Elecctro was part of the second edition of SIBS Payforward, the first fintech accelerator in Portugal. Created in 2014, the portuguese startup is disrupting the vending machine market, by integrating software and electronics, to allow vending machines to communicate with the world around them.
Even though they were not an immediate fit for the open banking challenge, they took on SIBS challenge and showed them how much value they could bring to the fintech area, making it to the pilot development stage of the program.
ReThink spoke with Ricardo Jacinto, co-founder and Head of Finance at Elecctro, about the startups participation in the open-innovation program.
ReThink: What attracted Elecctro to SIBS Payforward?
Ricardo Jacinto: For Elecctro, when we applied to SIBS Pay Forward, we believed it would be a great opportunity to increase our knowledge and expertise on the payments’ value chain, particularly by working with a corporation like SIBS, which is one of the main players in the industry in Portugal. At the time, we are already discussing new ways of cooperation with SIBS, but we applied to find an approach to fit the Open Banking API to our needs of developing a global and scalable payment solution.
RT: How did the program helped you grow? What were your main learnings during the program?
RJ: Although the requirements of Open Banking API were not suited to the vending industry, the program went very well because SIBS saw on Elecctro an opportunity to tackle a huge market where banks, processors and acquirers are getting zero. We were able to get SIBS’ attention to the vending industry and it was done on SIBS Pay Forward.
RT: How did your partnership with SIBS helped your business?
RJ: The opportunity to meet with almost all the managers and directors of the different departments of SIBS allowed us to establish connections and speed up the process of certification for the first payment terminal for vending in Portugal. Still today we keep several contacts that help on different perspectives: technical, commercial, etc.
RT: What advice do you give to startups currently in the program?
RJ: They should understand how exactly they can be interesting to SIBS and how they can help SIBS grow its business and strengthen its position in the market. If SIBS acknowledges the potential in a project and sees how it can benefit from a partnership, I believe they definitely will help that project to succeed.
One of our favorite things at Lisbon Investment Summit is our #LIS Pitch Competition in which 12 up-and-coming startups pitch on stage to a crowd of top-tier international investors.
This year’s award, sponsored by GROW, went to Musiversal – a platform that helps music creators to record sessions in world-class studios with professional musicians.
André Miranda, founded Musiversal as a solo founder and has been growing his team ever since. During its early stage phase, Musiversal was in Beta-i’s acceleration program – Lisbon Challenge – where it was invested by LC Ventures and REDangels.
As Musiversal enters a high-growth phase, building momentum for a successful seed investment round, here is the advice André Mirada had for new startups entering new editions of Lisbon Challenge:
Bluetech Accelerator – Ports and Shipping 4.0 will have its Bootcamp phase between 24th-28th June. Bluetech is an ambitious and innovative program looking to create a new batch of ocean startups and attracted startups from all over the world.
The Bootcamp
The top startups were invited to join the one-week Bootcamp. In this week, they will benefit from learning about business model innovation, startup methodologies and tools, get additional product validation, define the value proposition and a business case to present to the Partners. The best startups will have the opportunity to work together with one or more Partners in developing a pilot.
The New Wave of Ocean Startups
The program received a total of 87 applications, from 29 different countries. Here are the startups joining the Bootcamp (click on the buttons to know more about them):
ECO WAVE POWER
Country: Israel Areas of Interest: Energy & Cleantech, Renewable Energy, Green Technology, Green Energy.
Eco Wave Power is an advanced and innovative international wave power developer headquartered in Israel.
Country: United Kingdom Areas of Interest: Logistics/Supply Chain, Shipping
ARX Maritime mission is to bring cutting-edge solutions and hardware to the forefront of your maritime operations. Our goal is to equip you with cost-effective solutions that give you more efficient operations and a safer and more secure environment to work in.
Country: Portugal Areas of Interest: Transportation, Logistics/Supply Chain, Data & Analytics, Shipping
eShip applies state-of-the-art ICT (Information and Communication Technologies) to the traditional chartering business model, generating significant value added to all market participants
Country: Portugal Areas of Interest: Transportation, Logistics/Supply Chain, Logistics Marketplace
Bizcargo is a Future Cargo Logistics solution, acting as a marketplace, to search and compare transport and logistics services with simple or multimodal door-to-door solutions
Country: Ireland Areas of Interest: Data & Analytics, Sensors, Environmental Compliance
TechWorks Marine is a provider of oceanographic equipment and world-class solutions to monitor the marine environment, working in the private and public sectors both in Ireland and overseas
Country: Estonia Areas of Interest: SaaS, API, Logistics
Shipitwise created a tool which is not only able to digitize any offline, analog world transportation company, but also provide a professional system for logistics firms to share with their business customers.
Country: United States Areas of Interest: Energy & Cleantech, Oil & Gas, Wind Energy
Apellix designs and builds aerial robots (drones) that autonomously perform work on elevated structures that is otherwise dangerous, expensive and time-consuming for humans to perform.
This is it! We wrapped up this year’s edition of Lisbon Investment Summit, and we couldn’t be prouder of it.
It was an action-packed event where we gathered over 1500 attendees for 2 days of knowledge sharing, provocative discussions and hundreds of one-on-one meetings between top-tier investors, daring startups and the most innovative corporates.
Humanity Will Fix the Future
We kicked off #LIS (bravely, as Andrew himself put it) with a talk by Andrew Keen on the unfulfilled promises of technology – the promise that it would bring equality, boost democracy and create bridges between people. While Andrew painted a hard picture on the challenges that digitalization brought upon us, he also showed us how to fix it: through regulation, innovation and citizen engagement. The “fixing” of the future does not rest on more technology – it rests solely on our shoulders.
Investment in Portugal
We’re proud of the many good things we have heard today – from investors, industry leaders and startups – about Lisbon and our ecosystem. And thanks to Pedro Falcão, Managing Partner of LC Ventures, we have a clear picture of Investment in Portugal. Don’t worry if you missed his panel – you’ll be able to download it soon on our blog!
The VC path is not for everyone
We started the second and last day of #LIS with a familiar face – Marvin Liao, partner at 500 Startups. Marvin pointed out that there are different paths of entrepreneurship – even if you choose to not get investment, there are other ways to be an entrepreneur – by choosing to be great instead of big. Entrepreneurship is not a science or an art – it’s a practice!
#LIS Pitch Competition
Lisbon Investment Summit would not be the same without our amazing pitch competition, sponsored by GROW, which was one of the highlights of these two days – 12 amazing startups pitched on stage but there can only be one winner. The prize went to Musiversal, represented by founder André Miranda (and a Lisbon Challenge alumnus).
Take a look at some highlights of this year’s edition of Lisbon Investment Summit:
〰️ "Events like #LIS19 are the perfect example of key moments to bring together ecosystem, to nurture a culture of collaboration, to consolidate bridges between entrepreneurs, innovators and investors from different places and to celebrate the joint successes we've achieved in the last years." 〰️ quoting Pedro Rocha Vieira, Beta-i's CEO and CoFounder 🙌 🦄 👏👏👏⠀🎬 Here's a glimpse of the day 1.⠀⠀⠀#lisboninvestmentsummit #betailisbon #startuplife #entrepreneur #investor
“There is no school for investors – the only way to learn it is usually by doing it”. It was with this in mind that Beta-i partnered up with IE Business School to create Investors’ Academy.
The Investors’ Academy is an immersive program on smart startup investment. In this one-day event, attendees get the unique chance to learn, first-hand, from a group of experienced and successful investors and venture capitalists.
Like Luís Roquette Geraldes explained to ReThink, it’s “important to teach investors’ about best practices, and what is fair,” so that they can offer the best opportunities to the founders’ they are investing in as well.
This event wins in its atmosphere – it’s a small, intimate gathering of top investors who want to share their knowledge and are open to discussion of ideas and looking to learn themselves about new opportunities.
Right before #LIS19 we have The Investors Academy – an immersive program on smart startup investment. It's a unique chance to learn, first-hand, from a group of experienced and successful investors and venture capitalists. 📈🦄+ info: https://investorsacademy.beta-i.pt/
Publicado por Beta-i em Sexta-feira, 7 de junho de 2019
