ECA_2015-2017_WBIRS_v01_M DDI_ECA_2015-2018_WBIRS_v01_M_WB Development Economics Data Group 2019-07-08 Nesstar Publisher David McKenzie Version 01 (July 2019) Western Balkans Investment Readiness Surveys 2015-2018 WBIRS 2015-2017 ECA_2015-2018_WBIRS_v01_M David McKenzie Ana Paula Cusolito Ernest Dautovic Nesstar Publisher European Commission World Bank i2i Trust Fund Enterprise Survey ECA Region Firms which entered the investment readiness program were drawn from Croatia, Kosovo, Macedonia, Montenegro and Serbia Firms which applied to the investment readiness program Sample survey data [ssd] Computer Assisted Personal Interview [capi] Identifying information has been anonymized or removed. Cusolito, Ana, Ernest Dautovic and David McKenzie (2019) Western Balkans Investment Readiness Surveys and Replication Code 2015-2018. Ref: ECA_2015-2018_WBIRS_v01_M. World Bank. Downloaded from [url] on [date]. Public access for research purposes only. IRmasterfile.NSDstat 346 198 Nesstar 200801 IRMasterData.NSDstat Application form data, scores from judges, and admin data on program participation 346 745 Nesstar 200801 JudgeData.NSDstat Data used in appendix 6 to describe judge characteristics 65 17 Nesstar 200801 keymetrics.NSDstat Number of key metrics tracked by the firm according to this survey 346 2 Nesstar 200801 Follow-up survey Stata Dataset_final1.NSDstat First follow-up survey in Stata 14/15 format (variable labels too long to save in Stata 13) keymetrics.dta - number of key metrics tracked by the firm according to this survey 346 145 Nesstar 200801 MeltwaterFollowupData.NSDstat Data on media mentions in 2016 346 6 Nesstar 200801 SocialMediaData2016.NSDstat Data on facebook, LinkedIn, twitter, etc. for 2015 and 2016 346 20 Nesstar 200801 Second_FollowUp_PublicUse.NSDstat Second follow-up survey data 346 152 Nesstar 200801 Meltwater2017data.NSDstat Data on media mentions in 2017 346 6 Nesstar 200801 SocialMediaData2017.NSDstat Data on facebook, LinkedIn, twitter, etc. for 2017 346 10 Nesstar 200801 Firm identification number 346 0 1 348 Baseline score: Market Attractiveness 333 13 1 6 1 2 2 80 3 178 4 44 5 26 6 3 Sysmiss 13 Baseline score: Product/Technology 333 13 1 6 1 63 2 129 3 84 4 43 5 13 6 1 Sysmiss 13 Baseline score: Traction 333 13 1 6 1 65 2 43 3 76 4 37 5 100 6 12 Sysmiss 13 Baseline score: Team 333 13 1 6 1 34 2 56 3 117 4 116 5 7 6 3 Sysmiss 13 Baseline score: Overall score 346 0 1.1 5 Your sector 346 0 Business & Productivity 150 Energy & Utilities 23 Financial services 7 Life Science & Agriculture 26 Lifestyle & Entertainment 71 Materials & Manufacturing 41 Mobility & Transportation 28 Your industry 346 0 Account management,Investing & Wealth Management,Transfer 1 Account management,Payment Solutions,Investing & Wealth Management 1 Aerospace 1 Aerospace,Automotive,Maintenance 1 Agriculture 4 Agriculture,Food 4 Agriculture,Health care 1 Agriculture,Health care,Food 1 Agriculture,MedTech & devices 1 Automotive 5 Automotive,Infrastructure 1 Automotive,Infrastructure,Logistics services 1 Automotive,Logistics services 1 Automotive,Logistics services,Infrastructure 1 Automotive,Logistics services,Ship 1 Automotive,Maintenance 1 Business & productivity applications 23 Business & productivity applications,Communication & collaboration 8 Business & productivity applications,Communication & collaboration,Education & knowledge management 1 Business & productivity applications,Communication & collaboration,IT equipment & infrastructure 2 Business & productivity applications,Communication & collaboration,Marketing & Advertisement 1 Business & productivity applications,Data aggregation & services 5 Business & productivity applications,Data aggregation & services,Marketing & Advertisement 2 Business & productivity applications,Data security & privacy,Communication & collaboration 1 Business & productivity applications,Data security & privacy,Marketplaces & exchanges 1 Business & productivity applications,Education & knowledge management 1 Business & productivity applications,Education & knowledge management,Communication & collaboration 2 Business & productivity applications,Education & knowledge management,Marketing & Advertisement 1 Business & productivity applications,Education & knowledge management,Marketplaces & exchanges 1 Business & productivity applications,IT equipment & infrastructure 2 Business & productivity applications,IT equipment & infrastructure,Education & knowledge management 1 Business & productivity applications,IT equipment & infrastructure,Marketing & Advertisement 1 Business & productivity applications,Marketing & Advertisement 7 Business & productivity applications,Marketing & Advertisement,Communication & collaboration 2 Business & productivity applications,Marketing & Advertisement,Marketplaces & exchanges 1 Business & productivity applications,Marketplaces & exchanges 3 Business & productivity applications,Marketplaces & exchanges,Communication & collaboration 1 Business & productivity applications,Marketplaces & exchanges,Education & knowledge management 1 Communication & collaboration 3 Communication & collaboration,Business & productivity applications 2 Communication & collaboration,Business & productivity applications,Marketing & Advertisement 1 Communication & collaboration,Data aggregation & services,IT equipment & infrastructure 1 Communication & collaboration,Data aggregation & services,Sports, Wellness & Fitness 1 Communication & collaboration,Education & knowledge management,Business & productivity applications 1 Communication & collaboration,Education & knowledge management,Marketplaces & exchanges 1 Communication & collaboration,Marketing & Advertisement 1 Communication & collaboration,Marketplaces & exchanges 1 Communication & collaboration,Marketplaces & exchanges,Marketing & Advertisement 1 Construction,Construction 1 Construction,Design & engineering,Production processes 1 Construction,Production processes 1 Data aggregation & services,Business & productivity applications 2 Data aggregation & services,Business & productivity applications,Education & knowledge management 1 Data aggregation & services,Marketing & Advertisement 1 Data aggregation & services,Marketing & Advertisement,IT equipment & infrastructure 1 Data security & privacy 1 Data security & privacy,Data aggregation & services 1 Design & engineering 8 Design & engineering,Construction 1 Design & engineering,Production processes,Materials science 1 Design & engineering,Production processes,Sensing & automation 1 Design & engineering,Sensing & automation 1 Design & engineering,Sensing & automation,Maintenance & services 2 Design & engineering,Ship,Real estate & interior design 1 Distribution 1 Distribution,Energy efficiency 1 Education & knowledge management 6 Education & knowledge management,Business & productivity applications,Communication & collaboration 1 Education & knowledge management,Communication & collaboration 2 Education & knowledge management,Marketplaces & exchanges 1 Energy efficiency 7 Energy efficiency,Exploration & production 1 Energy efficiency,Exploration & production,Distribution 1 Energy efficiency,Generation,Storage 1 Energy efficiency,Waste management & recycling 1 Energy efficiency,Waste management & recycling,Distribution 1 Exploration & production 1 Exploration & production,Energy efficiency 1 Exploration & production,Energy efficiency,Generation 1 Exploration & production,Energy efficiency,Waste management & recycling 1 Exploration & production,Generation 1 Fashion, clothing & personal care 2 Fashion, clothing & personal care,Leisure, travel & tourism,Media & content 1 Fashion, clothing & personal care,Real estate & interior design,Personal devices & applications 1 Food 5 Food,Agriculture 2 Gaming & toys 2 Generation 1 Generation,Energy efficiency 1 Health care 2 Health care,Personal devices & applications 1 IT equipment & infrastructure 3 IT equipment & infrastructure,Business & productivity applications 3 IT equipment & infrastructure,Business & productivity applications,Communication & collaboration 2 IT equipment & infrastructure,Business & productivity applications,Data aggregation & services 1 IT equipment & infrastructure,Business & productivity applications,Data security & privacy 3 IT equipment & infrastructure,Business & productivity applications,Education & knowledge management 1 IT equipment & infrastructure,Business & productivity applications,Marketing & Advertisement 2 IT equipment & infrastructure,Communication & collaboration,Business & productivity applications 2 IT equipment & infrastructure,Communication & collaboration,Data aggregation & services 1 IT equipment & infrastructure,Data aggregation & services 1 IT equipment & infrastructure,Data aggregation & services,Marketplaces & exchanges 1 IT equipment & infrastructure,Data security & privacy 1 IT equipment & infrastructure,Data security & privacy,Marketing & Advertisement 1 IT equipment & infrastructure,Education & knowledge management,Business & productivity applications 1 Infrastructure 4 Infrastructure,Logistics services 1 Infrastructure,Rail,Logistics services 1 Insurance 1 Investing & Wealth Management 1 Leisure, travel & tourism 8 Leisure, travel & tourism,Fashion, clothing & personal care 1 Leisure, travel & tourism,Media & content 2 Leisure, travel & tourism,Media & content,Personal devices & applications 1 Leisure, travel & tourism,Media & content,Social networks 2 Leisure, travel & tourism,Personal devices & applications 1 Leisure, travel & tourism,Social networks 1 Leisure, travel & tourism,Sports, Wellness & Fitness 2 Leisure, travel & tourism,Sports, Wellness & Fitness,Social networks 1 Logistics services 4 Logistics services,Automotive 1 Maintenance & services,Design & engineering,Construction 1 Maintenance & services,Production processes 1 Marketing & Advertisement 9 Marketing & Advertisement,Business & productivity applications 3 Marketing & Advertisement,Business & productivity applications,Communication & collaboration 2 Marketing & Advertisement,Communication & collaboration 1 Marketing & Advertisement,Communication & collaboration,Business & productivity applications 1 Marketing & Advertisement,Communication & collaboration,Data aggregation & services 1 Marketing & Advertisement,IT equipment & infrastructure 1 Marketing & Advertisement,Marketplaces & exchanges,Data aggregation & services 1 Marketplaces & exchanges 3 Marketplaces & exchanges,Business & productivity applications 2 Marketplaces & exchanges,Education & knowledge management 1 Marketplaces & exchanges,Marketing & Advertisement,Communication & collaboration 2 Marketplaces & exchanges,Marketing & Advertisement,Data aggregation & services 1 Marketplaces & exchanges,Marketing & Advertisement,Education & knowledge management 1 Materials science 2 Materials science,Design & engineering,Production processes 1 Materials science,Production processes 1 MedTech & devices 1 MedTech & devices,Health care 1 MedTech & devices,Health care,Pharmaceuticals 1 Media & content 7 Media & content,Fashion, clothing & personal care 1 Media & content,Gaming & toys 1 Media & content,Gaming & toys,Leisure, travel & tourism 1 Media & content,Personal devices & applications 2 Media & content,Personal devices & applications,Leisure, travel & tourism 2 Media & content,Social networks 3 Payment Solutions 2 Payment Solutions,Transfer,Account management 1 Personal devices & applications 3 Personal devices & applications,Gaming & toys,Media & content 1 Personal devices & applications,Leisure, travel & tourism,Media & content 1 Personal devices & applications,Media & content,Social networks 1 Personal devices & applications,Real estate & interior design,Fashion, clothing & personal care 1 Personal devices & applications,Social networks 1 Personal devices & applications,Social networks,Gaming & toys 1 Personal devices & applications,Sports, Wellness & Fitness 1 Personal devices & applications,Sports, Wellness & Fitness,Fashion, clothing & personal care 1 Pharmaceuticals 2 Pharmaceuticals,Health care,Agriculture 1 Production processes 10 Production processes,Construction 1 Production processes,Construction,Design & engineering 1 Production processes,Design & engineering 2 Production processes,Design & engineering,Maintenance & services 1 Production processes,Maintenance & services,Supply chain management 1 Production processes,Supply chain management 1 Production processes,Supply chain management,Construction 1 Real estate & interior design,Education & knowledge management,Business & productivity applications 1 Ship 2 Ship,Design & engineering,Waste management & recycling 1 Ship,Logistics services 1 Ship,Maintenance 1 Social networks 2 Social networks,Media & content,Leisure, travel & tourism 1 Social networks,Personal devices & applications 1 Social networks,Personal devices & applications,Media & content 1 Sports, Wellness & Fitness 7 Sports, Wellness & Fitness,Fashion, clothing & personal care,Personal devices & applications 1 Sports, Wellness & Fitness,Personal devices & applications 1 Sports, Wellness & Fitness,Social networks,Media & content 1 Waste management & recycling 1 Your place in the value chain 345 0 Developer 34 Developer, Service Provider 1 Developer,Merchant 2 Developer,Producer 9 Developer,Producer,Merchant 1 Developer,Producer,Merchant,Service provider 3 Developer,Producer,Researcher,Merchant,Service provider 1 Developer,Producer,Researcher,Service provider 1 Developer,Producer,Service provider 7 Developer,Producer,Service provider,Merchant 1 Developer,Researcher 9 Developer,Researcher,Merchant 1 Developer,Researcher,Producer 3 Developer,Researcher,Producer,Merchant,Service provider 3 Developer,Researcher,Producer,Service provider 2 Developer,Researcher,Producer,Service provider,Merchant 1 Developer,Researcher,Service provider 4 Developer,Service provider 17 Developer,Service provider,Producer 4 Developer,Service provider,Researcher 2 Developer,Service provider,Researcher,Merchant 1 Developer,Service provider,Researcher,Producer 1 Merchant 3 Merchant,Developer 1 Merchant,Developer,Producer 1 Merchant,Service provider 1 Producer 35 Producer,Developer 7 Producer,Developer,Researcher 2 Producer,Developer,Researcher,Merchant,Service provider 1 Producer,Developer,Service provider 1 Producer,Developer,Service provider,Researcher 1 Producer,Merchant 2 Producer,Producer 1 Producer,Researcher 1 Producer,Researcher,Developer 2 Producer,Researcher,Merchant 1 Producer,Service provider 4 Producer,Service provider,Developer 5 Producer,Service provider,Merchant 2 Producer,Service provider,Researcher,Merchant 1 Researcher 13 Researcher,Developer 6 Researcher,Developer,Merchant 2 Researcher,Developer,Merchant,Service provider 1 Researcher,Developer,Producer 8 Researcher,Developer,Producer,Merchant 2 Researcher,Developer,Producer,Merchant,Service provider 4 Researcher,Developer,Producer,Service provider 2 Researcher,Developer,Service provider 8 Researcher,Developer,Service provider,Producer 1 Researcher,Merchant,Developer 1 Researcher,Producer,Developer 1 Researcher,Producer,Developer,Merchant,Service provider 1 Researcher,Producer,Service provider 1 Researcher,Producer,Service provider,Developer 1 Researcher,Service provider 4 Researcher,Service provider,Developer 1 Service Provider 1 Service provider 60 Service provider,Developer 21 Service provider,Developer,Producer 3 Service provider,Developer,Researcher 3 Service provider,Merchant 6 Service provider,Merchant,Developer 1 Service provider,Producer 5 Service provider,Producer,Developer 1 Service provider,Producer,Researcher,Developer 1 Service provider,Researcher 2 Service provider,Researcher,Developer 2 Service provider,Researcher,Developer,Producer 2 Your technology 346 0 3D Printing 2 3D Printing,Art & Design 1 AI & Robotics 1 AI & Robotics,IoT/IoE & Sensors 1 Art & Design 18 Art & Design,3D Printing 1 Art & Design,Augmented Reality,3D Printing 1 Art & Design,Big Data & Analytics 3 Art & Design,Big Data & Analytics,Cloud 1 Art & Design,Big Data & Analytics,Gaming & Virtual Worlds 1 Art & Design,Furniture 1 Art & Design,Gadgets & Wearables 1 Art & Design,Gaming & Virtual Worlds 1 Art & Design,Green Tech 1 Art & Design,Health & Med Tech,Security & Defense 1 Art & Design,Music & Entertainment 1 Art & Design,Social Networking 2 Art & Design,Social Networking,Big Data & Analytics 1 Augmented Reality 2 Augmented Reality,AI & Robotics,Gaming & Virtual Worlds 1 Augmented Reality,Clean Tech 1 Augmented Reality,Cloud,Gaming & Virtual Worlds 1 Augmented Reality,Health & Med Tech,Music & Entertainment 1 Augmented Reality,Social Networking 1 Big Data & Analytics 15 Big Data & Analytics,Clean Tech 1 Big Data & Analytics,Clean Tech,Waste Management & Recycling 1 Big Data & Analytics,Cloud 6 Big Data & Analytics,Cloud,Geolocation 3 Big Data & Analytics,Cloud,Green Tech 1 Big Data & Analytics,Cloud,Health & Med Tech 1 Big Data & Analytics,Cloud,Recruitment & Jobs 1 Big Data & Analytics,Cloud,Smart Homes/Cities 1 Big Data & Analytics,Cloud,Social Networking 1 Big Data & Analytics,Food & Beverages,Cloud 1 Big Data & Analytics,Gadgets & Wearables,Health & Med Tech 1 Big Data & Analytics,Gaming & Virtual Worlds 1 Big Data & Analytics,Gaming & Virtual Worlds,Social Networking 1 Big Data & Analytics,Health & Med Tech 2 Big Data & Analytics,IoT/IoE & Sensors 1 Big Data & Analytics,Language Recognition & Translation,Geolocation 1 Big Data & Analytics,Security & Defense,Cloud 1 Big Data & Analytics,Social Networking 3 Big Data & Analytics,Sports, Quantified Self & Recreation 1 Brand Building,Digital Marketing,Content Creation 1 Clean Tech 3 Clean Tech,Cloud,Social Networking 1 Clean Tech,Green Tech 5 Clean Tech,Green Tech,Smart Homes/Cities 1 Clean Tech,Green Tech,Waste Management & Recycling 2 Cloud 13 Cloud,Art & Design 1 Cloud,Automated design,Content distribution 1 Cloud,B2B network,transport and logistics 1 Cloud,Big Data & Analytics 2 Cloud,Big Data & Analytics,Gadgets & Wearables 1 Cloud,Big Data & Analytics,Recruitment & Jobs 1 Cloud,Big Data & Analytics,Social Networking 1 Cloud,Business Management 1 Cloud,Cloud 1 Cloud,Code phabrication,Scaffolding 1 Cloud,Food & Beverages 1 Cloud,Food & Beverages,IoT/IoE & Sensors 1 Cloud,Gadgets & Wearables,Geolocation 1 Cloud,Geolocation 2 Cloud,Geolocation,Security & Defense 1 Cloud,Geolocation,Social Networking 2 Cloud,Health & Med Tech 1 Cloud,Health & Med Tech,Recruitment & Jobs 1 Cloud,Health & Med Tech,Security & Defense 1 Cloud,Image & Face recognition,Music & Entertainment 1 Cloud,IoT/IoE & Sensors 2 Cloud,IoT/IoE & Sensors,Green Tech 1 Cloud,IoT/IoE & Sensors,Security & Defense 1 Cloud,IoT/IoE & Sensors,Smart Homes/Cities 2 Cloud,IoT/IoE & Sensors,Social Networking 1 Cloud,Linux 1 Cloud,Model driven software development 1 Cloud,Music & Entertainment,Sports, Quantified Self & Recreation 1 Cloud,Precision Agriculture,Big Data & Analytics 1 Cloud,Recruitment & Jobs,Social Networking 2 Cloud,Security & Defense,IoT/IoE & Sensors 1 Cloud,Social Networking 2 Cloud,Social Networking,Sports, Quantified Self & Recreation 1 Cloud,Sports, Quantified Self & Recreation 1 Cloud,Waste Management & Recycling,Social Networking 1 Cloud,access control systems 1 Cosmetics 1 Development tools 1 Documentation management,Project management 1 Domain research & investing 1 ERP,Cloud 1 EdTech 1 Education and networking 1 Food & Beverages 8 Food & Beverages,Furniture 1 Food & Beverages,Gadgets & Wearables,Furniture 1 Food & Beverages,Gadgets & Wearables,Smart Homes/Cities 1 Food & Beverages,Gadgets & Wearables,Social Networking 1 Food & Beverages,Green Tech 2 Food & Beverages,Smart Homes/Cities,Geolocation 1 Food & Beverages,Smart Homes/Cities,Social Networking 1 Food & Beverages,Social Networking 1 Food & Beverages,Social Networking,Security & Defense 1 Furniture 3 Furniture,Art & Design 1 Furniture,IoT/IoE & Sensors,Smart Homes/Cities 1 Gadgets & Wearables,Food & Beverages,Clean Tech 1 Gadgets & Wearables,Green Tech,Sports, Quantified Self & Recreation 1 Gadgets & Wearables,Health & Med Tech,Smart Homes/Cities 1 Gaming & Virtual Worlds 4 Gaming & Virtual Worlds,Gadgets & Wearables,Music & Entertainment 1 Geolocation 2 Geolocation,Big Data & Analytics,Social Networking 1 Geolocation,Gadgets & Wearables 1 Geolocation,Gaming & Virtual Worlds,Image & Face recognition 1 Geolocation,Green Tech,Smart Homes/Cities 1 Geolocation,Music & Entertainment,Waste Management & Recycling 1 Geolocation,Social Networking 1 Geolocation,Social Networking,Big Data & Analytics 1 Geolocation,Sports, Quantified Self & Recreation 1 Green Tech 11 Green Tech,Art & Design 1 Green Tech,Big Data & Analytics 1 Green Tech,Clean Tech 1 Green Tech,Furniture,Art & Design 1 Green Tech,Geolocation 1 Green Tech,Health & Med Tech,Clean Tech 1 Green Tech,Security & Defense,Smart Homes/Cities 1 Green Tech,Waste Management & Recycling 1 Green Tech,Waste Management & Recycling,Health & Med Tech 1 Health & Med Tech 11 Health & Med Tech,Big Data & Analytics 1 Health & Med Tech,Gaming & Virtual Worlds,Art & Design 1 Health & Med Tech,Image & Face recognition,Sports, Quantified Self & Recreation 1 Health & Med Tech,IoT/IoE & Sensors,Gadgets & Wearables 1 Health & Med Tech,Language Recognition & Translation 1 Health & Med Tech,Nanotechnology,3D Printing 1 Health & Med Tech,Social Networking 1 ICT, telecommunication infrastructure, vending solutions, FinTech 1 Image & Face recognition 1 Image & Face recognition,Augmented Reality,AI & Robotics 1 Image & Face recognition,Gaming & Virtual Worlds,Security & Defense 1 Interactive web portal,Geolocation,E-commerce solutions 1 Internet,Big Data & Analytics 1 IoT/IoE & Sensors 2 IoT/IoE & Sensors,3D Printing 1 IoT/IoE & Sensors,Cloud 2 IoT/IoE & Sensors,Health & Med Tech,Sports, Quantified Self & Recreation 1 IoT/IoE & Sensors,Image & Face recognition,Big Data & Analytics 1 IoT/IoE & Sensors,Smart Homes/Cities 3 IoT/IoE & Sensors,Smart Homes/Cities,AI & Robotics 1 Language Recognition & Translation 2 Metal processig 1 Music & Entertainment 3 Music & Entertainment,Art & Design 1 Music & Entertainment,Cloud,Big Data & Analytics 1 Open Source 1 PHP, Laravel,Bootstrap 1 Packaging 1 Recruitment & Jobs 3 Recruitment & Jobs,Geolocation 1 Security & Defense 3 Security & Defense,Clean Tech 1 Security & Defense,Health & Med Tech,AI & Robotics 1 Security & Defense,Nanotechnology 1 Smart Homes/Cities 3 Smart Homes/Cities,Geolocation 1 Smart Homes/Cities,Image & Face recognition 1 Smart Homes/Cities,IoT/IoE & Sensors,Big Data & Analytics 1 Social Network 1 Social Networking 15 Social Networking,AI & Robotics,Big Data & Analytics 1 Social Networking,Art & Design 1 Social Networking,Big Data & Analytics 1 Social Networking,Big Data & Analytics,Sports, Quantified Self & Recreation 1 Social Networking,Food & Beverages 1 Social Networking,Geolocation 1 Social Networking,Geolocation,Cloud 1 Social Networking,Green Tech 1 Social Networking,Health & Med Tech,Big Data & Analytics 1 Social Networking,Music & Entertainment 1 Social Networking,Recruitment & Jobs 2 Social Networking,Sports, Quantified Self & Recreation 1 Social Networking,Sports, Quantified Self & Recreation,Music & Entertainment 1 Social Networking,Waste Management & Recycling,Smart Homes/Cities 1 Sports, Quantified Self & Recreation 7 Sports, Quantified Self & Recreation,Music & Entertainment 1 Travel app 1 Virtual reality,User interfaces,Gaming & Virtual Worlds 1 Waste Management & Recycling 5 Waste Management & Recycling,3D Printing 1 Waste Management & Recycling,Art & Design,Green Tech 1 Waste Management & Recycling,Social Networking,Recruitment & Jobs 1 e-commerce 1 eCommerce & Machine Learning 1 new materials and new product 1 online payments 1 organic food ,massage,ecofriendly hotel 1 service,sales,search 1 smart marketplace 1 website,booking engine,payment processor 1 When was your company founded? 346 0 1/1/1996 1 1/1/2006 3 1/1/2007 1 1/1/2008 1 1/1/2010 2 1/1/2012 4 1/1/2013 7 1/1/2014 5 1/1/2015 21 10/1/2006 2 10/1/2007 2 10/1/2008 1 10/1/2011 1 10/1/2012 3 10/1/2013 5 10/1/2014 4 11/1/2006 3 11/1/2008 1 11/1/2010 1 11/1/2011 4 11/1/2012 1 11/1/2013 2 11/1/2014 5 11/1/2015 1 12/1/2008 1 12/1/2009 1 12/1/2011 2 12/1/2012 2 12/1/2013 6 12/1/2014 5 2/1/2006 2 2/1/2008 1 2/1/2009 1 2/1/2011 2 2/1/2012 5 2/1/2013 4 2/1/2014 3 2/1/2015 4 2013-05 2 2013-06 1 2014-04 1 2014-09 2 2014-10 1 2014-11 1 2015-02 1 2015-03 2 2015-06 1 2015-07 1 3/1/2006 3 3/1/2007 1 3/1/2009 2 3/1/2010 1 3/1/2011 1 3/1/2012 2 3/1/2013 6 3/1/2014 7 3/1/2015 7 4/1/2006 1 4/1/2007 1 4/1/2008 1 4/1/2009 1 4/1/2010 1 4/1/2011 4 4/1/2013 7 4/1/2014 6 4/1/2015 8 5/1/2006 3 5/1/2008 1 5/1/2009 1 5/1/2011 2 5/1/2012 2 5/1/2013 4 5/1/2014 4 5/1/2015 15 6/1/2006 2 6/1/2007 1 6/1/2011 2 6/1/2012 1 6/1/2013 6 6/1/2014 5 6/1/2015 13 7/1/2006 4 7/1/2007 1 7/1/2008 1 7/1/2009 1 7/1/2011 3 7/1/2012 4 7/1/2013 5 7/1/2014 5 7/1/2015 4 8/1/2008 2 8/1/2010 3 8/1/2011 4 8/1/2012 5 8/1/2014 1 8/1/2015 11 9/1/2006 7 9/1/2009 2 9/1/2010 1 9/1/2011 3 9/1/2012 2 9/1/2013 10 9/1/2014 5 9/1/2015 6 9/24/2013 1 What is the current stage of your startup? 346 0 Concept Stage (got an idea) 29 Developed, in testing, ready for the market in 2 months 1 Early Stage (prototype ready and close to market) 109 Established Business (achieved break-even point operationally) 22 Growth Stage (we're out there and making money) 103 Seed Stage (working on a product) 82 What were your revenues in 2014? 336 10 0 19000000 What are your projected revenues for 2015? 327 19 0 20000000 Number of employees today 346 0 1 103 Age 346 0 17 68 Gender 346 0 Female 63 Male 282 Not specified 1 Highest level of education 346 0 Advanced Graduate work or Ph.D. 35 Bachelor's Degree 101 Did Not Complete High School 5 High School/GED 29 Master's Degree 134 Msc 1 Some College 41 Entrepreneurial experience in startup ecosystem 346 0 0 45 Work experience in corporate environment 346 0 0 45 Citizenship(s) 346 0 Afghanistan 1 Albania,Kosovo 1 Bosnia and Herzegovina 1 Bosnia and Herzegovina,Croatia 1 Bosnia and Herzegovina,Serbia 1 Bosnia and Herzegovina,Sweden 1 Croatia 84 Croatia,Bosnia and Herzegovina 1 Croatia,Canada 2 Croatia,Italy 1 Croatia,Serbia 2 Croatia,Tunisia 1 Croatia,United States 1 Finland 1 Finland,Kosovo 1 Hungary 1 Ireland,United States 1 Kosovo 40 Kosovo,Macedonia, the former Yugoslav Republic of 1 Lithuania 1 Macedonia, the former Yugoslav Republic of 27 Macedonia, the former Yugoslav Republic of,Bosnia and Herzegovina 1 Macedonia, the former Yugoslav Republic of,Serbia 1 Montenegro 2 Russian Federation 1 Saint Lucia,Serbia 1 Serbia 149 Serbia,Croatia 4 Serbia,Hungary 4 Serbia,Ireland 1 Serbia,Macedonia, the former Yugoslav Republic of 1 Serbia,Slovenia 1 Serbia,United States 1 Serbian 1 Slovenia 2 South Africa,Serbia 1 Sweden 1 Ukraine 1 United Kingdom,Serbia 1 United States 1 Age 155 191 15 66 Gender 159 0 Female 36 Male 122 male 1 Highest level of education 157 0 Advanced Graduate work or Ph.D. 17 Bachelor's Degree 56 Did Not Complete High School 2 High School/GED 11 Master's Degree 54 Phd 1 Some College 16 Entrepreneurial experience in startup ecosystem 158 188 0 45 Work experience in corporate environment 167 179 0 45 Age 71 275 1 80 Gender 63 0 Female 10 Male 53 Highest level of education 72 0 Advanced Graduate work or Ph.D. 3 Bachelor's Degree 23 High School/GED 6 MSc 1 Master's Degree 23 Some College 7 http://www.linkedin.com/in/tomislavcapan 1 http://www.linkedin.com/profile/view 1 https://hr.linkedin.com/in/aseric 1 https://hr.linkedin.com/in/nmratinic 1 https://hr.linkedin.com/in/stipegrubisic 1 https://hr.linkedin.com/pub/andreja-kovaÄ_/b6/85a/a55î€_ 1 https://hr.linkedin.com/pub/ivan-jolić/94/ba3/4a1 1 https://linkedin.com/in/irinanikolic 1 https://www.linkedin.com/pub/marko-bosiljkov/55/4a3/4b5 1 Entrepreneurial experience in startup ecosystem 60 286 0 45 Work experience in corporate environment 65 281 0 45 Age 22 324 1 38 Gender 18 0 Female 3 Male 15 Highest level of education 22 0 Bachelor's Degree 11 High School/GED 3 Master's Degree 1 Some College 3 http://www.linkedin.com/profile/view 1 https://hr.linkedin.com/in/kgaspert 1 https://hr.linkedin.com/pub/milan-kovaÄ_ić/a8/1b6/591 1 https://linkedin.com/in/alexjagi 1 Entrepreneurial experience in startup ecosystem 17 329 0 14 0 5 1 3 2 5 3 1 4 1 8 1 14 1 Sysmiss 329 Work experience in corporate environment 19 327 0 25 Age 4 342 1 33 Gender 3 0 Male 3 Highest level of education 4 0 Bachelor's Degree 3 http://www.linkedin.com/profile/view 1 Entrepreneurial experience in startup ecosystem 3 343 0 2 0 2 2 1 Sysmiss 343 Work experience in corporate environment 3 343 2 6 2 1 5 1 6 1 Sysmiss 343 Is your business formally registered? 237 109 0 1 0 3 1 234 Sysmiss 109 Are you already incorporated? 345 1 0 1 0 55 1 290 Sysmiss 1 Country of incorporation / registration 345 0 Bulgaria, Serbia 2 Bulgaria,Serbia 4 Croatia 77 Croatia, Bulgaria 2 Croatia, Ireland 1 Croatia, Slovenia, United Kingdom 1 Croatia, United Kingdom 2 Croatia,Canada 1 Croatia,Estonia 1 Croatia,Hungary 1 Croatia,Macedonia, the former Yugoslav Republic of 1 Croatia,Serbia 1 Croatia,Serbia,United Kingdom 1 Croatia,United Kingdom 1 Croatia,United States 1 Kosovo 43 Kosovo,Sweden 1 Macedonia, the former Yugoslav Republic of 30 Montenegro 4 Serbia 158 Serbia, Bosnia and Herzegovina 1 Serbia, Bulgaria 2 Serbia,Serbia 1 Serbia,United Arab Emirates 1 Slovenia,Macedonia, the former Yugoslav Republic of 1 United Kingdom 1 United States 1 United States, Serbia 1 United States,Canada,Croatia 1 United States,Kosovo 1 United States,Serbia 1 Countries of operations 346 Afghanistan,Ã…land Islands,Albania,Algeria,American Samoa,Andorra,Antarctica,Antigua and Barbuda,Argentina,Armenia,Aruba,Australia,Austria,Azerbaijan,Bahrain,Bangladesh,Barbados,Bahamas,Belarus,Belize,Benin,Bermuda,Bhutan,Bonaire, Sint Eustatius and Saba, 1 Albania,Argentina,Austria,Azerbaijan,Belgium,Bosnia and Herzegovina,Brazil,British Indian Ocean Territory,Bulgaria,China,Cyprus,Czech Republic,Denmark,Dominican Republic,Estonia,Finland,France,French Guiana,French Polynesia,French Southern Territories,Geo 1 Albania,Kosovo 2 Albania,Macedonia, the former Yugoslav Republic of 1 Albania,Macedonia, the former Yugoslav Republic of,Serbia,Germany,Swaziland,Italy,Togo,Libya,Gabon,Guinea,Bosnia and Herzegovina,Montenegro 1 Australia,Croatia 1 Austria,Bosnia and Herzegovina,Croatia,Germany 1 Austria,Germany,Hungary,Croatia,United States,China 1 Bosnia and Herzegovina,China,Croatia,Denmark,France,Germany,Korea, Republic of,Montenegro,Netherlands,Norway,Qatar,Russian Federation,Slovakia,Slovenia,Sweden,Switzerland,United Arab Emirates,United States,Kosovo,Macedonia, the former Yugoslav Republic of 1 Bosnia and Herzegovina,Croatia,Austria,Serbia 1 Bosnia and Herzegovina,Croatia,Hungary,Macedonia, the former Yugoslav Republic of,Montenegro,Qatar,Nigeria,Iraq 1 Bosnia and Herzegovina,Croatia,Montenegro,Slovenia,Serbia 1 Bosnia and Herzegovina,Serbia,Croatia,Montenegro 1 Bosnia and Herzegovina,Serbia,Sweden 1 Bulgaria, Serbia 1 Bulgaria,Croatia 1 Bulgaria,Serbia 4 Canada 1 Canada,Croatia 1 Canada,United Kingdom,United States,Denmark,Germany 1 Croatia 48 Croatia, Austria 1 Croatia,Bosnia and Herzegovina,Slovenia 1 Croatia,Bosnia and Herzegovina,Slovenia,Serbia,Hungary 1 Croatia,Bosnia and Herzegovina,United Kingdom,United States,Sweden,Slovenia,Kosovo,Albania,Italy,Montenegro,Serbia,Macedonia, the former Yugoslav Republic of,Luxembourg 1 Croatia,Canada 1 Croatia,Denmark,Estonia,Finland,France,Germany,Greece,Israel,Italy,Netherlands,Norway,United Kingdom,United Arab Emirates,Sweden 1 Croatia,Estonia 1 Croatia,France,Germany,Kuwait,Norway,Slovenia,Switzerland,Thailand 1 Croatia,Germany,Kosovo,United Arab Emirates 1 Croatia,Hong Kong 1 Croatia,India 1 Croatia,Ireland,Malaysia 1 Croatia,Macedonia, the former Yugoslav Republic of 1 Croatia,Montenegro 1 Croatia,Montenegro,Bulgaria 1 Croatia,Serbia,Austria 1 Croatia,Serbia,Bosnia and Herzegovina,Macedonia, the former Yugoslav Republic of,Kosovo 1 Croatia,Serbia,Montenegro,Bosnia and Herzegovina 1 Croatia,Serbia,United Kingdom 1 Croatia,Slovenia 2 Croatia,Slovenia,Bosnia and Herzegovina,Serbia,Italy,Czech Republic,Netherlands,United States 1 Croatia,Slovenia,Israel,Germany 1 Croatia,Tunisia,Mali,United States,France,United Kingdom 1 Croatia,Turkey,France 1 Croatia,United Arab Emirates,Ukraine 1 Croatia,United Kingdom 3 Croatia,United Kingdom,United States 1 Croatia,United States 2 Croatia,United States,United Kingdom 2 Europe 1 Kosovo 25 Kosovo,Albania 3 Kosovo,Albania,Macedonia, the former Yugoslav Republic of 2 Kosovo,Albania,Serbia 1 Kosovo,Albania,Serbia,Switzerland,Macedonia, the former Yugoslav Republic of 1 Kosovo,China 1 Kosovo,Macedonia, the former Yugoslav Republic of,Albania 3 Kosovo,Switzerland,Germany,United Kingdom,United States,Albania 1 Kosovo,Switzerland,United Kingdom,United States 1 Kosovo,United States 1 Kosovo,United States,Norway 1 Lithuania,Macedonia, the former Yugoslav Republic of 1 Macedonia, the former Yugoslav Republic of 21 Macedonia, the former Yugoslav Republic of,Afghanistan,Albania 1 Macedonia, the former Yugoslav Republic of,Bosnia and Herzegovina,Albania,Montenegro,Afghanistan 1 Macedonia, the former Yugoslav Republic of,Bulgaria,Serbia,Kosovo,Croatia,Germany,Austria 1 Macedonia, the former Yugoslav Republic of,Croatia 1 Macedonia, the former Yugoslav Republic of,Germany,United States 1 Macedonia, the former Yugoslav Republic of,Kosovo 1 Macedonia, the former Yugoslav Republic of,Serbia 1 Macedonia, the former Yugoslav Republic of,Serbia,Croatia 1 Macedonia, the former Yugoslav Republic of,United Arab Emirates 1 Montenegro 2 Montenegro,Croatia,Greece,Albania,Bulgaria 1 Netherlands 1 Serbia 118 Serbia,Bosnia and Herzegovina 1 Serbia,Bosnia and Herzegovina,Croatia,Slovenia,Macedonia, the former Yugoslav Republic of,Montenegro,Bulgaria,Romania,Hungary 1 Serbia,Bosnia and Herzegovina,Montenegro,Croatia 1 Serbia,Croatia,Bosnia and Herzegovina,Macedonia, the former Yugoslav Republic of,Montenegro,Slovenia 1 Serbia,Croatia,Hungary,Bosnia and Herzegovina,Austria 1 Serbia,Czech Republic,Austria,Montenegro,Luxembourg,Slovenia,Hungary 1 Serbia,Czech Republic,United States 1 Serbia,Finland 1 Serbia,Germany,Belgium 1 Serbia,Germany,Hungary 1 Serbia,Hungary 1 Serbia,Hungary,Croatia,Germany,Romania,Bosnia and Herzegovina 1 Serbia,Hungary,Netherlands,Croatia 1 Serbia,India,Kenya 1 Serbia,Montenegro 2 Serbia,Montenegro,Bosnia and Herzegovina,Croatia,Slovenia,Kosovo,Macedonia, the former Yugoslav Republic of 1 Serbia,Montenegro,Bosnia and Herzegovina,Croatia,Slovenia,Macedonia, the former Yugoslav Republic of 1 Serbia,Montenegro,Bosnia and Herzegovina,Macedonia, the former Yugoslav Republic of,Romania,Bulgaria 1 Serbia,Montenegro,Germany,Croatia,Bosnia and Herzegovina,Albania,Hungary,Austria,Bulgaria,Romania 1 Serbia,Singapore,Thailand,China,Kazakhstan,Russian Federation 1 Serbia,Slovakia 1 Serbia,South Africa 1 Serbia,Spain 1 Serbia,United Arab Emirates 1 Serbia,United Arab Emirates,Egypt,Spain,Canada 1 Serbia,United Arab Emirates,Qatar,Germany 1 Serbia,United Kingdom 1 Serbia,United Kingdom,Ireland 1 Serbia,United Kingdom,United States,Bulgaria 1 Serbia,United States 1 Serbia,United States,Bangladesh,Norway 1 Serbia,United States,France,Canada 1 Serbia,United States,United Kingdom,Russian Federation,China 1 Slovenia,Macedonia, the former Yugoslav Republic of 1 Switzerland,Serbia,United States,Germany,Austria,Montenegro,Croatia,Bosnia and Herzegovina,Macedonia, the former Yugoslav Republic of,Hungary,Bulgaria 1 Ukraine 1 United Arab Emirates,Serbia 1 United Kingdom,Croatia 2 United States 1 United States,Canada,Croatia 1 United States,Croatia,Switzerland 1 United States,United Kingdom,Canada,Belgium 1 United States,United Kingdom,Germany,Croatia 1 United States,United Kingdom,Serbia 1 Countries of operations 2 0 ,Romania,Hungary 1 B 1 Market focus 346 0 Balkans region 65 Domestic 14 Europe 62 Global 204 specialised retail 1 Have you accepted outside funding? 346 0 0 1 0 223 1 123 If yes, source of funding 128 Accelerator & incubator programs 18 Accelerator & incubator programs,Business angels 3 Accelerator & incubator programs,Business angels,Personal network (friends & family) 1 Accelerator & incubator programs,Corporate venture capital 1 Accelerator & incubator programs,Personal network (friends & family) 3 Accelerator & incubator programs,Public grants 4 Accelerator & incubator programs,Venture capital 1 Business angels 9 Business angels,Accelerator & incubator programs,Corporate venture capital,Public grants,Venture capital 1 Business angels,Personal network (friends & family) 2 Business angels,Personal network (friends & family),Corporate venture capital,Public grants 1 Business angels,Public grants,Accelerator & incubator programs 1 Business angels,Venture capital,Corporate venture capital,Personal network (friends & family),Accelerator & incubator programs 1 Corporate venture capital 3 Corporate venture capital,Public grants,Venture capital 1 Personal network (friends & family) 30 Personal network (friends & family),Accelerator & incubator programs 2 Personal network (friends & family),Accelerator & incubator programs,Business angels,Venture capital,Corporate venture capital,Public grants 1 Personal network (friends & family),Business angels 2 Personal network (friends & family),Business angels,Public grants 1 Personal network (friends & family),Business angels,Public grants,Accelerator & incubator programs 1 Personal network (friends & family),Corporate venture capital 1 Personal network (friends & family),Public grants 4 Personal network (friends & family),Venture capital 1 Public grants 24 Public grants,Accelerator & incubator programs,Personal network (friends & family) 1 Public grants,Accelerator & incubator programs,Venture capital 1 Public grants,Business angels 1 Public grants,Corporate venture capital 1 Public grants,Personal network (friends & family) 5 Venture capital 2 How much funding have you received? 320 26 0 6000000 Have you participated in a startup competition or pitching event? 346 0 0 1 0 251 1 95 Have you applied to a mentoring/accelerator program? 346 0 0 1 0 273 1 73 Have you participated in a mentoring/accelerator program? 346 0 0 1 0 292 1 54 Company registered in Croatia 346 0 0 1 0 260 1 86 Company registered in Serbia 346 0 0 1 0 187 1 159 Country strata: croatia, serbia or other 346 0 1 3 1 86 2 159 3 101 Already have outside private funding 346 0 0 1 0 314 1 32 in top 10 of baseline score 333 13 0 1 0 323 1 10 Sysmiss 13 Baseline score strata 323 23 1 36 Randomization strata 346 0 91 100000 Assignment to treatment: 1= treated, 0 = control 346 0 0 1 0 172 1 174 Sector is Business and Productivity 346 0 0 1 0 196 1 150 Sector is Lifestyle and Entertainment 346 0 0 1 0 275 1 71 Technology includes cloud 346 0 0 1 0 266 1 80 Technology includes big data 346 0 0 1 0 278 1 68 Place in the value chain includes developer 346 0 0 1 0 144 1 202 Place in the value chain includes service provider 346 0 0 1 0 151 1 195 Year firm founded 346 0 1996 2015 1996 1 2006 30 2007 7 2008 10 2009 9 2010 9 2011 28 2012 31 2013 66 2014 60 2015 95 Age of firm in years 346 0 0 19 0 95 1 60 2 66 3 31 4 28 5 9 6 9 7 10 8 7 9 30 19 1 Current stage of firm is early stage 346 0 0 1 0 237 1 109 Revenues in 2014 positive 346 0 0 1 0 174 1 172 Has at least one female founder 346 0 0 1 0 280 1 66 Market focus is global 346 0 0 1 0 142 1 204 highest level of education of main founder is post graduate 346 0 0 1 0 177 1 169 Pitch score: Traction 211 135 1 4.8 Pitch score: Team 211 135 1 5.4 Pitch score: Technology 211 135 1.2 6 Pitch score: Market Attractiveness 211 135 1.4 5.6 Pitch score: Progress 211 135 1 5 Pitch score: Presentation 211 135 1 5.4 Directly nominated by judges 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 1 211 135 0 1 0 210 1 1 Sysmiss 135 Fixed Effect for Judge 2 211 135 0 1 0 187 1 24 Sysmiss 135 Fixed Effect for Judge 3 211 135 0 1 0 177 1 34 Sysmiss 135 Fixed Effect for Judge 4 211 135 0 1 0 189 1 22 Sysmiss 135 Fixed Effect for Judge 5 211 135 0 1 0 204 1 7 Sysmiss 135 Fixed Effect for Judge 6 211 135 0 1 0 190 1 21 Sysmiss 135 Fixed Effect for Judge 7 211 135 0 1 0 200 1 11 Sysmiss 135 Fixed Effect for Judge 8 211 135 0 1 0 196 1 15 Sysmiss 135 Fixed Effect for Judge 9 211 135 0 1 0 198 1 13 Sysmiss 135 Fixed Effect for Judge 10 211 135 0 1 0 186 1 25 Sysmiss 135 Fixed Effect for Judge 11 211 135 0 1 0 189 1 22 Sysmiss 135 Fixed Effect for Judge 12 211 135 0 1 0 199 1 12 Sysmiss 135 Fixed Effect for Judge 13 211 135 0 1 0 184 1 27 Sysmiss 135 Fixed Effect for Judge 14 211 135 0 1 0 206 1 5 Sysmiss 135 Fixed Effect for Judge 15 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 16 211 135 0 1 0 207 1 4 Sysmiss 135 Fixed Effect for Judge 17 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 18 211 135 0 1 0 197 1 14 Sysmiss 135 Fixed Effect for Judge 19 211 135 0 1 0 208 1 3 Sysmiss 135 Fixed Effect for Judge 20 211 135 0 1 0 194 1 17 Sysmiss 135 Fixed Effect for Judge 21 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 22 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 23 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 24 211 135 0 1 0 199 1 12 Sysmiss 135 Fixed Effect for Judge 25 211 135 0 1 0 197 1 14 Sysmiss 135 Fixed Effect for Judge 26 211 135 0 1 0 169 1 42 Sysmiss 135 Fixed Effect for Judge 27 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 28 211 135 0 1 0 199 1 12 Sysmiss 135 Fixed Effect for Judge 29 211 135 0 1 0 192 1 19 Sysmiss 135 Fixed Effect for Judge 30 211 135 0 1 0 178 1 33 Sysmiss 135 Fixed Effect for Judge 31 211 135 0 1 0 192 1 19 Sysmiss 135 Fixed Effect for Judge 32 211 135 0 1 0 191 1 20 Sysmiss 135 Fixed Effect for Judge 33 211 135 0 1 0 201 1 10 Sysmiss 135 Fixed Effect for Judge 34 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 35 211 135 0 1 0 197 1 14 Sysmiss 135 Fixed Effect for Judge 36 211 135 0 1 0 197 1 14 Sysmiss 135 Fixed Effect for Judge 37 211 135 0 1 0 188 1 23 Sysmiss 135 Fixed Effect for Judge 38 211 135 0 1 0 196 1 15 Sysmiss 135 Fixed Effect for Judge 39 211 135 0 1 0 179 1 32 Sysmiss 135 Fixed Effect for Judge 40 211 135 0 1 0 205 1 6 Sysmiss 135 Fixed Effect for Judge 41 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 42 211 135 0 1 0 193 1 18 Sysmiss 135 Fixed Effect for Judge 43 211 135 0 1 0 198 1 13 Sysmiss 135 Fixed Effect for Judge 44 211 135 0 1 0 187 1 24 Sysmiss 135 Fixed Effect for Judge 45 211 135 0 1 0 199 1 12 Sysmiss 135 Fixed Effect for Judge 46 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 47 211 135 0 1 0 187 1 24 Sysmiss 135 Fixed Effect for Judge 48 211 135 0 1 0 197 1 14 Sysmiss 135 Fixed Effect for Judge 49 211 135 0 1 0 198 1 13 Sysmiss 135 Fixed Effect for Judge 50 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 51 211 135 0 1 0 199 1 12 Sysmiss 135 Fixed Effect for Judge 52 211 135 0 1 0 207 1 4 Sysmiss 135 Fixed Effect for Judge 53 211 135 0 1 0 194 1 17 Sysmiss 135 Fixed Effect for Judge 54 211 135 0 1 0 190 1 21 Sysmiss 135 Fixed Effect for Judge 55 211 135 0 1 0 189 1 22 Sysmiss 135 Fixed Effect for Judge 56 211 135 0 1 0 204 1 7 Sysmiss 135 Fixed Effect for Judge 57 211 135 0 1 0 193 1 18 Sysmiss 135 Fixed Effect for Judge 58 211 135 0 1 0 178 1 33 Sysmiss 135 Fixed Effect for Judge 59 211 135 0 1 0 171 1 40 Sysmiss 135 Fixed Effect for Judge 60 211 135 0 1 0 192 1 19 Sysmiss 135 Fixed Effect for Judge 61 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 62 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 63 211 135 0 1 0 206 1 5 Sysmiss 135 Fixed Effect for Judge 64 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 65 211 135 0 1 0 203 1 8 Sysmiss 135 Fixed Effect for Judge 66 211 135 0 1 0 207 1 4 Sysmiss 135 Standard deviation of Score amongst Judges 211 135 0.16 1.924 Pitch score: Overall score 211 135 1.182 5.196 Top 50 in scores 211 135 0 1 0 161 1 50 Sysmiss 135 Rank of judge fixed effect adjusted scores 211 135 1 211 Attrit from Pitch competition (1=attrit, 0 = don't attrit) 346 0 0 1 0 211 1 135 Semi-finalists 346 0 0 1 0 135 1 211 Finalists 346 0 0 1 0 292 1 54 Winner category 346 0 0 1 0 338 1 8 Invitation to negotiate 346 0 0 1 0 342 1 4 Pioneers Asia ticket 346 0 0 1 0 344 1 2 Whataventure completed 346 0 0 189 Completed step 3b 146 Completed step 4 9 Completed step 5 2 attended masterclass in Split 346 0 0 1 0 330 1 16 attended masterclass in Novisad 346 0 0 1 0 310 1 36 attended masterclass in Pristina 346 0 0 1 0 330 1 16 attended masterclass in Skopje 346 0 0 1 0 318 1 28 Total masterclasses participated in 346 0 0 4 0 270 1 58 2 17 4 1 attended short masterclass in Zagreb 346 0 0 1 0 334 1 12 Pitch training at semifinals 346 0 0 1 0 275 1 71 Pitch training at finals 346 0 0 1 0 319 1 27 Lead mentor contribution to individual mentoring (%) 345 0 0% 15 10% 1 100% 41 13% 1 14% 1 19% 1 20% 1 22% 2 25% 2 26% 2 27% 1 28% 1 29% 1 30% 1 34% 2 37% 2 39% 2 41% 2 43% 2 44% 2 45% 1 46% 1 48% 3 49% 3 50% 4 51% 1 53% 4 55% 2 56% 2 57% 2 58% 1 59% 2 6% 1 62% 1 64% 3 66% 1 67% 4 68% 2 69% 1 71% 1 75% 2 76% 1 79% 2 80% 1 83% 1 84% 2 85% 1 88% 1 9% 1 90% 1 Control group 173 No individual mentoring 36 Lead mentor activities (h) 346 0 0 2 0 173 2 173 Individual mentoring (h) 346 0 0 38 Individual mentoring preparation and follow-up (h) 346 0 0 11 0 219 1 48 2 31 3 18 4 9 5 9 6 3 7 2 8 1 9 3 10 1 11 2 Mentoring at Masterclasses (h) 346 0 0 16 0 270 4 58 8 17 16 1 Lectures (h) 346 0 0 31 Semi-finals pitch training (h) 346 0 0 6 0 270 3 69 6 7 Pre-finals (h) 346 0 0 2 0 292 1 1 2 53 Finals pitch training 346 0 0 3 0 319 3 27 Graphics (h) 346 0 0 2 0 244 1 81 2 21 Finals weighted score 54 292 1.8 3.9 Finals team score 54 292 1.8 4.6 Finals technology score 54 292 1.6 4.8 Finals traction score 54 292 1.4 4.2 Finals market score 54 292 2 4.8 Finals progress score 54 292 1.6 3.8 Finals presentation score 54 292 1.4 5.2 Finals overall score 54 292 1.4 4.6 Meltwater Baseline Media Mentions 346 0 0 209 Benefits Quiz 58 288 1.583 8 Development Status Quiz 53 293 4 6 Intellectual Property 1 Quiz 51 295 4 8 Intellectual Property 2 Quiz 49 297 2.333 5 Market Validation Quiz 48 298 2.25 5 Tech Description Quiz 62 284 3.667 8 Competition Quiz 47 299 2.333 5 Prepare a Pitch 0 346 Sysmiss 346 Technology Description Exercise 0 346 Sysmiss 346 Benefits Exercise 0 346 Sysmiss 346 Competition Exercise 0 346 Sysmiss 346 Technology Brief Exercise 0 346 Sysmiss 346 Total score from quizzes 172 174 0 100 Firm identification number 346 0 1 348 Baseline score: Market Attractiveness 333 13 1 6 1 2 2 80 3 178 4 44 5 26 6 3 Sysmiss 13 Baseline score: Product/Technology 333 13 1 6 1 63 2 129 3 84 4 43 5 13 6 1 Sysmiss 13 Baseline score: Traction 333 13 1 6 1 65 2 43 3 76 4 37 5 100 6 12 Sysmiss 13 Baseline score: Team 333 13 1 6 1 34 2 56 3 117 4 116 5 7 6 3 Sysmiss 13 Baseline score: Overall score 346 0 1.1 5 Your sector 346 0 Business & Productivity 150 Energy & Utilities 23 Financial services 7 Life Science & Agriculture 26 Lifestyle & Entertainment 71 Materials & Manufacturing 41 Mobility & Transportation 28 Your industry 346 0 Account management,Investing & Wealth Management,Transfer 1 Account management,Payment Solutions,Investing & Wealth Management 1 Aerospace 1 Aerospace,Automotive,Maintenance 1 Agriculture 4 Agriculture,Food 4 Agriculture,Health care 1 Agriculture,Health care,Food 1 Agriculture,MedTech & devices 1 Automotive 5 Automotive,Infrastructure 1 Automotive,Infrastructure,Logistics services 1 Automotive,Logistics services 1 Automotive,Logistics services,Infrastructure 1 Automotive,Logistics services,Ship 1 Automotive,Maintenance 1 Business & productivity applications 23 Business & productivity applications,Communication & collaboration 8 Business & productivity applications,Communication & collaboration,Education & knowledge management 1 Business & productivity applications,Communication & collaboration,IT equipment & infrastructure 2 Business & productivity applications,Communication & collaboration,Marketing & Advertisement 1 Business & productivity applications,Data aggregation & services 5 Business & productivity applications,Data aggregation & services,Marketing & Advertisement 2 Business & productivity applications,Data security & privacy,Communication & collaboration 1 Business & productivity applications,Data security & privacy,Marketplaces & exchanges 1 Business & productivity applications,Education & knowledge management 1 Business & productivity applications,Education & knowledge management,Communication & collaboration 2 Business & productivity applications,Education & knowledge management,Marketing & Advertisement 1 Business & productivity applications,Education & knowledge management,Marketplaces & exchanges 1 Business & productivity applications,IT equipment & infrastructure 2 Business & productivity applications,IT equipment & infrastructure,Education & knowledge management 1 Business & productivity applications,IT equipment & infrastructure,Marketing & Advertisement 1 Business & productivity applications,Marketing & Advertisement 7 Business & productivity applications,Marketing & Advertisement,Communication & collaboration 2 Business & productivity applications,Marketing & Advertisement,Marketplaces & exchanges 1 Business & productivity applications,Marketplaces & exchanges 3 Business & productivity applications,Marketplaces & exchanges,Communication & collaboration 1 Business & productivity applications,Marketplaces & exchanges,Education & knowledge management 1 Communication & collaboration 3 Communication & collaboration,Business & productivity applications 2 Communication & collaboration,Business & productivity applications,Marketing & Advertisement 1 Communication & collaboration,Data aggregation & services,IT equipment & infrastructure 1 Communication & collaboration,Data aggregation & services,Sports, Wellness & Fitness 1 Communication & collaboration,Education & knowledge management,Business & productivity applications 1 Communication & collaboration,Education & knowledge management,Marketplaces & exchanges 1 Communication & collaboration,Marketing & Advertisement 1 Communication & collaboration,Marketplaces & exchanges 1 Communication & collaboration,Marketplaces & exchanges,Marketing & Advertisement 1 Construction,Construction 1 Construction,Design & engineering,Production processes 1 Construction,Production processes 1 Data aggregation & services,Business & productivity applications 2 Data aggregation & services,Business & productivity applications,Education & knowledge management 1 Data aggregation & services,Marketing & Advertisement 1 Data aggregation & services,Marketing & Advertisement,IT equipment & infrastructure 1 Data security & privacy 1 Data security & privacy,Data aggregation & services 1 Design & engineering 8 Design & engineering,Construction 1 Design & engineering,Production processes,Materials science 1 Design & engineering,Production processes,Sensing & automation 1 Design & engineering,Sensing & automation 1 Design & engineering,Sensing & automation,Maintenance & services 2 Design & engineering,Ship,Real estate & interior design 1 Distribution 1 Distribution,Energy efficiency 1 Education & knowledge management 6 Education & knowledge management,Business & productivity applications,Communication & collaboration 1 Education & knowledge management,Communication & collaboration 2 Education & knowledge management,Marketplaces & exchanges 1 Energy efficiency 7 Energy efficiency,Exploration & production 1 Energy efficiency,Exploration & production,Distribution 1 Energy efficiency,Generation,Storage 1 Energy efficiency,Waste management & recycling 1 Energy efficiency,Waste management & recycling,Distribution 1 Exploration & production 1 Exploration & production,Energy efficiency 1 Exploration & production,Energy efficiency,Generation 1 Exploration & production,Energy efficiency,Waste management & recycling 1 Exploration & production,Generation 1 Fashion, clothing & personal care 2 Fashion, clothing & personal care,Leisure, travel & tourism,Media & content 1 Fashion, clothing & personal care,Real estate & interior design,Personal devices & applications 1 Food 5 Food,Agriculture 2 Gaming & toys 2 Generation 1 Generation,Energy efficiency 1 Health care 2 Health care,Personal devices & applications 1 IT equipment & infrastructure 3 IT equipment & infrastructure,Business & productivity applications 3 IT equipment & infrastructure,Business & productivity applications,Communication & collaboration 2 IT equipment & infrastructure,Business & productivity applications,Data aggregation & services 1 IT equipment & infrastructure,Business & productivity applications,Data security & privacy 3 IT equipment & infrastructure,Business & productivity applications,Education & knowledge management 1 IT equipment & infrastructure,Business & productivity applications,Marketing & Advertisement 2 IT equipment & infrastructure,Communication & collaboration,Business & productivity applications 2 IT equipment & infrastructure,Communication & collaboration,Data aggregation & services 1 IT equipment & infrastructure,Data aggregation & services 1 IT equipment & infrastructure,Data aggregation & services,Marketplaces & exchanges 1 IT equipment & infrastructure,Data security & privacy 1 IT equipment & infrastructure,Data security & privacy,Marketing & Advertisement 1 IT equipment & infrastructure,Education & knowledge management,Business & productivity applications 1 Infrastructure 4 Infrastructure,Logistics services 1 Infrastructure,Rail,Logistics services 1 Insurance 1 Investing & Wealth Management 1 Leisure, travel & tourism 8 Leisure, travel & tourism,Fashion, clothing & personal care 1 Leisure, travel & tourism,Media & content 2 Leisure, travel & tourism,Media & content,Personal devices & applications 1 Leisure, travel & tourism,Media & content,Social networks 2 Leisure, travel & tourism,Personal devices & applications 1 Leisure, travel & tourism,Social networks 1 Leisure, travel & tourism,Sports, Wellness & Fitness 2 Leisure, travel & tourism,Sports, Wellness & Fitness,Social networks 1 Logistics services 4 Logistics services,Automotive 1 Maintenance & services,Design & engineering,Construction 1 Maintenance & services,Production processes 1 Marketing & Advertisement 9 Marketing & Advertisement,Business & productivity applications 3 Marketing & Advertisement,Business & productivity applications,Communication & collaboration 2 Marketing & Advertisement,Communication & collaboration 1 Marketing & Advertisement,Communication & collaboration,Business & productivity applications 1 Marketing & Advertisement,Communication & collaboration,Data aggregation & services 1 Marketing & Advertisement,IT equipment & infrastructure 1 Marketing & Advertisement,Marketplaces & exchanges,Data aggregation & services 1 Marketplaces & exchanges 3 Marketplaces & exchanges,Business & productivity applications 2 Marketplaces & exchanges,Education & knowledge management 1 Marketplaces & exchanges,Marketing & Advertisement,Communication & collaboration 2 Marketplaces & exchanges,Marketing & Advertisement,Data aggregation & services 1 Marketplaces & exchanges,Marketing & Advertisement,Education & knowledge management 1 Materials science 2 Materials science,Design & engineering,Production processes 1 Materials science,Production processes 1 MedTech & devices 1 MedTech & devices,Health care 1 MedTech & devices,Health care,Pharmaceuticals 1 Media & content 7 Media & content,Fashion, clothing & personal care 1 Media & content,Gaming & toys 1 Media & content,Gaming & toys,Leisure, travel & tourism 1 Media & content,Personal devices & applications 2 Media & content,Personal devices & applications,Leisure, travel & tourism 2 Media & content,Social networks 3 Payment Solutions 2 Payment Solutions,Transfer,Account management 1 Personal devices & applications 3 Personal devices & applications,Gaming & toys,Media & content 1 Personal devices & applications,Leisure, travel & tourism,Media & content 1 Personal devices & applications,Media & content,Social networks 1 Personal devices & applications,Real estate & interior design,Fashion, clothing & personal care 1 Personal devices & applications,Social networks 1 Personal devices & applications,Social networks,Gaming & toys 1 Personal devices & applications,Sports, Wellness & Fitness 1 Personal devices & applications,Sports, Wellness & Fitness,Fashion, clothing & personal care 1 Pharmaceuticals 2 Pharmaceuticals,Health care,Agriculture 1 Production processes 10 Production processes,Construction 1 Production processes,Construction,Design & engineering 1 Production processes,Design & engineering 2 Production processes,Design & engineering,Maintenance & services 1 Production processes,Maintenance & services,Supply chain management 1 Production processes,Supply chain management 1 Production processes,Supply chain management,Construction 1 Real estate & interior design,Education & knowledge management,Business & productivity applications 1 Ship 2 Ship,Design & engineering,Waste management & recycling 1 Ship,Logistics services 1 Ship,Maintenance 1 Social networks 2 Social networks,Media & content,Leisure, travel & tourism 1 Social networks,Personal devices & applications 1 Social networks,Personal devices & applications,Media & content 1 Sports, Wellness & Fitness 7 Sports, Wellness & Fitness,Fashion, clothing & personal care,Personal devices & applications 1 Sports, Wellness & Fitness,Personal devices & applications 1 Sports, Wellness & Fitness,Social networks,Media & content 1 Waste management & recycling 1 Your place in the value chain 345 0 Developer 34 Developer, Service Provider 1 Developer,Merchant 2 Developer,Producer 9 Developer,Producer,Merchant 1 Developer,Producer,Merchant,Service provider 3 Developer,Producer,Researcher,Merchant,Service provider 1 Developer,Producer,Researcher,Service provider 1 Developer,Producer,Service provider 7 Developer,Producer,Service provider,Merchant 1 Developer,Researcher 9 Developer,Researcher,Merchant 1 Developer,Researcher,Producer 3 Developer,Researcher,Producer,Merchant,Service provider 3 Developer,Researcher,Producer,Service provider 2 Developer,Researcher,Producer,Service provider,Merchant 1 Developer,Researcher,Service provider 4 Developer,Service provider 17 Developer,Service provider,Producer 4 Developer,Service provider,Researcher 2 Developer,Service provider,Researcher,Merchant 1 Developer,Service provider,Researcher,Producer 1 Merchant 3 Merchant,Developer 1 Merchant,Developer,Producer 1 Merchant,Service provider 1 Producer 35 Producer,Developer 7 Producer,Developer,Researcher 2 Producer,Developer,Researcher,Merchant,Service provider 1 Producer,Developer,Service provider 1 Producer,Developer,Service provider,Researcher 1 Producer,Merchant 2 Producer,Producer 1 Producer,Researcher 1 Producer,Researcher,Developer 2 Producer,Researcher,Merchant 1 Producer,Service provider 4 Producer,Service provider,Developer 5 Producer,Service provider,Merchant 2 Producer,Service provider,Researcher,Merchant 1 Researcher 13 Researcher,Developer 6 Researcher,Developer,Merchant 2 Researcher,Developer,Merchant,Service provider 1 Researcher,Developer,Producer 8 Researcher,Developer,Producer,Merchant 2 Researcher,Developer,Producer,Merchant,Service provider 4 Researcher,Developer,Producer,Service provider 2 Researcher,Developer,Service provider 8 Researcher,Developer,Service provider,Producer 1 Researcher,Merchant,Developer 1 Researcher,Producer,Developer 1 Researcher,Producer,Developer,Merchant,Service provider 1 Researcher,Producer,Service provider 1 Researcher,Producer,Service provider,Developer 1 Researcher,Service provider 4 Researcher,Service provider,Developer 1 Service Provider 1 Service provider 60 Service provider,Developer 21 Service provider,Developer,Producer 3 Service provider,Developer,Researcher 3 Service provider,Merchant 6 Service provider,Merchant,Developer 1 Service provider,Producer 5 Service provider,Producer,Developer 1 Service provider,Producer,Researcher,Developer 1 Service provider,Researcher 2 Service provider,Researcher,Developer 2 Service provider,Researcher,Developer,Producer 2 Your technology 346 0 3D Printing 2 3D Printing,Art & Design 1 AI & Robotics 1 AI & Robotics,IoT/IoE & Sensors 1 Art & Design 18 Art & Design,3D Printing 1 Art & Design,Augmented Reality,3D Printing 1 Art & Design,Big Data & Analytics 3 Art & Design,Big Data & Analytics,Cloud 1 Art & Design,Big Data & Analytics,Gaming & Virtual Worlds 1 Art & Design,Furniture 1 Art & Design,Gadgets & Wearables 1 Art & Design,Gaming & Virtual Worlds 1 Art & Design,Green Tech 1 Art & Design,Health & Med Tech,Security & Defense 1 Art & Design,Music & Entertainment 1 Art & Design,Social Networking 2 Art & Design,Social Networking,Big Data & Analytics 1 Augmented Reality 2 Augmented Reality,AI & Robotics,Gaming & Virtual Worlds 1 Augmented Reality,Clean Tech 1 Augmented Reality,Cloud,Gaming & Virtual Worlds 1 Augmented Reality,Health & Med Tech,Music & Entertainment 1 Augmented Reality,Social Networking 1 Big Data & Analytics 15 Big Data & Analytics,Clean Tech 1 Big Data & Analytics,Clean Tech,Waste Management & Recycling 1 Big Data & Analytics,Cloud 6 Big Data & Analytics,Cloud,Geolocation 3 Big Data & Analytics,Cloud,Green Tech 1 Big Data & Analytics,Cloud,Health & Med Tech 1 Big Data & Analytics,Cloud,Recruitment & Jobs 1 Big Data & Analytics,Cloud,Smart Homes/Cities 1 Big Data & Analytics,Cloud,Social Networking 1 Big Data & Analytics,Food & Beverages,Cloud 1 Big Data & Analytics,Gadgets & Wearables,Health & Med Tech 1 Big Data & Analytics,Gaming & Virtual Worlds 1 Big Data & Analytics,Gaming & Virtual Worlds,Social Networking 1 Big Data & Analytics,Health & Med Tech 2 Big Data & Analytics,IoT/IoE & Sensors 1 Big Data & Analytics,Language Recognition & Translation,Geolocation 1 Big Data & Analytics,Security & Defense,Cloud 1 Big Data & Analytics,Social Networking 3 Big Data & Analytics,Sports, Quantified Self & Recreation 1 Brand Building,Digital Marketing,Content Creation 1 Clean Tech 3 Clean Tech,Cloud,Social Networking 1 Clean Tech,Green Tech 5 Clean Tech,Green Tech,Smart Homes/Cities 1 Clean Tech,Green Tech,Waste Management & Recycling 2 Cloud 13 Cloud,Art & Design 1 Cloud,Automated design,Content distribution 1 Cloud,B2B network,transport and logistics 1 Cloud,Big Data & Analytics 2 Cloud,Big Data & Analytics,Gadgets & Wearables 1 Cloud,Big Data & Analytics,Recruitment & Jobs 1 Cloud,Big Data & Analytics,Social Networking 1 Cloud,Business Management 1 Cloud,Cloud 1 Cloud,Code phabrication,Scaffolding 1 Cloud,Food & Beverages 1 Cloud,Food & Beverages,IoT/IoE & Sensors 1 Cloud,Gadgets & Wearables,Geolocation 1 Cloud,Geolocation 2 Cloud,Geolocation,Security & Defense 1 Cloud,Geolocation,Social Networking 2 Cloud,Health & Med Tech 1 Cloud,Health & Med Tech,Recruitment & Jobs 1 Cloud,Health & Med Tech,Security & Defense 1 Cloud,Image & Face recognition,Music & Entertainment 1 Cloud,IoT/IoE & Sensors 2 Cloud,IoT/IoE & Sensors,Green Tech 1 Cloud,IoT/IoE & Sensors,Security & Defense 1 Cloud,IoT/IoE & Sensors,Smart Homes/Cities 2 Cloud,IoT/IoE & Sensors,Social Networking 1 Cloud,Linux 1 Cloud,Model driven software development 1 Cloud,Music & Entertainment,Sports, Quantified Self & Recreation 1 Cloud,Precision Agriculture,Big Data & Analytics 1 Cloud,Recruitment & Jobs,Social Networking 2 Cloud,Security & Defense,IoT/IoE & Sensors 1 Cloud,Social Networking 2 Cloud,Social Networking,Sports, Quantified Self & Recreation 1 Cloud,Sports, Quantified Self & Recreation 1 Cloud,Waste Management & Recycling,Social Networking 1 Cloud,access control systems 1 Cosmetics 1 Development tools 1 Documentation management,Project management 1 Domain research & investing 1 ERP,Cloud 1 EdTech 1 Education and networking 1 Food & Beverages 8 Food & Beverages,Furniture 1 Food & Beverages,Gadgets & Wearables,Furniture 1 Food & Beverages,Gadgets & Wearables,Smart Homes/Cities 1 Food & Beverages,Gadgets & Wearables,Social Networking 1 Food & Beverages,Green Tech 2 Food & Beverages,Smart Homes/Cities,Geolocation 1 Food & Beverages,Smart Homes/Cities,Social Networking 1 Food & Beverages,Social Networking 1 Food & Beverages,Social Networking,Security & Defense 1 Furniture 3 Furniture,Art & Design 1 Furniture,IoT/IoE & Sensors,Smart Homes/Cities 1 Gadgets & Wearables,Food & Beverages,Clean Tech 1 Gadgets & Wearables,Green Tech,Sports, Quantified Self & Recreation 1 Gadgets & Wearables,Health & Med Tech,Smart Homes/Cities 1 Gaming & Virtual Worlds 4 Gaming & Virtual Worlds,Gadgets & Wearables,Music & Entertainment 1 Geolocation 2 Geolocation,Big Data & Analytics,Social Networking 1 Geolocation,Gadgets & Wearables 1 Geolocation,Gaming & Virtual Worlds,Image & Face recognition 1 Geolocation,Green Tech,Smart Homes/Cities 1 Geolocation,Music & Entertainment,Waste Management & Recycling 1 Geolocation,Social Networking 1 Geolocation,Social Networking,Big Data & Analytics 1 Geolocation,Sports, Quantified Self & Recreation 1 Green Tech 11 Green Tech,Art & Design 1 Green Tech,Big Data & Analytics 1 Green Tech,Clean Tech 1 Green Tech,Furniture,Art & Design 1 Green Tech,Geolocation 1 Green Tech,Health & Med Tech,Clean Tech 1 Green Tech,Security & Defense,Smart Homes/Cities 1 Green Tech,Waste Management & Recycling 1 Green Tech,Waste Management & Recycling,Health & Med Tech 1 Health & Med Tech 11 Health & Med Tech,Big Data & Analytics 1 Health & Med Tech,Gaming & Virtual Worlds,Art & Design 1 Health & Med Tech,Image & Face recognition,Sports, Quantified Self & Recreation 1 Health & Med Tech,IoT/IoE & Sensors,Gadgets & Wearables 1 Health & Med Tech,Language Recognition & Translation 1 Health & Med Tech,Nanotechnology,3D Printing 1 Health & Med Tech,Social Networking 1 ICT, telecommunication infrastructure, vending solutions, FinTech 1 Image & Face recognition 1 Image & Face recognition,Augmented Reality,AI & Robotics 1 Image & Face recognition,Gaming & Virtual Worlds,Security & Defense 1 Interactive web portal,Geolocation,E-commerce solutions 1 Internet,Big Data & Analytics 1 IoT/IoE & Sensors 2 IoT/IoE & Sensors,3D Printing 1 IoT/IoE & Sensors,Cloud 2 IoT/IoE & Sensors,Health & Med Tech,Sports, Quantified Self & Recreation 1 IoT/IoE & Sensors,Image & Face recognition,Big Data & Analytics 1 IoT/IoE & Sensors,Smart Homes/Cities 3 IoT/IoE & Sensors,Smart Homes/Cities,AI & Robotics 1 Language Recognition & Translation 2 Metal processig 1 Music & Entertainment 3 Music & Entertainment,Art & Design 1 Music & Entertainment,Cloud,Big Data & Analytics 1 Open Source 1 PHP, Laravel,Bootstrap 1 Packaging 1 Recruitment & Jobs 3 Recruitment & Jobs,Geolocation 1 Security & Defense 3 Security & Defense,Clean Tech 1 Security & Defense,Health & Med Tech,AI & Robotics 1 Security & Defense,Nanotechnology 1 Smart Homes/Cities 3 Smart Homes/Cities,Geolocation 1 Smart Homes/Cities,Image & Face recognition 1 Smart Homes/Cities,IoT/IoE & Sensors,Big Data & Analytics 1 Social Network 1 Social Networking 15 Social Networking,AI & Robotics,Big Data & Analytics 1 Social Networking,Art & Design 1 Social Networking,Big Data & Analytics 1 Social Networking,Big Data & Analytics,Sports, Quantified Self & Recreation 1 Social Networking,Food & Beverages 1 Social Networking,Geolocation 1 Social Networking,Geolocation,Cloud 1 Social Networking,Green Tech 1 Social Networking,Health & Med Tech,Big Data & Analytics 1 Social Networking,Music & Entertainment 1 Social Networking,Recruitment & Jobs 2 Social Networking,Sports, Quantified Self & Recreation 1 Social Networking,Sports, Quantified Self & Recreation,Music & Entertainment 1 Social Networking,Waste Management & Recycling,Smart Homes/Cities 1 Sports, Quantified Self & Recreation 7 Sports, Quantified Self & Recreation,Music & Entertainment 1 Travel app 1 Virtual reality,User interfaces,Gaming & Virtual Worlds 1 Waste Management & Recycling 5 Waste Management & Recycling,3D Printing 1 Waste Management & Recycling,Art & Design,Green Tech 1 Waste Management & Recycling,Social Networking,Recruitment & Jobs 1 e-commerce 1 eCommerce & Machine Learning 1 new materials and new product 1 online payments 1 organic food ,massage,ecofriendly hotel 1 service,sales,search 1 smart marketplace 1 website,booking engine,payment processor 1 When was your company founded? 346 0 1/1/1996 1 1/1/2006 3 1/1/2007 1 1/1/2008 1 1/1/2010 2 1/1/2012 4 1/1/2013 7 1/1/2014 5 1/1/2015 21 10/1/2006 2 10/1/2007 2 10/1/2008 1 10/1/2011 1 10/1/2012 3 10/1/2013 5 10/1/2014 4 11/1/2006 3 11/1/2008 1 11/1/2010 1 11/1/2011 4 11/1/2012 1 11/1/2013 2 11/1/2014 5 11/1/2015 1 12/1/2008 1 12/1/2009 1 12/1/2011 2 12/1/2012 2 12/1/2013 6 12/1/2014 5 2/1/2006 2 2/1/2008 1 2/1/2009 1 2/1/2011 2 2/1/2012 5 2/1/2013 4 2/1/2014 3 2/1/2015 4 2013-05 2 2013-06 1 2014-04 1 2014-09 2 2014-10 1 2014-11 1 2015-02 1 2015-03 2 2015-06 1 2015-07 1 3/1/2006 3 3/1/2007 1 3/1/2009 2 3/1/2010 1 3/1/2011 1 3/1/2012 2 3/1/2013 6 3/1/2014 7 3/1/2015 7 4/1/2006 1 4/1/2007 1 4/1/2008 1 4/1/2009 1 4/1/2010 1 4/1/2011 4 4/1/2013 7 4/1/2014 6 4/1/2015 8 5/1/2006 3 5/1/2008 1 5/1/2009 1 5/1/2011 2 5/1/2012 2 5/1/2013 4 5/1/2014 4 5/1/2015 15 6/1/2006 2 6/1/2007 1 6/1/2011 2 6/1/2012 1 6/1/2013 6 6/1/2014 5 6/1/2015 13 7/1/2006 4 7/1/2007 1 7/1/2008 1 7/1/2009 1 7/1/2011 3 7/1/2012 4 7/1/2013 5 7/1/2014 5 7/1/2015 4 8/1/2008 2 8/1/2010 3 8/1/2011 4 8/1/2012 5 8/1/2014 1 8/1/2015 11 9/1/2006 7 9/1/2009 2 9/1/2010 1 9/1/2011 3 9/1/2012 2 9/1/2013 10 9/1/2014 5 9/1/2015 6 9/24/2013 1 What is the current stage of your startup? 346 0 Concept Stage (got an idea) 29 Developed, in testing, ready for the market in 2 months 1 Early Stage (prototype ready and close to market) 109 Established Business (achieved break-even point operationally) 22 Growth Stage (we're out there and making money) 103 Seed Stage (working on a product) 82 What were your revenues in 2014? 336 10 0 19000000 What are your projected revenues for 2015? 327 19 0 20000000 Number of employees today 346 0 1 103 Age 346 0 17 68 Gender 346 0 Female 63 Male 282 Not specified 1 Highest level of education 346 0 Advanced Graduate work or Ph.D. 35 Bachelor's Degree 101 Did Not Complete High School 5 High School/GED 29 Master's Degree 134 Msc 1 Some College 41 Entrepreneurial experience in startup ecosystem 346 0 0 45 Work experience in corporate environment 346 0 0 45 Citizenship(s) 346 0 Afghanistan 1 Albania,Kosovo 1 Bosnia and Herzegovina 1 Bosnia and Herzegovina,Croatia 1 Bosnia and Herzegovina,Serbia 1 Bosnia and Herzegovina,Sweden 1 Croatia 84 Croatia,Bosnia and Herzegovina 1 Croatia,Canada 2 Croatia,Italy 1 Croatia,Serbia 2 Croatia,Tunisia 1 Croatia,United States 1 Finland 1 Finland,Kosovo 1 Hungary 1 Ireland,United States 1 Kosovo 40 Kosovo,Macedonia, the former Yugoslav Republic of 1 Lithuania 1 Macedonia, the former Yugoslav Republic of 27 Macedonia, the former Yugoslav Republic of,Bosnia and Herzegovina 1 Macedonia, the former Yugoslav Republic of,Serbia 1 Montenegro 2 Russian Federation 1 Saint Lucia,Serbia 1 Serbia 149 Serbia,Croatia 4 Serbia,Hungary 4 Serbia,Ireland 1 Serbia,Macedonia, the former Yugoslav Republic of 1 Serbia,Slovenia 1 Serbia,United States 1 Serbian 1 Slovenia 2 South Africa,Serbia 1 Sweden 1 Ukraine 1 United Kingdom,Serbia 1 United States 1 Age 155 191 15 66 Gender 159 0 Female 36 Male 122 male 1 Highest level of education 157 0 Advanced Graduate work or Ph.D. 17 Bachelor's Degree 56 Did Not Complete High School 2 High School/GED 11 Master's Degree 54 Phd 1 Some College 16 Entrepreneurial experience in startup ecosystem 158 188 0 45 Work experience in corporate environment 167 179 0 45 Age 71 275 1 80 Gender 63 0 Female 10 Male 53 Highest level of education 72 0 Advanced Graduate work or Ph.D. 3 Bachelor's Degree 23 High School/GED 6 MSc 1 Master's Degree 23 Some College 7 http://www.linkedin.com/in/tomislavcapan 1 http://www.linkedin.com/profile/view 1 https://hr.linkedin.com/in/aseric 1 https://hr.linkedin.com/in/nmratinic 1 https://hr.linkedin.com/in/stipegrubisic 1 https://hr.linkedin.com/pub/andreja-kovač/b6/85a/a55 1 https://hr.linkedin.com/pub/ivan-jolić/94/ba3/4a1 1 https://linkedin.com/in/irinanikolic 1 https://www.linkedin.com/pub/marko-bosiljkov/55/4a3/4b5 1 Entrepreneurial experience in startup ecosystem 60 286 0 45 Work experience in corporate environment 65 281 0 45 Age 22 324 1 38 Gender 18 0 Female 3 Male 15 Highest level of education 22 0 Bachelor's Degree 11 High School/GED 3 Master's Degree 1 Some College 3 http://www.linkedin.com/profile/view 1 https://hr.linkedin.com/in/kgaspert 1 https://hr.linkedin.com/pub/milan-kovačić/a8/1b6/591 1 https://linkedin.com/in/alexjagi 1 Entrepreneurial experience in startup ecosystem 17 329 0 14 0 5 1 3 2 5 3 1 4 1 8 1 14 1 Sysmiss 329 Work experience in corporate environment 19 327 0 25 Age 4 342 1 33 Gender 3 0 Male 3 Highest level of education 4 0 Bachelor's Degree 3 http://www.linkedin.com/profile/view 1 Entrepreneurial experience in startup ecosystem 3 343 0 2 0 2 2 1 Sysmiss 343 Work experience in corporate environment 3 343 2 6 2 1 5 1 6 1 Sysmiss 343 Is your business formally registered? 237 109 0 1 0 3 1 234 Sysmiss 109 Are you already incorporated? 345 1 0 1 0 55 1 290 Sysmiss 1 Country of incorporation / registration 345 0 Bulgaria, Serbia 2 Bulgaria,Serbia 4 Croatia 77 Croatia, Bulgaria 2 Croatia, Ireland 1 Croatia, Slovenia, United Kingdom 1 Croatia, United Kingdom 2 Croatia,Canada 1 Croatia,Estonia 1 Croatia,Hungary 1 Croatia,Macedonia, the former Yugoslav Republic of 1 Croatia,Serbia 1 Croatia,Serbia,United Kingdom 1 Croatia,United Kingdom 1 Croatia,United States 1 Kosovo 43 Kosovo,Sweden 1 Macedonia, the former Yugoslav Republic of 30 Montenegro 4 Serbia 158 Serbia, Bosnia and Herzegovina 1 Serbia, Bulgaria 2 Serbia,Serbia 1 Serbia,United Arab Emirates 1 Slovenia,Macedonia, the former Yugoslav Republic of 1 United Kingdom 1 United States 1 United States, Serbia 1 United States,Canada,Croatia 1 United States,Kosovo 1 United States,Serbia 1 Countries of operations 346 Afghanistan,Åland Islands,Albania,Algeria,American Samoa,Andorra,Antarctica,Antigua and Barbuda,Argentina,Armenia,Aruba,Australia,Austria,Azerbaijan,Bahrain,Bangladesh,Barbados,Bahamas,Belarus,Belize,Benin,Bermuda,Bhutan,Bonaire, Sint Eustatius and Saba,B 1 Albania,Argentina,Austria,Azerbaijan,Belgium,Bosnia and Herzegovina,Brazil,British Indian Ocean Territory,Bulgaria,China,Cyprus,Czech Republic,Denmark,Dominican Republic,Estonia,Finland,France,French Guiana,French Polynesia,French Southern Territories,Geo 1 Albania,Kosovo 2 Albania,Macedonia, the former Yugoslav Republic of 1 Albania,Macedonia, the former Yugoslav Republic of,Serbia,Germany,Swaziland,Italy,Togo,Libya,Gabon,Guinea,Bosnia and Herzegovina,Montenegro 1 Australia,Croatia 1 Austria,Bosnia and Herzegovina,Croatia,Germany 1 Austria,Germany,Hungary,Croatia,United States,China 1 Bosnia and Herzegovina,China,Croatia,Denmark,France,Germany,Korea, Republic of,Montenegro,Netherlands,Norway,Qatar,Russian Federation,Slovakia,Slovenia,Sweden,Switzerland,United Arab Emirates,United States,Kosovo,Macedonia, the former Yugoslav Republic of 1 Bosnia and Herzegovina,Croatia,Austria,Serbia 1 Bosnia and Herzegovina,Croatia,Hungary,Macedonia, the former Yugoslav Republic of,Montenegro,Qatar,Nigeria,Iraq 1 Bosnia and Herzegovina,Croatia,Montenegro,Slovenia,Serbia 1 Bosnia and Herzegovina,Serbia,Croatia,Montenegro 1 Bosnia and Herzegovina,Serbia,Sweden 1 Bulgaria, Serbia 1 Bulgaria,Croatia 1 Bulgaria,Serbia 4 Canada 1 Canada,Croatia 1 Canada,United Kingdom,United States,Denmark,Germany 1 Croatia 48 Croatia, Austria 1 Croatia,Bosnia and Herzegovina,Slovenia 1 Croatia,Bosnia and Herzegovina,Slovenia,Serbia,Hungary 1 Croatia,Bosnia and Herzegovina,United Kingdom,United States,Sweden,Slovenia,Kosovo,Albania,Italy,Montenegro,Serbia,Macedonia, the former Yugoslav Republic of,Luxembourg 1 Croatia,Canada 1 Croatia,Denmark,Estonia,Finland,France,Germany,Greece,Israel,Italy,Netherlands,Norway,United Kingdom,United Arab Emirates,Sweden 1 Croatia,Estonia 1 Croatia,France,Germany,Kuwait,Norway,Slovenia,Switzerland,Thailand 1 Croatia,Germany,Kosovo,United Arab Emirates 1 Croatia,Hong Kong 1 Croatia,India 1 Croatia,Ireland,Malaysia 1 Croatia,Macedonia, the former Yugoslav Republic of 1 Croatia,Montenegro 1 Croatia,Montenegro,Bulgaria 1 Croatia,Serbia,Austria 1 Croatia,Serbia,Bosnia and Herzegovina,Macedonia, the former Yugoslav Republic of,Kosovo 1 Croatia,Serbia,Montenegro,Bosnia and Herzegovina 1 Croatia,Serbia,United Kingdom 1 Croatia,Slovenia 2 Croatia,Slovenia,Bosnia and Herzegovina,Serbia,Italy,Czech Republic,Netherlands,United States 1 Croatia,Slovenia,Israel,Germany 1 Croatia,Tunisia,Mali,United States,France,United Kingdom 1 Croatia,Turkey,France 1 Croatia,United Arab Emirates,Ukraine 1 Croatia,United Kingdom 3 Croatia,United Kingdom,United States 1 Croatia,United States 2 Croatia,United States,United Kingdom 2 Europe 1 Kosovo 25 Kosovo,Albania 3 Kosovo,Albania,Macedonia, the former Yugoslav Republic of 2 Kosovo,Albania,Serbia 1 Kosovo,Albania,Serbia,Switzerland,Macedonia, the former Yugoslav Republic of 1 Kosovo,China 1 Kosovo,Macedonia, the former Yugoslav Republic of,Albania 3 Kosovo,Switzerland,Germany,United Kingdom,United States,Albania 1 Kosovo,Switzerland,United Kingdom,United States 1 Kosovo,United States 1 Kosovo,United States,Norway 1 Lithuania,Macedonia, the former Yugoslav Republic of 1 Macedonia, the former Yugoslav Republic of 21 Macedonia, the former Yugoslav Republic of,Afghanistan,Albania 1 Macedonia, the former Yugoslav Republic of,Bosnia and Herzegovina,Albania,Montenegro,Afghanistan 1 Macedonia, the former Yugoslav Republic of,Bulgaria,Serbia,Kosovo,Croatia,Germany,Austria 1 Macedonia, the former Yugoslav Republic of,Croatia 1 Macedonia, the former Yugoslav Republic of,Germany,United States 1 Macedonia, the former Yugoslav Republic of,Kosovo 1 Macedonia, the former Yugoslav Republic of,Serbia 1 Macedonia, the former Yugoslav Republic of,Serbia,Croatia 1 Macedonia, the former Yugoslav Republic of,United Arab Emirates 1 Montenegro 2 Montenegro,Croatia,Greece,Albania,Bulgaria 1 Netherlands 1 Serbia 118 Serbia,Bosnia and Herzegovina 1 Serbia,Bosnia and Herzegovina,Croatia,Slovenia,Macedonia, the former Yugoslav Republic of,Montenegro,Bulgaria,Romania,Hungary 1 Serbia,Bosnia and Herzegovina,Montenegro,Croatia 1 Serbia,Croatia,Bosnia and Herzegovina,Macedonia, the former Yugoslav Republic of,Montenegro,Slovenia 1 Serbia,Croatia,Hungary,Bosnia and Herzegovina,Austria 1 Serbia,Czech Republic,Austria,Montenegro,Luxembourg,Slovenia,Hungary 1 Serbia,Czech Republic,United States 1 Serbia,Finland 1 Serbia,Germany,Belgium 1 Serbia,Germany,Hungary 1 Serbia,Hungary 1 Serbia,Hungary,Croatia,Germany,Romania,Bosnia and Herzegovina 1 Serbia,Hungary,Netherlands,Croatia 1 Serbia,India,Kenya 1 Serbia,Montenegro 2 Serbia,Montenegro,Bosnia and Herzegovina,Croatia,Slovenia,Kosovo,Macedonia, the former Yugoslav Republic of 1 Serbia,Montenegro,Bosnia and Herzegovina,Croatia,Slovenia,Macedonia, the former Yugoslav Republic of 1 Serbia,Montenegro,Bosnia and Herzegovina,Macedonia, the former Yugoslav Republic of,Romania,Bulgaria 1 Serbia,Montenegro,Germany,Croatia,Bosnia and Herzegovina,Albania,Hungary,Austria,Bulgaria,Romania 1 Serbia,Singapore,Thailand,China,Kazakhstan,Russian Federation 1 Serbia,Slovakia 1 Serbia,South Africa 1 Serbia,Spain 1 Serbia,United Arab Emirates 1 Serbia,United Arab Emirates,Egypt,Spain,Canada 1 Serbia,United Arab Emirates,Qatar,Germany 1 Serbia,United Kingdom 1 Serbia,United Kingdom,Ireland 1 Serbia,United Kingdom,United States,Bulgaria 1 Serbia,United States 1 Serbia,United States,Bangladesh,Norway 1 Serbia,United States,France,Canada 1 Serbia,United States,United Kingdom,Russian Federation,China 1 Slovenia,Macedonia, the former Yugoslav Republic of 1 Switzerland,Serbia,United States,Germany,Austria,Montenegro,Croatia,Bosnia and Herzegovina,Macedonia, the former Yugoslav Republic of,Hungary,Bulgaria 1 Ukraine 1 United Arab Emirates,Serbia 1 United Kingdom,Croatia 2 United States 1 United States,Canada,Croatia 1 United States,Croatia,Switzerland 1 United States,United Kingdom,Canada,Belgium 1 United States,United Kingdom,Germany,Croatia 1 United States,United Kingdom,Serbia 1 Countries of operations 1 0 ,Romania,Hungary 1 Market focus 346 0 Balkans region 65 Domestic 14 Europe 62 Global 204 specialised retail 1 Have you accepted outside funding? 346 0 0 1 0 223 1 123 If yes, source of funding 128 Accelerator & incubator programs 18 Accelerator & incubator programs,Business angels 3 Accelerator & incubator programs,Business angels,Personal network (friends & family) 1 Accelerator & incubator programs,Corporate venture capital 1 Accelerator & incubator programs,Personal network (friends & family) 3 Accelerator & incubator programs,Public grants 4 Accelerator & incubator programs,Venture capital 1 Business angels 9 Business angels,Accelerator & incubator programs,Corporate venture capital,Public grants,Venture capital 1 Business angels,Personal network (friends & family) 2 Business angels,Personal network (friends & family),Corporate venture capital,Public grants 1 Business angels,Public grants,Accelerator & incubator programs 1 Business angels,Venture capital,Corporate venture capital,Personal network (friends & family),Accelerator & incubator programs 1 Corporate venture capital 3 Corporate venture capital,Public grants,Venture capital 1 Personal network (friends & family) 30 Personal network (friends & family),Accelerator & incubator programs 2 Personal network (friends & family),Accelerator & incubator programs,Business angels,Venture capital,Corporate venture capital,Public grants 1 Personal network (friends & family),Business angels 2 Personal network (friends & family),Business angels,Public grants 1 Personal network (friends & family),Business angels,Public grants,Accelerator & incubator programs 1 Personal network (friends & family),Corporate venture capital 1 Personal network (friends & family),Public grants 4 Personal network (friends & family),Venture capital 1 Public grants 24 Public grants,Accelerator & incubator programs,Personal network (friends & family) 1 Public grants,Accelerator & incubator programs,Venture capital 1 Public grants,Business angels 1 Public grants,Corporate venture capital 1 Public grants,Personal network (friends & family) 5 Venture capital 2 How much funding have you received? 320 26 0 6000000 Have you participated in a startup competition or pitching event? 346 0 0 1 0 251 1 95 Have you applied to a mentoring/accelerator program? 346 0 0 1 0 273 1 73 Have you participated in a mentoring/accelerator program? 346 0 0 1 0 292 1 54 Company registered in Croatia 346 0 0 1 0 260 1 86 Company registered in Serbia 346 0 0 1 0 187 1 159 Country strata: croatia, serbia or other 346 0 1 3 1 86 2 159 3 101 Already have outside private funding 346 0 0 1 0 314 1 32 in top 10 of baseline score 333 13 0 1 0 323 1 10 Sysmiss 13 Baseline score strata 323 23 1 36 Randomization strata 346 0 91 100000 Assignment to treatment: 1= treated, 0 = control 346 0 0 1 0 172 1 174 Sector is Business and Productivity 346 0 0 1 0 196 1 150 Sector is Lifestyle and Entertainment 346 0 0 1 0 275 1 71 Technology includes cloud 346 0 0 1 0 266 1 80 Technology includes big data 346 0 0 1 0 278 1 68 Place in the value chain includes developer 346 0 0 1 0 144 1 202 Place in the value chain includes service provider 346 0 0 1 0 151 1 195 Year firm founded 346 0 1996 2015 1996 1 2006 30 2007 7 2008 10 2009 9 2010 9 2011 28 2012 31 2013 66 2014 60 2015 95 Age of firm in years 346 0 0 19 0 95 1 60 2 66 3 31 4 28 5 9 6 9 7 10 8 7 9 30 19 1 Current stage of firm is early stage 346 0 0 1 0 237 1 109 Revenues in 2014 positive 346 0 0 1 0 174 1 172 Has at least one female founder 346 0 0 1 0 280 1 66 Market focus is global 346 0 0 1 0 142 1 204 highest level of education of main founder is post graduate 346 0 0 1 0 177 1 169 Pitch score: Traction 211 135 1 4.8 Pitch score: Team 211 135 1 5.4 Pitch score: Technology 211 135 1.2 6 Pitch score: Market Attractiveness 211 135 1.4 5.6 Pitch score: Progress 211 135 1 5 Pitch score: Presentation 211 135 1 5.4 Directly nominated by judges 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 1 211 135 0 1 0 210 1 1 Sysmiss 135 Fixed Effect for Judge 2 211 135 0 1 0 187 1 24 Sysmiss 135 Fixed Effect for Judge 3 211 135 0 1 0 177 1 34 Sysmiss 135 Fixed Effect for Judge 4 211 135 0 1 0 189 1 22 Sysmiss 135 Fixed Effect for Judge 5 211 135 0 1 0 204 1 7 Sysmiss 135 Fixed Effect for Judge 6 211 135 0 1 0 190 1 21 Sysmiss 135 Fixed Effect for Judge 7 211 135 0 1 0 200 1 11 Sysmiss 135 Fixed Effect for Judge 8 211 135 0 1 0 196 1 15 Sysmiss 135 Fixed Effect for Judge 9 211 135 0 1 0 198 1 13 Sysmiss 135 Fixed Effect for Judge 10 211 135 0 1 0 186 1 25 Sysmiss 135 Fixed Effect for Judge 11 211 135 0 1 0 189 1 22 Sysmiss 135 Fixed Effect for Judge 12 211 135 0 1 0 199 1 12 Sysmiss 135 Fixed Effect for Judge 13 211 135 0 1 0 184 1 27 Sysmiss 135 Fixed Effect for Judge 14 211 135 0 1 0 206 1 5 Sysmiss 135 Fixed Effect for Judge 15 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 16 211 135 0 1 0 207 1 4 Sysmiss 135 Fixed Effect for Judge 17 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 18 211 135 0 1 0 197 1 14 Sysmiss 135 Fixed Effect for Judge 19 211 135 0 1 0 208 1 3 Sysmiss 135 Fixed Effect for Judge 20 211 135 0 1 0 194 1 17 Sysmiss 135 Fixed Effect for Judge 21 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 22 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 23 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 24 211 135 0 1 0 199 1 12 Sysmiss 135 Fixed Effect for Judge 25 211 135 0 1 0 197 1 14 Sysmiss 135 Fixed Effect for Judge 26 211 135 0 1 0 169 1 42 Sysmiss 135 Fixed Effect for Judge 27 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 28 211 135 0 1 0 199 1 12 Sysmiss 135 Fixed Effect for Judge 29 211 135 0 1 0 192 1 19 Sysmiss 135 Fixed Effect for Judge 30 211 135 0 1 0 178 1 33 Sysmiss 135 Fixed Effect for Judge 31 211 135 0 1 0 192 1 19 Sysmiss 135 Fixed Effect for Judge 32 211 135 0 1 0 191 1 20 Sysmiss 135 Fixed Effect for Judge 33 211 135 0 1 0 201 1 10 Sysmiss 135 Fixed Effect for Judge 34 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 35 211 135 0 1 0 197 1 14 Sysmiss 135 Fixed Effect for Judge 36 211 135 0 1 0 197 1 14 Sysmiss 135 Fixed Effect for Judge 37 211 135 0 1 0 188 1 23 Sysmiss 135 Fixed Effect for Judge 38 211 135 0 1 0 196 1 15 Sysmiss 135 Fixed Effect for Judge 39 211 135 0 1 0 179 1 32 Sysmiss 135 Fixed Effect for Judge 40 211 135 0 1 0 205 1 6 Sysmiss 135 Fixed Effect for Judge 41 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 42 211 135 0 1 0 193 1 18 Sysmiss 135 Fixed Effect for Judge 43 211 135 0 1 0 198 1 13 Sysmiss 135 Fixed Effect for Judge 44 211 135 0 1 0 187 1 24 Sysmiss 135 Fixed Effect for Judge 45 211 135 0 1 0 199 1 12 Sysmiss 135 Fixed Effect for Judge 46 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 47 211 135 0 1 0 187 1 24 Sysmiss 135 Fixed Effect for Judge 48 211 135 0 1 0 197 1 14 Sysmiss 135 Fixed Effect for Judge 49 211 135 0 1 0 198 1 13 Sysmiss 135 Fixed Effect for Judge 50 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 51 211 135 0 1 0 199 1 12 Sysmiss 135 Fixed Effect for Judge 52 211 135 0 1 0 207 1 4 Sysmiss 135 Fixed Effect for Judge 53 211 135 0 1 0 194 1 17 Sysmiss 135 Fixed Effect for Judge 54 211 135 0 1 0 190 1 21 Sysmiss 135 Fixed Effect for Judge 55 211 135 0 1 0 189 1 22 Sysmiss 135 Fixed Effect for Judge 56 211 135 0 1 0 204 1 7 Sysmiss 135 Fixed Effect for Judge 57 211 135 0 1 0 193 1 18 Sysmiss 135 Fixed Effect for Judge 58 211 135 0 1 0 178 1 33 Sysmiss 135 Fixed Effect for Judge 59 211 135 0 1 0 171 1 40 Sysmiss 135 Fixed Effect for Judge 60 211 135 0 1 0 192 1 19 Sysmiss 135 Fixed Effect for Judge 61 211 135 0 1 0 195 1 16 Sysmiss 135 Fixed Effect for Judge 62 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 63 211 135 0 1 0 206 1 5 Sysmiss 135 Fixed Effect for Judge 64 211 135 0 1 0 202 1 9 Sysmiss 135 Fixed Effect for Judge 65 211 135 0 1 0 203 1 8 Sysmiss 135 Fixed Effect for Judge 66 211 135 0 1 0 207 1 4 Sysmiss 135 Standard deviation of Score amongst Judges 211 135 0.16 1.924 Pitch score: Overall score 211 135 1.182 5.196 Top 50 in scores 211 135 0 1 0 161 1 50 Sysmiss 135 Rank of judge fixed effect adjusted scores 211 135 1 211 Attrit from Pitch competition (1=attrit, 0 = don't attrit) 346 0 0 1 0 211 1 135 Semi-finalists 346 0 0 1 0 135 1 211 Finalists 346 0 0 1 0 292 1 54 Winner category 346 0 0 1 0 338 1 8 Invitation to negotiate 346 0 0 1 0 342 1 4 Pioneers Asia ticket 346 0 0 1 0 344 1 2 Whataventure completed 346 0 0 189 Completed step 3b 146 Completed step 4 9 Completed step 5 2 attended masterclass in Split 346 0 0 1 0 330 1 16 attended masterclass in Novisad 346 0 0 1 0 310 1 36 attended masterclass in Pristina 346 0 0 1 0 330 1 16 attended masterclass in Skopje 346 0 0 1 0 318 1 28 Total masterclasses participated in 346 0 0 4 0 270 1 58 2 17 4 1 attended short masterclass in Zagreb 346 0 0 1 0 334 1 12 Pitch training at semifinals 346 0 0 1 0 275 1 71 Pitch training at finals 346 0 0 1 0 319 1 27 Lead mentor contribution to individual mentoring (%) 345 0 0% 15 10% 1 100% 41 13% 1 14% 1 19% 1 20% 1 22% 2 25% 2 26% 2 27% 1 28% 1 29% 1 30% 1 34% 2 37% 2 39% 2 41% 2 43% 2 44% 2 45% 1 46% 1 48% 3 49% 3 50% 4 51% 1 53% 4 55% 2 56% 2 57% 2 58% 1 59% 2 6% 1 62% 1 64% 3 66% 1 67% 4 68% 2 69% 1 71% 1 75% 2 76% 1 79% 2 80% 1 83% 1 84% 2 85% 1 88% 1 9% 1 90% 1 Control group 173 No individual mentoring 36 Lead mentor activities (h) 346 0 0 2 0 173 2 173 Individual mentoring (h) 346 0 0 38 Individual mentoring preparation and follow-up (h) 346 0 0 11 0 219 1 48 2 31 3 18 4 9 5 9 6 3 7 2 8 1 9 3 10 1 11 2 Mentoring at Masterclasses (h) 346 0 0 16 0 270 4 58 8 17 16 1 Lectures (h) 346 0 0 31 Semi-finals pitch training (h) 346 0 0 6 0 270 3 69 6 7 Pre-finals (h) 346 0 0 2 0 292 1 1 2 53 Finals pitch training 346 0 0 3 0 319 3 27 Graphics (h) 346 0 0 2 0 244 1 81 2 21 Finals weighted score 54 292 1.8 3.9 Finals team score 54 292 1.8 4.6 Finals technology score 54 292 1.6 4.8 Finals traction score 54 292 1.4 4.2 Finals market score 54 292 2 4.8 Finals progress score 54 292 1.6 3.8 Finals presentation score 54 292 1.4 5.2 Finals overall score 54 292 1.4 4.6 Meltwater Baseline Media Mentions 346 0 0 209 Benefits Quiz 58 288 1.583 8 Development Status Quiz 53 293 4 6 Intellectual Property 1 Quiz 51 295 4 8 Intellectual Property 2 Quiz 49 297 2.333 5 Market Validation Quiz 48 298 2.25 5 Tech Description Quiz 62 284 3.667 8 Competition Quiz 47 299 2.333 5 Prepare a Pitch 0 346 Sysmiss 346 Technology Description Exercise 0 346 Sysmiss 346 Benefits Exercise 0 346 Sysmiss 346 Competition Exercise 0 346 Sysmiss 346 Technology Brief Exercise 0 346 Sysmiss 346 Total score from quizzes 172 174 0 100 First follow-up questionnaire form 319 0 Basic Info 45 C.1 62 C.2 39 Pilot 11 Short 49 T.1 40 T.2 33 T.3 13 T.4 27 Did you change the name of your company? 25 0 . 3 anonymous 22 Were there any major events for your business? 319 0 No changes - We continue to exist and do our business just as in August 2015 35 No major events - We continue to exist and do our business just as in August 2015 195 We pivoted or made a major change in the main product or service we offer 63 We relocated and/or re-incorporated our company 1 We shut down/ closed our company 3 We shut down/closed our company 19 We sold our company to another company (or are currently in negotiations with a buyer) 3 Coded_Were there any major events for your business? 319 27 1 6 1 230 2 63 4 1 5 3 6 22 Sysmiss 27 Does your company currently have a product or service readily available for use 278 68 0 1 0 84 1 194 Sysmiss 68 How many people currently work in your company? 318 28 0 100 Does your founder/ do your co-founders work full-time in the company? 267 0 No - no founder/ co-founder working full-time 53 Partially - multiple founders, exactly one working full-time 18 Partially - multiple founders, more than one but not all working full-time 42 Yes - multiple founders, all working full-time 58 Yes - single founder working full-time 96 Coded_Does your founder/ do your co-founders work full-time in the company? 267 79 1 5 1 96 2 58 3 19 4 42 5 52 Sysmiss 79 Are the accounts of the business separated from the personal affairs of the owne 260 86 0 1 0 44 1 216 Sysmiss 86 Do you have in place? Revenue projection for next 12 months 260 86 0 2 0 73 1 167 2 20 Sysmiss 86 Do you have in place? Balance sheet 225 121 0 2 0 73 1 133 2 19 Sysmiss 121 Do you have in place? Cash flow statement 225 121 0 2 0 89 1 118 2 18 Sysmiss 121 Do you have in place? Accounts audited by outside auditor 225 121 0 2 0 133 1 72 2 20 Sysmiss 121 not attending any Masterclass? I did not know about the masterclasses 61 285 1 3 1 28 2 20 3 13 Sysmiss 285 not attending any Masterclass? I did not think we would learn much in the classe 61 285 1 3 1 21 2 28 3 12 Sysmiss 285 not attending any Masterclass? The location of the masterclasses was too far fro 61 285 1 3 1 14 2 27 3 20 Sysmiss 285 not attending any Masterclass? I had concerns about how well we would understand 61 285 1 3 1 49 2 9 3 3 Sysmiss 285 not attending any Masterclass? Unable to take the time away from our business 61 285 1 3 1 11 2 23 3 27 Sysmiss 285 not attending any Masterclass? Other 61 285 1 3 1 47 2 6 3 8 Sysmiss 285 not presenting in Belgrade? We had stopped working on our business/ project 79 267 1 3 1 55 2 15 3 9 Sysmiss 267 not presenting in Belgrade? We felt that we had not made enough progress with ou 79 267 1 3 1 41 2 20 3 18 Sysmiss 267 Reasons for not presenting in Belgrade? We didn't feel well prepared to particip 79 267 1 3 1 34 2 22 3 23 Sysmiss 267 Reasons for not presenting in Belgrade? We didn’t have anyone who could present 79 267 1 3 1 61 2 13 3 5 Sysmiss 267 Reasons for not presenting in Belgrade? We were unable to pay the cost of travel 79 267 1 3 1 60 2 13 3 6 Sysmiss 267 Reasons for not presenting in Belgrade? The location of the event was too far fr 79 267 1 3 1 51 2 16 3 12 Sysmiss 267 Reasons for not presenting in Belgrade? We didn’t think the event would be very 79 267 1 3 1 37 2 29 3 13 Sysmiss 267 Reasons for not presenting in Belgrade? We didn’t want to advertise our idea to 79 267 1 3 1 66 2 10 3 3 Sysmiss 267 Reasons for not presenting in Belgrade? We were not interested in attracting an 79 267 1 3 1 55 2 17 3 7 Sysmiss 267 Reasons for not presenting in Belgrade? We didn't know about the event 79 267 1 3 1 70 2 7 3 2 Sysmiss 267 Reasons for not presenting in Belgrade? Other 79 267 1 3 1 59 2 6 3 14 Sysmiss 267 Would you consider applying to a follow-up program to "PotB"? 225 121 0 1 0 58 1 167 Sysmiss 121 Most attractive delivery method? Online self-study materials 167 179 1 4 1 11 2 54 3 67 4 35 Sysmiss 179 Most attractive delivery method? Online lectures ("webinars") 167 179 1 4 1 8 2 49 3 73 4 37 Sysmiss 179 Most attractive delivery method? Online individual mentoring (video calls) 167 179 1 4 1 7 2 24 3 63 4 73 Sysmiss 179 Most attractive delivery method? On-site lectures and trainings ("masterclasses" 167 179 1 4 1 9 2 28 3 69 4 61 Sysmiss 179 Most attractive delivery method? On-site individual mentoring 167 179 1 4 1 5 2 17 3 49 4 96 Sysmiss 179 Most attractive delivery method? On-site operational support 167 179 1 4 1 15 2 30 3 55 4 67 Sysmiss 179 167 179 1 4 1 24 2 46 3 59 4 38 Sysmiss 179 Does a follow-up program have to offer a funding component in order to be attrac 167 179 0 1 0 70 1 97 Sysmiss 179 Would you be willing in a follow-up program to? Pay a reasonable participation f 165 181 0 1 0 72 1 93 Sysmiss 181 163 183 0 1 0 72 1 91 Sysmiss 183 164 182 0 1 0 43 1 121 Sysmiss 182 Do you know how much it costs to acquire a new customer for your business? 260 86 0 1 0 146 1 114 Sysmiss 86 Newsletter sign-ups (total to date) 67 0 (we do 1 - 1 / 1 0 12 1 3 100 1 100.00 1 1000 1 1000+ 1 10000 1 1100 1 120 1 14000 1 150 1 1500 2 18000 1 18500 1 2,000+ 1 2000 1 2000+ 1 3 1 400 2 4000+ 1 4200 2 450 1 50 2 500 2 5000+ 1 5904 1 650 1 684 1 700 1 835 1 90 1 >400 1 I don' 1 N/A 2 No nee 1 Regist 1 We do 1 i don' 1 lookin 1 more t 1 most p 1 n/a 1 no 2 to be 1 Pre-orders (total to date) 67 0 - 1 0 13 1 5 10 1 1000 2 1000+ 1 11 1 12 2 1400 1 145 1 15 1 150+ 1 172 1 2 3 200 1 3 1 30 2 3600 1 4 1 4 inter 1 5 3 50 1 500 1 600 1 7 1 70 1 Depends 1 Early a 1 N/A 2 Not rel 1 We don' 1 We're n 1 i can't 1 many in 1 more th 1 n/a 1 ne 1 no 2 none 1 orders: 1 people 1 several 1 Free user sign-ups/ downloads (total to date) 75 0 - 3 / 1 0 15 0 close 1 1 5 10 1 10'000 1 100 2 100+ | 1 110 1 13.054 1 1500 1 16000 1 18000 1 20 1 2000 1 2500 1 3 1 3,500+ 1 300 3 300 (50 1 361 1 400 1 500 2 5000 fr 1 5k down 1 600 1 600.000 1 70000 1 835 1 850 1 9000 1 >6000 ( 1 Lyra Wa 1 N/A 2 Not rel 1 more th 1 n/a 2 ne 1 no 2 not app 2 to be t 1 we are 1 we don' 1 yes 3 Requests for free trials/ samples (total to date) 71 0 - 3 // 1 0 11 1 4 10 3 1000 1 100s 1 110 1 12 1 130 1 15 1 2 4 20 4 200 1 2000 2 2500 1 3 3 30 3 458 1 5 1 50 1 6 1 650 1 7 1 7000 1 8 1 835 1 About 1 1 I offer 1 It is f 1 N/A 2 all reg 1 mostly 1 no 2 not app 1 one req 1 we don' 1 we had 1 yes 2 yes, we 1 Free pilot projects with customers (total to date) 86 0 - 3 / 1 // 1 0 14 1 13 10 3 1000 1 13 2 150 1 2 12 20 1 20+ pro 1 25 1 3 6 36 1 4 3 40 1 5 2 850 1 Freemiu 1 I offer 1 N/A 1 None 1 no 3 none 1 one pro 1 some cl 1 we have 3 yes 4 yes, we 1 Current active users/ customers (total current) 112 0 - 2 0 10 1 6 10 3 10 on s 1 1000 2 11,651 1 12 1 12000 1 1240 1 130 2 1450 1 15 indi 1 150 1 17000 1 18000 1 2 4 2 custo 1 20 acti 1 20/6 1 200 2 2000 1 220 1 24000 1 25 1 250 1 3 6 30 1 300 2 3000 2 30000 u 1 305 1 34 1 4 1 40 1 40000 1 4500 1 5 3 5 Softw 1 500 3 5000 1 500K + 1 5500 cu 1 59 1 6 1 60-70 1 600 1 620 1 65 1 7 2 70 2 700 dai 1 8 1 800 1 800,000 1 850 2 900/mon 1 95 1 >500 vi 1 Active 1 a handf 1 approx. 1 hard to 1 i can't 1 more th 1 no 2 our mos 1 to be t 1 typical 1 yes 4 ~250 1 New sales leads/ month (last month) 93 0 - 1 // 1 0 12 1 6 10 2 100 3 10000 1 13 2 14 1 15 2 150 1 154 1 16 2 2 8 20 5 200+ 1 2000 1 230 1 25 3 2500 1 254 1 2M€ 1 3 3 30 1 300 1 4 3 5 5 5-10 1 5-10 po 1 5-8 1 50 1 50 orde 1 50-100 1 500 1 7 1 8 1 8000 in 1 Do not 1 None co 1 a coupl 1 about 5 1 approx. 1 inquiri 1 no 1 seasona 1 to be t 1 we are 1 yes 3 Sales meetings/ month (last month) 94 0 - 2 // 1 0 9 1 9 1-2 2 1-2 sal 1 10 6 10-20 1 100 1 12 2 15 2 150 1 2 3 20 5 22 1 23 1 25 1 3 7 4 2 42 1 45 1 5 9 50 3 6 1 60 1 7 1 70 1 7000 1 8 3 >20 1 Do not 1 N/A 1 None 1 We meet 1 We use 1 n/a 2 no 2 see abo 1 to be t 1 trying 1 we do m 1 yes 1 Paid pilot projects with customers (total to date) 72 0 - 2 / 1 // 1 0 17 1 12 10 3 13 1 140 ven 1 2 2 20 1 200 1 2238 1 25+ 1 3 1 3 fully 1 4 3 5 5 67 1 98 1 ? 2 N/A 1 None 1 Project 1 current 1 mo 1 n/a 1 no 4 none 1 not rea 1 one pro 1 yes 1 Customer life-time value (EUR/ customer) 66 0 - 1 / 1 0 10 0.26 1 1 2 10 Year 1 120 1 13 1 150 1 175/usd 1 180 000 1 1M€ 1 20 2 200 1 20000 1 200000 1 252 1 2900 1 300+ 1 30000 2 47,5 1 5'000'0 1 50 1 500 1 5000 1 50000 1 58 1 6 1 60 1 7 1 980 1 > 10,00 1 ? 2 Depends 1 LTV is 1 Online: 1 about 7 1 aprox 2 1 cca 1.2 1 differs 1 est. 10 1 for now 1 no 1 no expe 1 not ava 1 not kno 1 so far 1 still t 1 to be t 1 typical 1 we have 1 yes 1 ~1.000, 1 Other (please specify) 37 0 0 5 anonymous 32 What were your total sales or revenues in the first quarter of 2016 in Euros? 183 163 0 3000000 Please also indicate the revenue range: 269 0 0 7 0 Euro 3 10,000-25,000 Euro 2 10,000-25,000 Euros 43 100,001-250,000 Euros 10 25,001-50,000 Euros 25 250,001-500,000 Euros 4 50,001-100,000 Euros 17 <10,000 Euro 8 <10,000 Euros 146 >1,000,000 Euros 4 What was the total operating profit of your firm in 2015 (or the last financial 176 170 -33000 1250000 Please also indicate the profit range: 264 0 0 3 0 Euro, business broke-even 1 0 to 9,999 Euros 60 10,000-24,999 Euros 31 100,000-249,999 Euros 11 25,000-49,999 Euros 14 250,000-499,999 Euros 1 50,000-99,999 Euros 12 500,000-999,999 Euros 2 >1,000,000 Euros 2 Business made a loss 66 business broke-even (0 profit) 61 Which markets you served since the beginning of 2016? Croatia 261 85 0 1 0 183 1 78 Sysmiss 85 Which markets you served since the beginning of 2016? Kosovo 261 85 0 1 0 214 1 47 Sysmiss 85 Which markets you served since the beginning of 2016? Macedonia 261 85 0 1 0 214 1 47 Sysmiss 85 Which markets you served since the beginning of 2016? Montenegro 261 85 0 1 0 225 1 36 Sysmiss 85 Which markets you served since the beginning of 2016? Serbia 262 84 0 1 0 158 1 104 Sysmiss 84 Which markets you served since the beginning of 2016? other Western Balkan count 261 85 0 1 0 206 1 55 Sysmiss 85 Which markets you served since the beginning of 2016? European Union countries ( 261 85 0 1 0 173 1 88 Sysmiss 85 Which markets you served since the beginning of 2016? United States 251 95 0 1 0 203 1 48 Sysmiss 95 251 95 0 1 0 192 1 59 Sysmiss 95 23 0 Unknown (we do not track customers' country of residence for our product or services) 23 Any key market that you serve with your product or service that is not specifica 51 0 "busine 1 / 1 0 2 1 1 As ment 1 Asia 1 Asia Pa 1 Austral 2 Austria 1 Canada 2 Canada, 2 Chile, 1 Croatia 1 EU: We 1 Germany 1 Israel 1 Main ma 1 My lang 1 N/A 1 Russia 1 Scandin 1 Serbia 1 Serbia- 1 Switzer 2 UAE, Qa 1 US mark 1 United 1 We are 1 We don' 1 We gene 1 We oper 1 We serv 1 ads 1 b2b 1 busines 1 during 1 market 1 mostly 1 our mar 2 our web 1 patent 1 swiss 1 this pr 1 we woul 1 world 1 Have you found out whether your product or service can be protected by some form 261 85 0 1 0 135 1 126 Sysmiss 85 Copyright 141 205 0 2 0 82 1 38 2 21 Sysmiss 205 Trademark 141 205 0 2 0 65 1 41 2 35 Sysmiss 205 Industrial design right 141 205 0 2 0 103 1 16 2 22 Sysmiss 205 Patent 141 205 0 2 0 101 1 14 2 26 Sysmiss 205 Other 141 205 0 2 0 117 1 8 2 16 Sysmiss 205 How many other startups and/or SME firms do you discuss business ideas or busine 225 0 - 4 / 1 // 1 0 41 1 14 1 in 1 1-2 p 1 1-3 1 10 11 10+ 3 10+ ( 1 12 1 15 1 2 22 2 pro 1 20 4 20 of 1 20 or 1 20+ ( 1 25 1 3 15 3 (pl 1 3-4 2 3-4 ( 1 30 1 4 6 4-5 1 5 22 5+ 1 5-10 3 6 4 7 2 8 2 At le 2 EYE P 1 FORMO 1 Five 1 I don 1 None 4 Sever 2 Super 1 Two 2 Two o 1 We di 1 all t 1 all w 1 alway 1 at me 1 coupl 1 depen 1 few 1 four 1 hard 1 it se 1 local 1 many; 1 membe 1 my cl 1 n/a 2 netwo 1 non 1 none 3 none, 1 our b 1 sever 3 some, 1 two 2 we di 1 we're 1 with 1 yes 2 yes, 1 How many of these did you meet during the "Pioneers of the Balkans" program? 225 0 - 5 / 1 // 1 0 104 0 (bu 1 1 22 10 2 10 or 1 15 1 2 19 2-3 2 3 6 3 of 1 4 3 5 8 6 1 7 1 ? 2 A few 2 About 1 I do 1 N/A 1 No an 1 None 5 Not s 1 Unfor 1 We me 2 What? 1 didn' 1 dozen 1 hard 1 just 1 met s 2 more 1 n/a 1 no on 2 non 1 none 10 some 1 two 1 we kn 2 we me 3 Do you have one or more business mentors or outside experts that you can turn to 225 121 0 1 0 80 1 145 Sysmiss 121 When working with mentors or experts, do you reward them for their services (e.g 216 130 0 1 0 148 1 68 Sysmiss 130 Did you meet at least one of these mentors or experts through the "Pioneers of t 124 222 0 1 0 73 1 51 Sysmiss 222 Have you been in touch with any of the "Pioneers of the Balkans" mentors since t 124 222 0 1 0 79 1 45 Sysmiss 222 Does your firm currently have any debt or loan financing? 271 75 0 1 0 222 1 49 Sysmiss 75 New debt or loan financing since August 2015? Loan from family or friends (incl. 95 251 0 2 0 62 1 29 2 4 Sysmiss 251 New debt or loan financing since August 2015? Credit card debt (beyond monthly b 94 252 0 1 0 87 1 7 Sysmiss 252 New debt or loan financing since August 2015? Personal loan from a bank or finan 94 252 0 2 0 84 1 9 2 1 Sysmiss 252 New debt or loan financing since August 2015? Business loan from a bank or finan 94 252 0 2 0 74 1 18 2 2 Sysmiss 252 What is the total amount of new debt you have taken on since August 2015 in Euro 69 277 0 1000000 Please also indicate the range: 88 0 0 Euros 45 10,000 - 24,999 Euros 11 100,000 - 249,999 Euros 4 25,000 - 49,999 Euros 4 50,000 - 99,999 Euros 4 < 10,000 Euros 17 > 250,000 Euros 3 Did you consider debt or loan financing for your firm? 188 No, because we are certain that we would not qualify for a loan. 18 No, because we are not ready to take the risk in case the business fails. 27 No, we do not need external financing at the moment. 77 Yes, and we recently applied for a loan (decision pending). 2 Yes, and we were granted a loan yet rejected it (e.g., due to unfavorable conditions, high interest rates etc.) 6 Yes, but we are not ready for a loan, yet. 27 Yes, but we did not apply for a loan yet. 30 yes, yet our loan application was rejected by our bank. 1 Coded_Did you consider debt or loan financing for your firm? 188 158 1 7 1 104 2 30 3 2 4 6 5 1 6 18 7 27 Sysmiss 158 Are you interested in receiving new equity financing for your business? 274 72 0 2 0 53 1 168 2 53 Sysmiss 72 What is the share of equity in your firm that is currently already held by outsi 221 125 0 100 What is the maximum share of equity in your firm that you are willing to have he 204 142 0 100 Do you have specific deal terms to offer outside investors?* 214 132 0 1 0 122 1 92 Sysmiss 132 How well do you think you understand what external investors are looking for whe 214 132 1 4 1 12 2 73 3 70 4 59 Sysmiss 132 Since August 2015, which have you done? Made a pitch to outside investors at "Be 128 218 0 1 0 70 1 58 Sysmiss 218 Since August 2015, which have you done? Made a pitch to outside investors at "Ba 128 218 0 1 0 96 1 32 Sysmiss 218 Since August 2015, which have you done? Made a pitch to outside investors in an 220 126 0 1 0 166 1 54 Sysmiss 126 Since August 2015, which have you done? Made a pitch to outside investors in an 220 126 0 1 0 166 1 54 Sysmiss 126 Since August 2015, which have you done? Contacted an outside investor to see if 220 126 0 1 0 110 1 110 Sysmiss 126 Since August 2015, which have you done? Made a pitch to an outside investor in a 220 126 0 1 0 108 1 112 Sysmiss 126 what type(s) of outside investors have you contacted? Extended family or friends 177 169 0 1 0 133 1 44 Sysmiss 169 what type(s) of outside investors have you contacted? The owner of another busin 182 164 0 1 0 85 1 97 Sysmiss 164 what type(s) of outside investors have you contacted? A business angel or busine 180 166 0 1 0 118 1 62 Sysmiss 166 what type(s) of outside investors have you contacted? A crowd investing communit 175 171 0 1 0 157 1 18 Sysmiss 171 what type(s) of outside investors have you contacted? An accelerator program 183 163 0 1 0 118 1 65 Sysmiss 163 what type(s) of outside investors have you contacted? A venture capital fund 179 167 0 1 0 117 1 62 Sysmiss 167 what type(s) of outside investors have you contacted? A governmental investment 179 167 0 1 0 127 1 52 Sysmiss 167 Have you had a mentor and/or external expert supporting you when trying to raise 213 133 0 1 0 148 1 65 Sysmiss 133 Since August 2015, have you entered into negotiations with any outside investor 277 69 0 1 0 185 1 92 Sysmiss 69 How many such negotiations did you enter into since August 2015? 270 76 0 28 did you enter into negotiations with? Extended family or friends 84 262 0 1 0 66 1 18 Sysmiss 262 did you enter into negotiations with? The owner of another business you know 85 261 0 1 0 39 1 46 Sysmiss 261 did you enter into negotiations with? A business angel or business angel group 85 261 0 1 0 47 1 38 Sysmiss 261 did you enter into negotiations with? A crowd investing community/ platform 84 262 0 1 0 79 1 5 Sysmiss 262 did you enter into negotiations with? An accelerator program 84 262 0 1 0 52 1 32 Sysmiss 262 did you enter into negotiations with? A venture capital fund 84 262 0 1 0 50 1 34 Sysmiss 262 did you enter into negotiations with? A governmental investment fund 84 262 0 1 0 72 1 12 Sysmiss 262 What was the outcome of these negotiations? 92 0 A deal was made 20 Negotiations are still ongoing 56 No deal was made 16 Coded_What was the outcome of these negotiations? 92 254 0 2 0 16 1 20 2 56 Sysmiss 254 How much new investment did you receive since August 2015 in Euro? 211 135 0 500000 Please also indicate the new investment range: 217 0 0 200 10,000 - 24,999 Euros 2 100,000 - 249,999 Euros 5 25,000 - 49,999 Euros 2 250,000 - 499,999 Euros 1 250,001-500,000 2 50,000 - 99,999 Euros 4 < 10,000 Euros 1 What did the outside investor receive in exchange for this investment? A share o 15 331 1 1 1 15 Sysmiss 331 What did the outside investor receive in exchange for this investment? The right 15 331 0 1 0 14 1 1 Sysmiss 331 What did the outside investor receive in exchange for this investment? The right 15 331 0 0 0 15 Sysmiss 331 What did the outside investor receive in exchange for this investment? Other 15 331 0 1 0 13 1 2 Sysmiss 331 Would you consider a royalty-based investment? 263 83 0 2 0 47 1 148 2 68 Sysmiss 83 Sources of capital your business received since August 2015? Customer pre-paymen 263 83 0 1 0 224 1 39 Sysmiss 83 Sources of capital your business received since August 2015? Earnings from sales 266 80 0 1 0 111 1 155 Sysmiss 80 Sources of capital your business received since August 2015? Earnings from other 264 82 0 1 0 149 1 115 Sysmiss 82 Sources of capital your business received since August 2015? Government grants ( 264 82 0 1 0 220 1 44 Sysmiss 82 Sources of capital your business received since August 2015? Incubator/ accelera 264 82 0 1 0 242 1 22 Sysmiss 82 Sources of capital your business received since August 2015? Founder/ founding t 264 82 0 1 0 164 1 100 Sysmiss 82 Do you expect that qualified external advice and support would help you raise fu 225 121 0 1 0 43 1 182 Sysmiss 121 Indicate which category main challenge your business faces falls under: 225 0 Accessing and entering new markets 25 Accessing large/ international partners 10 Customer acquisition and sales 48 General management 16 Getting financing 47 High level of competition 9 Legal or regulatory issues 3 Recruiting and retaining talent 14 Solving a technology problem 18 other 35 how challenging you consider these aspects? General management 225 0 Difficult 7 Easy 25 Neither easy nor difficult 100 Rather difficult 33 Rather easy 60 how challenging you consider these aspects? Getting financing 225 0 Difficult 51 Easy 14 Neither easy nor difficult 70 Rather difficult 74 Rather easy 16 how challenging you consider these aspects? Recruiting and retaining talent 225 0 Difficult 13 Easy 24 Neither easy nor difficult 81 Rather difficult 58 Rather easy 49 how challenging you consider these aspects? Legal or regulatory issues 225 0 Difficult 11 Easy 40 Neither easy nor difficult 86 Rather difficult 47 Rather easy 41 how challenging you consider these aspects? Solving a technology problem 225 0 Difficult 15 Easy 42 Neither easy nor difficult 72 Rather difficult 31 Rather easy 65 how challenging you consider these aspects? Customer acquisition and sales 225 0 Difficult 32 Easy 14 Neither easy nor difficult 77 Rather difficult 67 Rather easy 35 225 0 Difficult 61 Easy 8 Neither easy nor difficult 72 Rather difficult 63 Rather easy 21 225 0 Difficult 48 Easy 8 Neither easy nor difficult 75 Rather difficult 73 Rather easy 21 225 0 Difficult 20 Easy 25 Neither easy nor difficult 83 Rather difficult 54 Rather easy 43 Number of key metrics tracked 346 0 0 10 0 199 1 27 2 23 3 30 4 22 5 14 6 12 7 7 8 4 9 6 10 2 Meltwater Year 1: Number of Positive Mentions 346 0 0 127 Meltwater Year 1: Number of Neutral Mentions 346 0 0 104 Meltwater Year 1: Number of Negative Mentions 346 0 0 0 0 346 Meltwater Year 1: Number of Unrated Mentions 346 0 0 28 Meltwater Year 1: Total Number of Media Mentions 346 0 0 127 Meltwater Year 2: Number of Positive Mentions 346 0 0 6 0 335 1 8 2 1 5 1 6 1 Meltwater Year 2: Number of Neutral Mentions 346 0 0 64 Meltwater Year 2: Number of Negative Mentions 346 0 0 1 0 343 1 3 Meltwater Year 2: Number of Unrated Mentions 346 0 0 32 Meltwater Year 2: Total Number of Media Mentions 346 0 0 66 Facebook 196 150 1 237024 LinkedIn 134 212 0 1367 LinkedIn (Founder) 282 64 0 5920 Twitter 133 213 0 5163 Twitter (founder) 44 302 3 3005 Youtube 43 303 0 4532 Alexa Global Rank 177 0 1,062,961 1 1,242,448 1 1,284,046 1 1,395,456 1 1,431,516 1 1,452,895 1 1,511,154 1 1,562,657 1 1,580,254 1 1,790,604 1 1,903,133 1 10,206,930 1 10,499,949 1 10,737,826 1 10,792,538 1 10,850,335 1 10,936,541 1 11,210,960 1 11,352,589 1 11,452,987 1 11,517,779 1 11,587,306 1 11,798,967 1 11,799,336 1 11,976,809 1 115,463 1 12,373,669 1 12,378,289 1 12,558,704 1 12,560,326 1 12,671,693 1 13,015,855 1 13,121,392 1 13,186,040 1 13,196,690 1 13,475,009 1 13,609,272 1 13,825,450 1 13,869,395 1 13,976,829 1 130,044 1 136,202 1 14,209,204 1 14,225,165 1 14,640,242 1 14,704,330 1 14,745,561 1 14,745,568 1 15,163,640 1 15,182,501 1 15,434,409 1 15,435,144 1 15,439,178 1 15,511,863 1 15,568,198 1 15,659,437 1 15,802,601 1 15,859,160 1 16,006,193 1 16,361,022 1 16,361,488 1 16,361,523 1 16,361,844 1 16,362,002 1 16,362,374 1 16,363,707 1 16,364,552 1 16,364,632 1 16,365,365 1 16,365,553 1 16,366,065 1 16,366,236 1 16,366,773 1 16,498,006 1 16,761,439 1 16,927,574 1 17,082,936 1 17,322,113 1 17,533,121 1 17,925,973 1 18,088,893 1 18,169,125 1 18,209,963 1 18,783,878 1 180110 1 19,224,845 1 19,301,770 1 19,394,798 1 19,405,744 1 19,494,427 1 19,929,224 1 195,339 1 2,038,956 1 2,244,177 1 2,245,200 1 2,396,758 1 2,512,086 1 2,639,862 1 2,736,047 1 2,827,047 1 2,908,688 1 20,421,634 1 204,826 1 21,764,602 1 21,938,273 1 247,755 1 2489231 1 250641 1 3,109,046 1 3,437,851 1 3,475,980 1 3,686,378 1 3,960,131 1 4,121,304 1 4,123,480 1 4,140,459 1 4,162,659 1 4,180,924 1 4,200,698 1 4,251,615 1 4,270,774 1 4,340,738 1 4,615,395 1 4,785,263 1 4,818,024 1 4,830,524 1 4,834,364 1 4,958,821 1 465,262 1 491,913 1 5,344,892 1 5,403,737 1 5,534,113 1 5,980,954 1 501,873 1 5357799 1 56,556 1 6,330,896 1 6,394,823 1 6,710,311 1 6,766,349 1 6,943,927 1 7,322,717 1 7,362,289 1 7,770,725 1 7,973,715 1 704,739 1 738,292 1 742,530 1 758,785 1 8,011,262 1 8,185,924 1 8,382,708 1 8,412,531 1 8,561,209 1 8,593,922 1 8,729,204 1 8,821,558 1 8,949,436 1 8,995,578 1 811,653 1 825,246 1 9,022,324 1 9,050,707 1 9,339,369 1 9,379,083 1 9,464,427 1 9,525,992 1 9,562,527 1 9,744,278 1 986,045 1  3,294,607 1  366,593 1  5,226,091 1  5,226,972 1  9,236,990 1  917,671 1 SimilarWeb Total Ranking 180 0 1,459,384 1 1,727,162 1 1,929,842 1 10,752,004 1 10311198 1 10437402 1 11,496,570 1 11301550 1 121,301 1 1238151 1 13,236,829 1 13,429,075 1 13,676,045 1 13,827,183 1 13,887,432 1 13866322 1 13997228 1 14,327,297 1 141,580 1 15,106,862 1 15,299,496 1 15,834,743 1 15,938,577 1 156,623 1 16,080,178 1 16,425,732 1 16,753,876 1 16,814,062 1 16,932,905 1 16104991 1 1629906 1 17,039,676 1 17343822 1 178,888 1 18,031,095 1 18,644,027 1 18,844,78 1 18365375 1 18676364 1 19,124,941 1 19,823,662 1 1920006 1 19220789 1 1950805 1 19983589 1 2,357,036 1 2,367,420 1 20,169,643 1 21,242,236 1 21,250,979 1 21495120 1 22,091,459 1 22,962,295 1 22333136 1 22434840 1 22775072 1 23,946,018 1 23014554 1 23443869 1 24252825 1 24314313 1 24432264 1 24583151 1 24749964 1 24995335 1 25683147 1 2590161 1 26,039,374 1 26133449 1 27,241,219 1 27,420,401 1 27019156 1 28,232,897 1 28,700,685 1 28086671 1 28164155 1 28501565 1 29,138,861 1 29,659,268 1 2915973 1 29576399 1 3,014,851 1 3,045,466 1 3,171,861 1 3,286,935 1 3,460,904 1 3,521,564 1 3,773,085 1 30,139,236 1 30,465,840 1 30,555,349 1 30,976,745 1 30002259 1 30103098 1 30843917 1 31,126,545 1 31,638,052 1 31826244 1 32,257,850 1 32,644,660 1 32,873,001 1 32314308 1 3292458 1 33,370,109 1 33637980 1 33928752 1 34,698,271 1 34024221 1 34306383 1 3495779 1 35036924 1 35312165 1 35448453 1 35594245 1 37,632,800 1 3701116 1 3702278 1 37768587 1 37796868 1 38,255,274 1 38,631,105 1 38016744 1 38650234 1 3878065 1 38886811 1 39,508,132 1 395,446 1 39521193 1 3962281 1 4,009,176 1 4,138,665 1 4,238,920 1 4,292,810 1 4,397,148 1 4,448,239 1 4,680,051 1 4,830,276 1 4279338 1 4489711 1 4528833 1 4635980 1 4680051 1 5,099,429 1 5,114,583 1 5,344,644 1 5,755,796 1 5,873,750 1 5208338 1 5904266 1 6,048,052 1 6,147,010 1 6,294,190 1 6,774,176 1 6048931 1 6166491 1 65,768 1 656,357 1 6644593 1 6648603 1 7,560,858 1 7,735,972 1 757,418 1 7698823 1 7771473 1 8,070,813 1 8,099,322 1 8,289,790 1 8,325,111 1 8383125 1 8481817 1 9,004,044 1 9,275,496 1 9,391,794 1 9,699,630 1 9,812,333 1 9,864,049 1 916,746 1 92376 1 993,935 1 9981529 1 AngelList 346 0 0 1 0 289 1 57 AngelList Followers 57 289 0 62 Facebook 346 0 0 248764 Linkedin 154 192 0 1958 Linkedin(Founder) 279 67 1 6150 Twitter 346 0 0 5333 Twitter (Founder) 11 335 4 1195 Alexa Global ranking 188 0 1,026,594 1 1,097,182 1 1,255,663 1 1,302,007 1 1,356,246 1 1,506,539 1 1,628,102 1 1,691,813 1 1,985,778 1 10,021,026 1 10,594,683 1 10,602,559 1 10,814,000 1 10,822,377 1 10,885,520 1 10,895,191 1 11,009,547 1 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1 26,432,042 1 26,467,730 1 26,484,920 1 26,486,235 1 26,569,838 1 26,571,794 1 26,697,343 1 26,992,057 1 28,214,770 1 281,912 1 3,098,727 1 3,185,346 1 3,401,294 1 3,444,791 1 3,577,661 1 3,682,528 1 3,779,634 1 3,830,989 1 3,920,592 1 3,965,406 1 382,470 1 4,058,714 1 4,514,256 1 4,518,252 1 464,610 1 5,087,879 1 5,131,269 1 5,183,304 1 5,373,485 1 5,460,166 1 5,598,819 1 5,621,255 1 5,651,844 1 5,671,272 1 5,804,188 1 5,831,098 1 5,916,686 1 528,948 1 56,340 1 591,279 1 6,016,225 1 6,375,707 1 6,432,157 1 6,433,864 1 6,462,069 1 6,519,587 1 6,573,618 1 6,693,921 1 7,079,507 1 7,279,478 1 7,299,775 1 7,407,295 1 7,647,110 1 7,696,898 1 7,811,186 1 7,969,078 1 711,598 1 725,569 1 762,362 1 8,212,808 1 8,267,871 1 8,299,017 1 8,389,569 1 8,454,608 1 8,473,581 1 8,586,850 1 8,942,545 1 845,529 1 9,155,438 1 9,562,694 1 9,619,616 1 9,748,536 1 9,809,151 1 9,864,284 1 9,921,641 1 900,013 1 919,895 1  1,767,912 1  1,947,089 1  15,063,002 1  2,978,723 1  20,670,508 1  22,330,443 1  226,995 1  23,876,913 1  3,759,350 1  3,967,803 1  4,398,731 1  4,875,909 1  6,407,387 1  7,247,301 1  7,650,191 1 SimilarWeb Ranking 160 0 1,046,897 1 1,247,549 1 1,263,925 1 1,292,535 1 1,634,616 1 10,055,685 1 10,077,534 1 10,142,706 1 10,490,643 1 10,542,888 1 10,556,192 1 10,908,051 1 10,936,895 1 11,248,968 1 11,824,633 1 11,857,715 1 11,919,481 1 11,921,994 1 12,120,290 1 12,238,808 1 12,716,337 1 12,953,167 1 12,956,272 1 13,126,324 1 13,432,000 1 13,471,106 1 13,808,550 1 14,614,447 1 14,855,617 1 15,714,689 1 16,229,722 1 16,409,324 1 16,574,671 1 16,616,386 1 16,705,612 1 16,705,624 1 16,980,102 1 164,025 1 17,338,527 1 17,623,277 1 17,742,066 1 17,911,303 1 18,201,406 1 18,502,143 1 19,797,643 1 19,944,358 1 2,186,023 1 2,189,464 1 2,364,166 1 2,439,427 1 2,486,520 1 2,517,817 1 2,731,296 1 2,807,841 1 2,896,130 1 2,910,398 1 2,969,802 1 20,198,912 1 20,219,712 1 20,305,409 1 20,557,707 1 20,562,632 1 20,730,890 1 206,882 1 21,677,291 1 21,925,056 1 22,060,838 1 22,709,142 1 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8,377,940 1 8,526,253 1 8,564,867 1 8,829,805 1 889,806 1 89,943 1 9,095,634 1 9,744,467 1 918,560 1 AngelList 346 0 0 1 0 243 1 103 AngelList followers 103 243 1 66 Facebook2017 346 0 0 253219 Linkedin2017 156 190 0 2119 LinkedinFounder2017 280 66 0 8410 Twitter2017 346 0 0 6004 Twitter Founder2017 67 279 1 4559 AlexaGlobalRank2017 132 0 1,287,692 1 1,497,012 1 10582161 1 10728408 1 11,481,904  1 110,322 1 11579775 1 12,362,178 1 12131051 1 12972698 1 12996499 1 1328785 1 13851182 1 14,049,323 1 1417118 1 14328915 1 14867557 1 15,487,357 1 15,910,348 1 15410021 1 15739509 1 15860215 1 1593214 1 16,154,060 1 16,296,007 1 16,993,191 1 16005905 1 16157814 1 16175911 1 16445512 1 16696117 1 17108914 1 17405104 1 1792492 1 18,694,294  1 18,708,854  1 18,950,562 1 18089909 1 18116339 1 18613883 1 1879629 1 18898894 1 193258 1 19880161 1 2,565,996 1 2025677 1 205134 1 207,835 1 2260773 1 2395099 1 2430863 1 2867951 1 3,129,989 1 3147859 1 3202576 1 3574329 1 3584059 1 3727172 1 3761578 1 3846641 1 4,131,303 1 4,571,910 1 4017867 1 403593 1 4087571 1 4236793 1 4279092 1 431,467 1 4763577 1 4907737 1 4930419 1 5,068,702 1 5,380,658 1 5002677 1 5003213 1 5026944 1 511007 1 5469441 1 5580282 1 5729758 1 590,166 1 5940987 1 5954396 1 6,636,215 1 6024841 1 630670 1 6410602 1 6765471 1 7,361,515 1 7,706,093 1 7,775,465 1 7188985 1 745082 1 7627995 1 7762907 1 7796512 1 780538 1 8,113,474 1 8,171,482 1 8,978,47 1 8063121 1 8153594 1 8234892 1 8308421 1 8385460 1 8396858 1 8552245 1 8619241 1 8671743 1 8673685 1 8840542 1 9,810,411 1 9,880,213 1 9414706 1 9478406 1 9578345 1 96675 1 9792242 1  1,726,062 1  1,947,626 1  12,038,909 1  2,040,147 1  244,558 1  3,038,842 1  4,033,048 1  4,902,277 1  4,946,232 1  438,915 1  5,729,480 1  7,090,049 1  8,813,465 1  9,939,070 1 SimilarWebTotalRanking2017 156 0 10043556 1 10486447 1 10504001 1 10737308 1 10792895 1 10891421 1 10985114 1 1100532 1 11341901 2 11455068 1 11574476 1 11595821 1 11829491 1 12252788 1 12271595 1 12310717 1 12443981 1 1249027 1 12751802 1 12802332 1 1310381 1 13315281 1 13441827 1 13573876 1 13668956 1 14110159 1 14261855 1 14325489 1 14431460 1 1444230 1 1480585 1 1481533 1 15085873 1 15615704 1 16000677 1 16390593 1 16720594 1 16795312 1 16846243 1 16883200 1 17033742 1 17091563 1 17131530 1 17147494 1 17573199 1 17657561 1 17742794 1 18068070 1 18141900 1 18181145 1 19643099 1 198930 1 20240240 1 21048572 1 21068764 1 21336693 1 2179090 1 21840383 1 21985809 1 2208623 1 22311724 1 22408209 1 22599923 1 2312927 1 2313134 1 23152891 1 23676186 1 238441 1 24711276 1 247899 1 25270236 1 25927611 1 26229339 1 2687816 1 27778441 1 2915155 1 29234279 1 3,154,93 1 3045746 1 30698555 1 31439279 1 3167018 1 32080264 1 32251274 1 32262279 1 32295340 1 32299036 1 3244627 1 32488567 1 32508745 1 32623601 1 32793577 1 32852450 1 32965195 1 33195501 1 33281364 1 33439405 1 33442569 1 3350004 1 33981346 1 35628613 1 3625523 1 36399049 1 37163434 1 3824775 1 3873239 1 4011654 1 4131278 1 4402806 1 4959519 1 5266758 1 5370400 1 5658714 1 5747814 1 5786785 1 5836706 1 5930969 1 6107399 1 6280220 1 650004 1 6557885 1 6697526 1 6736309 1 6754909 1 676664 1 6870577 1 7092286 1 7358273 1 739929 1 7439864 1 7603720 1 774181 1 7790922 1 786652 1 8184135 1 8214962 1 8371823 1 8549014 1 8621284 1 8822728 1 8904199 1 8950285 1 9142941 1 9166370 1 9258412 1 9313606 1 9467814 1 9510110 1 9579458 1 9610617 1 9693585 1 97063 1 9795866 1 9806810 1 989465 1 AngelList2017 346 0 0 1 0 223 1 123 AngelListFollowers2017 123 223 0 66 Operating status 345 0 1) Currently operating under the same name and ownership as in August 2015. 186 2) Company is operating under a new name with the same owners. 22 3) We sold the company, but it continues to operate under the same name. 5 4) We sold our company, and it now operates under a different name. 3 5) We sold our company, and it no longer operates. 2 6) We shut down/closed our company. 26 7) Other (please specify below) 18 don't know 6 no 33 yes 44 Why did you change the name of your company? 23 0 1) To reflect in change in product or service 9 2) To appeal to a different market segment 5 3) New name chosen by new owner 4 4) Other reasons (please specify) 5 When did you sell your business? 3 0 02/01/2016 1 11/01/2015 1 12/10/2016 1 How much did you sell your business for? 3 0 2000 1 NA 1 zero 1 Do you still work in the business? 3 0 1) yes 2 2) no 1 When did you sell your business? 2 0 09/01/2016 1 12/19/2016 1 How much did you sell your business for? 1 0 2.5M 1 Do you still work in the business? 2 0 1) yes 1 2) no 1 When did the company shut down or close? 26 0 01/01/2015 1 01/01/2016 1 01/01/2017 2 01/20/2017 1 03/01/2016 1 03/20/2017 1 03/25/2016 1 04/01/2017 1 05/01/2017 1 05/03/2017 1 05/05/2016 1 05/15/2017 1 06/01/2016 1 06/01/2017 2 07/01/2017 1 07/17/1991 1 08/01/2016 1 08/04/2017 1 09/01/2017 1 09/30/2016 1 10/01/2016 1 11/01/2016 1 11/08/2015 1 12/31/2016 1 Why did you shut down the company? 26 0 0) No market need for product or service 2 1) Unable to make a profit 1 2) Ran out of financing 9 4) Founder received a better job offer to work in another company 5 5) Family or health reasons 1 6) Other (please specify below) 8 When did you sell your business? 1 0 08/04/2017 1 How much did you sell your business for? 0 346 Sysmiss 346 When did the buyer shut down or close the company? 0 346 Sysmiss 346 Why did the buyer shut down the company? 0 346 Sysmiss 346 Why did the buyer shut down the company? - other reason 0 346 Sysmiss 346 What are you doing now? 28 0 1) Started another company 8 2) Working for another start-up 3 3) Working for another firm 14 5) Studying 1 6) Currently not working 2 In which country is the company currently headquartered? 238 0 1) Croatia 58 10) Other (please specify below) 12 2) Serbia 105 3) Montenegro 2 4) Kosovo 29 5) Macedonia 19 7) United Kingdom 4 8) United States 8 9) Germany 1 In which country is the company currently headquartered? - other 12 0 Austria 1 Bosnia and Herzegovina 1 Bulgaria 3 China 1 Estonia, United Kingdom 1 Malaysia 1 Poland 1 Singapore 1 The Netherlands 1 We have 2 companies. LIVE GOOD in Croatia, and BodyRecog Metrics in USA 1 Is this product or service different in a major way from what your main product 238 0 0) No 144 1) Yes, differs from product in August 2015 77 2) Yes, because no product was available in August 2015 13 3) Yes, because this company only started after August 2015 4 Does your company currently have a product or service readily available for use 238 0 1) yes 201 2) no 37 How many people currently work in your company? 238 108 0 1000 Does your founder/ do your co-founders work full-time in the company? 238 0 1) yes (single founder, working full-time) 94 2) yes (multiple founders, all working full-time) 49 3) partially (multiple founders, exactly one working full-time) 27 4) partially (multiple founders, more than one but not all working full-time) 27 5) no (no founder/ co-founder working full-time) 41 Are the accounts of the business separated from the personal affairs of the owne 238 0 1) yes 197 2) no 20 3) unsure/ dont' know 21 Do you currently have a revenue projection for next 12 months? 238 0 1) yes 153 2) no 52 3) unsure/ don’t know 33 Do you currently have a balance sheet? 238 0 1) yes 154 2) no 53 3) unsure/ don’t know 31 Do you currently have a cash flow statement? 238 0 1) yes 130 2) no 67 3) unsure/ don’t know 41 Do you currently have accounts audited by outside auditor? 238 0 1) yes 51 2) no 149 3) unsure/ don’t know 38 Do you know how much it costs to acquire a new customer for your business? 238 0 1) yes 122 2) no 116 What is the cost of acquiring a new customer for your business? 113 0 $20 per customer and decrease. 1 - 1 . 1 .6 1 0 1 1 3 1 137 000 EUR 1 10 2 10.000.000 1 100 Euro 1 100 € 1 1000 5 10000 4 10000 EUR 1 100000 1 1000000 1 10000eur 1 10eur 1 10€ 1 115 1 117 1 12 1 1200 EUR 1 120000 1 130€ 2 15 2 150 2 1500 1 15000 3 150000 2 15k EUR - we target universities 1 160 1 1€ 1 2 2 20 2 20.000,00 1 200 3 200..500 1 200.000 EUR 1 2000 3 250 1 250 euro 1 2500 1 2500 ~ 3000 1 25000 1 3.000.000 1 30 4 300 1 300- 500 Euros 1 300-350000 1 3000 1 3500 1 35000 1 4 1 40000 1 45 1 47,000.00€ 1 5 5 500 5 500-2.000 1 5000 2 50000 1 50€ 1 6-8 eur 1 7000 - 10 000 1 <5EUR 1 >100 EUR 1 Confidential 2 I don't want to answer 1 NA 1 Not relevant question to TOP (We haven`t been supported by " Pioneers of the Balkans") 1 Refferal 10% 1 about 5 eur 1 for project for poor people about 1000e 1 i don't want to share that 1 not disclosing 1 ~200£ 1 ~5000 1 What are the key metrics you are tracking at the moment? - Newsletter sign-ups 57 289 0 100000000 What are the key metrics you are tracking at the moment? - Pre-orders 53 293 0 100000000 What are the key metrics you are tracking at the moment? - Free user sign-ups/ d 56 290 0 100000000 What are the key metrics you are tracking at the moment? - Requests for free tri 56 290 0 100000000 What are the key metrics you are tracking at the moment? - Free pilot projects w 57 289 0 100000000 What are the key metrics you are tracking at the moment? - Current active users/ 86 260 0 100000000 What are the key metrics you are tracking at the moment? - New sales leads/ mont 62 284 0 100000000 What are the key metrics you are tracking at the moment? - Sales meetings/ month 69 277 0 100000000 What are the key metrics you are tracking at the moment? - Paid pilot projects w 54 292 0 100000000 What are the key metrics you are tracking at the moment? - Paid customer sign-up 48 298 0 100000000 What are the key metrics you are tracking at the moment? - Customer life-time va 53 293 0 100000000 What was your total sales or revenues in the first quarter (January - March) of 166 180 0 10000000 Please also indicate the range (of sales): 181 0 1) <10,000 Euros 91 2) 10,000-25,000 Euros 33 3) 25,001-50,000 Euros 22 4) 50,001-100,000 Euros 11 5) 100,001-250,000 Euros 11 6) 250,001-500,000 Euros 6 7) 500,001-1,000,000 Euros 2 8) >1,000,000 Euros 5 What was your total operating profit of your firm in 2016 (or the last financial 161 185 -30000 2000000 Please also indicate the range (of profits): 173 0 -1) Business made a loss 26 0) Business broke-even (zero profit) 34 1) <10,000 Euros 44 2) 10,000-25,000 Euros 24 3) 25,001-50,000 Euros 16 4) 50,001-100,000 Euros 14 5) 100,001-250,000 Euros 8 6) 250,001-500,000 Euros 2 7) 500,001-1,000,000 Euros 1 8) >1,000,000 Euros 4 Made sales of your product or service to since the beginning of 2017 in Croatia 70 0 a. Croatia 70 Made sales of your product or service to since the beginning of 2017 in Kosovo 38 0 b. Kosovo 38 Made sales of your product or service to since the beginning of 2017 in Macedoni 36 0 c. Macedonia 36 Made sales of your product or service to since the beginning of 2017 in Monteneg 33 0 d. Montenegro 33 Made sales of your product or service to since the beginning of 2017 in Serbia 92 0 e. Serbia 92 Made sales of your product or service to since the beginning of 2017 in other Ba 34 0 f. other Western Balkan countries (Albania, Bosnia and Herzegovina, Slovenia) 34 Made sales of your product or service to since the beginning of 2017 in the Euro 80 0 g. European Union countries (excl. Croatia and Slovenia) 80 Made sales of your product or service to since the beginning of 2017 in the Unit 53 0 h. United States 53 Made sales of your product or service to since the beginning of 2017 in unknown 12 0 i. unknown (we do not track customers' country of residence for our product or services) 12 Made sales of your product or service to since the beginning of 2017 in other Ma 43 0 Africa 1 Asia 1 Asia and Pacific 1 Bulgaria 1 Cameroon (pilot program) 1 Canada 2 Emirates 1 GCC,india, north africa, China 1 Global 2 India, Malaysia, Singapore 1 Montenegro 1 Most of EU and Balkan countries, U.S., some Asian countries 1 No 1 No sales jet 1 Norway, Finland 1 RUSSIAN FEDERATION 1 Russia 2 Russia, Canada... 1 Russia, China 1 Russia, India, Australia, Switzerland 1 Russia. 1 South East Asia 1 Spain, Belgium, Greece, Ireland 1 Swiss 1 Switzerland 4 Turkey 1 UAE 1 UAE, Australia 1 UK Amazon 1 US 1 US, AU, UK, KSA, UAE, HK, etc. 1 arabic 1 beta, no sales yet 1 no sales at the moment we are at the end of the process for CE marking 1 not yet on the market 1 we trade globally 1 whole world, Africa, Asia, Australia, Americas 1 Have you found out whether your product or service can be protected by some form 216 0 1) yes 130 2) no 86 Do you have copyright? 128 0 1) yes 37 2) application pending 12 3) no 75 4) unsure/ don’t know 4 Do you have trademark? 128 0 1) yes 39 2) application pending 12 3) no 73 4) unsure/ don’t know 4 Do you have industrial design right? 128 0 1) yes 25 2) application pending 7 3) no 89 4) unsure/ don’t know 7 Do you have patent? 128 0 1) yes 16 2) application pending 11 3) no 98 4) unsure/ don’t know 3 Do you have other form of intellectual property protection? 128 0 1) yes 7 3) no 106 4) unsure/ don’t know 15 Does your firm currently have any debt or loan financing? 214 0 1) yes 40 2) no 174 Sources of debt/loan financing you have, and which newly taken since August 2015 38 0 no 21 yes, before August 2015 8 yes, new since August 2015 9 Sources of debt/loan financing you have, and which newly taken since August 2015 38 0 no 30 yes, before August 2015 4 yes, new since August 2015 4 Sources of debt/loan financing you have, and which newly taken since August 2015 38 0 no 31 yes, before August 2015 4 yes, new since August 2015 3 Sources of debt/loan financing you have, and which newly taken since August 2015 38 0 no 14 yes, before August 2015 6 yes, new since August 2015 18 What is the total amount of new debt you have taken on since August 2015? (in EU 34 312 0 500000 Please also indicate the range (of new debt) 34 0 0) 0 Euros 7 1) < 10,000 Euros 8 2) 10,000 - 24,999 Euros 4 3) 25,000 - 49,999 Euros 7 4) 50,000 - 99,999 Euros 3 5) 100,000 - 249,999 Euros 3 6) > 250,000 Euros 2 What is the share of equity in your firm that is currently already held by outsi 212 0 % 1 / 1 0 138 0% 22 1 1 10 1 10% 1 100 1 100% 2 16% 1 17% 1 2% 1 20 % 1 20% 1 22 2 24 1 25 1 25% 1 29% 1 3% 1 30 1 33% 1 4 1 49 1 5% 2 50 2 50% 2 6% 2 65 1 7 2 7% 1 8% 2 80 1 90% 2 N/A 1 No 1 na 1 no 3 none 5 Are you interested in receiving new equity financing for your business? 277 0 1) yes 155 2) no 21 3) unsure/ don't know 36 no 33 yes 32 What is the maximum share of the equity in your firm that you are willing to hav 192 0 0 8 0% 1 1 1 10 8 10 % 1 10% 6 100 4 100% 1 12% 1 13 1 15 2 15% 2 19% 1 20 13 20 % 1 20% 11 24% 1 25 3 25% 5 30 9 30% 21 33% 1 35 2 35 % 1 35% 4 40 4 40% 12 45 1 49 21 49 % 1 49% 16 5 1 50 10 50% 5 51 1 60 2 60% 1 70 1 70% 2 74% 1 75% 1 80 1 80% 1 <30% 1 Do you have specific deal terms (e.g., a draft term sheet prepared by you) to of 258 1) yes 68 2) no 124 Yes - generally very open: Also debt financing or a joint venture for example are conceivable. 1 no 47 no - we are currently not actively trying to raise money, yet we would be open to entertain conversations if someone approached us. 1 yes 16 yes - we are currently looking for EUR 50,000 1 Since August 2016, did you pitch to outside investors in an event? 192 0 1) yes 53 2) no 139 Since August 2016, did you contact an outside investor to see if they were inter 192 0 1) yes 88 2) no 104 Type of outside investors have you contacted since August 2016? - Extended famil 30 0 a. Extended family or friends 30 Type of outside investors have you contacted since August 2016? - The owner of a 55 0 b. The owner of another business you know 55 Type of outside investors have you contacted since August 2016? - A business ang 42 0 c. A business angel or business angel group 42 Type of outside investors have you contacted since August 2016? - A crowd invest 11 0 d. A crowd investing community/ platform 11 Type of outside investors have you contacted since August 2016? - An accelerator 27 0 e. An accelerator program 27 Type of outside investors have you contacted since August 2016? - A venture capi 49 0 f. A venture capital fund 49 Type of outside investors have you contacted since August 2016? - A governmental 25 0 g. A governmental investment fund 25 Have you had a mentor and/or external expert supporting you when trying to raise 109 0 1) yes 39 2) no 70 Since August 2015, have you entered into negotiations with any outside investor 211 0 1) yes 78 2) no 133 How many such negotiations did you enter into sinceAugust 2015? 74 272 0 50 Negotiations and outside investments since August 2015: entered into negotiation 42 0 1) yes 20 2) no 22 Negotiations and outside investments since August 2015: outcome? - Extended fami 31 0 1) Deal was made 10 2) Ongoing negotiations 7 3) No deal 14 Negotiations and outside investments since August 2015: n. of deals made? - Exte 24 0 1 17 2 3 3 1 >5 3 Negotiations and outside investments since August 2015: range of total new inves 26 0 0) 0 Euros 10 1) <10,000 10 2) 10,000-24,999 4 3) 25,000-49,999 1 5) 100,000-249,999 1 Negotiations and outside investments since August 2015: what did the outside inv 24 0 1) Equity share in business 11 3) Right to royalties 3 4) Convertible note 1 5) other (please specify) 9 Negotiations and outside investments since August 2015: entered into negotiation 54 0 1) yes 40 2) no 14 Negotiations and outside investments since August 2015: outcome? - The owner of 47 0 1) Deal was made 10 2) Ongoing negotiations 14 3) No deal 23 Negotiations and outside investments since August 2015: n. of deals made? - The 38 0 1 28 2 6 3 2 4 1 >5 1 Negotiations and outside investments since August 2015: range of total new inves 40 0 0) 0 Euros 13 1) <10,000 6 2) 10,000-24,999 6 3) 25,000-49,999 2 4) 50,000-99,999 4 5) 100,000-249,999 4 7) >250,000 5 Negotiations and outside investments since August 2015: what did the outside inv 39 0 1) Equity share in business 25 2) Right to license product 2 3) Right to royalties 4 4) Convertible note 2 5) other (please specify) 6 Negotiations and outside investments since August 2015: entered into negotiation 44 0 1) yes 24 2) no 20 Negotiations and outside investments since August 2015: outcome? - A business an 32 0 1) Deal was made 6 2) Ongoing negotiations 8 3) No deal 18 Negotiations and outside investments since August 2015: n. of deals made? - A bu 22 0 1 13 2 1 3 4 5 2 >5 2 Negotiations and outside investments since August 2015: range of total new inves 26 0 0) 0 Euros 14 2) 10,000-24,999 3 4) 50,000-99,999 1 5) 100,000-249,999 4 7) >250,000 4 Negotiations and outside investments since August 2015: what did the outside inv 25 0 1) Equity share in business 19 3) Right to royalties 3 4) Convertible note 1 5) other (please specify) 2 Negotiations and outside investments since August 2015: entered into negotiation 31 0 1) yes 3 2) no 28 Negotiations and outside investments since August 2015: outcome? - A crowd inves 16 0 2) Ongoing negotiations 2 3) No deal 14 Negotiations and outside investments since August 2015: n. of deals made? - A cr 7 0 1 6 >5 1 Negotiations and outside investments since August 2015: range of total new inves 12 0 0) 0 Euros 9 2) 10,000-24,999 1 3) 25,000-49,999 1 4) 50,000-99,999 1 Negotiations and outside investments since August 2015: what did the outside inv 11 0 1) Equity share in business 5 3) Right to royalties 1 4) Convertible note 1 5) other (please specify) 4 Negotiations and outside investments since August 2015: entered into negotiation 38 0 1) yes 17 2) no 21 Negotiations and outside investments since August 2015: outcome? - An accelerato 23 0 1) Deal was made 5 2) Ongoing negotiations 2 3) No deal 16 Negotiations and outside investments since August 2015: n. of deals made? - An a 15 0 1 11 2 1 3 1 4 1 >5 1 Negotiations and outside investments since August 2015: range of total new inves 19 0 0) 0 Euros 11 1) <10,000 1 2) 10,000-24,999 4 5) 100,000-249,999 3 Negotiations and outside investments since August 2015: what did the outside inv 18 0 1) Equity share in business 11 2) Right to license product 1 4) Convertible note 2 5) other (please specify) 4 Negotiations and outside investments since August 2015: entered into negotiation 46 0 1) yes 27 2) no 19 Negotiations and outside investments since August 2015: outcome? - A venture cap 35 0 1) Deal was made 6 2) Ongoing negotiations 5 3) No deal 24 Negotiations and outside investments since August 2015: n. of deals made? - A ve 23 0 1 16 2 4 3 2 >5 1 Negotiations and outside investments since August 2015: range of total new inves 26 0 0) 0 Euros 10 2) 10,000-24,999 2 3) 25,000-49,999 1 4) 50,000-99,999 1 5) 100,000-249,999 2 7) >250,000 10 Negotiations and outside investments since August 2015: what did the outside inv 25 0 1) Equity share in business 18 2) Right to license product 3 3) Right to royalties 1 5) other (please specify) 3 Negotiations and outside investments since August 2015: entered into negotiation 37 0 1) yes 16 2) no 21 Negotiations and outside investments since August 2015: outcome? - A governmenta 25 0 1) Deal was made 4 2) Ongoing negotiations 4 3) No deal 17 Negotiations and outside investments since August 2015: n. of deals made? - A go 16 0 1 13 2 2 >5 1 Negotiations and outside investments since August 2015: range of total new inves 21 0 0) 0 Euros 10 1) <10,000 2 2) 10,000-24,999 1 4) 50,000-99,999 3 5) 100,000-249,999 3 7) >250,000 2 Negotiations and outside investments since August 2015: what did the outside inv 21 0 1) Equity share in business 6 2) Right to license product 1 3) Right to royalties 3 4) Convertible note 3 5) other (please specify) 8 Would you consider a royalty-based investment, in which the investor does not ge 269 0 1) yes 143 2) no 20 3) unsure/ don’t know how such contracts work 34 no 37 yes 35 204 0 1) yes 43 2) no 161 204 0 1) yes 142 2) no 62 204 0 1) yes 111 2) no 93 204 0 1) yes 46 2) no 158 204 0 1) yes 13 2) no 191 204 0 1) yes 114 2) no 90 Main challenge your business faces in its ability to grow the way you would like 204 0 0) General management 18 1) Getting financing 65 2) Recruiting and retaining talent 12 3) Legal or regulatory issues 8 4) Solving a technology problem 11 5) Customer acquisition and sales 36 6) Accessing large/ international partners 20 7) Accessing and entering new markets 21 8) High level of competition 4 9) Other (please specify) 9 Main challenge your business faces in its ability to grow the way you would like 9 0 - 1 Marketing and Selling 1 No focus 1 Production of organic food and openig first eco ethno village in Macedonia 1 Weak economy in the region 1 creatin brand 1 secondary knowledge derived from innovation research 1 sourcing quality raw material 1 we have a problem with helth one of the co-founder 1 How challenging you consider these aspects to be in general: - General managemen 188 158 1 5 1 90 2 36 3 31 4 21 5 10 Sysmiss 158 How challenging you consider these aspects to be in general: - Getting financing 191 155 1 5 1 15 2 16 3 49 4 51 5 60 Sysmiss 155 How challenging you consider these aspects to be in general: - Solving a technol 187 159 1 5 1 73 2 50 3 38 4 17 5 9 Sysmiss 159 How challenging you consider these aspects to be in general: - Customer acquisit 185 161 1 5 1 18 2 35 3 58 4 43 5 31 Sysmiss 161 How challenging you consider these aspects to be in general: - Accessing large/i 188 158 1 5 1 13 2 18 3 46 4 56 5 55 Sysmiss 158 How challenging you consider these aspects to be in general: - Accessing and ent 185 161 1 5 1 14 2 31 3 47 4 47 5 46 Sysmiss 161 How challenging you consider these aspects to be in general: - Other 121 225 1 5 1 59 2 13 3 36 4 7 5 6 Sysmiss 225 Thanks gift for completing the survey 0 346 Sysmiss 346 Status of completion of the survey 325 0 COMPLETE 214 COMPLETE & EXPRESS 7 EXPRESS 62 INCOMPLETE 8 INCOMPLETE & EXPRESS 3 OPT OUT 19 OPT OUT & INCOMPLETE 3 OPT OUT & VERY INCOMPLETE 1 VERY INCOMPLETE 8 Language version of the survey 72 0 CRO 11 ENG 54 SRB 7 Have you been accepted into an accelerator? 11 0 have you been accepted into an accelerator/incubator program? 11 Have you made a deal with an outside investor? 12 0 have you made a deal with an outside investor? 12 Have you received at least 25.000 EUR in external funding? 17 0 have you received at least 25,000 Euros in outside investment? 17 Have you taken on new debt? 12 0 have you taken on new debt? (e.g., money borrowed from friends or family, bank loan etc.) 9 have you taken on now debt? (e.g., monoy borrowed from friends or family, bank loan etc.) 3 No new finance 42 0 none of the above 42 Made sales of your product or service to since the beginning of 2017 in the Euro 72 0 no 44 yes 28 Did you have a positive total operating profit in 2016 (or the last financial ye 72 0 no 33 yes 39 Donation, long version of the survey or goodie 72 0 Donation 49 continue to long version of survey 9 select goodie 14 Status of completion of the survey - desk 60 0 Incomplete 11 None 21 Opt Out 19 Very incomplete 9 Received equity - desk 59 0 don't know 23 no 30 yes 6 Still working - desk 59 0 don't know 13 no 18 yes 28 346 0 0 1 0 121 1 225 346 0 0 1 0 72 1 274 346 0 0 1 0 27 1 319 Operating at time of first follow-up 319 27 0 1 0 25 1 294 Sysmiss 27 Interested in receiving equity investment 278 68 0 1 0 112 1 166 Sysmiss 68 Maximum share of equity would sell 264 82 0 100 Has specific deal terms to offer investor 271 75 0 1 0 179 1 92 Sysmiss 75 Would consider royalties 268 78 0 1 0 124 1 144 Sysmiss 78 278 68 -1.215 0.82 264 82 -1.096 3.304 271 75 -0.716 1.392 268 78 -1.076 0.926 Aggregate Index of Willingness and Interest in Equity 278 68 -1.026 1.611 Number of Employees 318 28 0 100 267 0 No 53 Pa 60 Ye 154 Founders work full-time in business 269 77 0 1 0 55 1 214 Sysmiss 77 Has positive revenue 277 69 0 1 0 81 1 196 Sysmiss 69 Has revenues of at least 10,000 Euros 277 69 0 1 0 172 1 105 Sysmiss 69 Made a positive profit 272 74 0 1 0 199 1 73 Sysmiss 74 Made sales to Western Europe or US 265 81 0 1 0 166 1 99 Sysmiss 81 318 28 -0.596 8.282 269 77 -1.969 0.506 277 69 -1.553 0.642 277 69 -0.78 1.278 272 74 -0.605 1.648 265 81 -0.771 1.292 Aggregate Index of General Investability 277 69 -1.083 1.979 Separate business and personal accounts 268 78 0 1 0 55 1 213 Sysmiss 78 Has revenue projection 268 78 0 1 0 104 1 164 Sysmiss 78 Knows customer acquisition cost 268 78 0 1 0 157 1 111 Sysmiss 78 Number of key metrics tracked 268 78 0 10 0 121 1 27 2 23 3 30 4 22 5 14 6 12 7 7 8 4 9 6 10 2 Sysmiss 78 Found out intellectual property 269 77 0 1 0 143 1 126 Sysmiss 77 Has IP protection 269 77 0 1 0 161 1 108 Sysmiss 77 268 78 -1.964 0.507 268 78 -1.253 0.795 268 78 -0.839 1.187 268 78 -0.813 3.164 269 77 -0.937 1.063 269 77 -0.818 1.219 Aggregate Index of specific Investability 269 77 -1.104 1.323 Contacted outside investor 239 107 0 1 0 129 1 110 Sysmiss 107 Made a pitch 240 106 0 1 0 106 1 134 Sysmiss 106 Has mentor helping 232 114 0 1 0 167 1 65 Sysmiss 114 Entered into negotiation 279 67 0 1 0 187 1 92 Sysmiss 67 239 107 -0.921 1.081 240 106 -1.122 0.888 232 114 -0.623 1.599 279 67 -0.7 1.423 Aggregate Index of steps to external finance 240 106 -1.022 1.248 Taken on new debt 276 70 0 1 0 180 1 96 Sysmiss 70 Made deal with outside investor 279 67 0 1 0 259 1 20 Sysmiss 67 Received at least 25000 277 69 0 1 0 263 1 14 Sysmiss 69 Amount new investment received 277 69 0 500000 Received Incubator grant 269 77 0 1 0 247 1 22 Sysmiss 77 276 70 -0.729 1.367 279 67 -0.277 3.592 277 69 -0.23 4.326 269 77 -0.298 3.344 Aggregate Index of externals to external finance 279 67 -0.412 3.959 Did full final round follow-up survey 346 0 0 1 0 125 1 221 Answered at least part of final follow-up survey 346 0 0 1 0 52 1 294 345 0 1 186 2 22 3 5 4 3 5 2 6 26 7 18 d 6 n 33 y 44 Operating at time of final follow-up 340 6 0 1 0 72 1 268 Sysmiss 6 FU2: Interested in receiving equity investment 309 37 0 1 0 136 1 173 Sysmiss 37 190 156 0 80 98 248 0 100 93 253 0 100 FU2: Maximum share of equity would sell 285 61 0 100 258 0 1) 68 2) 124 Yes 1 no 48 yes 17 FU2: Has specific deal terms to offer investor 309 37 0 1 0 227 1 82 Sysmiss 37 FU2: Would consider royalties 303 43 0 1 0 142 1 161 Sysmiss 43 309 37 -1.126 0.885 285 61 -0.931 2.875 309 37 -0.6 1.661 303 43 -1.063 0.938 FU2: Aggregate Index of Willingness and Interest in Equity 309 37 -0.93 1.59 FU2: Number of Employees 291 55 0 120 238 0 1 94 2 49 3 27 4 27 5 41 FU2: Founders work full-time in business 291 55 0 1 0 106 1 185 Sysmiss 55 FU2: Has positive revenue 232 114 0 1 0 105 1 127 Sysmiss 114 181 0 1 91 2 33 3 22 4 11 5 11 6 6 7 2 8 5 FU2: Has revenues of at least 10,000 Euros 242 104 0 1 0 157 1 85 Sysmiss 104 FU2: Made a positive profit 276 70 0 1 0 130 1 146 Sysmiss 70 173 0 - 26 0 34 1 44 2 24 3 16 4 14 5 8 6 2 7 1 8 4 FU2: Made sales to Western Europe or US 310 36 0 1 0 195 1 115 Sysmiss 36 291 55 -0.459 7.456 291 55 -1.319 0.756 232 114 -1.097 0.907 242 104 -0.734 1.356 276 70 -1.058 0.942 310 36 -0.767 1.3 FU2: Aggregate Index of General Investability 291 55 -0.906 1.595 FU2: Separate business and personal accounts 291 55 0 1 0 108 1 183 Sysmiss 55 FU2: Has revenue projection 291 55 0 1 0 144 1 147 Sysmiss 55 FU2: Knows customer acquisition cost 291 55 0 1 0 177 1 114 Sysmiss 55 346 0 0 1 0 313 1 33 346 0 0 1 0 313 1 33 346 0 0 1 0 308 1 38 346 0 0 1 0 310 1 36 346 0 0 1 0 305 1 41 346 0 0 1 0 273 1 73 346 0 0 1 0 301 1 45 346 0 0 1 0 291 1 55 346 0 0 1 0 318 1 28 346 0 0 1 0 321 1 25 346 0 0 1 0 312 1 34 FU2: Number of key metrics tracked 269 77 0 11 0 164 1 27 2 16 3 9 4 12 5 9 6 8 7 7 8 5 9 2 10 3 11 7 Sysmiss 77 FU2: Found out intellectual property 271 75 0 1 0 141 1 130 Sysmiss 75 FU2: Has IP protection 275 71 0 1 0 199 1 76 Sysmiss 71 291 55 -1.299 0.767 291 55 -1.009 0.988 291 55 -0.801 1.244 269 77 -0.582 3.323 271 75 -0.958 1.04 275 71 -0.617 1.615 Aggregate Index of specific Investability 298 48 -1.036 1.496 FU2: Contacted outside investor 282 64 0 1 0 194 1 88 Sysmiss 64 FU2: made a pitch 282 64 0 1 0 229 1 53 Sysmiss 64 Has mentor helping 279 67 0 1 0 245 1 34 Sysmiss 67 FU2 Entered into negotiation 279 67 0 1 0 182 1 97 Sysmiss 67 282 64 -0.672 1.482 282 64 -0.48 2.075 279 67 -0.372 2.68 279 67 -0.729 1.367 Aggregate Index of steps to external finance 282 64 -0.563 1.901 FU2: Taken on new debt 278 68 0 1 0 235 1 43 Sysmiss 68 Made a deal with an outside investor by final follow-up 330 16 0 1 0 243 1 87 Sysmiss 16 FU2: Received at least 25000 317 29 0 1 0 267 1 50 Sysmiss 29 40 306 0 7 0 13 1 6 2 6 3 2 4 4 5 4 7 5 Sysmiss 306 26 320 0 7 0 14 2 3 4 1 5 4 7 4 Sysmiss 320 12 334 0 4 0 9 2 1 3 1 4 1 Sysmiss 334 19 327 0 5 0 11 1 1 2 4 5 3 Sysmiss 327 26 320 0 7 0 10 2 2 3 1 4 1 5 2 7 10 Sysmiss 320 21 325 0 7 0 10 1 2 2 1 4 3 5 3 7 2 Sysmiss 325 301 45 0 1 0 273 1 28 Sysmiss 45 Received Incubator grant 268 78 0 1 0 245 1 23 Sysmiss 78 278 68 -0.427 2.334 330 16 -0.597 1.669 317 29 -0.432 2.307 268 78 -0.306 3.258 Aggregate Index of externals to external finance 330 16 -0.515 2.411 have information on whether firm open, and whether taken equity 346 0 0 1 0 19 1 327 221 125 0 1 0 215 1 6 Sysmiss 125 221 125 0 1 0 183 1 38 Sysmiss 125 221 125 0 1 0 199 1 22 Sysmiss 125 221 125 0 1 0 214 1 7 Sysmiss 125 221 125 0 1 0 207 1 14 Sysmiss 125 221 125 0 1 0 198 1 23 Sysmiss 125 221 125 0 1 0 205 1 16 Sysmiss 125 222 124 0 1 0 172 1 50 Sysmiss 124 221 125 0 1 0 215 1 6 Sysmiss 125 221 125 0 1 0 211 1 10 Sysmiss 125 221 125 0 1 0 216 1 5 Sysmiss 125 221 125 0 1 0 210 1 11 Sysmiss 125 204 0 0) General management 18 1) Getting financing 65 2) Recruiting and retaining talent 12 3) Legal or regulatory issues 8 4) Solving a technology problem 11 5) Customer acquisition and sales 36 6) Accessing large/ international partners 20 7) Accessing and entering new markets 21 8) High level of competition 4 9) Other (please specify) 9 191 155 1 5 1 15 2 16 3 49 4 51 5 60 Sysmiss 155 346 0 0 1 0 300 1 46 346 0 0 1 0 303 1 43 346 0 0 22 346 0 0 35 346 0 0 1 0 304 1 42 346 0 0 24 346 0 0 1 0 285 1 61 346 0 0 59 346 0 0 1 0 142 1 204 346 0 0 1 0 202 1 144 346 0 0 1 0 158 1 188 346 0 0 1 0 186 1 160 346 0 0 1 0 150 1 196 346 0 0 1 0 214 1 132 346 0 0 1 0 169 1 177 346 0 0 1 0 166 1 180 346 0 0 1 0 289 1 57 346 0 0 237024 346 0 0 237024 346 0 0 9670 346 0 0 1057 346 0 0 1 0 144 1 202 346 0 0 1 0 199 1 147 346 0 0 1 0 214 1 132 346 0 0 1 0 190 1 156 346 0 0 1 0 150 1 196 346 0 0 1 0 214 1 132 346 0 0 1 0 169 1 177 346 0 0 1 0 166 1 180 346 0 0 1 0 289 1 57 346 0 0 237024 346 0 0 237024 346 0 0 12598 346 0 0 1075 346 0 -0.376 2.651 346 0 -0.234 6.839 346 0 -0.489 3.382 346 0 -0.432 3.414 Media buzz 2016 346 0 -0.383 3.51 346 0 -0.371 2.686 346 0 -0.235 7.427 346 0 -0.484 3.393 346 0 -0.427 3.508 Media buzz 2017 346 0 -0.381 3.127 346 0 0 1 0 300 1 46 346 0 0 1 0 300 1 46 346 0 0 22 346 0 0 22 346 0 0 10544 346 0 0 10544 346 0 0 10544 346 0 0 1703 346 0 0 1703 346 0 0 1703 346 0 -0.391 2.55 346 0 -0.25 7.229 346 0 -0.407 4.513 346 0 -0.325 5.172 Baseline Media buzz 346 0 -0.343 4.842 346 0 -0.343 4.842 Country of residence 65 0 Austria 10 Bulagria 1 Bulgaria 1 Czech Republic 1 Germany 6 Greece 1 Italy 4 Kosovo 2 Lebanon 1 Macedonia 3 Montenegro 2 Netherlands 1 Poland 1 Serbia 17 Slovenia 4 Switzerland 1 Turkey 2 USA 5 United Arab Emirates 1 United Kingdom 1 Nationality 65 0 Austrian 6 British 2 Bulagrian 1 Bulgarian 2 Czech 1 Dutch 2 German 5 Greek 1 Hungarian 1 Indian 1 Israeli 1 Italian 4 Kosovar 2 Macedonian 3 Montenegrin 1 Polish 1 Romanian 1 Serbia 1 Serbian 19 Slovenian 4 Turkish 1 US-American 5 Age 65 0 21 1 24 2 25 1 26 1 27 3 28 1 29 1 30 5 31 2 33 4 34 2 35 3 36 3 37 1 38 3 39 1 40 2 41 1 42 2 43 2 44 1 45 3 46 1 47 1 48 1 49 1 50 1 51 1 52 2 53 1 54 1 55 1 57 1 58 1 60 1 68 1 n/a 5 Gender 65 0 m 57 w 8 Have you founded a company in the past? 65 0 No 16 Yes, exactly one 15 Yes, more than one 34 Job title 65 0 Associate 1 Business Angel 1 CEO 4 CEO & Managing Partner 1 CEO / Founder / Founder 1 CEO and Chief Innovation Officer 1 Chairman 1 Co-Founder 2 Co-Founder & CEO 1 Co-Founder & Director of PR Services 1 Co-Founder & Managing Director 1 Co-founder / Teaching Fellow / President 1 Community Manager 1 Consultant in Banking 1 Director 1 Director / Project Coordinator 1 Editor 1 Founder 2 Founder & CEO 2 Founder / CTO 1 Founding Partner 1 Head of Corporate Development 1 Head of Marketing 1 Innovation Scout 1 Investment Analyst 1 Investment Director 1 Investor - Business Angels 1 Leaders club member 1 Legal Officer 1 M&A Manager 1 Manager 1 Managing Director 2 Mentor 1 Owner / Co-Founder 1 Partner 4 Partner & Advisor 1 Partner & CFO 1 President 2 Principal 1 Principal Consultant 1 Product Manager 1 Professor 1 Program Manager 1 Project Manager 2 Secretary of IT Association 1 Senior Advisor & Angel Investor 1 Senior Advisor / Financial Advisor 1 Senior Advisor / Professor 1 Senior Manager 1 Training, Events and PR Manager 1 Trining & Events Assistant 1 Vice President 1 Vice President, Research & Policy 1 Are you a founder of this company? 65 0 No 27 Yes 38 Industry 65 0 Banking 1 Computer Software 2 E-learning 1 Education Management 4 Entertainment 1 Financial Services 4 Fundraising 2 Higher Education 1 Information Technology & Services 6 Internet 3 Investment Banking/Venture 2 Investment Management 3 Leisure & Travel 1 Management Consulting 7 Marketing & Advertising 4 Media Production 1 Nonprofit Organization Management 2 Other 3 Philanthropy 1 Professional Training 1 Program Development 1 Publishing 1 Retail 1 Telecommunications 1 Think Tanks 1 Venture Capital 10 How many years of experience do you have in this industry? 65 0 1 36 Organization type 65 0 Accelerator & incubator 13 Corporation 9 Higher education & resarch 3 Non profit organization 10 Other 6 Startup & SME 12 Venture capital fund 12 How many venture capital investments has your company undertaken in 2015? 65 0 1 to 5 17 10 to 15 4 5 to 10 7 More than 15 3 None 22 None, but planned for 2016 8 n.a. 4 How many active portfolio companies does your company currently have? 65 0 0 25 1 1 10 2 100 1 12 1 120 1 1300 1 19 1 2 4 24 1 26 1 28 1 3 1 30 2 35 1 4 2 5 5 50 1 6 3 65 1 7 1 8 2 9 2 n.a. 4 Are you an angel investor? 65 0 No 38 Yes 22 n.a. 5 How many angel investments have you undertaken in 2015? 65 0 1 3 2 to 5 16 None 41 n.a. 5 How many active portfolio companies do you have as an angel? 65 0 0 40 1 2 15 1 2 3 3 6 4 1 5 5 6 1 7 1 n.a. 5 Are you a regular mentor to startup entrepreneurs? 65 0 No, not at the moment 12 Yes 1 Yes, as part of a startup program (e.g. accelerator) 5 Yes, both individually and within startup programs 22 Yes, on an individual basis 21 n.a. 4 How many startups have you mentored in 2015? 65 0 1 3 2 5 3 to 5 21 5 to 10 11 More than 10 10 None 10 n.a. 5 346 0 1 348 Number of key metrics tracked 346 0 0 10 0 199 1 27 2 23 3 30 4 22 5 14 6 12 7 7 8 4 9 6 10 2 Firm identification number Firm ID 346 0 1 348 First follow-up questionnaire form 319 0 Basic Info 45 C.1 62 C.2 39 Pilot 11 Short 49 T.1 40 T.2 33 T.3 13 T.4 27 Did you change the name of your company? How many people currently work in your company? 25 0 . 3 anonymous 22 Were there any major events for your business? 319 0 No changes - We continue to exist and do our business just as in August 2015 35 No major events - We continue to exist and do our business just as in August 2015 195 We pivoted or made a major change in the main product or service we offer 63 We relocated and/or re-incorporated our company 1 We shut down/ closed our company 3 We shut down/closed our company 19 We sold our company to another company (or are currently in negotiations with a buyer) 3 Coded_Were there any major events for your business? 319 27 1 6 1 230 2 63 4 1 5 3 6 22 Sysmiss 27 Does your company currently have a product or service readily available for use Does your company currently have a product or service readily available for use or sale? 278 68 0 1 0 84 1 194 Sysmiss 68 How many people currently work in your company? How many people currently work in your company? 318 28 0 100 Does your founder/ do your co-founders work full-time in the company? Does your founder/ do your co-founders work full-time in the company? 267 0 No - no founder/ co-founder working full-time 53 Partially - multiple founders, exactly one working full-time 18 Partially - multiple founders, more than one but not all working full-time 42 Yes - multiple founders, all working full-time 58 Yes - single founder working full-time 96 Coded_Does your founder/ do your co-founders work full-time in the company? Does your founder/ do your co-founders work full-time in the company? 267 79 1 5 1 96 2 58 3 19 4 42 5 52 Sysmiss 79 Are the accounts of the business separated from the personal affairs of the owne Are the accounts of the business separated from the personal affairs of the owners? 260 86 0 1 0 44 1 216 Sysmiss 86 Do you have in place? Revenue projection for next 12 months Which of the following do you have currently in place? 260 86 0 2 0 73 1 167 2 20 Sysmiss 86 Do you have in place? Balance sheet Which of the following do you have currently in place? 225 121 0 2 0 73 1 133 2 19 Sysmiss 121 Do you have in place? Cash flow statement Which of the following do you have currently in place? 225 121 0 2 0 89 1 118 2 18 Sysmiss 121 Do you have in place? Accounts audited by outside auditor Which of the following do you have currently in place? 225 121 0 2 0 133 1 72 2 20 Sysmiss 121 not attending any Masterclass? I did not know about the masterclasses How important were the following reasons for not attending any Masterclass? 61 285 1 3 1 28 2 20 3 13 Sysmiss 285 not attending any Masterclass? I did not think we would learn much in the classe How important were the following reasons for not attending any Masterclass? 61 285 1 3 1 21 2 28 3 12 Sysmiss 285 not attending any Masterclass? The location of the masterclasses was too far fro How important were the following reasons for not attending any Masterclass? 61 285 1 3 1 14 2 27 3 20 Sysmiss 285 not attending any Masterclass? I had concerns about how well we would understand How important were the following reasons for not attending any Masterclass? 61 285 1 3 1 49 2 9 3 3 Sysmiss 285 not attending any Masterclass? Unable to take the time away from our business How important were the following reasons for not attending any Masterclass? 61 285 1 3 1 11 2 23 3 27 Sysmiss 285 not attending any Masterclass? Other How important were the following reasons for not attending any Masterclass? 61 285 1 3 1 47 2 6 3 8 Sysmiss 285 not presenting in Belgrade? We had stopped working on our business/ project -> If you chose "other" as somewhat or very important, please specify the reason here: How important were the following reasons for not presenting in Belgrade? 79 267 1 3 1 55 2 15 3 9 Sysmiss 267 not presenting in Belgrade? We felt that we had not made enough progress with ou How important were the following reasons for not presenting in Belgrade? 79 267 1 3 1 41 2 20 3 18 Sysmiss 267 Reasons for not presenting in Belgrade? We didn't feel well prepared to particip How important were the following reasons for not presenting in Belgrade? 79 267 1 3 1 34 2 22 3 23 Sysmiss 267 Reasons for not presenting in Belgrade? We didn't have anyone who could present How important were the following reasons for not presenting in Belgrade? 79 267 1 3 1 61 2 13 3 5 Sysmiss 267 Reasons for not presenting in Belgrade? We were unable to pay the cost of travel How important were the following reasons for not presenting in Belgrade? 79 267 1 3 1 60 2 13 3 6 Sysmiss 267 Reasons for not presenting in Belgrade? The location of the event was too far fr How important were the following reasons for not presenting in Belgrade? 79 267 1 3 1 51 2 16 3 12 Sysmiss 267 Reasons for not presenting in Belgrade? We didn't think the event would be very How important were the following reasons for not presenting in Belgrade? 79 267 1 3 1 37 2 29 3 13 Sysmiss 267 Reasons for not presenting in Belgrade? We didn't want to advertise our idea to How important were the following reasons for not presenting in Belgrade? 79 267 1 3 1 66 2 10 3 3 Sysmiss 267 Reasons for not presenting in Belgrade? We were not interested in attracting an How important were the following reasons for not presenting in Belgrade? 79 267 1 3 1 55 2 17 3 7 Sysmiss 267 Reasons for not presenting in Belgrade? We didn't know about the event How important were the following reasons for not presenting in Belgrade? 79 267 1 3 1 70 2 7 3 2 Sysmiss 267 Reasons for not presenting in Belgrade? Other How important were the following reasons for not presenting in Belgrade? 79 267 1 3 1 59 2 6 3 14 Sysmiss 267 Would you consider applying to a follow-up program to "PotB"? -> If you chose "other" as somewhat or very important, please specify the reason here: Would you consider applying to a follow-up program to "Pioneers of the Balkans"? (e.g., a training or acceleration program that helps you advance from your current level) 225 121 0 1 0 58 1 167 Sysmiss 121 Most attractive delivery method? Online self-study materials Which delivery methods of a potential training and mentoring program are most attractive for you? 167 179 1 4 1 11 2 54 3 67 4 35 Sysmiss 179 Most attractive delivery method? Online lectures ("webinars") Which delivery methods of a potential training and mentoring program are most attractive for you? 167 179 1 4 1 8 2 49 3 73 4 37 Sysmiss 179 Most attractive delivery method? Online individual mentoring (video calls) Which delivery methods of a potential training and mentoring program are most attractive for you? 167 179 1 4 1 7 2 24 3 63 4 73 Sysmiss 179 Most attractive delivery method? On-site lectures and trainings ("masterclasses" Which delivery methods of a potential training and mentoring program are most attractive for you? 167 179 1 4 1 9 2 28 3 69 4 61 Sysmiss 179 Most attractive delivery method? On-site individual mentoring Which delivery methods of a potential training and mentoring program are most attractive for you? 167 179 1 4 1 5 2 17 3 49 4 96 Sysmiss 179 Most attractive delivery method? On-site operational support Which delivery methods of a potential training and mentoring program are most attractive for you? 167 179 1 4 1 15 2 30 3 55 4 67 Sysmiss 179 Which delivery methods of a potential training and mentoring program are most attractive for you? 167 179 1 4 1 24 2 46 3 59 4 38 Sysmiss 179 Does a follow-up program have to offer a funding component in order to be attrac Does a follow-up program have to offer a funding component in order to be attractive for you? 167 179 0 1 0 70 1 97 Sysmiss 179 Would you be willing in a follow-up program to? Pay a reasonable participation f Would you be willing to do any of the following when participating in a follow-up program that suites your needs: 165 181 0 1 0 72 1 93 Sysmiss 181 Would you be willing to do any of the following when participating in a follow-up program that suites your needs: 163 183 0 1 0 72 1 91 Sysmiss 183 Would you be willing to do any of the following when participating in a follow-up program that suites your needs: 164 182 0 1 0 43 1 121 Sysmiss 182 Do you know how much it costs to acquire a new customer for your business? Do you know how much it costs to acquire a new customer for your business? skip next question if "no" 260 86 0 1 0 146 1 114 Sysmiss 86 Newsletter sign-ups (total to date) What are the key metrics you are tracking at the moment? 67 0 (we do 1 - 1 / 1 0 12 1 3 100 1 100.00 1 1000 1 1000+ 1 10000 1 1100 1 120 1 14000 1 150 1 1500 2 18000 1 18500 1 2,000+ 1 2000 1 2000+ 1 3 1 400 2 4000+ 1 4200 2 450 1 50 2 500 2 5000+ 1 5904 1 650 1 684 1 700 1 835 1 90 1 >400 1 I don' 1 N/A 2 No nee 1 Regist 1 We do 1 i don' 1 lookin 1 more t 1 most p 1 n/a 1 no 2 to be 1 Pre-orders (total to date) What are the key metrics you are tracking at the moment? 67 0 - 1 0 13 1 5 10 1 1000 2 1000+ 1 11 1 12 2 1400 1 145 1 15 1 150+ 1 172 1 2 3 200 1 3 1 30 2 3600 1 4 1 4 inter 1 5 3 50 1 500 1 600 1 7 1 70 1 Depends 1 Early a 1 N/A 2 Not rel 1 We don' 1 We're n 1 i can't 1 many in 1 more th 1 n/a 1 ne 1 no 2 none 1 orders: 1 people 1 several 1 Free user sign-ups/ downloads (total to date) What are the key metrics you are tracking at the moment? 75 0 - 3 / 1 0 15 0 close 1 1 5 10 1 10'000 1 100 2 100+ | 1 110 1 13.054 1 1500 1 16000 1 18000 1 20 1 2000 1 2500 1 3 1 3,500+ 1 300 3 300 (50 1 361 1 400 1 500 2 5000 fr 1 5k down 1 600 1 600.000 1 70000 1 835 1 850 1 9000 1 >6000 ( 1 Lyra Wa 1 N/A 2 Not rel 1 more th 1 n/a 2 ne 1 no 2 not app 2 to be t 1 we are 1 we don' 1 yes 3 Requests for free trials/ samples (total to date) What are the key metrics you are tracking at the moment? 71 0 - 3 // 1 0 11 1 4 10 3 1000 1 100s 1 110 1 12 1 130 1 15 1 2 4 20 4 200 1 2000 2 2500 1 3 3 30 3 458 1 5 1 50 1 6 1 650 1 7 1 7000 1 8 1 835 1 About 1 1 I offer 1 It is f 1 N/A 2 all reg 1 mostly 1 no 2 not app 1 one req 1 we don' 1 we had 1 yes 2 yes, we 1 Free pilot projects with customers (total to date) What are the key metrics you are tracking at the moment? 86 0 - 3 / 1 // 1 0 14 1 13 10 3 1000 1 13 2 150 1 2 12 20 1 20+ pro 1 25 1 3 6 36 1 4 3 40 1 5 2 850 1 Freemiu 1 I offer 1 N/A 1 None 1 no 3 none 1 one pro 1 some cl 1 we have 3 yes 4 yes, we 1 Current active users/ customers (total current) What are the key metrics you are tracking at the moment? 112 0 - 2 0 10 1 6 10 3 10 on s 1 1000 2 11,651 1 12 1 12000 1 1240 1 130 2 1450 1 15 indi 1 150 1 17000 1 18000 1 2 4 2 custo 1 20 acti 1 20/6 1 200 2 2000 1 220 1 24000 1 25 1 250 1 3 6 30 1 300 2 3000 2 30000 u 1 305 1 34 1 4 1 40 1 40000 1 4500 1 5 3 5 Softw 1 500 3 5000 1 500K + 1 5500 cu 1 59 1 6 1 60-70 1 600 1 620 1 65 1 7 2 70 2 700 dai 1 8 1 800 1 800,000 1 850 2 900/mon 1 95 1 >500 vi 1 Active 1 a handf 1 approx. 1 hard to 1 i can't 1 more th 1 no 2 our mos 1 to be t 1 typical 1 yes 4 ~250 1 New sales leads/ month (last month) What are the key metrics you are tracking at the moment? 93 0 - 1 // 1 0 12 1 6 10 2 100 3 10000 1 13 2 14 1 15 2 150 1 154 1 16 2 2 8 20 5 200+ 1 2000 1 230 1 25 3 2500 1 254 1 2M€ 1 3 3 30 1 300 1 4 3 5 5 5-10 1 5-10 po 1 5-8 1 50 1 50 orde 1 50-100 1 500 1 7 1 8 1 8000 in 1 Do not 1 None co 1 a coupl 1 about 5 1 approx. 1 inquiri 1 no 1 seasona 1 to be t 1 we are 1 yes 3 Sales meetings/ month (last month) What are the key metrics you are tracking at the moment? 94 0 - 2 // 1 0 9 1 9 1-2 2 1-2 sal 1 10 6 10-20 1 100 1 12 2 15 2 150 1 2 3 20 5 22 1 23 1 25 1 3 7 4 2 42 1 45 1 5 9 50 3 6 1 60 1 7 1 70 1 7000 1 8 3 >20 1 Do not 1 N/A 1 None 1 We meet 1 We use 1 n/a 2 no 2 see abo 1 to be t 1 trying 1 we do m 1 yes 1 Paid pilot projects with customers (total to date) What are the key metrics you are tracking at the moment? 72 0 - 2 / 1 // 1 0 17 1 12 10 3 13 1 140 ven 1 2 2 20 1 200 1 2238 1 25+ 1 3 1 3 fully 1 4 3 5 5 67 1 98 1 ? 2 N/A 1 None 1 Project 1 current 1 mo 1 n/a 1 no 4 none 1 not rea 1 one pro 1 yes 1 Customer life-time value (EUR/ customer) What are the key metrics you are tracking at the moment? 66 0 - 1 / 1 0 10 0.26 1 1 2 10 Year 1 120 1 13 1 150 1 175/usd 1 180 000 1 1M€ 1 20 2 200 1 20000 1 200000 1 252 1 2900 1 300+ 1 30000 2 47,5 1 5'000'0 1 50 1 500 1 5000 1 50000 1 58 1 6 1 60 1 7 1 980 1 > 10,00 1 ? 2 Depends 1 LTV is 1 Online: 1 about 7 1 aprox 2 1 cca 1.2 1 differs 1 est. 10 1 for now 1 no 1 no expe 1 not ava 1 not kno 1 so far 1 still t 1 to be t 1 typical 1 we have 1 yes 1 ~1.000, 1 Other (please specify) What are the key metrics you are tracking at the moment? 37 0 0 5 anonymous 32 What were your total sales or revenues in the first quarter of 2016 in Euros? What were your total sales or revenues in the first quarter of 2016 in Euros? 183 163 0 3000000 Please also indicate the revenue range: Please also indicate the range: 269 0 0 7 0 Euro 3 10,000-25,000 Euro 2 10,000-25,000 Euros 43 100,001-250,000 Euros 10 25,001-50,000 Euros 25 250,001-500,000 Euros 4 50,001-100,000 Euros 17 <10,000 Euro 8 <10,000 Euros 146 >1,000,000 Euros 4 What was the total operating profit of your firm in 2015 (or the last financial What were your total sales or revenues in the first quarter of 2016 in Euros? 176 170 -33000 1250000 Please also indicate the profit range: Please also indicate the range: 264 0 0 3 0 Euro, business broke-even 1 0 to 9,999 Euros 60 10,000-24,999 Euros 31 100,000-249,999 Euros 11 25,000-49,999 Euros 14 250,000-499,999 Euros 1 50,000-99,999 Euros 12 500,000-999,999 Euros 2 >1,000,000 Euros 2 Business made a loss 66 business broke-even (0 profit) 61 Which markets you served since the beginning of 2016? Croatia Which of the following markets have you made sales of your product or service to since the beginning of 2016? 261 85 0 1 0 183 1 78 Sysmiss 85 Which markets you served since the beginning of 2016? Kosovo Which of the following markets have you made sales of your product or service to since the beginning of 2016? 261 85 0 1 0 214 1 47 Sysmiss 85 Which markets you served since the beginning of 2016? Macedonia Which of the following markets have you made sales of your product or service to since the beginning of 2016? 261 85 0 1 0 214 1 47 Sysmiss 85 Which markets you served since the beginning of 2016? Montenegro Which of the following markets have you made sales of your product or service to since the beginning of 2016? 261 85 0 1 0 225 1 36 Sysmiss 85 Which markets you served since the beginning of 2016? Serbia Which of the following markets have you made sales of your product or service to since the beginning of 2016? 262 84 0 1 0 158 1 104 Sysmiss 84 Which markets you served since the beginning of 2016? other Western Balkan count Which of the following markets have you made sales of your product or service to since the beginning of 2016? 261 85 0 1 0 206 1 55 Sysmiss 85 Which markets you served since the beginning of 2016? European Union countries ( Which of the following markets have you made sales of your product or service to since the beginning of 2016? 261 85 0 1 0 173 1 88 Sysmiss 85 Which markets you served since the beginning of 2016? United States Which of the following markets have you made sales of your product or service to since the beginning of 2016? 251 95 0 1 0 203 1 48 Sysmiss 95 Which of the following markets have you made sales of your product or service to since the beginning of 2016? 251 95 0 1 0 192 1 59 Sysmiss 95 Which of the following markets have you made sales of your product or service to since the beginning of 2016? 23 0 Unknown (we do not track customers' country of residence for our product or services) 23 Any key market that you serve with your product or service that is not specifica Any key market that you serve with your product or service that is not specifically listed above: 51 0 "busine 1 / 1 0 2 1 1 As ment 1 Asia 1 Asia Pa 1 Austral 2 Austria 1 Canada 2 Canada, 2 Chile, 1 Croatia 1 EU: We 1 Germany 1 Israel 1 Main ma 1 My lang 1 N/A 1 Russia 1 Scandin 1 Serbia 1 Serbia- 1 Switzer 2 UAE, Qa 1 US mark 1 United 1 We are 1 We don' 1 We gene 1 We oper 1 We serv 1 ads 1 b2b 1 busines 1 during 1 market 1 mostly 1 our mar 2 our web 1 patent 1 swiss 1 this pr 1 we woul 1 world 1 Have you found out whether your product or service can be protected by some form Have you found out whether your product or service can be protected by some form of intellectual property protection such as a patent or copyright? 261 85 0 1 0 135 1 126 Sysmiss 85 Copyright Do you have any of the following forms of intellectual property protection? 141 205 0 2 0 82 1 38 2 21 Sysmiss 205 Trademark Do you have any of the following forms of intellectual property protection? 141 205 0 2 0 65 1 41 2 35 Sysmiss 205 Industrial design right Do you have any of the following forms of intellectual property protection? 141 205 0 2 0 103 1 16 2 22 Sysmiss 205 Patent Do you have any of the following forms of intellectual property protection? 141 205 0 2 0 101 1 14 2 26 Sysmiss 205 Other Do you have any of the following forms of intellectual property protection? 141 205 0 2 0 117 1 8 2 16 Sysmiss 205 How many other startups and/or SME firms do you discuss business ideas or busine How many other startups and/or SME firms* do you discuss business ideas or business problems with regularly (at least one) 225 0 - 4 / 1 // 1 0 41 1 14 1 in 1 1-2 p 1 1-3 1 10 11 10+ 3 10+ ( 1 12 1 15 1 2 22 2 pro 1 20 4 20 of 1 20 or 1 20+ ( 1 25 1 3 15 3 (pl 1 3-4 2 3-4 ( 1 30 1 4 6 4-5 1 5 22 5+ 1 5-10 3 6 4 7 2 8 2 At le 2 EYE P 1 FORMO 1 Five 1 I don 1 None 4 Sever 2 Super 1 Two 2 Two o 1 We di 1 all t 1 all w 1 alway 1 at me 1 coupl 1 depen 1 few 1 four 1 hard 1 it se 1 local 1 many; 1 membe 1 my cl 1 n/a 2 netwo 1 non 1 none 3 none, 1 our b 1 sever 3 some, 1 two 2 we di 1 we're 1 with 1 yes 2 yes, 1 How many of these did you meet during the "Pioneers of the Balkans" program? How many of these did you meet during the "Pioneers of the Balkans" program? 225 0 - 5 / 1 // 1 0 104 0 (bu 1 1 22 10 2 10 or 1 15 1 2 19 2-3 2 3 6 3 of 1 4 3 5 8 6 1 7 1 ? 2 A few 2 About 1 I do 1 N/A 1 No an 1 None 5 Not s 1 Unfor 1 We me 2 What? 1 didn' 1 dozen 1 hard 1 just 1 met s 2 more 1 n/a 1 no on 2 non 1 none 10 some 1 two 1 we kn 2 we me 3 Do you have one or more business mentors or outside experts that you can turn to Do you have one or more business mentor(s) or outside expert(s) that you can turn to for advice? 225 121 0 1 0 80 1 145 Sysmiss 121 When working with mentors or experts, do you reward them for their services (e.g When working with your existing mentors or experts, do you reward them for their services (payment or shares)? 216 130 0 1 0 148 1 68 Sysmiss 130 Did you meet at least one of these mentors or experts through the "Pioneers of t Did you meet at least one of these mentors or experts through the "Pioneers of the Balkans" program? 124 222 0 1 0 73 1 51 Sysmiss 222 Have you been in touch with any of the "Pioneers of the Balkans" mentors since t Have you been in touch with any of the "Pioneers of the Balkans" mentors since the program ended? 124 222 0 1 0 79 1 45 Sysmiss 222 Does your firm currently have any debt or loan financing? Does your firm currently have any debt or loan financing? 271 75 0 1 0 222 1 49 Sysmiss 75 New debt or loan financing since August 2015? Loan from family or friends (incl. Which of the following sources of debt or loan financing does your firm have, and which have you newly taken since August 2015? 95 251 0 2 0 62 1 29 2 4 Sysmiss 251 New debt or loan financing since August 2015? Credit card debt (beyond monthly b Which of the following sources of debt or loan financing does your firm have, and which have you newly taken since August 2015? 94 252 0 1 0 87 1 7 Sysmiss 252 New debt or loan financing since August 2015? Personal loan from a bank or finan Which of the following sources of debt or loan financing does your firm have, and which have you newly taken since August 2015? 94 252 0 2 0 84 1 9 2 1 Sysmiss 252 New debt or loan financing since August 2015? Business loan from a bank or finan Which of the following sources of debt or loan financing does your firm have, and which have you newly taken since August 2015? 94 252 0 2 0 74 1 18 2 2 Sysmiss 252 What is the total amount of new debt you have taken on since August 2015 in Euro What is the total amount of new debt you have taken on since August 2015? 69 277 0 1000000 Please also indicate the range: Please also indicate the range: 88 0 0 Euros 45 10,000 - 24,999 Euros 11 100,000 - 249,999 Euros 4 25,000 - 49,999 Euros 4 50,000 - 99,999 Euros 4 < 10,000 Euros 17 > 250,000 Euros 3 Did you consider debt or loan financing for your firm? Did you consider debt or loan financing for your firm? (This includes loans from family and friends, credit card debt, as well as loans from banks or other companies.) 188 No, because we are certain that we would not qualify for a loan. 18 No, because we are not ready to take the risk in case the business fails. 27 No, we do not need external financing at the moment. 77 Yes, and we recently applied for a loan (decision pending). 2 Yes, and we were granted a loan yet rejected it (e.g., due to unfavorable conditions, high interest rates etc.) 6 Yes, but we are not ready for a loan, yet. 27 Yes, but we did not apply for a loan yet. 30 yes, yet our loan application was rejected by our bank. 1 Coded_Did you consider debt or loan financing for your firm? Did you consider debt or loan financing for your firm? (This includes loans from family and friends, credit card debt, as well as loans from banks or other companies.) 188 158 1 7 1 104 2 30 3 2 4 6 5 1 6 18 7 27 Sysmiss 158 Are you interested in receiving new equity financing for your business? Are you interested in receiving new equity financing for your business? 274 72 0 2 0 53 1 168 2 53 Sysmiss 72 What is the share of equity in your firm that is currently already held by outsi 221 125 0 100 What is the maximum share of equity in your firm that you are willing to have he What is the maximum share of the equity in your firm that you are willing to have held by outside investors? 204 142 0 100 Do you have specific deal terms to offer outside investors?* Do you have specific deal terms (e.g., a draft term sheet prepared by you) to offer outside investors, in terms of asking for a set amount of money in return for a specified percent of equity in the business, or for a specified royalty on sales? 214 132 0 1 0 122 1 92 Sysmiss 132 How well do you think you understand what external investors are looking for whe How well do you think you understand what external investors are looking for when they decide whether or not to make equity investments in firms like yours? 214 132 1 4 1 12 2 73 3 70 4 59 Sysmiss 132 Since August 2015, which have you done? Made a pitch to outside investors at "Be 128 218 0 1 0 70 1 58 Sysmiss 218 Since August 2015, which have you done? Made a pitch to outside investors at "Ba 128 218 0 1 0 96 1 32 Sysmiss 218 Since August 2015, which have you done? Made a pitch to outside investors in an 220 126 0 1 0 166 1 54 Sysmiss 126 Since August 2015, which have you done? Made a pitch to outside investors in an 220 126 0 1 0 166 1 54 Sysmiss 126 Since August 2015, which have you done? Contacted an outside investor to see if 220 126 0 1 0 110 1 110 Sysmiss 126 Since August 2015, which have you done? Made a pitch to an outside investor in a 220 126 0 1 0 108 1 112 Sysmiss 126 what type(s) of outside investors have you contacted? Extended family or friends 177 169 0 1 0 133 1 44 Sysmiss 169 what type(s) of outside investors have you contacted? The owner of another busin 182 164 0 1 0 85 1 97 Sysmiss 164 what type(s) of outside investors have you contacted? A business angel or busine 180 166 0 1 0 118 1 62 Sysmiss 166 what type(s) of outside investors have you contacted? A crowd investing communit 175 171 0 1 0 157 1 18 Sysmiss 171 what type(s) of outside investors have you contacted? An accelerator program 183 163 0 1 0 118 1 65 Sysmiss 163 what type(s) of outside investors have you contacted? A venture capital fund 179 167 0 1 0 117 1 62 Sysmiss 167 what type(s) of outside investors have you contacted? A governmental investment 179 167 0 1 0 127 1 52 Sysmiss 167 Have you had a mentor and/or external expert supporting you when trying to raise Have you had a mentor and/or external expert supporting you when trying to raise funding? 213 133 0 1 0 148 1 65 Sysmiss 133 Since August 2015, have you entered into negotiations with any outside investor Since August 2015, have you entered into negotiations with any outside investor for them to make an investment in your firm? 277 69 0 1 0 185 1 92 Sysmiss 69 How many such negotiations did you enter into since August 2015? How many such negotiations did you enter into since August 2015? 270 76 0 28 did you enter into negotiations with? Extended family or friends 84 262 0 1 0 66 1 18 Sysmiss 262 did you enter into negotiations with? The owner of another business you know 85 261 0 1 0 39 1 46 Sysmiss 261 did you enter into negotiations with? A business angel or business angel group 85 261 0 1 0 47 1 38 Sysmiss 261 did you enter into negotiations with? A crowd investing community/ platform 84 262 0 1 0 79 1 5 Sysmiss 262 did you enter into negotiations with? An accelerator program 84 262 0 1 0 52 1 32 Sysmiss 262 did you enter into negotiations with? A venture capital fund 84 262 0 1 0 50 1 34 Sysmiss 262 did you enter into negotiations with? A governmental investment fund 84 262 0 1 0 72 1 12 Sysmiss 262 What was the outcome of these negotiations? What was the outcome of these negotiations? 92 0 A deal was made 20 Negotiations are still ongoing 56 No deal was made 16 Coded_What was the outcome of these negotiations? 92 254 0 2 0 16 1 20 2 56 Sysmiss 254 How much new investment did you receive since August 2015 in Euro? How much new investment did you receive since August 2015? 211 135 0 500000 Please also indicate the new investment range: Please also indicate the range: 217 0 0 200 10,000 - 24,999 Euros 2 100,000 - 249,999 Euros 5 25,000 - 49,999 Euros 2 250,000 - 499,999 Euros 1 250,001-500,000 2 50,000 - 99,999 Euros 4 < 10,000 Euros 1 What did the outside investor receive in exchange for this investment? A share o 15 331 1 1 1 15 Sysmiss 331 What did the outside investor receive in exchange for this investment? The right 15 331 0 1 0 14 1 1 Sysmiss 331 What did the outside investor receive in exchange for this investment? The right 15 331 0 0 0 15 Sysmiss 331 What did the outside investor receive in exchange for this investment? Other 15 331 0 1 0 13 1 2 Sysmiss 331 Would you consider a royalty-based investment? Would you consider a royalty-based investment, in which the investor does not get any equity, but receives a revenue share? 263 83 0 2 0 47 1 148 2 68 Sysmiss 83 Sources of capital your business received since August 2015? Customer pre-paymen 263 83 0 1 0 224 1 39 Sysmiss 83 Sources of capital your business received since August 2015? Earnings from sales 266 80 0 1 0 111 1 155 Sysmiss 80 Sources of capital your business received since August 2015? Earnings from other 264 82 0 1 0 149 1 115 Sysmiss 82 Sources of capital your business received since August 2015? Government grants ( 264 82 0 1 0 220 1 44 Sysmiss 82 Sources of capital your business received since August 2015? Incubator/ accelera 264 82 0 1 0 242 1 22 Sysmiss 82 Sources of capital your business received since August 2015? Founder/ founding t 264 82 0 1 0 164 1 100 Sysmiss 82 Do you expect that qualified external advice and support would help you raise fu 225 121 0 1 0 43 1 182 Sysmiss 121 Indicate which category main challenge your business faces falls under: Indicate which category this challenge falls under: 225 0 Accessing and entering new markets 25 Accessing large/ international partners 10 Customer acquisition and sales 48 General management 16 Getting financing 47 High level of competition 9 Legal or regulatory issues 3 Recruiting and retaining talent 14 Solving a technology problem 18 other 35 how challenging you consider these aspects? General management 225 0 Difficult 7 Easy 25 Neither easy nor difficult 100 Rather difficult 33 Rather easy 60 how challenging you consider these aspects? Getting financing 225 0 Difficult 51 Easy 14 Neither easy nor difficult 70 Rather difficult 74 Rather easy 16 how challenging you consider these aspects? Recruiting and retaining talent 225 0 Difficult 13 Easy 24 Neither easy nor difficult 81 Rather difficult 58 Rather easy 49 how challenging you consider these aspects? Legal or regulatory issues 225 0 Difficult 11 Easy 40 Neither easy nor difficult 86 Rather difficult 47 Rather easy 41 how challenging you consider these aspects? Solving a technology problem 225 0 Difficult 15 Easy 42 Neither easy nor difficult 72 Rather difficult 31 Rather easy 65 how challenging you consider these aspects? Customer acquisition and sales 225 0 Difficult 32 Easy 14 Neither easy nor difficult 77 Rather difficult 67 Rather easy 35 225 0 Difficult 61 Easy 8 Neither easy nor difficult 72 Rather difficult 63 Rather easy 21 225 0 Difficult 48 Easy 8 Neither easy nor difficult 75 Rather difficult 73 Rather easy 21 225 0 Difficult 20 Easy 25 Neither easy nor difficult 83 Rather difficult 54 Rather easy 43 ID 346 0 1 348 Meltwater Year 1: Number of Positive Mentions 346 0 0 127 Meltwater Year 1: Number of Neutral Mentions 346 0 0 104 Meltwater Year 1: Number of Negative Mentions 346 0 0 0 0 346 Meltwater Year 1: Number of Unrated Mentions 346 0 0 28 Meltwater Year 1: Total Number of Media Mentions 346 0 0 127 firmid 346 0 1 348 Facebook 196 150 1 237024 LinkedIn 134 212 0 1367 LinkedIn (Founder) 282 64 0 5920 Twitter 133 213 0 5163 Twitter (founder) 44 302 3 3005 Youtube 43 303 0 4532 Alexa Global Rank 177 0 1,062,961 1 1,242,448 1 1,284,046 1 1,395,456 1 1,431,516 1 1,452,895 1 1,511,154 1 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986,045 1  3,294,607 1  366,593 1  5,226,091 1  5,226,972 1  9,236,990 1  917,671 1 SimilarWeb Total Ranking 180 0 1,459,384 1 1,727,162 1 1,929,842 1 10,752,004 1 10311198 1 10437402 1 11,496,570 1 11301550 1 121,301 1 1238151 1 13,236,829 1 13,429,075 1 13,676,045 1 13,827,183 1 13,887,432 1 13866322 1 13997228 1 14,327,297 1 141,580 1 15,106,862 1 15,299,496 1 15,834,743 1 15,938,577 1 156,623 1 16,080,178 1 16,425,732 1 16,753,876 1 16,814,062 1 16,932,905 1 16104991 1 1629906 1 17,039,676 1 17343822 1 178,888 1 18,031,095 1 18,644,027 1 18,844,78 1 18365375 1 18676364 1 19,124,941 1 19,823,662 1 1920006 1 19220789 1 1950805 1 19983589 1 2,357,036 1 2,367,420 1 20,169,643 1 21,242,236 1 21,250,979 1 21495120 1 22,091,459 1 22,962,295 1 22333136 1 22434840 1 22775072 1 23,946,018 1 23014554 1 23443869 1 24252825 1 24314313 1 24432264 1 24583151 1 24749964 1 24995335 1 25683147 1 2590161 1 26,039,374 1 26133449 1 27,241,219 1 27,420,401 1 27019156 1 28,232,897 1 28,700,685 1 28086671 1 28164155 1 28501565 1 29,138,861 1 29,659,268 1 2915973 1 29576399 1 3,014,851 1 3,045,466 1 3,171,861 1 3,286,935 1 3,460,904 1 3,521,564 1 3,773,085 1 30,139,236 1 30,465,840 1 30,555,349 1 30,976,745 1 30002259 1 30103098 1 30843917 1 31,126,545 1 31,638,052 1 31826244 1 32,257,850 1 32,644,660 1 32,873,001 1 32314308 1 3292458 1 33,370,109 1 33637980 1 33928752 1 34,698,271 1 34024221 1 34306383 1 3495779 1 35036924 1 35312165 1 35448453 1 35594245 1 37,632,800 1 3701116 1 3702278 1 37768587 1 37796868 1 38,255,274 1 38,631,105 1 38016744 1 38650234 1 3878065 1 38886811 1 39,508,132 1 395,446 1 39521193 1 3962281 1 4,009,176 1 4,138,665 1 4,238,920 1 4,292,810 1 4,397,148 1 4,448,239 1 4,680,051 1 4,830,276 1 4279338 1 4489711 1 4528833 1 4635980 1 4680051 1 5,099,429 1 5,114,583 1 5,344,644 1 5,755,796 1 5,873,750 1 5208338 1 5904266 1 6,048,052 1 6,147,010 1 6,294,190 1 6,774,176 1 6048931 1 6166491 1 65,768 1 656,357 1 6644593 1 6648603 1 7,560,858 1 7,735,972 1 757,418 1 7698823 1 7771473 1 8,070,813 1 8,099,322 1 8,289,790 1 8,325,111 1 8383125 1 8481817 1 9,004,044 1 9,275,496 1 9,391,794 1 9,699,630 1 9,812,333 1 9,864,049 1 916,746 1 92376 1 993,935 1 9981529 1 AngelList 346 0 0 1 0 289 1 57 AngelList Followers 57 289 0 62 Facebook 205 141 0 248764 Linkedin 154 192 0 1958 Linkedin(Founder) 279 67 1 6150 Twitter 145 201 0 5333 Twitter (Founder) 11 335 4 1195 Alexa Global ranking 188 0 1,026,594 1 1,097,182 1 1,255,663 1 1,302,007 1 1,356,246 1 1,506,539 1 1,628,102 1 1,691,813 1 1,985,778 1 10,021,026 1 10,594,683 1 10,602,559 1 10,814,000 1 10,822,377 1 10,885,520 1 10,895,191 1 11,009,547 1 11,275,628 1 11,522,924 1 11,862,612 1 12,070,080 1 12,449,977 1 12,663,422 1 12,944,997 1 127,246 1 128,563 1 13,085,478 1 13,115,282 1 13,258,175 1 13,595,709 1 14,198,634 1 14,594,695 1 14,627,348 1 14,770,015 1 15,099,382 1 15,230,226 1 15,836,977 1 16,242,363 1 16,386,025 1 16,547,864 1 163,572 1 17,127,409 1 17,280,245 1 17,356,897 1 17,441,608 1 17,854,244 1 18,246,485 1 18,296,468 1 18,747,154 1 19,032,810 1 19,054,761 1 194,833 1 2,128,965 1 2,389,042 1 2,503,096 1 2,519,452 1 2,586,925 1 2,604,702 1 2,858,971 1 2,858,971 1 2,923,429 1 2,978,723 1 20,205,122 1 20,430,923 1 20,576,485 1 21,078,189 1 21,378,106  1 21,443,541 1 21,491,344 1 21,652,926 1 21,726,947 1 21,992,754 1 22,015,306 1 22,507,820 1 22,604,955 1 23,006,493 1 23,026,025 1 23,109,162 1 23,241,958 1 23,257,040 1 23,451,995 1 23,972,859 1 23,986,740 1 24,416,222 1 24,538,580 1 24,756,238 1 242,051 1 25,027,112 1 25,350,850 1 25,393,029 1 25,568,278 1 26,262,962 1 26,263,127 1 26,263,300 1 26,263,428 1 26,288,869 1 26,432,042 1 26,467,730 1 26,484,920 1 26,486,235 1 26,569,838 1 26,571,794 1 26,697,343 1 26,992,057 1 28,214,770 1 281,912 1 3,098,727 1 3,185,346 1 3,401,294 1 3,444,791 1 3,577,661 1 3,682,528 1 3,779,634 1 3,830,989 1 3,920,592 1 3,965,406 1 382,470 1 4,058,714 1 4,514,256 1 4,518,252 1 464,610 1 5,087,879 1 5,131,269 1 5,183,304 1 5,373,485 1 5,460,166 1 5,598,819 1 5,621,255 1 5,651,844 1 5,671,272 1 5,804,188 1 5,831,098 1 5,916,686 1 528,948 1 56,340 1 591,279 1 6,016,225 1 6,375,707 1 6,432,157 1 6,433,864 1 6,462,069 1 6,519,587 1 6,573,618 1 6,693,921 1 7,079,507 1 7,279,478 1 7,299,775 1 7,407,295 1 7,647,110 1 7,696,898 1 7,811,186 1 7,969,078 1 711,598 1 725,569 1 762,362 1 8,212,808 1 8,267,871 1 8,299,017 1 8,389,569 1 8,454,608 1 8,473,581 1 8,586,850 1 8,942,545 1 845,529 1 9,155,438 1 9,562,694 1 9,619,616 1 9,748,536 1 9,809,151 1 9,864,284 1 9,921,641 1 900,013 1 919,895 1  1,767,912 1  1,947,089 1  15,063,002 1  2,978,723 1  20,670,508 1  22,330,443 1  226,995 1  23,876,913 1  3,759,350 1  3,967,803 1  4,398,731 1  4,875,909 1  6,407,387 1  7,247,301 1  7,650,191 1 SimilarWeb Ranking 160 0 1,046,897 1 1,247,549 1 1,263,925 1 1,292,535 1 1,634,616 1 10,055,685 1 10,077,534 1 10,142,706 1 10,490,643 1 10,542,888 1 10,556,192 1 10,908,051 1 10,936,895 1 11,248,968 1 11,824,633 1 11,857,715 1 11,919,481 1 11,921,994 1 12,120,290 1 12,238,808 1 12,716,337 1 12,953,167 1 12,956,272 1 13,126,324 1 13,432,000 1 13,471,106 1 13,808,550 1 14,614,447 1 14,855,617 1 15,714,689 1 16,229,722 1 16,409,324 1 16,574,671 1 16,616,386 1 16,705,612 1 16,705,624 1 16,980,102 1 164,025 1 17,338,527 1 17,623,277 1 17,742,066 1 17,911,303 1 18,201,406 1 18,502,143 1 19,797,643 1 19,944,358 1 2,186,023 1 2,189,464 1 2,364,166 1 2,439,427 1 2,486,520 1 2,517,817 1 2,731,296 1 2,807,841 1 2,896,130 1 2,910,398 1 2,969,802 1 20,198,912 1 20,219,712 1 20,305,409 1 20,557,707 1 20,562,632 1 20,730,890 1 206,882 1 21,677,291 1 21,925,056 1 22,060,838 1 22,709,142 1 23,182,197 1 24,064,885 1 24,505,103 1 24,869,741 1 24,906,149 1 24,935,964 1 25,073,333 1 25,414,987 1 25,642,202 1 25,671,054 1 26,784,431 1 27,001,034 1 27,930,829 1 28,320,612 1 28,450,283 1 28,969,423 1 29,113,565 1 29,539,744 1 29,549,20 1 29,921,046 1 3,049,720 1 3,113,142 1 3,313,850 1 3,461,572 1 3,588,512 1 3,592,202 1 3,925,704 1 30,537,068 1 31,280,838 1 31,462,968 1 31,972,511 1 31,979,846 1 32,597,741 1 32,829,839 1 32,917,203 1 33,294,183 1 33,723,978 1 35,124,970 1 35,243,512 1 35,403,711 1 35,608,224 1 4,051,837 2 4,287,189 1 4,287,198 1 4,296,667 1 4,394,789 1 4,544,738 1 4,551,126 1 4,654,955 1 4,823,909 1 409,216 1 5,141,688 1 5,327,530 1 5,377,117 1 5,469,179 1 5,495,812 2 5,558,689 1 5,580,138 1 5,673,915 1 5,736,945 1 5,751,600 1 5,973,961 1 6,000,602 1 6,228,709 1 6,441,349 1 6,505,622 1 6,507,533 1 6,571,206 1 6,652,062 1 615,718 1 7,163,859 1 7,276,819 1 7,761,127 1 7,833,006 1 73,027 1 734,099 1 792,739 1 8,049,358 1 8,237,827 1 8,324,639 1 8,332,747 1 8,377,940 1 8,526,253 1 8,564,867 1 8,829,805 1 889,806 1 89,943 1 9,095,634 1 9,744,467 1 918,560 1 AngelList 346 0 0 1 0 243 1 103 AngelList followers 103 243 1 66 Firm identification number 346 0 1 348 Operating status * What is the current operating status of your firm compared to the status in August 2015? 345 0 1) Currently operating under the same name and ownership as in August 2015. 186 2) Company is operating under a new name with the same owners. 22 3) We sold the company, but it continues to operate under the same name. 5 4) We sold our company, and it now operates under a different name. 3 5) We sold our company, and it no longer operates. 2 6) We shut down/closed our company. 26 7) Other (please specify below) 18 don't know 6 no 33 yes 44 Why did you change the name of your company? Why did you change the name of the company? 23 0 1) To reflect in change in product or service 9 2) To appeal to a different market segment 5 3) New name chosen by new owner 4 4) Other reasons (please specify) 5 When did you sell your business? * When did you sell your business? 3 0 02/01/2016 1 11/01/2015 1 12/10/2016 1 How much did you sell your business for? 3 0 2000 1 NA 1 zero 1 Do you still work in the business? * Do you still work in the business? 3 0 1) yes 2 2) no 1 When did you sell your business? When did you * sell your business? 2 0 09/01/2016 1 12/19/2016 1 How much did you sell your business for? 1 0 2.5M 1 Do you still work in the business? * Do you still work in the business? 2 0 1) yes 1 2) no 1 When did the company shut down or close? * When did the company shut down or close? 26 0 01/01/2015 1 01/01/2016 1 01/01/2017 2 01/20/2017 1 03/01/2016 1 03/20/2017 1 03/25/2016 1 04/01/2017 1 05/01/2017 1 05/03/2017 1 05/05/2016 1 05/15/2017 1 06/01/2016 1 06/01/2017 2 07/01/2017 1 07/17/1991 1 08/01/2016 1 08/04/2017 1 09/01/2017 1 09/30/2016 1 10/01/2016 1 11/01/2016 1 11/08/2015 1 12/31/2016 1 Why did you shut down the company? Why did you shut * down the company? 26 0 0) No market need for product or service 2 1) Unable to make a profit 1 2) Ran out of financing 9 4) Founder received a better job offer to work in another company 5 5) Family or health reasons 1 6) Other (please specify below) 8 When did you sell your business? * When did you sell your business? 1 0 08/04/2017 1 How much did you sell your business for? 0 346 Sysmiss 346 When did the buyer shut down or close the company? When did the buyer shut down or close the company? 0 346 Sysmiss 346 Why did the buyer shut down the company? Why did the buyer shut down the company? 0 346 Sysmiss 346 Why did the buyer shut down the company? - other reason Why did the buyer shut down the company? 0 346 Sysmiss 346 What are you doing now? What are you doing now? 28 0 1) Started another company 8 2) Working for another start-up 3 3) Working for another firm 14 5) Studying 1 6) Currently not working 2 In which country is the company currently headquartered? 238 0 1) Croatia 58 10) Other (please specify below) 12 2) Serbia 105 3) Montenegro 2 4) Kosovo 29 5) Macedonia 19 7) United Kingdom 4 8) United States 8 9) Germany 1 In which country is the company currently headquartered? - other In which country is the company currently headquartered? 12 0 Austria 1 Bosnia and Herzegovina 1 Bulgaria 3 China 1 Estonia, United Kingdom 1 Malaysia 1 Poland 1 Singapore 1 The Netherlands 1 We have 2 companies. LIVE GOOD in Croatia, and BodyRecog Metrics in USA 1 Is this product or service different in a major way from what your main product Is this product or service different in a major way from what your main product or service in August 2015 was? 238 0 0) No 144 1) Yes, differs from product in August 2015 77 2) Yes, because no product was available in August 2015 13 3) Yes, because this company only started after August 2015 4 Does your company currently have a product or service readily available for use Does your company currently have a product or service readily available for use or sale? 238 0 1) yes 201 2) no 37 How many people currently work in your company? How many people currently work in your company? 238 108 0 1000 Does your founder/ do your co-founders work full-time in the company? Does your founder/ do your co-founders work full-time in the company? 238 0 1) yes (single founder, working full-time) 94 2) yes (multiple founders, all working full-time) 49 3) partially (multiple founders, exactly one working full-time) 27 4) partially (multiple founders, more than one but not all working full-time) 27 5) no (no founder/ co-founder working full-time) 41 Are the accounts of the business separated from the personal affairs of the owne Are the accounts of the business separated from the personal affairs of the owners? 238 0 1) yes 197 2) no 20 3) unsure/ dont' know 21 Do you currently have a revenue projection for next 12 months? Which of the following do you have currently in place? 238 0 1) yes 153 2) no 52 3) unsure/ don’t know 33 Do you currently have a balance sheet? Which of the following do you have currently in place? 238 0 1) yes 154 2) no 53 3) unsure/ don’t know 31 Do you currently have a cash flow statement? Which of the following do you have currently in place? 238 0 1) yes 130 2) no 67 3) unsure/ don’t know 41 Do you currently have accounts audited by outside auditor? Which of the following do you have currently in place? 238 0 1) yes 51 2) no 149 3) unsure/ don’t know 38 Do you know how much it costs to acquire a new customer for your business? Which of the following do you have currently in place? 238 0 1) yes 122 2) no 116 What is the cost of acquiring a new customer for your business? 113 0 $20 per customer and decrease. 1 - 1 . 1 .6 1 0 1 1 3 1 137 000 EUR 1 10 2 10.000.000 1 100 Euro 1 100 € 1 1000 5 10000 4 10000 EUR 1 100000 1 1000000 1 10000eur 1 10eur 1 10€ 1 115 1 117 1 12 1 1200 EUR 1 120000 1 130€ 2 15 2 150 2 1500 1 15000 3 150000 2 15k EUR - we target universities 1 160 1 1€ 1 2 2 20 2 20.000,00 1 200 3 200..500 1 200.000 EUR 1 2000 3 250 1 250 euro 1 2500 1 2500 ~ 3000 1 25000 1 3.000.000 1 30 4 300 1 300- 500 Euros 1 300-350000 1 3000 1 3500 1 35000 1 4 1 40000 1 45 1 47,000.00€ 1 5 5 500 5 500-2.000 1 5000 2 50000 1 50€ 1 6-8 eur 1 7000 - 10 000 1 <5EUR 1 >100 EUR 1 Confidential 2 I don't want to answer 1 NA 1 Not relevant question to TOP (We haven`t been supported by " Pioneers of the Balkans") 1 Refferal 10% 1 about 5 eur 1 for project for poor people about 1000e 1 i don't want to share that 1 not disclosing 1 ~200£ 1 ~5000 1 What are the key metrics you are tracking at the moment? - Newsletter sign-ups 57 289 0 100000000 What are the key metrics you are tracking at the moment? - Pre-orders 53 293 0 100000000 What are the key metrics you are tracking at the moment? - Free user sign-ups/ d 56 290 0 100000000 What are the key metrics you are tracking at the moment? - Requests for free tri 56 290 0 100000000 What are the key metrics you are tracking at the moment? - Free pilot projects w 57 289 0 100000000 What are the key metrics you are tracking at the moment? - Current active users/ 86 260 0 100000000 What are the key metrics you are tracking at the moment? - New sales leads/ mont 62 284 0 100000000 What are the key metrics you are tracking at the moment? - Sales meetings/ month 69 277 0 100000000 What are the key metrics you are tracking at the moment? - Paid pilot projects w 54 292 0 100000000 What are the key metrics you are tracking at the moment? - Paid customer sign-up 48 298 0 100000000 What are the key metrics you are tracking at the moment? - Customer life-time va 53 293 0 100000000 What was your total sales or revenues in the first quarter (January - March) of What was your total sales or revenues in the first quarter (January - March) of 2017? (in EUR) 166 180 0 10000000 Please also indicate the range (of sales): Please also indicate the range: 181 0 1) <10,000 Euros 91 2) 10,000-25,000 Euros 33 3) 25,001-50,000 Euros 22 4) 50,001-100,000 Euros 11 5) 100,001-250,000 Euros 11 6) 250,001-500,000 Euros 6 7) 500,001-1,000,000 Euros 2 8) >1,000,000 Euros 5 What was your total operating profit of your firm in 2016 (or the last financial What was your total operating profit of your firm in 2016 (or the last financial year)? (in EUR) 161 185 -30000 2000000 Please also indicate the range (of profits): Please also indicate the range: 173 0 -1) Business made a loss 26 0) Business broke-even (zero profit) 34 1) <10,000 Euros 44 2) 10,000-25,000 Euros 24 3) 25,001-50,000 Euros 16 4) 50,001-100,000 Euros 14 5) 100,001-250,000 Euros 8 6) 250,001-500,000 Euros 2 7) 500,001-1,000,000 Euros 1 8) >1,000,000 Euros 4 Made sales of your product or service to since the beginning of 2017 in Croatia 70 0 a. Croatia 70 Made sales of your product or service to since the beginning of 2017 in Kosovo 38 0 b. Kosovo 38 Made sales of your product or service to since the beginning of 2017 in Macedoni 36 0 c. Macedonia 36 Made sales of your product or service to since the beginning of 2017 in Monteneg 33 0 d. Montenegro 33 Made sales of your product or service to since the beginning of 2017 in Serbia 92 0 e. Serbia 92 Made sales of your product or service to since the beginning of 2017 in other Ba 34 0 f. other Western Balkan countries (Albania, Bosnia and Herzegovina, Slovenia) 34 Made sales of your product or service to since the beginning of 2017 in the Euro 80 0 g. European Union countries (excl. Croatia and Slovenia) 80 Made sales of your product or service to since the beginning of 2017 in the Unit 53 0 h. United States 53 Made sales of your product or service to since the beginning of 2017 in unknown 12 0 i. unknown (we do not track customers' country of residence for our product or services) 12 Made sales of your product or service to since the beginning of 2017 in other Ma 43 0 Africa 1 Asia 1 Asia and Pacific 1 Bulgaria 1 Cameroon (pilot program) 1 Canada 2 Emirates 1 GCC,india, north africa, China 1 Global 2 India, Malaysia, Singapore 1 Montenegro 1 Most of EU and Balkan countries, U.S., some Asian countries 1 No 1 No sales jet 1 Norway, Finland 1 RUSSIAN FEDERATION 1 Russia 2 Russia, Canada... 1 Russia, China 1 Russia, India, Australia, Switzerland 1 Russia. 1 South East Asia 1 Spain, Belgium, Greece, Ireland 1 Swiss 1 Switzerland 4 Turkey 1 UAE 1 UAE, Australia 1 UK Amazon 1 US 1 US, AU, UK, KSA, UAE, HK, etc. 1 arabic 1 beta, no sales yet 1 no sales at the moment we are at the end of the process for CE marking 1 not yet on the market 1 we trade globally 1 whole world, Africa, Asia, Australia, Americas 1 Have you found out whether your product or service can be protected by some form Have you found out whether your product or service can be protected by some form of intellectual property protection such as a patent or copyright? 216 0 1) yes 130 2) no 86 Do you have copyright? Do you have any of the following forms of intellectual property protection? 128 0 1) yes 37 2) application pending 12 3) no 75 4) unsure/ don’t know 4 Do you have trademark? Do you have any of the following forms of intellectual property protection? 128 0 1) yes 39 2) application pending 12 3) no 73 4) unsure/ don’t know 4 Do you have industrial design right? Do you have any of the following forms of intellectual property protection? 128 0 1) yes 25 2) application pending 7 3) no 89 4) unsure/ don’t know 7 Do you have patent? Do you have any of the following forms of intellectual property protection? 128 0 1) yes 16 2) application pending 11 3) no 98 4) unsure/ don’t know 3 Do you have other form of intellectual property protection? 128 0 1) yes 7 3) no 106 4) unsure/ don’t know 15 Does your firm currently have any debt or loan financing? Does your firm currently have any debt or loan financing? 214 0 1) yes 40 2) no 174 Sources of debt/loan financing you have, and which newly taken since August 2015 38 0 no 21 yes, before August 2015 8 yes, new since August 2015 9 Sources of debt/loan financing you have, and which newly taken since August 2015 38 0 no 30 yes, before August 2015 4 yes, new since August 2015 4 Sources of debt/loan financing you have, and which newly taken since August 2015 38 0 no 31 yes, before August 2015 4 yes, new since August 2015 3 Sources of debt/loan financing you have, and which newly taken since August 2015 38 0 no 14 yes, before August 2015 6 yes, new since August 2015 18 What is the total amount of new debt you have taken on since August 2015? (in EU What is the total amount of new debt you have taken on since August 2015? (in EUR) 34 312 0 500000 Please also indicate the range (of new debt) Please also indicate the range: 34 0 0) 0 Euros 7 1) < 10,000 Euros 8 2) 10,000 - 24,999 Euros 4 3) 25,000 - 49,999 Euros 7 4) 50,000 - 99,999 Euros 3 5) 100,000 - 249,999 Euros 3 6) > 250,000 Euros 2 What is the share of equity in your firm that is currently already held by outsi What is the share of equity in your firm that is currently already held by outside investors? 212 0 % 1 / 1 0 138 0% 22 1 1 10 1 10% 1 100 1 100% 2 16% 1 17% 1 2% 1 20 % 1 20% 1 22 2 24 1 25 1 25% 1 29% 1 3% 1 30 1 33% 1 4 1 49 1 5% 2 50 2 50% 2 6% 2 65 1 7 2 7% 1 8% 2 80 1 90% 2 N/A 1 No 1 na 1 no 3 none 5 Are you interested in receiving new equity financing for your business? Are you interested in receiving new equity financing for your business? 277 0 1) yes 155 2) no 21 3) unsure/ don't know 36 no 33 yes 32 What is the maximum share of the equity in your firm that you are willing to hav What is the maximum share of the equity in your firm that you are willing to have held by * outside investors? 192 0 0 8 0% 1 1 1 10 8 10 % 1 10% 6 100 4 100% 1 12% 1 13 1 15 2 15% 2 19% 1 20 13 20 % 1 20% 11 24% 1 25 3 25% 5 30 9 30% 21 33% 1 35 2 35 % 1 35% 4 40 4 40% 12 45 1 49 21 49 % 1 49% 16 5 1 50 10 50% 5 51 1 60 2 60% 1 70 1 70% 2 74% 1 75% 1 80 1 80% 1 <30% 1 Do you have specific deal terms (e.g., a draft term sheet prepared by you) to of Do you have specific deal terms (e.g., a draft term sheet prepared by you) to offer outside investors, in terms of asking for a set amount of money in return for a specified percent of equity in the business, or for a specified royalty on sales? 258 1) yes 68 2) no 124 Yes - generally very open: Also debt financing or a joint venture for example are conceivable. 1 no 47 no - we are currently not actively trying to raise money, yet we would be open to entertain conversations if someone approached us. 1 yes 16 yes - we are currently looking for EUR 50,000 1 Since August 2016, did you pitch to outside investors in an event? Since August 2016, did you pitch to outside investors in an event? 192 0 1) yes 53 2) no 139 Since August 2016, did you contact an outside investor to see if they were inter Since August 2016, did you contact an outside investor to see if they were interested in making an investment? 192 0 1) yes 88 2) no 104 Type of outside investors have you contacted since August 2016? - Extended famil 30 0 a. Extended family or friends 30 Type of outside investors have you contacted since August 2016? - The owner of a 55 0 b. The owner of another business you know 55 Type of outside investors have you contacted since August 2016? - A business ang 42 0 c. A business angel or business angel group 42 Type of outside investors have you contacted since August 2016? - A crowd invest 11 0 d. A crowd investing community/ platform 11 Type of outside investors have you contacted since August 2016? - An accelerator 27 0 e. An accelerator program 27 Type of outside investors have you contacted since August 2016? - A venture capi 49 0 f. A venture capital fund 49 Type of outside investors have you contacted since August 2016? - A governmental 25 0 g. A governmental investment fund 25 Have you had a mentor and/or external expert supporting you when trying to raise Have you had a mentor and/or external expert supporting you when trying * to raise funding? 109 0 1) yes 39 2) no 70 Since August 2015, have you entered into negotiations with any outside investor 211 0 1) yes 78 2) no 133 How many such negotiations did you enter into sinceAugust 2015? How many such negotiations did you enter into since August 2015? 74 272 0 50 Negotiations and outside investments since August 2015: entered into negotiation 42 0 1) yes 20 2) no 22 Negotiations and outside investments since August 2015: outcome? - Extended fami 31 0 1) Deal was made 10 2) Ongoing negotiations 7 3) No deal 14 Negotiations and outside investments since August 2015: n. of deals made? - Exte 24 0 1 17 2 3 3 1 >5 3 Negotiations and outside investments since August 2015: range of total new inves 26 0 0) 0 Euros 10 1) <10,000 10 2) 10,000-24,999 4 3) 25,000-49,999 1 5) 100,000-249,999 1 Negotiations and outside investments since August 2015: what did the outside inv 24 0 1) Equity share in business 11 3) Right to royalties 3 4) Convertible note 1 5) other (please specify) 9 Negotiations and outside investments since August 2015: entered into negotiation 54 0 1) yes 40 2) no 14 Negotiations and outside investments since August 2015: outcome? - The owner of 47 0 1) Deal was made 10 2) Ongoing negotiations 14 3) No deal 23 Negotiations and outside investments since August 2015: n. of deals made? - The 38 0 1 28 2 6 3 2 4 1 >5 1 Negotiations and outside investments since August 2015: range of total new inves 40 0 0) 0 Euros 13 1) <10,000 6 2) 10,000-24,999 6 3) 25,000-49,999 2 4) 50,000-99,999 4 5) 100,000-249,999 4 7) >250,000 5 Negotiations and outside investments since August 2015: what did the outside inv 39 0 1) Equity share in business 25 2) Right to license product 2 3) Right to royalties 4 4) Convertible note 2 5) other (please specify) 6 Negotiations and outside investments since August 2015: entered into negotiation 44 0 1) yes 24 2) no 20 Negotiations and outside investments since August 2015: outcome? - A business an 32 0 1) Deal was made 6 2) Ongoing negotiations 8 3) No deal 18 Negotiations and outside investments since August 2015: n. of deals made? - A bu 22 0 1 13 2 1 3 4 5 2 >5 2 Negotiations and outside investments since August 2015: range of total new inves 26 0 0) 0 Euros 14 2) 10,000-24,999 3 4) 50,000-99,999 1 5) 100,000-249,999 4 7) >250,000 4 Negotiations and outside investments since August 2015: what did the outside inv 25 0 1) Equity share in business 19 3) Right to royalties 3 4) Convertible note 1 5) other (please specify) 2 Negotiations and outside investments since August 2015: entered into negotiation 31 0 1) yes 3 2) no 28 Negotiations and outside investments since August 2015: outcome? - A crowd inves 16 0 2) Ongoing negotiations 2 3) No deal 14 Negotiations and outside investments since August 2015: n. of deals made? - A cr 7 0 1 6 >5 1 Negotiations and outside investments since August 2015: range of total new inves 12 0 0) 0 Euros 9 2) 10,000-24,999 1 3) 25,000-49,999 1 4) 50,000-99,999 1 Negotiations and outside investments since August 2015: what did the outside inv 11 0 1) Equity share in business 5 3) Right to royalties 1 4) Convertible note 1 5) other (please specify) 4 Negotiations and outside investments since August 2015: entered into negotiation 38 0 1) yes 17 2) no 21 Negotiations and outside investments since August 2015: outcome? - An accelerato 23 0 1) Deal was made 5 2) Ongoing negotiations 2 3) No deal 16 Negotiations and outside investments since August 2015: n. of deals made? - An a 15 0 1 11 2 1 3 1 4 1 >5 1 Negotiations and outside investments since August 2015: range of total new inves 19 0 0) 0 Euros 11 1) <10,000 1 2) 10,000-24,999 4 5) 100,000-249,999 3 Negotiations and outside investments since August 2015: what did the outside inv 18 0 1) Equity share in business 11 2) Right to license product 1 4) Convertible note 2 5) other (please specify) 4 Negotiations and outside investments since August 2015: entered into negotiation 46 0 1) yes 27 2) no 19 Negotiations and outside investments since August 2015: outcome? - A venture cap 35 0 1) Deal was made 6 2) Ongoing negotiations 5 3) No deal 24 Negotiations and outside investments since August 2015: n. of deals made? - A ve 23 0 1 16 2 4 3 2 >5 1 Negotiations and outside investments since August 2015: range of total new inves 26 0 0) 0 Euros 10 2) 10,000-24,999 2 3) 25,000-49,999 1 4) 50,000-99,999 1 5) 100,000-249,999 2 7) >250,000 10 Negotiations and outside investments since August 2015: what did the outside inv 25 0 1) Equity share in business 18 2) Right to license product 3 3) Right to royalties 1 5) other (please specify) 3 Negotiations and outside investments since August 2015: entered into negotiation 37 0 1) yes 16 2) no 21 Negotiations and outside investments since August 2015: outcome? - A governmenta 25 0 1) Deal was made 4 2) Ongoing negotiations 4 3) No deal 17 Negotiations and outside investments since August 2015: n. of deals made? - A go 16 0 1 13 2 2 >5 1 Negotiations and outside investments since August 2015: range of total new inves 21 0 0) 0 Euros 10 1) <10,000 2 2) 10,000-24,999 1 4) 50,000-99,999 3 5) 100,000-249,999 3 7) >250,000 2 Negotiations and outside investments since August 2015: what did the outside inv 21 0 1) Equity share in business 6 2) Right to license product 1 3) Right to royalties 3 4) Convertible note 3 5) other (please specify) 8 Would you consider a royalty-based investment, in which the investor does not ge Would you consider a royalty-based investment, in which the investor does not get any equity, but receives a revenue share? 269 0 1) yes 143 2) no 20 3) unsure/ don’t know how such contracts work 34 no 37 yes 35 204 0 1) yes 43 2) no 161 204 0 1) yes 142 2) no 62 204 0 1) yes 111 2) no 93 204 0 1) yes 46 2) no 158 204 0 1) yes 13 2) no 191 204 0 1) yes 114 2) no 90 Main challenge your business faces in its ability to grow the way you would like What is the main challenge your business faces in its ability to grow the way you would like it to over the next two years? 204 0 0) General management 18 1) Getting financing 65 2) Recruiting and retaining talent 12 3) Legal or regulatory issues 8 4) Solving a technology problem 11 5) Customer acquisition and sales 36 6) Accessing large/ international partners 20 7) Accessing and entering new markets 21 8) High level of competition 4 9) Other (please specify) 9 Main challenge your business faces in its ability to grow the way you would like What is the main challenge your business faces in its ability to grow the way you would like it to over the next two years? 9 0 - 1 Marketing and Selling 1 No focus 1 Production of organic food and openig first eco ethno village in Macedonia 1 Weak economy in the region 1 creatin brand 1 secondary knowledge derived from innovation research 1 sourcing quality raw material 1 we have a problem with helth one of the co-founder 1 How challenging you consider these aspects to be in general: - General managemen 188 158 1 5 1 90 2 36 3 31 4 21 5 10 Sysmiss 158 How challenging you consider these aspects to be in general: - Getting financing 191 155 1 5 1 15 2 16 3 49 4 51 5 60 Sysmiss 155 How challenging you consider these aspects to be in general: - Recruiting and re 182 164 1 5 1 41 2 39 3 43 4 42 5 17 Sysmiss 164 How challenging you consider these aspects to be in general: - Legal or regulato 186 160 1 5 1 65 2 38 3 44 4 25 5 14 Sysmiss 160 How challenging you consider these aspects to be in general: - Solving a technol 187 159 1 5 1 73 2 50 3 38 4 17 5 9 Sysmiss 159 How challenging you consider these aspects to be in general: - Customer acquisit 185 161 1 5 1 18 2 35 3 58 4 43 5 31 Sysmiss 161 How challenging you consider these aspects to be in general: - Accessing large/i 188 158 1 5 1 13 2 18 3 46 4 56 5 55 Sysmiss 158 How challenging you consider these aspects to be in general: - Accessing and ent 185 161 1 5 1 14 2 31 3 47 4 47 5 46 Sysmiss 161 How challenging you consider these aspects to be in general: - High level of com 187 159 1 5 1 52 2 45 3 45 4 33 5 12 Sysmiss 159 How challenging you consider these aspects to be in general: - Other 121 225 1 5 1 59 2 13 3 36 4 7 5 6 Sysmiss 225 Thanks gift for completing the survey 0 346 Sysmiss 346 Status of completion of the survey 325 0 COMPLETE 214 COMPLETE & EXPRESS 7 EXPRESS 62 INCOMPLETE 8 INCOMPLETE & EXPRESS 3 OPT OUT 19 OPT OUT & INCOMPLETE 3 OPT OUT & VERY INCOMPLETE 1 VERY INCOMPLETE 8 Language version of the survey 72 0 CRO 11 ENG 54 SRB 7 Have you been accepted into an accelerator? 11 0 have you been accepted into an accelerator/incubator program? 11 Have you made a deal with an outside investor? 12 0 have you made a deal with an outside investor? 12 Have you received at least 25.000 EUR in external funding? 17 0 have you received at least 25,000 Euros in outside investment? 17 Have you taken on new debt? 12 0 have you taken on new debt? (e.g., money borrowed from friends or family, bank loan etc.) 9 have you taken on now debt? (e.g., monoy borrowed from friends or family, bank loan etc.) 3 No new finance 42 0 none of the above 42 Made sales of your product or service to since the beginning of 2017 in the Euro 72 0 no 44 yes 28 Did you have a positive total operating profit in 2016 (or the last financial ye 72 0 no 33 yes 39 Donation, long version of the survey or goodie 72 0 Donation 49 continue to long version of survey 9 select goodie 14 Status of completion of the survey - desk 60 0 Incomplete 11 None 21 Opt Out 19 Very incomplete 9 Received equity - desk 59 0 don't know 23 no 30 yes 6 Still working - desk 59 0 don't know 13 no 18 yes 28 ID 346 0 1 348 Meltwater Year 2: Number of Positive Mentions 346 0 0 6 0 335 1 8 2 1 5 1 6 1 Meltwater Year 2: Number of Neutral Mentions 346 0 0 64 Meltwater Year 2: Number of Negative Mentions 346 0 0 1 0 343 1 3 Meltwater Year 2: Number of Unrated Mentions 346 0 0 32 Meltwater Year 2: Total Number of Media Mentions 346 0 0 66 346 0 1 348 Facebook2017 202 144 2 253219 Linkedin2017 156 190 0 2119 LinkedinFounder2017 280 66 0 8410 Twitter2017 147 199 1 6004 Twitter Founder2017 67 279 1 4559 AlexaGlobalRank2017 132 0 1,287,692 1 1,497,012 1 10582161 1 10728408 1 11,481,904  1 110,322 1 11579775 1 12,362,178 1 12131051 1 12972698 1 12996499 1 1328785 1 13851182 1 14,049,323 1 1417118 1 14328915 1 14867557 1 15,487,357 1 15,910,348 1 15410021 1 15739509 1 15860215 1 1593214 1 16,154,060 1 16,296,007 1 16,993,191 1 16005905 1 16157814 1 16175911 1 16445512 1 16696117 1 17108914 1 17405104 1 1792492 1 18,694,294  1 18,708,854  1 18,950,562 1 18089909 1 18116339 1 18613883 1 1879629 1 18898894 1 193258 1 19880161 1 2,565,996 1 2025677 1 205134 1 207,835 1 2260773 1 2395099 1 2430863 1 2867951 1 3,129,989 1 3147859 1 3202576 1 3574329 1 3584059 1 3727172 1 3761578 1 3846641 1 4,131,303 1 4,571,910 1 4017867 1 403593 1 4087571 1 4236793 1 4279092 1 431,467 1 4763577 1 4907737 1 4930419 1 5,068,702 1 5,380,658 1 5002677 1 5003213 1 5026944 1 511007 1 5469441 1 5580282 1 5729758 1 590,166 1 5940987 1 5954396 1 6,636,215 1 6024841 1 630670 1 6410602 1 6765471 1 7,361,515 1 7,706,093 1 7,775,465 1 7188985 1 745082 1 7627995 1 7762907 1 7796512 1 780538 1 8,113,474 1 8,171,482 1 8,978,47 1 8063121 1 8153594 1 8234892 1 8308421 1 8385460 1 8396858 1 8552245 1 8619241 1 8671743 1 8673685 1 8840542 1 9,810,411 1 9,880,213 1 9414706 1 9478406 1 9578345 1 96675 1 9792242 1  1,726,062 1  1,947,626 1  12,038,909 1  2,040,147 1  244,558 1  3,038,842 1  4,033,048 1  4,902,277 1  4,946,232 1  438,915 1  5,729,480 1  7,090,049 1  8,813,465 1  9,939,070 1 SimilarWebTotalRanking2017 156 0 10043556 1 10486447 1 10504001 1 10737308 1 10792895 1 10891421 1 10985114 1 1100532 1 11341901 2 11455068 1 11574476 1 11595821 1 11829491 1 12252788 1 12271595 1 12310717 1 12443981 1 1249027 1 12751802 1 12802332 1 1310381 1 13315281 1 13441827 1 13573876 1 13668956 1 14110159 1 14261855 1 14325489 1 14431460 1 1444230 1 1480585 1 1481533 1 15085873 1 15615704 1 16000677 1 16390593 1 16720594 1 16795312 1 16846243 1 16883200 1 17033742 1 17091563 1 17131530 1 17147494 1 17573199 1 17657561 1 17742794 1 18068070 1 18141900 1 18181145 1 19643099 1 198930 1 20240240 1 21048572 1 21068764 1 21336693 1 2179090 1 21840383 1 21985809 1 2208623 1 22311724 1 22408209 1 22599923 1 2312927 1 2313134 1 23152891 1 23676186 1 238441 1 24711276 1 247899 1 25270236 1 25927611 1 26229339 1 2687816 1 27778441 1 2915155 1 29234279 1 3,154,93 1 3045746 1 30698555 1 31439279 1 3167018 1 32080264 1 32251274 1 32262279 1 32295340 1 32299036 1 3244627 1 32488567 1 32508745 1 32623601 1 32793577 1 32852450 1 32965195 1 33195501 1 33281364 1 33439405 1 33442569 1 3350004 1 33981346 1 35628613 1 3625523 1 36399049 1 37163434 1 3824775 1 3873239 1 4011654 1 4131278 1 4402806 1 4959519 1 5266758 1 5370400 1 5658714 1 5747814 1 5786785 1 5836706 1 5930969 1 6107399 1 6280220 1 650004 1 6557885 1 6697526 1 6736309 1 6754909 1 676664 1 6870577 1 7092286 1 7358273 1 739929 1 7439864 1 7603720 1 774181 1 7790922 1 786652 1 8184135 1 8214962 1 8371823 1 8549014 1 8621284 1 8822728 1 8904199 1 8950285 1 9142941 1 9166370 1 9258412 1 9313606 1 9467814 1 9510110 1 9579458 1 9610617 1 9693585 1 97063 1 9795866 1 9806810 1 989465 1 AngelList2017 346 0 0 1 0 223 1 123 AngelListFollowers2017 123 223 0 66