Innowave 2017 Business & Startup Forum: a review

Just a week ago I mentioned that one of the biggest technology events in Europe was coming to Bulgaria. Well, it happened, and it was a great success. Innowave 2017 Business & Startup confirmed my optimism about the growth of the tech sector in Bulgaria outside Sofia, and I cannot wait to tell you what happened at the forum.

Innowave 2017 Business & Startup Forum was one of the biggest technology events of its kind, held on the Black Sea coast in Varna. The conference ran for 2 days, on 20 and 21 October. It is expected to have a big impact on the long-term vision for Varna and to turn the city into a regional and international centre for technology and start-ups. Around 750 attendees, 38 speakers from 23 countries and many exhibitors were part of this large event. All keynotes and talks were in English and split into two tracks: Business and Start-up. It was a great mix of talks, personal coaching, start-up competitions, discussions and presentations. The idea started with a few talented, smart young people and was backed by national and local authorities and the European Commission.

The business track opened with a talk by marketing guru Drayton Bird, who spoke about how hard it was to learn to write simple marketing copy that everyone understands. Veselin Popov from the Cambridge Psychometrics Centre presented a large academic study of how two groups of people (introverts and extroverts) behave online and on social media. The result: behaviour is predictable! Stiliyan Zaporozhanov said that direct marketing is dead and showed the opportunities for promoting a business on Facebook. Miroslav Bogdantaliev, co-founder of the International Business Alliance Bulgaria, showed how quantum computing can be used to grow a business and how to solve a simple binary algorithm without limits. Manuela Krull-Mancinelli explained what blockchain is and its impact on society, with interesting examples of how blockchain can be combined with artificial intelligence and the Internet of Things to make everyday life easier. Cüneyt Erpolat from Alibaba spoke about the need for a ready-to-use business-to-business ecosystem, so that companies can focus on what they do best: their core business. Bozhidar Krapchev presented the growing opportunities Amazon offers small and medium-sized retailers.

Matt Brooke-Smith shared his experience as a founder of many companies and pointed out that failure is not always a bad thing. His first online venture mainly serves the UK but moved its office to Varna. Besides lower taxes and salaries in Bulgaria, CEO Rune Sovndahl mentioned the attitude of the staff, who are motivated to learn and work hard, and he did not forget the good weather and the wine.

The start-up track was full of ideas and advice on how to start your own business, how to grow it, and whom to trust or not. Lawyer Bilyana Dimitrova pointed out that it is not only investors who choose a project to back: start-ups should also choose carefully who funds them. It should be someone who brings not only money but also know-how and experience. Kamelia Allow's main message was never to lose sight of the numbers when starting a business, and she recommended free CRM and accounting software. In a talk with venture capital firms called "The founder's personality", speakers highlighted the benefits of testing a new idea or product cheaply in a small country like Bulgaria, and the main criteria for how an investor chooses a start-up. Crowdfunding was the topic of Sara Meister from Indiegogo. Marcin Olender from Google showed how his company supports start-ups with free tools (the Digital Garage) and free co-working spaces in several European cities.

14 start-ups got the chance to pitch their ideas on stage and win funding for their projects. Every visitor got a fake 10-euro note to vote for their favourite. The prize went to SpeakyABC, an interactive English learning platform built for the Chinese market.

For me, one of the highlights was the talk by Bas Lansdorp, CEO and co-founder of Mars One. His ambitious goal is to raise money for an expedition to Mars! It will be the biggest event of the 21st century, Lansdorp said. He plans to complete the mission in 2032. The idea is to make Mars accessible to tourists and help people appreciate the Earth more. More than 12,000 people have already applied to be part of the first four-person crew, with no guarantee that they will ever come back! I wish Mr Lansdorp luck with his project!

Thank you to Tsvetan Mihaylov for this review!