Through the years there have been several success stories from startups that participated on Lisbon Challenge. Though it’s hard to keep track at times of them all – we’re making an effort on that direction -, we like to keep updated of their successes. Actually, we like to be updated on everything regarding them. We see them as our babies and like parents we’ll always be proud of them, no matter what.
The founders of Moneytis participated on three acceleration programs, first it was ING Innovation Studio in Amsterdam, the second one was Lisbon Challenge, where they learned the importance of being organized and structured, as well as, how to be fully focused on the phase they were in, not getting distracted by all possible actions they could be partaking in. And the third accelerator was what they most dreamed of: Y Combinator.
They face Lisbon Challenge as a stepping stone to achieve Y Combinator, the accelerator they claim is “run by magicians” and call it of “Tinder for entrepreneurs and investors”.
Being on acceleration programs also taught them the importance of creating something that people love and to focus on making their customers happy – loyal customers guide on how to build the product further. They tried to talk to every customer to ensure they were happy and figure out possible areas for improvement. Their way to acquire new customers was simply to build a service that is faster and less expensive.
After building trust, which besides being vital to the survival of any business is pretty hard to get, they ended up pivoting – not unusual for startups during the course of 3 months at Y Combinator -, because while talking to their customers, they realized the technology their solution was built upon was slowly improving.
So, they decided to go into the source of many problems: Blockchain. It allows people to take control of their finances, facilitating the request for payments, allowing invoices to be sent and processed in real-time. They are creating a layer on top of the blockchain for individuals to request and make payments without an intermediary, making it more efficient and less costly.
Now, their focus is on building the product and further evolving the ecosystem, creating a community of people working together towards the same goal. We, at Beta-i, are still waiting for their visit, because the benefits of entering Lisbon Challenge don’t end when the 10 weeks end.
Say what you will, but the fact is the Web Summit was a huge moment for the Portuguese tech and corporate community. We saw it with our own eyes since 3 of our acceleration programs were parked there.
SIBS PAYFORWARD
The commitment of SIBS with startup interaction was highlighted with the creation of a special Fast Track to the current edition of SIBSPAYFORWARD Accelerator, with applications open until December 15.
The top 3 startups applying for the program at SIBS stand (Pavilion 2) during the Web Summit would immediately secure the opportunity to pitch to SIBS Top Management.
This presence allowed a daily interaction with startups and innovators present at the conference and at the same time, it helped to increase the awareness of the global startup ecosystem for the work being done by SIBS.
Several interviews took place at the stand (see attachment) with program team, mentors, and SIBS collaborators about the program and the way SIBS open collaboration with Startups is contributing to fintech innovation.
Protechting
With 2 programs already done and a new edition kicking-off in 2018 Fidelidade and Fosun chose to be at Web Summit under the Protechting brand. A brand that represents their open innovation bet, and a brand already recognized globally after two successful editions (measured by the collaboration with startups).
This presence was focused on the results from the first two editions and the international reach of the program, that already managed to attract 252 startups from 42 different countries. Namely, at the stand, there were the 5 startups, from 5 different countries, that won those two Editions (LifeSymb – Sweden, Ectosense – Belgium, Visor.ai – Portugal, Bdeo – Spain, Amiko – Italy).
Another focus was to open the door to the upcoming 2018 edition – Startups could make a 1-minute video pitch that served as pre-registration for the new edition. More than 100 startups already pitched their way into 2018 Protechting.
TechCare
This program, that we run with Novartis and Deloitte, offered ‘Alpha’ tickets to all the startups in the TechCare program. They also organized a meetup on the last day of the event, that was more health-focused, to promote networking between the founders and key players in the company.
Above all, the strategic relevance of this connection and presence was evident. We noted the presence, during all 3 days, of several SIBS top collaborators, namely its CEO. We could also spot several Fidelidade managers, topped by its CEO, and also of a high-level Fosun delegation, led by Fosun Group Vice President. During this delegation visit, with Fidelidade CEO also there, the Portuguese Minister of Economy also paid a visit to the stand.
On the other hand, Cristina Campos, CEO at Novartis, was part of the Regulation & Innovation panel, for the health sector, at the Forum. Janneke van der Kamp, Global Head of Product & Portfolio Strategy at Novartis, was a speaker at the Corporate Innovation Summit, and also took some time to drop by the venue.
So, all and all, a strong 3 days for brand exposure, innovation culture, and top-level networking… Pretty much the Beta-i DNA in a nutshell!
ProTechting is based on an incremental model of collaboration between startups and corporates. A startup program designed specifically for Fosun, Fidelidade and Luz Saúde, already running for two editions with a third one coming up.
The start of something new!
The first and second edition of ProTechting attracted 180 startups. The vast majority of them international, originating from more than 30 different countries. The applications were narrowed down to the ‘Top 25’ startups, which were put to the first test: the Bootcamp week. During the Bootcamp, representatives from Fosun, Fidelidade and Luz Saúde advised the startups to help polish their proposal. Whilst advising, they were searching for the best possible business models for potential integration.
This type of mentoring is crucial to the startups, allowing them to better understand the true potential of collaborating with large companies. At the same time, the corporates can evaluate the potential impact of future collaboration and tap into innovative solutions quickly.
What is the role of Beta-i?
At Beta-i, we believe the magic of corporate accelerators happens when innovation takes place at the intersection of successful corporates and ambitious startups. But the process is far from simple.
One of our key responsibilities is to manage the differences in “languages”, processes and viewpoints between the corporate world and the startup world. Large corporations, such as Fosun, Fidelidade and Luz Saúde, manage already profitable, established businesses. The startups’ sole purpose is to disrupt the established market, by introducing innovative approaches quickly, with few processes and limited control. The polar opposite to the corporate.
To foster collaboration, both actors need to adjust their approach and communication. Beta-i attempts to bridge the two worlds to build an open platform for innovation.
What was the outcome of collaboration?
ProTechting was a great success. The first goal was to have 2 to 3 startups working together with Fosun to test their solutions. Currently, we have 9 startups working together with Fosun, Fidelidade and Luz Saúde in different areas.
Another metric of success was to achieve a change within the internal structures deeply enrooted in Fosun, Fidelidade and Luz Saúde. They wanted to adapt some of the spirit, attitude, and processes of the startups, to better respond to the challenges they face, stimulate a culture of innovation and integrate new solutions into their offering. This goal, we achieved and surpassed.
The positive media attention and public notoriety that ProTechting generated were also important. The ProTechting brand and media coverage generated, reinforced the values of innovation associated with Fosun.
The grand prize: Successful collaboration
At the end of the program, the top startups were chosen to go on a roadshow to China to meet global investors, in addition to winning a money prize. But more important than the prizes, they are developing meaningful collaborations with Fosun, Fidelidade and Luz Saúde.
Winners of 1st edition
Ectosense leverages mobile technology to measure and analyse the user’s sleep quality in their home environment to improve quality of sleep, particularly for those that suffer from sleep disorders.
Lifesymb is a high-tech startup with a software that uses multiple sensors to analyse a person’s posture and provides insights about ideal movements using machine learning.
Winners of 2nd edition
Amiko is redesigning respiratory care through the use of Quantified Medicine. The pilot consists of two qualitative studies, one with healthcare professionals from Luz Saude and one with patients living with a chronic respiratory condition.
Bdeo has developed a visual claim solution for the insurance industry.The pilot aims to test the platform for carrying out damage assessments remotely using the mobile camera.
Visor.ai offers a virtual customer support advisor by using artificial intelligence. The pilot aims to analyse historical data of queries made on Facebook, determine how many can be answered automatically and automate these responses through visor.ai’s chatbot solution.
What were the key takeaways for the corporates?
Fosun understands that it is only possible to thrive in the next 100 years through constant innovation. At the closure of the program, Júlia Gu, Global Partner and Vice-President of the Fosun group, expressed: “ProTechting was born due to our will to contribute to the development of a new generation of entrepreneurs. The Fosun Group itself is a great example of how a small business can go global. We were founded 24 years ago, by a group of students, and grew to a point where we are today the biggest Chinese private investment holding, present in the four corners of the world. We are very pleased with the success of the first edition, which raises the bar very high for this one.”
According to Jorge Magalhães Correia, President at Fidelidade,“this project represents a validation of the bet that Fidelidade has been making in the entrepreneurship ecosystem in Portugal. We believe this type of dynamics brings added value to society as a whole and, as the big company that we are, we fully embrace the role of invigorating this ecosystem, by promoting the creation of new ideas and solutions”.
Novartis is a perfect example of a big corporation embracing collaboration, instead of fighting the startups trying to disrupt their market. To do so, Novartis is partnering with Beta-i and Deloitte Digital. Together, we have created techcare, an accelerator looking for startups with innovative technologies, products or services to reimagine the future of medicine.
I am a program manager at Beta-i and have managed other startup programs in the areas of healthcare and insurtech. I know that a company like Novartis, a science-based healthcare company striving to change the practice of medicine, will provide startups with an excellent opportunity. Techcare will allow startups to test and validate their solution, learn more about the industry, and connect you with key decision makers during the one-week Bootcamp.
I have personally seen the direct results accelerators have on startups’ growth. Based on direct feedback from startups of previous accelerators, our programs differ because they are short and intensive. Not wasting entrepreneurs’ time when they need to be elsewhere. They provide direct contact with key decision makers from day one and learnings based on knowledge sharing rather than the standard workshops. In one week, startups take a step back, re-evaluate their business model and bullet-proof their solutions with insightful questions and honest feedback from industry leaders.
Novartis is looking to collaborate with startups to solve the following business challenges:
EARLY DIAGNOSTIC AND PATIENT REFERRAL
PATIENT ACTIVATION AND DISEASE MANAGEMENT
VALUE & OUTCOMES
COLLABORATIVE NETWORKS
What’s in it for you?
Mentoring: From Novartis, affiliated healthcare experts (international), and experienced entrepreneurs.
De-risk testing your solution: Speed things up with the help of Novartis. Test and validate your solution with industry experts, focus on problem-solution fit, and tweak and adapt your solution to market needs and clients.
Get relevant intros: Direct access to Novartis network.
Grow beyond borders: Leverage on Novartis International presence.
Power up: Power up your startup by enjoying the joint synergies between Novartis, Deloitte Digital and Beta-i.
Are you ready to join Novartis in reimagining the future of medicine?
One of the biggest challenges facing startups is to develop a feasible, sustainable, and desirable solution, before exhausting their (meager) resources.
This is a race against time. The race towards sustainability or eventual investment.
It is an even greater challenge when traditional models for implementing innovation processes are based mainly on the linear methodology of intensive planning and the pursuit of perfection.
The LEAN Innovation model starts with a different concept, the MVP, or Minimum Viable Product, subject to a rapid test phase ideally in real market conditions. The idea is to refine the initial concept, quickly and cost-controlled while incorporating real market learnings.
Our innovation approach is strongly influenced by three key disciplines:
Design Thinking
Lean Startup
Business Model Innovation
We aggregate these disciplines with our own experience into a coherent whole. As we keep learning and improving, we constantly focus on innovating our innovation processes.
In the process of supporting hundreds of startups, Beta-i has developed a methodology that reduces the risk of startups failing to reach its product, while accelerating the organization’s learning to create a solution that resonates in the market.
When talking about a method, it is important to have a clear basis. In this case, the conceptual pillars of LEAN Innovation are:
Customer focus: although it sounds obvious, most newborn startups are unclear on the definition of the problem they want to solve and the customers who will buy the solution. It is useful to characterize the segments based on their pains, dreams, and behaviors, rather than age, gender or location.
Continuous validation: one of the tasks that mostly reduces the risk for a startup is to accumulate and structure knowledge about its product, sales, distribution channels, production, on an ongoing basis.
Iterate until you reach success: Incrementally test the improvements and assumptions (ideas for improvements to be tested) on an ongoing basis. Be aware that there is no finished product, but at most a product that is well-adapted to customers and the current market.
Compete with the business model: the product is only the beginning of the relationship with the customer. What’s more interesting is to be able to present a solution that transcends the product (for example, that connects several products in one, thus giving rise to a complete solution). Think of Hilti who, instead of selling tools, offers contractors the service of making tools available, distributing and maintaining them.
For a start-up, when a brand is not yet a patrimony and the products and processes are not yet established, the error is natural and necessary. New companies are born under the specter of failure and need to prove that they are equipped with the tools to compete in the market. From this point of view, launching a validation product (MVP) is of little concern, since there are no assets, such as an established brand, at risk of being compromised by failure.
By quickly developing an MVP you’re not evaluating success or failure. Instead, you’re learning as quickly as possible to adjust the final version of your product.
Living with uncertainty is often against our nature, but it brings more fruitful and rewarding learnings. Just embrace it.
All entrepreneurs should have a daily dose of inspiration and passion in their life. These moments are necessary since they are what keeps us going when we’re going through the hard times of building a business. Movies are great sources of inspiration and the stories of those who succeed are great examples of passion and determination.
With this in mind, we’ve made a list of the 10 movies you should watch this summer as an entrepreneur. Forget about Game of Thrones for a second and watch these 10 movies that will inspire your life.
(this list is in no particular order)
1.Pirates of Silicon Valley
Pirates of Silicon Valley is the (often historically inaccurate) portrait of one of the two most influential minds of the century: Steves Jobs and Bill Gates.This movie brings us back to the 70s all the way to the 90s and it shows us how these two men built their tech empires and how their rivalry developed throughout the years. This movie can teach you not only to pursue your dreams and to follow through but it also gives you an important look on the value of competition.
2.The Pursuit of Happyness
The Pursuit of Happyness shows Will Smith, in one of his most brilliant performances, portraying a salesman that after losing everything (wife, house and job), instead of giving up, works hard to follow his dreams and provide for his son. It’s a heartwarming tale (based on a true story) of hard-work, sacrifice, and passion that should inspire every entrepreneur.
3.Moneyball
Moneyball, also based on a true story and with Brad Pitt on the leading role, has many lessons that an entrepreneur would find valuable. It tells the story of Billy Beane and how he, with limited funds, was able to successfully assemble a baseball team using statistics and data. It’s an important movie to watch because it shows the power of innovation and creative thinking (two key traits to build a successful business) and also it teaches you to trust your gut, Beane never listened to those who doubted him and stayed focus on his vision.
4.The Godfather
The Godfather needs no introduction since it is a well-established masterpiece. It’s considered one of the best movie of all times. The family story of a mafia dynasty has many lessons to teach to the ones who want to be successful in business. It shows what it takes to go to the top and more precisely what it takes to stay there, how relationships and networking can help your business, how helping people only benefits your deals and why understanding the competition is so important. It’s full of powerful scenes that will have a lasting impact on you and will change the way you think about business. Although the techniques used in this movies are often times very illegal, the principals of these could be very well applied to the business world. Definitely a must-watch.
5.Wall Street
Known for the phrase “Greed is good”, Wall Street is the story of a young stockbroker who does anything to succeed, even taking part in highly illegal and moral reprehensible business. This movie will make you rethink your values when doing business since it shows that being an entrepreneur is not only about getting the money and high quality of life that many wish for, but it also should come with responsibilities and ethical values.This movie takes a deep critical look into what excessive ambition can do to an entrepreneur.
6.Catch Me If You Can
With one of the most memorable Leonardo Dicaprio performances, Catch Me If You Can, is the surprisingly true story of a teenage con artist who forged millions of dollars worth of checks and the F.B.I agent who becomes obsessed with catching him. This movie has many things to teach to an entrepreneur such as: showing the power of confidence, and the need for creative thinking and out of the box solutions.
7.Office Space
Office space is a comedy that portrays the monotonous and mind-numbing routine of the typical office job and the drive of a man to break it. This hilarious movie will definitely inspire you to get out of your boring repetitive job that you don’t enjoy and start looking for a job that will provide meaning to your life, while also giving you a refreshing perspective on what work should be about. It also provides helpful insights on leadership, office relationships and career development.
8.Jerry Maguire
Jerry Maguire, with Tom Cruise as the leading role, follows a sports agent, that after writing a polemic article about the lack of morality in the sport’s world, is fired and is left with only one client and a former secretary. Jerry becomes committed to succeeding as an independent sports agent by applying his new found philosophy. This movie will not only teach you the power of persistence and of staying true to what you believe, but it’s also a great testimony of the coexistence of competitiveness and the desire to succeed with friendship and generosity.
9.Glengarry Glen Ross
Glengarry Glen Ross, starring Al Pacino, Jack Lemmon, Alec Baldwin, Alan Arkin, Ed Harris, Kevin Spacey… is a careful examination of the tough environment of the real estate business in the 80s. It shows what happens when money and sales are validated above everything else and workers are not given the right conditions to work in. It is also a great showcase of the unexpected effects that intimidation and manipulation tactics can have on workers.
10.Joy
Joy is, in my opinion, a highly underrated film. It tells the inspiring true story of Joy Mangano, a young woman who revolutionized the mop business and created her own business empire. The movie shows the MANY setbacks that Joy has to face in her rise to success. With captivating performances from Bradley Cooper and Jennifer Lawrence, Joy can be a great teacher in perseverance and the capacity of not giving up even when everything and everybody is getting you down. It is also a great demonstration of the numerous task that an entrepreneur has to do (leadership, marketing, sales, customer support…). It’s also the only movie in this list lead by a woman, which clearly shows the need of telling more stories about women succeeding in business, which I am sure there are many.
