FINODEX completes successfully the acceleration of 101 business projects

FINODEX completes successfully the acceleration of 101 business projects
Selected start-ups have received a direct financial support of 4.58 million euros from the European Commission. FINODEX has been the first European accelerator which has selected, funded and supported the development of innovative start-ups making use of FIWARE technologies and reusing Open Data.

During the past two years, FINODEX has launched two different rounds of acceleration for 101 different projects from 19 countries in Europe. The selection of accelerated start-ups took place in 2014 with two different open calls under which 493 proposals from 32 countries were submitted.

The acceleration rounds have consisted of two sets of four-phases acceleration under which the start-ups have received a dedicated bunch of services like coaching, mentoring, connections with customers and investors, training on customer acquisition, pitching, technical assistance, public fundraising opportunities, but above all, the building of a solid network of contacts among FINODEX companies, FIWARE Accelerate participants and the stakeholders around it.

The selected 101 projects have received a direct financial support based on public grants of a total of €4,580,000. Each project has received a different amount of funds depending on the phase of acceleration reached according to the results of the evaluations taken during the process.

But above all the services and support given FINODEX exists because of its start-ups. For every round of acceleration we have selected a top-3 of start-ups, which are the ones receiving the highest amounts of direct funding: €170,000, €135,000 and €115,000 for the first, second and third project on both rounds of acceleration.

The three best projects in the first round were:

- 1st prize: Linknovate S.L., Spain.

- 2nd prize: Xpressomics of Medical Technology Group OY, Estonia.

- 3rd prize: Fruitwatcher of Geezar S.L., Spain.

And in the second call:

- 1st prize: Canard Drones, Spain.

- 2nd prize: Sensape GmbH, Germany.

- 3rd prize: Track of Open Lab Report Limited, United Kingdom.

As major achievements of the acceleration we can underscore some number related to the business generation and job creation among the top-10 companies in both rounds of acceleration.

The acceleration has helped the creation of over 50 new full time jobs only for our top-20 companies in both calls. Those companies have projections of increasing their workforce with over 140 people during the year after the acceleration.

It is far for any doubt that actual numbers show that the acceleration has helped to generate new jobs in very promising companies.

In terms of income, the accelerated companies had a variety of backgrounds before starting the acceleration. There were companies that were not even established by that time and some other were trying to open a new business line, which in some cases, have evolved in the creation of a new company.

Whatever the case is the reality shows that during the first acceleration the income per employee grew drastically, as a matter of fact the top-10 companies in that case were very early stage companies and the acceleration helped them to set up the roots of the business, with very promising results for the mid-term.

Talking about the second call top-10 companies the picture is a bit different. There was a mixture between consolidated and existing companies founding a new business line or product with fresh start-ups without income or a legal establishment. In that sense the average numbers show also an increase during the acceleration period of over a 12% in income per employee (in a 5 months period) and with projections of multiplying per 4 the figures in a year time.

Other two milestones in the acceleration has been the organisation of different physical events with the network of entrepreneurs from FINODEX and other FIWARE accelerators. It is worth to mention the events organised by FINODEX like #FIWAREPamplona to get dedicated training sessions on different topics, F2F sessions with investors and customers and even a pitch contest, besides tons of networking.

FINODEX activities are now over as a project, but will for sure explore future lines of action as individual services provided by their consortium members.