Here we are again, facing the unstoppable force of a deadline. Fifty Founders Battle application process is nearing the end and, as promised, we owe you a sneak peek of the five tracks featured in TechChill 2020 pitch competition.
This year Fifty Founders battle, the cornerstone of TechChill 2020, will feature five tracks: GreenTech, MedTech, FinTech, B2B and B2C. Expect 10 energetic startup pitches in each one of them and the winner from each track will advance to finals. Five finalists will compete for the main prize of 10 000 EUR cash prize with no strings attached and get fast-tracked to Startup World Cup Finals. To balance the application amount in each track and make it more interesting for the audience, this year the tracks were identified only after checking out the trends in our application inbox. This led us to five industry verticals we deem important to shine a light on:
(And in case you already don’t need any more convincing – apply here! )
With new environmental challenges popping up every year, people are becoming more and more environmentally conscious. Sustainable development is the backbone of GreenTech and founders behind green technologies model their businesses in ways that conserve natural resources and offset the negative impacts of the human every-day activity. According to the report on The State of European Tech 2019, more than 500 European companies who have received funding since 2005 tackled such UN’s Sustainable Development Goals as SDG 13 on Climate Action, SDG 7 on Affordable and Clean Energy, and others.
“With the Baltics being one of the greenest regions in the world (according to the Environmental Performance Index) and having a high number of graduates in science, maths, engineering, the region is the perfect breeding ground for technologies tackling climate change and conserving natural resources.”
The main goal of Medtech is to save and improve lives. Not surprisingly, it has become one of the most innovative and dynamic technology sectors out there. According to MedTech Europe, MedTech has been the industry with the most registered patents in Europe in the last few years. With hundreds of products and services already out there, many patients are now looking at much more positive outcomes. However, despite the countless breakthroughs in medical technology development, there are still even more areas where improvements can be made to perfect the ways of how we treat and care for patients and many startups in the region are aiming to do just that.
As stated by the SWG report, “at the moment, FinTech is one of the dominant startup verticals in all three Baltic countries”. So it makes sense that it’s also one of the more popular verticals among the Fifty Founders Battle applicants. Whether it’s tackling cross-border payment issues, various P2P services, or improving the shopping experience, someone in the Baltics has probably come up with a solution. There are already so many Baltic success stories strongly marking themselves on the global FinTech map, it makes sense the entrepreneurs are inspired and see an area full of possibilities.
Yet another highlight of the SWG report is that the Baltics is “a great, low-risk place for testing new business models and products”. The region not only offers easy access to high-level executives but is also rather forgiving when it comes to making mistakes. With these boundaries removed, startups are more willing to test crazy ideas and shoot for the stars. As a result, there are a lot of innovative and (are we really using this word? We guess we are) disruptive B2B startups coming out of the region. Transaction values at B2B markets are significantly higher than at a regular consumer business, so startups are choosing this business model to gain a bigger market share. Of course, get ready to meet various SaaS startups in this Track!
Due to constant innovations and rapid shifts in the market B2C is a highly competitive business model. Companies constantly have to stay on top of their game in order to avoid getting overtaken by either lower-priced or higher-quality products or services. This brings good news to the consumers as they are able to choose who to buy from and switch sellers easily. In this category, we expect companies that are constantly looking for innovation to satisfy consumer needs and roar away their competitive counterparts. Again, disruptors. Expect products and services that could fit your own, individual needs, and SaaS startups here as well!
WHAT’S IN THE PRIZE POOL?
// 10 000 EUR money prize – after-tax, no equity and no strings attached!
// Pitching at Startup World Cup finals in San Francisco, May 2020;
// Latvian Business Angel Network (LatBAN) is providing a soft commitment of 100 000 EUR by a syndicate of LatBAN members to invest in one of the finalists of the Fifty Founders Battle;
// Advertising campaign in Forbes valued 3 000 EUR
// AWS credits and more!