Menorca Millennials, a personal due diligence process

28 startups from 14 different countries land on the island of Menorca at the end of May. For 12 days (May 25th – June 5th) more than 50 experience-makers and top opinion-leaders from around the world critically analyze their strengths and weaknesses. Off-site, entrepreneurs bike with Martin Varsavsky, take part in a paella competition under the instruction of Manel Adell, do high intensive exercise with New York entrepreneur Coss Marte, mindfulness with Miquel Quintana, and then they get down to business.

Menorca Millennials is the first startup decelerator program. It is unique methodology gives startups an escape from routine and time to connect with experience-makers, international experts and investors in a relaxed, inspiring environment.

Menorca provides the dreamy scenery and the founders, led by CEO Marcos Martin, pack the punch. Founding partners include prominent names such as Martin Varsavsky (Jazztel, Fon, Prelude), Di-Ann Eisnor (VP Gaze – Google) and Manel Adell (former Desigual, now board member at Grupo Puig). Some of the faces on the island in the second week this year include Mathias Ummenhofer – Founder of Mojo Capital, The Angel Investor Tammy Beaulieu and Magnus Gaarder – Cofounder of Cidron Ventures.

This 4th edition marks a commitment to sustainable development. CEO Marcos Martin reports that “92% of the participants who asked to enter the program stated that their companies would help improve the planet.”

The 28 startups were selected from more than 400 applicants. They could opt for one of two entry channels: either by paying €1000 + 3% of their company’s equity, or €5,000 + a success fee of the first €500,000 of the next round raised.

The purpose of the program is twofold:

• To help the 20 or so participating international investors decide if startups have what it takes  to become part of their portfolio
• To force startups to go through a personal due diligence process. This includes validating, pivoting and scaling-up the business model, analysing the team, rethinking the model and embarking  on an internal transformation process that ends up going beyond the search for funding

In case you need any evidence of the success of the program, the 62 startups that went through the last 3 editions have raised more than €50 million in investment between them. One in two get funding.

At the end of the 12 days, chosen startups receive financing from the Menorca Millennials’ investment fund, Torret Road Capital. We are talking about rounds of up to €250,000, and the form of investment can be capital increase, a convertible loan, or the mode that best suits the needs of the startup.

For the first time this year the Menorca Millennials program ended with two closed investment contracts, just one example of their highly curated process. “This is an amazing experience for second time entrepreneurs that want to scale their companies. Because the issue is not to start, the issue is to scale” said Ricard Garriga, Co-founder of Menorca Millennials.

In this year’s edition, a strategic agreement with Schneider Electric makes them an international sponsor and offers BeOn, Omnio and Lightfi the chance to take part in the program. Other international sponsors include Amazon Web Services, NIU – Andorra Telecom Accelerator, Hubspot and Sendgrid.

Deceleration done, it’s time to go home. Undoubtedly everyone is totally exhausted but, for me, working here at my desk, two weeks pushing yourself to the limit in idyllic Menorca, is far from the earthly concept that I once had of the world of work. Congratulations to everyone.

CHOSEN STARTUPS

Featured images:
1. Inauguration of the Menorca Millennials 2018 program at the Club Naútic of Binibeca Vell on May 25.
2. The founder of ConBody, Coss Marte explains to startups his method on the beach.
3. Cycling excursion with Martin Varsavsky