Case: CaddieON

CaddieOn LogoProfessional athletes use all available information to improve their performance. In golf, collecting the data requires a load of statisticians who follow the players and record each shot. Amateur golfers would love to have the same means to improve their performance as well. However, all the prior solutions either require too much concentration on manual data collection or one needs to pay big money for a live caddie to do the job. CaddieON allows automated golf data collection. The patent pending product enables the round events to be recorded shot by shot, shared and broadcasted in real time. Even better, player can compare his performance with other players and compete in all game details, not only with total round score. Instead of gadgets, you get to focus on game and play better. Now, that’s a strong value proposition for a golfer.

The CaddieOn wristband automatically detects the strokes and the club used for it. There's no easier way to keep track of your golf game play.

The CaddieOn wristband automatically detects the strokes and the club used for it. There’s no easier way to keep track of your golf game play.

CaddieON has launched the product and starting the sales in Finland during summer 2013. Prior to investment it has already announced cooperation with half a dozen golf courses in Finland and collected crowd funding from Finnish golfers worth 13 thousand euro.

”There are 60 million golfers in the world. CaddieON will lead the way in giving the golfers most value for their golf and making golf more rewarding, enjoyable and interesting than ever. The international market potential is worth several hundred millions. We wanted to have an investor who can help us with business models as well as finding the right partners. Butterfly was our best choice and shares our passion for lean customer driven development.” (Tuomo Lalli, CEO of CaddieON, Inc.)

In addition to automatically created golf game play record the CaddieOn mobile app has all the features you would expect from a golf app and there's many more coming up.

In addition to automatically created golf game play record the CaddieOn mobile app has all the features you would expect from a golf app and there’s many more coming up.

Butterfly invested into CaddieON because the patent pending product concept allows superior ease of use and thus stronger value proposition for golfers in a market worth of several hundred millions. Furthermore the business model offers several avenues for monetization. The CaddieON team has shown both the ability and commitment. Finally their ongoing crowd funding campaign has already gained significant traction among their future customers. Butterfly investment will be used to validate value proposition and establish the required metrics to leverage the valuation up for follow-on financing rounds.

Startup weekend in Astana, Kazakhstan

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Startup Weekend 17.-19.5. at Astana, Kazakhstan. One of the things we liked there, is the pretty concrete approach into a customer development. On Friday there were just ideas, on Sunday some were actually already selling something for real money, i.e. testing their product as well as channels. Here’s the future fast food chain in the making, one of the first sales of their.

Astana Innovations arranged a Startup Weekend event 17.-19.5. One of our partners, Juho Risku were coaching there along with a great local coaching team and such international startup professionals as Maxim Shekhovtsov (Genezis Capital), Nikolay Savin (GrowthUP) and Karl Johannesson (Widsith Consulting).

In addition to fast food case mention above there were web and mobile startups as well as some around such ideas as waste handling and green energy. During the weekend almost 100 ideas were condensed into roughly 20 startup teams. The teams carried out customer surveys, did sales call trials, built prototypes and prepared their pitch presentations. For instance there were several launch ready web sites developed. It was great to see such amount of young people working towards new startups in such a concrete way.

Building bridges

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Silicon Valley with Mikkel Svane

Juho Risku discussing with Mikkel Svane the CEO of Zendesk in Silicon Valley. Zendesk had just closed $60 million round.

One of our key ideas is to actively build such bridge ends that will ease up the market entry of our portfolio companies. Our trip to Silicon Valley was very productive. In addition to number of VC funds and accelerators we met entrepreneurs, such as Mikkel Svane from Zendesk. Zendesk btw. is an excellent example of a modern startup which has built their business around the customer centric idea of creating a great product above anything else.