Alba Accelerator, the Hungarian pilot of the ACCELERATOR project run and managed by Central Transdanubian Regional Innovation Agency with the support of Széchenyi Venture Capital Management Ltd. has successfully completed its autumn round. The nine participating teams had a chance to present their projects to a panel of investors. We have been following the program from its early stages on the blog – let’s see now the participating projects of the pilot’s second round!
We received applications of startups and teams with a business idea and/or proof of concept for this year’s second round of the program, which several active and esteemed thematic experts from the Hungarian startup ecosystem and mentors supported. Their solid experience offered assistance in the launch or further development of freshly started projects. The Alba Accelerator itself was launched in the beginning of 2018. Let’s see which projects have participated in the autumn round of the program:
WarrantIQ: A blockchain based solution to manage and trace warranty documents. It stores the e-warranty documents with the involvment of all participants: consumers, retailers, carriers, banks and insurance providers. WarrantIQ can also be used to find the nearest service points and check whether the desired product is original or not. It also offers small scale loans and extended warranties.
Nocadly: An application for improving communications skills, since the range of words people use on a daily basis is constantly getting smaller and smaller. Nocadly would like to stop this by teaching a new word to its users every day. Upon downloading the app, users have to complete a short quiz, then the application will divide them into groups. These different groups will be presented various words every day according to an algorithm.
Fizi: A software dedicated to extensively simplify the process of online purchases. It enables customers to pay for a product and to provide shipping and invoicing information literally at the push of a button. Furthermore, the system of Fizi running in the background issues an electronic invoice and sends it to the e-mail address of the customer. Fizi provides a full range of solutions to webshops and complete comfort and safety to the customers of webshops.
Dental Scanner Solutions: Its team is working on the development of a new 3D dental scanner that, due to its favorable parameters can replace the traditional sampling procedure. Thanks to this new technology, market prices would be reduced to less than half of the usual price.
Digital Nomad Hungary: The project aims to provide a comprehensive package of services dedicated for digital nomads arriving in Hungary. Digital nomads are remote workers who spend months in different locations while working and having fun in the same time: the product aims to offer affordable accomodations, mobile data providers and programs available.
InsackTM: The company’s goal is to provide edible insect products in non-visible form for a wide range of consumers with special needs. Since insect powders have a carbohydrate-reducing and nutrient-enhancing effect in the dough of bakery products, it could efficiently be used as nutrition supplement, additive or raw material for the consumers and for the industry, in a sustainable way.
GigThat: The mobile app offers a unique service for people in different countries with different cultural backgrounds to get information about concerts in their cities. It allows people to choose and vote for the music bands who they want to welcome in their cities. It also allows musicians to get information about where to travel and the amount of people who really want to see them.
SysCount: An algorithm-based pricing system, the aim of which is to maximize the profit by assigning a price that corresponds to the true value of the product. The system is also capable of automatically tracking fluctuations in sales data, inventory tracking and planning.
Mybasket: An online shopping platform which concludes the offer of several grocery shops and shows the price of the complete basket assembled by the customer in each webshop. The customer can select the cheapest basket, which is forwarded to the webshop of the particular shop by the system, where the basket may be purchased.
During the two months all nine companies have undergone a series of trainings in business planning, market research, intellectual property, as well as the legal and marketing knowledge required for starting a new venture. The goal of the mentoring program was to educate each and every team on the process of product development, market research, marketing planning and business modelling. These are all considered necessary tasks before a company could enter the market. By the end of the accelerator program every participating team had a business plan and a detailed action plan for the following six months, both of which have been created together with mentors and thematic experts.
On the closing ceremony on 22 November, teams had the chance to put their fresh knowledge into practice by presenting their progress in implementing their ideas in front of their mentors and a panel of investors. After the evaluation, InseckTM and its concept of edible insect products and insect flour came out victorious. The second place went to WarrantIQ, Dental Scanner Solutions became third, while the project of MyBasket finished fourth.
With the successful participation of 23 teams all together, the two-round pilot program has concluded. Congratulations to the participating teams!