startups

World Entrepreneurs' Day: 10 Hottest Finnish Startups

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World Entrepreneurs'Day is celebrated every year on August 21st around the world! Traditionally, the purpose of the World Entrepreneurs' Day is to create awareness for entrepreneurship, innovation and leadership throughout the world. In honor of this occasion, we are highlighting top 10 hottest Finnish startups to look out for and celebrate in 2019!


10 HOTTEST FINNISH STARTUPS IN 2019


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#1 Varjo - pioneering a new reality

Founded in 2016 in Helsinki, Varjo is producing an industrial-grade VR / XR headset that allows professionals in sectors from aerospace to architecture to work in human eye-resolution quality virtual or mixed reality when designing new products. The company is undergoing an exponential growth - they raised $31 million in Series B funding in October 2018.

 

#2 Solar Foods - protein source reinvented

Founded in 2017, Solar Foods is creating “food out of thin air” – producing an entirely new kind of nutrient-rich protein using only air, water, and electricity. An innovation created by leading clean-tech expertise of Finland and based on a concept by NASA, the unique and pure single-cell proteins of Solein are produced from CO2, water, and electricity. Startup has already raised €2 million.

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#3 ICEYE - ’new space’ movement

ICEYE provides broad access to timely and reliable radar satellite imaging for a variety of industries (to both commercial and governmental organizations). Using SAR technology, ICEYE is able to monitor acute issues, such as illegal fishing, oil spills, melting icebergs, and floods. The company launched its first micro-satellite (the world’s lightest of its kind) in January 2018. The startup has raised $65 million in funding and plans to have a network of 18 satellites up by 2020.

 

#4 GetJenny - new generation AI chatbots

GetJenny helps customer service people focus on tasks that require life experience by enabling companies to quickly and easily teach, deploy, and maintain human-directed AI to instant messaging on live chat platforms. Currently, the chatbot is available in over 30 languages. Startup has closed a $2.3 million seed funding round and have already partnered up with giants like Microsoft, Salesforce, and Slack.

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#5 Etsimo Healthcare – doctor in your pocket

Founded in 2016 in Turku, Etsimo aims to put a doctor in everyone’s pocket. By leveraging AI on a platform built specifically for healthcare, Etsimo’s virtual assistant helps patients to determine whether they need to see a doctor by entering their symptoms into Etsimo’s self-diagnosis solution. The startup raised funding from the Finnish healthcare service company Terveystalo in exchange for 20% equity.

 

#6 Grib – 3D without limits

Founded in 2016 in Helsinki, Grib is the world's first 3D software for augmented reality, that was created for students, designers, and anybody else that wants to easily create 3D models and unleash their creativity. Grib’s mobile AR technology is designed to provide users with a sense of the scale, size, and form of 3D models.

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#7 Ōura - living your best life

Oura ring is the the most accurate and comfortable sleep and activity tracker on the market. The new Ōura ring comes with advanced sleep tracking features and daily guidance that helps users align their lifestyle, activities and sleep habits to their natural circadian rhythm – the 24-hour genetic clock that regulates the functions of the human body. The startup has won multiple awards, and is continuing to gain high momentum on the market of smart wearable devices.

 

#8 HoxHunt – gamified cybersecurity

Founded in 2016 in Helsinki, HoxHunt offers gamified training solutions for employees to improve cybersecurity. HoxHunt’s AI solution simulates real phishing attacks on organisations’ users, while revealing the techniques attackers use to infiltrate organisations. Employees are rewarded for reporting the attacks – both real and simulated. The startup is trusted by the world’s leading security professionals, and has already raised €2.9 million.

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#9 ResQ - no meal left behind

Founder in 2015 in Helsinki, ResQ is on the mission to reduce food waste by offering their solution to restaurants, bakeries, cafes and hotels. Their mission to “leave no meal behind” saw them rescue more than 2M portions by allowing consumers to discover new restaurants at a 50% discount rate by ordering meals at the end of the restaurant day. With a 97% satisfaction rate on all orders, saving the world has never tasted this good.

 

#10 Zadaa - your very own boutique

Founded in 2015, Zadaa is a marketplace app which allows you to turn your closet into an online boutique. You can both sell and buy high fashion clothing straight from someone else’s closet. The service is extremely easy to use and is a great way to connect with shoppers alike from around the world. The startup has already expanded its services to over 300 fashionable cities in Germany, Denmark, Finland and more in the nearby future.

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Happy World Entrepreneurs'Day! More content on Europe’s hottest tech innovations, corporate venturing, digital transformation and more on our blog!

Evaluating Startups: What Metrics Matter the Most?

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In the previous blog, we have discusses what are the “5 most important questions to ask your organization and yourself before going to bed with startups?” Now that you are ready to dive into the startup world, let’s review the essential metrics for startup evaluation to determine how suitable the case is for your needs and how likely it is to survive long-term.

It is important to understand that the company evaluation for early-stage startups and more advanced growth companies (aka scale-ups) can and will differ. The younger (the more early-stage) the company is, the more essential it is to remain focused on finding the first paying customers as soon as possible to find and prove the product-market-fit. Wherein growth companies fight for the firm position on a market space comparing to its competitors, set a steady revenue stream, scale its operations, grow the team and attract new investment/partnership opportunities. Hence, identifying what stage company your corporate seeks for will then determine what metrics matter the most in startup evaluation.

Since Catapult’s services rely heavily on data, only more advanced growth companies are to be seen in the data-pool, and consequently to be validated for startup-corporate collaboration. Metrics presented below correspond to the needs of corporates to find and collaborate with more advanced cases.


What metrics matter the most when evaluating a startup from corporate perspective?

 
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FINANCE DATA

  • Investments & Investors

  • Turnover

  • Valuation estimations

  • Estimates of the runway with present funding


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TRACK DATA

  • Descriptions of the product/service

  • Growth speed

  • Growth speed of the company compared to competitors

  • Presence in different medias weekly compared to competitors


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TEAM DATA

  • Founders & their success with previous ventures

  • Team members & their background

  • Employees growth

  • Board members & Advisers

 

In the next blog posts, we’re going to dive deeper into each data-driven metric and understand how to comprehend data to make conclusions on startup evaluation.

 

Top 10 Digital Transformation Trends in 2019

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SMEs and corporates alike are in the process of planning next year’s budget, KPIs and strategies. Here is what to expect in the upcoming 2019: the reappearing trends in digital transformation and the new ones that are expected to kick off.

Most organizations project that 50%+ of their revenue will come from digital by 2020, while the World Economic Forum estimated that digital transformation will contribute over $100 trillion in value to businesses and society by 2025. Spoiler alert: one of the biggest digital transformation trends that organizations will take a note of is the change in leadership innovation. A recent Randstad study found that 95% of 3,000 surveyed companies believed they needed a new and different types of leadership to address the impact that digitization will have on their operations.

In today’s era of volatility, there is no other way but to re-invent. The only sustainable advantage you can have over others is agility, that’s it. Because nothing else is sustainable, everything else you create, somebody else will replicate.
— Jeff Bezos, Amazon founder
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The fundamental trend which is seen throughout this year and is expected to grow even stronger in the upcoming 2019 is the corporate ability to stay lean, agile, innovative, make fast decisions on digital transformation, experiment and deploy new emerging startup technologies to take digitalization to the next level - both internally (company-wide infrastructure) and externally (services/products for customers).

Stay tuned for more industry insights and digital sneak peeks!

Yours, Catapult team.


Source:

https://www.zdnet.com/article/the-biggest-lessons-learned-in-digital-transformation/

https://www.forbes.com/sites/danielnewman/2018/09/11/top-10-digital-transformation-trends-for-2019/#4e7644d23c30

https://aimconsulting.com/insights/blog/digital-transformation-emerging-trends-for-2019/

Startups To Watch: Nordic Startup Awards 2018

One of the Nordic’s most prestigious and biggest startup events has come to an end. The Grand Finale of the The Nordic Startup Awards 2018 took place in Denmark. This year, the competition had reached the number of 2,500 startup nominees, which were thoroughly screened and evaluated by 50 expert ambassadors and jury members. The winners from these rounds were then further ranked by an international jury, and their decision was eventually combined with over 35.000 individual public votes from each of the five Nordic countries.

As a unique series of events in the Nordic countries - Denmark, Sweden, Iceland, Norway, and Finland -  Nordic Startup Awards recognize, celebrate and connect the Nordic startup ecosystem bringing together innovators, growth companies and entrepreneurs from all industries possible. With no exception!  

All countries have presented high quality candidates and there is a good balance between B2B and B2C companies, also characterised by being extremely scalable.
— Kim Balle, CEO of Global Startup Awards

We wish all the luck to the winners, that will have the opportunity to compete further in the Global Startup Awards in 2019. Meanwhile, as the voting has been complete and the new startup heroes have been chosen - here is a summary of startups that took the winning spot in 8 categories.   

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Stay tuned for more industry insights and digital sneak peeks!

Yours, Catapult team.


Sources:

http://www.eu-startups.com/2018/10/nordic-startup-awards-2018/

http://nordicstartupawards.com/

7 Industries VR/AR Is About To Transform [infographic]

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There is more to VR/AR than gaming. The potential of this technology across a variety of industries is extensive, anything from healthcare to real estate and education can find its processes reinvented using VR/AR in no time.

Speaking in numbers, AR/VR startups raised $3 billion in 2017, and the number is expected to be even higher by the end of this year.

We’ve listed 7 industries, that at the first glance may not appear as VR/AR-friendly industries, yet have more and more immersive technologies utilized in day-to-day processes and operations.

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WHAT STARTUPS ARE IN?

1). Retail

Bold Metrics, formerly Fashion Metric, uses machine learning, math, and data science to personalize the customer experience in-store and online.

https://www.boldmetrics.com/

2). Agriculture

Infosys has a stake in AR/VR for agriculture through its Plant.io project, which is an open source, plant-growing platform that aims to bring new forms of software-driven intelligence and interaction to the plant growth cycle.

https://www.infosys.design/plantio/

3). Marketing & Ads

OmniVert provides a “360° Virtual Reality advertising platform” whereby brands, developers, and publishers can monetize and disseminate VR content.

https://www.omnivirt.com/

4). Military

ScopeAR uses augmented reality to equip military officials with “computer vision technology” to help with equipment maintenance and repair. The Company integrates the most current AR technologies into their solutions, and AR glasses providing the user with a "See-It, Do-it" experience.

https://www.scopear.com/

5). Law enforcement

VirTra is a global provider of training simulators for the law enforcement, military, educational and commercial markets, e.g. de-escalation training, judgmental use of force and firearms training simulator.

https://www.virtra.com/

6). Healthcare

AccuVein is a provider in medical imaging, offering a hand-held, non-contact vein illumination solution, which allows nurses and doctors to see where various veins and valves are in a patient’s body.

http://accuvein.com/

7). Recruitment & HR

Mimesys is applying AR/VR to provide collaborative remote work - it is the first holographic meeting platform, which puts real people in a shared virtual space from anywhere in the world.

http://www.mimesysvr.com/


Those were just a few examples to illustrate how VR/AR is evolving even in the sectors unusual for such technology. Glancing at the more traditional industries like manufacturing, logistics, banking and construction - VR/AR is an ultimate tool for more efficient processes and more engaged customers. About this and other tech trends in the upcoming industry insights! Meanwhile:

Stay tuned for more industry insights and digital sneak peeks!

Yours, Catapult team.