For entrepreneurs, it proves difficult to understand what options are available when their business faces financial difficulties. It does not always have to end in bankruptcy; yet this sometimes seems to be the only solution. Unfortunately, our law is confusing and there is little support to help entrepreneurs with this. RestartUp  hopes to change this.

Goals & activities

The 3 goals, including activities of RestartUp:

• Goal 1: Creating and testing the toolkit MVP
  (MVP) designed by Sofija Pantic & Siske van Keimpema as part of our master's programme, Justice Entrepreneurship.
  
  Activities:
  
  1. Process Mapping
  Using experts to visually map out necessary steps to be taken in a bankruptcy process. This includes different branches for different types of companies. It also provides insight into what information needs to be shared per step, and with which authority.

  This toolkit will be further divided into the three main steps: before, during and after bankruptcy.

  2. Pathway building
  Bryter, a highly efficient process automation tool, offers that their software can be used free of charge during the pilot phase. Once all the information has been mapped, the process will be turned into a digital toolkit. This includes e-mail integrations and document generation so that we can send e-mails and forms on behalf of start-up founders from the platform. Legal design is also used to share, access and simplify relevant information.
  
  3. Testing
  All steps will be tested during a series of workshops with start-up founders, who are currently experiencing financial challenges, in collaboration with individuals who have already gone through the bankruptcy process.
• Goal 2: Creating an ecosystem for failure
  How? By creating a 'failure ecosystem' supported by the network of Amsterdam Venture Studios and Amsterdam's leading incubators and accelerators. en de belangrijkste incubators en accelerators in Amsterdam.
  
  Activities:
  
  1. Contact and connect the relevant stakeholders, mapping them into their respective needs and roles within the failure ecosystem.
  
  2. Hold a series of three testing workshops during the development of the toolkit, to bring people together and learn from their feedback.
  
  3. Develop a website, social media and Hubspot CRM to manage the ecosystem communication and interaction.
  
  4. Host a toolkit launch event, in which we will share the tested prototype with the wider ecosystem.
• Goal 3: Seeking match funding
  We are referring to investors willing to fund the project together with Gemeente Amsterdam, with the aim of: supporting the long-term maintenance and expansion of the toolkit (if the pilot is successfully tested).
  
  Activities:

  Because the cost of failure is so high, and has a marked effect on more than just entrepreneurs themselves, we intend to look for funding partners to become part of a longer term funding model. We will be contacting banks, accelerators, legal insurers and Netherlands Enterprise Agency (RVO) to discuss a consortium funding approach for four years following a successful pilot. We hope to combine this funding with financial support from Gemeente Amsterdam.