Startup Greece Interview With Alexander Zahari: SGTALKS | EP#77: Alexander Zahari, Founder of Edventures.

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Transcript of the Podcast Episode

0:13

Welcome to the new episode of Startup Greece Talks! Today, I have Alexander Zahari from Edventures. Welcome, Alexander. Thank you so much for having me.

0:24

It’s a pleasure to have you here. To be honest, I’ve spoken for hours with Alexander, and I’m just very excited to share what he’s doing with everyone. I find it super interesting, and I’m definitely one of the people trying the first thing that comes out. So, would you like to tell me more about Edventures?

Background of Edventures

0:40

Absolutely. Edventures is an impact edtech startup. We develop a personalised entrepreneurship learning and guidance app. That might sound a bit fuzzy, but what we really do is provide conversational AI to help entrepreneurs with coaching, provide them with information and learning experiences. Our aim is to make entrepreneurship more accessible to anyone who has a business idea. The truth is that it’s extremely expensive to afford mentorship, especially in entrepreneurship and business. Plus, the market is full of people sometimes just selling courses or education that’s not necessarily reliable information. So, to me, it seems like an incredible new way to utilise AI, and I would love to learn why you started doing it.

How did it all start?

2:00

What was the initial thing that got you there? Yeah, so this story goes way back, to be honest. It starts when I did a company programme in high school. We, me and three other guys, did a math book, a more explanatory math book. We printed 100 books and managed to sell 80 of these. When we had to finish the program, I wanted to continue on this momentum. So, I went to the supporting ecosystem and asked for support from different organisations. What they really didn’t provide was the support that I needed. Many coaches were like, “No one’s going to want to buy a digital math book.” This was in 2011. That’s where it started — the initial frustration of not having access to the support I needed and difficulties finding that support. Fast forward, it’s been a long journey since then, just trying to figure things out. But yeah, it all started back then, and I’ve been working on other ideas to provide this support as well.

Project Timeline

3:41

You have been working on this project for how long? Since the first ideas in 2017, but the first five years were different iterations. It started as more like a learning platform, an information portal. Quite quickly, we realised we need something more intuitive, something with chatbots. Up until the end of 2022, it was a learning phase. Then we repositioned ourselves last year (2023) rebuilding the prototype. We recently soft-launched the prototype two weeks ago (2024).

Background Information

4:45

I was about to ask at which phase you’re currently. Before we go there, it’s nice to get to know you a little bit better. Tell me a bit about your background, not necessarily academic but more experiential. Also, a pivotal moment in your journey.

5:14

I would go back to this first experience. I was super excited to run this entrepreneurship program in the final year of high school. I picked the high school based on the quality of their entrepreneurship programme. Not having the support you expect from the entrepreneurship ecosystem was a pivotal moment. Without that experience, I wouldn’t have had the same trajectory in life. Regarding my background, I have a Bachelor of Science in Economics, majored in organisational administration. Since the company programme, I’ve been involved in various entrepreneurship ecosystems and communities globally.

Edventures Information

8:00

Now, let’s get closer to the concept of Edventures. What problem is it solving? The support that exists is either time-based or limited to a course or program. We address the lack of access to entrepreneurship information and coaching, providing continuity. We want something continuous and more accessible, not just online but accessible information. Incubators and accelerators accept a small fraction of entrepreneurs, leaving many without support. Our service targets everyone with a business idea who wants to start this journey.

Continuity Challenge

9:34

The fact that you’re addressing continuity is probably the biggest problem. Everyone is changing from one incubator to another, from one programme to another. Every time, you need to reestablish the information, do the input procedure again, and explain the idea from scratch. This is not only time-consuming but also a significant challenge.

Present Challenges and Solutions

10:03

It’s not only time-consuming, but it’s also very tough mentally because you feel that you need to continuously prove a point, and you never pick up where you left off the last time. These things last for like three months or so, usually.

10:29

You don’t really have a track record of what you’ve been doing or what you’ve learned over this time. So, you’ve been a part of a few programes, but you don’t really have something to show other than, “Yeah, I was a part of this programme.” There’s no clear deliverable or output.

10:50

That’s one of the benefits that come with our feature. By using our service, you build a track record as it’s all digitalised. This data is important for coaches to understand how entrepreneurs are performing and developing. We’re not just building for entrepreneurs; we’re also building a service for coaches within the entrepreneurship ecosystem.

Edventures Information

11:32

A very interesting aspect about Edventures is the fact that it highlights the educational platform aspect. When you have an educational platform, for example, a language learning one, you receive a report saying, “Hey, this month you learned this and that.” This is not something you get with an accelerator. You don’t get any sort of certification; you were there attending and getting something out of it.

12:01

There are benefits to an accelerator, like connections and maybe articles written about you, but the discontinuity and the lack of unlimited access to information are significant drawbacks. The majority of entrepreneurs who are looking to get support don’t get it at all, and that’s the big issue.

Edventures Business model

13:44

So, how does it work? What’s the business model? It’s a conversational AI model, essentially. You chat with it to get support and information tailored to your business idea, needs, and goals. Gradually, as you chat with it, it becomes more personalised. Regarding the business model, initially, we’re B2B2C. We focus on organisations within the entrepreneurship support ecosystem. We go to organisations, asking them to pay for the number of entrepreneurs connecting to their platform and for the coaches within their organisation.

Launch of the Initial AI Feature and Final AI

15:23

We soft-launched the prototype two weeks ago. Currently, we have the conversational AI model available, and we’re working on finishing the features. We’re in the stage of closed testing, keeping access limited to get feedback on its functionality.

Ideal Customer Profile

17:34

In terms of the product-market fit, the final ideal persona would be any entrepreneur starting out. However, at this stage, the preferred user is budding entrepreneurs with limited experience and exposure, typically aged 16 to mid-30s.

Feedback on the testing

18:33

Feedback from the tests has been mostly positive, though it’s only been two weeks. There’s still a lot more to evaluate and act upon. We need to implement more intelligence into the model and enhance the overall user experience.

Target Market and Trends

19:37

We’re looking at how mature ecosystems are, and currently, we don’t see the relevance of focusing on Northern Europe or the US. At this stage, we want to tap into markets with a bigger potential.

20:02

There’s a bigger need in developing markets with large young populations, especially English-speaking ones like India. Entrepreneurship is booming there, with (entrepreneurship activity) levels three to four times higher than the European average. In Europe, the entrepreneurship rate is quite low, around 8% on average, while in India, it’s 25-30%, and in sub-Saharan Africa, it’s even higher, around 35%. This difference can be attributed to population and economic situations, where access to support and safety nets may vary.

Vision for the next months

22:47

For the next 12-14 months, the plan involves using the closed testing phase and upcoming pilots to build traction. The aim is to raise investment in the second half of the year and finish the MVP (Minimum Viable Product). Beyond that, building relationships with pilot organisations and leveraging them as examples to acquire more customers.

Competitors and Competitive Advantages

23:41

Certainly, let’s delve into the competitive landscape. To date, I haven’t come across a direct competitor offering precisely what Edventures does. While there are platforms like Chat GPT, they operate in a similar but not identical space. Our uniqueness lies in being more curated, niche-oriented, and providing a comprehensive experience tailored to the user’s specific needs. It’s not just about leveraging AI; it’s about creating a distinct intent and purpose, setting us apart from the rest.

Indirect competition, however, is crucial to consider. Platforms like Coach Next Door and various channels on social media present alternatives. My personal experience, hailing from a village in Greece, where opportunities are scarce, adds a unique perspective. Many individuals face similar challenges, navigating through vast amounts of information from books, podcasts, and online searches. Edventures streamlines this process, offering personalised support and a community that understands the entrepreneurial journey intimately.

27:05

Our competitive advantage is multifaceted. Firstly, we leverage AI technology to swiftly deliver tailored information. Secondly, our engine is trained to provide personalised answers, enriching the user experience. Thirdly, we eliminate the need for time-consuming meetings and costly coaching sessions, making entrepreneurship guidance more accessible. Lastly, we’re building a supportive community around Edventures, fostering connections among entrepreneurs and gathering valuable input during our close testing phase.

Future Diversification Plans

28:47

Edventures is strategically focused on future development, diversification, and competitive positioning. During the closed testing phase, the creation of an early bird community is pivotal, providing a platform for entrepreneurs to connect, mutually support, and contribute valuable insights for collaborative service enhancement. The overarching strategy involves not only cementing our reputation as the preferred organization for early-stage entrepreneurs but also leveraging these connections to expand our reach. As our community thrives, it becomes a catalyst for increased influence, forming a positive feedback loop. Furthermore, tapping into existing networks, such as an exclusive organisation for young entrepreneurs, provides us with a competitive advantage and broadens our access to a substantial user base.

Funding and Investors

30:01

Currently, we’re bootstrapped, relying on savings and sheer determination. Our plan is to initiate a fundraise in the second half of this year, between €300,000 and €500,000, to enable a 24-month runway. Ideal investors would be those interested in social impact, tech, and industries related to the future of work and employment.

Exit Strategy

32:06

While it’s too early for a concrete exit strategy, the focus is on building and growing Edventures. I believe that dwelling on exit strategies too early is like thinking of a divorce at a wedding. Our focus remains on building a robust foundation and delivering value to our users.

Edventures Team

32:53

Our dynamic team of five brings diverse expertise to the table. With my background in grassroots entrepreneurship, community building, and project management, I bring a decade of experience. The team also includes a full-stack developer, data scientists, a product designer, and a skilled Flutter developer. Operating remotely from different parts of the globe, working remotely from Canada, Sweden, Finland, and India, our team’s cultural diversity and shared vision contribute to our success.

Closing Words

36:17

In closing, Edventures is not just an app; it’s a solution born out of a passion to empower individuals facing challenges like those in my hometown in Greece. The team’s hunger for learning, cultural understanding, and a shared vision for the end product set us apart. I encourage listeners to explore Edventures, engage with us on LinkedIn, and become part of our community. Your feedback and collaboration are vital as we embark on this impactful journey together. Thank you for your time.