It’s time to share some insights about the startups selected for our first cohort!
The first X-Europe open call for startups and scaleups closed on the 30th of April, with 177 finalised applications. The 27 brightest teams have been selected for our first cohort - HealthTech, MedTech and BioTech - and are already on their X-Europe journey, getting services that will help them grow. We’ve already presented you with the chosen ones and now we have some additional stats we think are worthy of sharing! Keep your seatbelts on, we have a lift-off!
Company and Product Stage
X-Europe has a strict selection and evaluation process, with 5 startups being selected from Pre-MVP and MVP stage (18.5%), 11 startups that have the product in the market (40.5%) and 11 that are scaling (40.5%). These rates were defined before the evaluation process, to ensure a balance on the companies’ stages of maturity. The Pre-MVP and MVP experienced the highest degree of competition, given that most of the total applications received were from companies in this stage. Complementing the product stage, we can see that most of the companies were set up in the period between 2016 and 2019.
On the business side, we see that the most popular business model among our Cohort 1 selected startups is indisputably the B2B model. This is not unusual, as a B2B business model is predominantly the one being used in the Health Industry. Taking a closer look into the markets of our selected startups, we see that Health/Medical, Medical Devices, Healthcare, BioTech, AI, and Data pave the way.
Home sweet home: the location of our startups & scaleups
X-Europe is a programme that mainly focuses on the Visegrad 4, Baltics, Nordics, and Benelux regions. However, the programme enjoys a high degree of geographical diversity when it comes to its participants. In total, the 27 participating companies come from 19 countries, both European and H2020 associated countries, which ensures that X-Europe will have a wide impact.
Which X-Europe’ services are the startups looking for?
To wrap up, let’s take a look at the services requested by our startups. The top three services were pitch competition, investor matchmaking, and corporate matchmaking. Other services that were chosen and will be delivered by the X-Europe programme were growth-hacking training, one-on-one mentoring, access to talent, conference attendance, the incubation (at TNW Amsterdam or Tech Chill Riga) and acceleration (at Design Terminal Budapest). Our Pan European network and our expertise enable X-Europe to provide the spotlight for our startups as well as facilitate the right connections that will foster their future growth.
Take a look at the X-Europe’s startups & scaleups portfolio to learn more about the solutions being developed.
What’s to come?
Applications for X-Europe’s second cohort – AgriTech will be live in July 2020 so stay tuned! X-Europe will also have open calls for AI & ML (October 2020); SpaceTech (February 2021); Smart Cities & Sustainability (May 2021); and Blockchain & Cybersecurity (July 2021).
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