenFund will hopefully spark a number of successful start-ups in the region.

The management team kindly accepted me as an adviser to the fund. I am fond of the idea of helping young people avoid the many mistakes I made in the last decade.