All Posts

The NY Resolutions that will get your Startup from Pitch to Payday in 2020

The end is coming. Well, the end of 2019 at least. The New Year rests on the horizon, still perfect, still gleaming. Still full of possibilities. What you make of it, rests largely upon you, and upon the things you choose to do. And the things you choose not to do. So what will you be doing in 2020, and what will 2020 make of your startup? Here, we’ve got a list of New Year’s Resolutions to get you from pitch to payday in 2020. The first of them begins with just that, the pitch. Let’s take a look.

MJ207127

1. In 2020, I Will Prove my Pitch 

A classic mistake for new startups is to be big on passion, and low on substance. Maybe you’ve fallen in love with the idea of being a Mark Zuckerberg, or a working day spent in trainers and cafes. Maybe your technology is fascinating to you, and a real problem-solver. For your problems. But are you solving problems for others? Are you solving them better, or cheaper, or faster than existing solutions? 

Last year, we asked a few incubators about the best ever pitches they’d heard. One of them told us about a pitch for a product that left them racing to their wallets to back her. They said, “Great pitch. You’ve done this before?” She said it was his first-ever pitch for investment. So how’d she get so good? The story goes, she was a driver in the bay area. Anytime a client asked her what she did, she pitched her startup. She’d watch their reaction in the rear-view, and tighten it up for the next round. 

So, what’s the takeaway here, the thing to change in the New Year? Two things. First, get some traction with the idea before you pitch. Get some sales, get some real, objective feedback on the idea or product first – and from people in a range of industries and roles. Next, practice the pitch with people, especially those have no idea what you’re talking about. Make a note of where they lose interest or get confused. Note their questions. Next round, tighten these sections up. Rinse, repeat, until your pitch is water-tight. 

 

2. In 2020, I’ll Falsify my Assumptions 

Now, we get we’re in business here, not science. But the scientific method has some gold for early-stage startups: the concept of falsifiability. Karl Popper’s concept of a falsifiable or refutable idea is the backbone of the scientific method. A falsifiable statement is one that can be proven false through observation. You might start with a statement like, ”no other service on the market does x”, or “customers will happily spend x each month for this product.” If you can show that you’ve tested specific, falsifiable statements about your idea, investors will feel more confidence in backing you. 

If round one of a bad idea flopped, don’t waste time repeating iterations of it. Brits call this ‘flogging a dead horse,’ or ‘polishing a turd,’ and Americans, ‘putting lipstick on a pig.’ But how to do it practically? In 2020 and beyond, phase your value proposition in a way that your prototype testing will give you a clear go-no-go answer. For example, the hypothesis that Generation Z consumers are willing to round up purchases to the nearest dollar to save the difference in a digital investment fund. You can test that. If true, build the solution. If you can’t, kill, burn, and bury the idea. 

 

3. In 2020, I Will Pick a Juicy TAM

Total Addressable Market (TAM): the graphs and number-crunching investors are waiting for in any pitch. You might have the most amazing niche idea in the world. But if that tiny niche has an equally tiny TAM, you’ll get equally tiny interest from VCs. Tiny TAMs don’t win pitch competitions. Tiny TAMs don’t impress investors. 

Don’t believe us? The winner of the 10th Wolves Summit pitch competition in 2019 won on the size of their Total Addressable Market. VCs want to invest in great ideas, but only on a certain kind of great idea. The sorts of great ideas that will show them a return on investment. The greater the idea + the bigger the TAM = the greater the likelihood of awesome ROI, the greater the chance of you seeing VC dollars. 

So, in 2020, get yourself a juice TAM. Falsify it, and pitch it clearly. See now how it’s all coming together? 

4. In 2020, I’ll Vet the Early Team

Sometimes, entrepreneurs are so focused on the end goal of success, media interest, sales, and a company office, they miss putting adequate attention on the live-or-die factors of the present. This is why, in 2020, you’re going to carefully vet your early team. Don’t just look for skills and growth potential. Think about diversity and inclusion, now. The more your early team represents different areas of the market, the better solution you’ll provide to it. 

Look at personal chemistry, too. Can you stand each other for a solid week in a pressure-cooker environment? 

 

5. In 2020, I’ll Believe I Belong

When you’re rising up the ranks, rocking up to meetings with suits feeling like a college kid in trainers and acne, it’s easy to fall victim to imposter syndrome. You get your market, or you get the technology of your solution, but these suits talk a whole other language. They’ve seen hundreds of startups, just like yours, go right down the gurgler. Who are you to be here?

Providing you’ve met all the other New Year Resolutions before this one, it’s time for you to shake imposter syndrome, and go right ahead and believe you’re where you’re meant to be. Sometimes we think, once we get the funding, once we double sales, once I quit my job for this, then I’ll believe I’m an entrepreneur. Then I’ll believe I belong. The truth is, you won’t. Because at each level you rise to, you’ll again feel like an imposter. So, as those self-doubting thoughts creep into your head, return to the idea of falsifiability. What observable evidence refutes the idea I’m not enough, or that I don’t belong. Perhaps it’s initial sales. Perhaps it’s that these VCs don’t waste their time with dumb ideas. If you’ve got the meeting, you’ve got something worthwhile. 

In 2020, I’ll be at 11th Wolves Summit

There you have it, six New Year’s Resolutions that, combined, will get you from pitch to payday with your killer idea. Prove your pitch, falsify your assumptions, pick a juicy TAM, vet the early team, and shake that imposter syndrome. But, there’s a final, 7th New Year’s resolution to get you over the line, and it’s this: network. 

Get yourself at meetings and events where you’re surrounded by other entrepreneurs, investors, and people with the experience and passion for seeing new ideas fly. If your idea is as good as you think it is, talking about it with people will make it better – by getting their backing, and by getting their input. Especially if it’s a deep-pockets investor you’re talking to. 

Where can you find networking events like that? Make an application to Wolves Summit your number #1 New Year’s Resolution for 2020. Register today and be one of the 450 startups attending the best matchmaking conference in the CEE. 

Related Posts

Another hot 25 Startups raising capital

WolvesMatchthis week (19-23 August 2024) presents: 1) Cost-efficient, automated, and scalable agriculture testing. Improved test methods for carbon markets that simultaneously improves farm productivity, reduces input costs and waste, and enhances soil fertility. 2) This startup develops heat generators where hydrogen is the fuel. The devices can work even at 4% of hydrogen in air (the safe concentration which prevents potential explosion) or on 100% hydrogen. MRR of 10k $. 3) Faster cancer detection with Artificial Intelligence. Supporting Oncology Diagnosis (pathology and radiology) in better and faster diagnosis using AI. It offers web platform which provides modules to speed up and support the cancer diagnosis process. Currently raising 2M $ in seed round. 4) Their mission is to support all market stakeholders in diagnosing patients with rare diseases for clinical trials, treatment or patients’ monitoring. Developed algorithms, that analyse EHRs, are implemented on special platforms for medical clinics/physicians, and for patients. Over 1M euros of revenue in past 12 months. 5) Generative AI video company with two main products: first allows users to turn a photo into a multilingual talking avatar; second are video chatbots with a human face and voice, which allow users to speak with AI in real time. It has recently been recognised by companies like Sifted, WIRED, and G2. 6) This company develops a world-first urban EV (electric vehicle) that intelligently transforms its dimensions and riding behaviour, while driving, to meet the complex challenges of those who call the world’s largest cities “home”. 7) AI fleet analytics solution that helps managers improve profitability, resilience and customer service by uncovering customised data-driven optimizations for opex and emissions reductions in the face of escalating prices for operating and maintaining the fleet whilst simultaneously meeting ESG sustainability concerns. Currently raising 500K euros in pre-seed round. 8) Fintech company & music rights marketplace which allows fans and retail investors to become shareholders in music while offering artists and rights owners a new financing ecosystem via crowd-investing. 9) AI-powered pathology, uniquely combining proprietary technology, its pathologist network and academic backdrop, and comprehensive access to key data modalities to build bespoke AI models for its global pharma and biotech client base. These AI models can deliver valuable insights into disease biology from tissue samples, such as novel targets and biomarkers. ARR of several millions euros. 10) This company is developing a digital fin-tech platform that seeks to simplify payments and investment across Africa and Europe. Currently offers over 5,000 customers the ability to make payments & investments. 11) Startup that focuses on streamlining data privacy compliance for businesses. Their goal is to offer an easy-to-use, all-encompassing platform that simplifies GDPR compliance, enabling businesses to handle personal data with utmost confidence, efficiently and adherence to top privacy standards. Over 100k euros of revenue in last year. 12) This heart pump is the only-one percutaneous heart pump for acute patients which is pulsatile, completely catheter-based and has a high pump performance (of > 3l/min). All international patents are granted. 13) Technology platform that offers personalized perks & benefits to any kind of employee. Their team has deep expertise in technology and human resources. Dedicated to making personalized perks & benefits accessible to tech professionals globally, without adding any additional administrative burden to your business. 14) Global network of mobile devices shared remotely between owners, developers, and testers. Crowdsourced H/W in natural consumer environments creates conditions closest to the actual usage and drops the infrastructure costs by up to 100x. At the moment they’re raising 1.5M euros in seed round. 15) In-flight wireless charging technology, which facilitates autonomous and uninterrupted drone missions: drone parcel deliveries, infrastructure inspections, security, and more. Beginning with the sale of hardware, it aims to establish Wireless Power Networks (WPN) of charging stations strategically positioned 3-5 miles apart. 16) End-to-end digital platform designed to simplify the experience of renting a property, completely taking care of every step of the process -from the first to the last day of the rental period and payments guaranteed. ARR of over 1M euros. 17) This parking and EV charging solution become an official system for companies like GOOGLE, SONY, CWS, and CBRE to name a few. Last year only they had over 3.5M users on our platform. 18) UK-based e-mobility start-up: creators of the first purpose-built electric truck for the Global South, delivered as-a-service to enable businesses of all sizes to prosper. Their mission is to deliver affordable, reliable transport-as-a-service. This company had backing from grant-funded projects worth over £23m. 19) This company empowers businesses to become sustainability leaders by seamlessly integrating eco-actions into any transaction, order or signup. Their platform offers a comprehensive suite of tools for businesses to not only create, but also track and showcase their environmental impact while engaging their customers on their sustainability journey. ARR of over 500k euros. 20) Platform where "Human & AI Converse with Business Applications": building its own knowledge bases, taking actions, generating answers, through different channels. Create perfect tickets to feed tasks for human, APIs, and/or robots. Deliver end-to-end automation. 21) All-in-one digital tool for K12 institutions to manage academic and administrative work, engage families, and ensure automation of tuition fees invoicing and payments, all within a secure, intuitive platform and mobile app. To date, they’ve raised 2.5 mil euros from reputable VCs. 22) Company that is offering 24-hour access to specialists - doctors and nurses - as 24-hour access to healthcare & patient and waiting room management of doctors' practices for clinics & doctors' offices. 23) Startup that operates a global, fast-growing, cloud-based technology platform and franchise network for the multi-billion pound sterling equipment hire industry. ARR of 1m euros. 24) Weather and microclimate solutions for Advanced Air Mobility. They leverage computational physics and algorithms to determine the weather anywhere in the world, including in complex urban environments where eVTOLs often operate. 25) Auto-tech company focusing on Road Safety for human-driven and autonomous vehicles. They have an extensive experience in wet road, dangerous wet road, aquaplaning conditions and other grip related issues. If you are an Investor and would like to see detailed Information and Contact details of the founders, please activate your Subscription to our Premium service here . If you're a Startup seeking capital, feel free to submit your details for consideration at no cost here.

Top 25 Startups You Need to Watch Right Now

WolvesMatchthis week presents: Single API to automate e-invoicing compliance globally. With 1 API integration, companies can automatically comply with local tax requirements and send e-invoices in correct format to tax authorities clients, globally. They can also receive e-invoices into their software; store them in our cloud. Almost 150K euros of revenue in past 12 months. B2B marketplace that operates by organizing shoe manufacturers operating in Turkey. It was established to provide a solution to the supply problem experienced by the European Region from Far East countries and to provide a much better customer experience. It is a marketplace with striking features such as close logistics time, customizable orders, and order status notifications. Innovative e-commerce platform crafted with the gamer's spirit at its core. Created by gamers, for gamers, it’s a unique marketplace that caters to every aspect of the gaming experience. They specialize in offering personalized coaching, a wide range of in-game services, an extensive selection of gaming products, and a secure platform for in-game currency trading. Over half a million euros of revenue in last 12 months. Fintech startup reshaping small business lending in Poland. Secret sauce? AI and machine learning, which power our fast credit scoring and KYC processes .Here';s why you should pay attention:1) They've invested their own capital, built a stellar team, and achieved a stable monthly revenue of €50-70K.2) Scalable model is poised for rapid 5x growth. 3) They are seeking equity and debt funding to accelerate their ascent. Revolutionizing the mobile gaming and digital advertising industries by addressing the pervasive issue of intrusive ads in games. Founded by a team of seasoned entrepreneurs and professionals, it aims to enhance gaming experiences by reducing ad clutter, thereby increasing advertising efficiency without compromising game developers revenue. Neuroscience company that uses neuroscience to understand people behaviour and behavioural science to build solutions that improve peoples' lives. They launched an app that helps people assess and improve their mental health and emotional well-being. It uses neuroscience to measure people's attitudes and reactions and provides a tailored plan to help people improve their state, as well as access to therapists. Innovative app that provides 24/7 psychological support using artificial intelligence. Users can receive text consultations from our virtual consultant, which is based on deep learning algorithms and analysis of real psychotherapy cases. This allows for effective support and advice tailored to the user's individual needs. AI venture co-founded by experienced entrepreneurs and algorithm experts. The platform enables users to produce clips that fuse brand content with their own video using only their cell phones. Using proprietary technologies, such as image segmentation and face- swapping, fans can celebrate with their team’s player, sing a song alongside their favourite band, or reenact a scene from a TV show. Innovative mobile application designed to revolutionize accessibility for visually impaired and blind individuals. It empowers users by providing real-time audio descriptions of their surroundings, enabling them to navigate independently. By leveraging cutting-edge AI and machine learning technologies, it identifies objects, reads text, and describes environments, enhancing users quality of life and fostering inclusivity. Raising 1 million euro in pre-seed round. Startup on a mission to drive innovation and transform businesses through technology. Working with dynamic team of tech enthusiasts dedicated to crafting cutting-edge solutions that make a difference in logistics an healthcare. Global leader in the industrial production and sale (including corresponding development services and licensing) of the bio-based platform - a renewable and non-toxic alternative to a range of petroleum-based materials. Over 2 millions CHF of revenue in past 12 months. Revolutionary approach for precision medicine application, capable of detecting biomarkers in peripheral tissues (plasma, tear , etc..) from a specific cell type, enabling patient staging, diagnosis and therapy follow up. ARR of over 1 million EUR. Startup on a mission to automate and streamline the logistics and material handling processes, eliminating the need for additional infrastructure and maximizing efficiency. Their product not only offers superior efficiency and flexibility, but it also comes at a highly competitive price. 100K euros of MRR. Company that creates indoor construction facilities anywhere. With craning and weather protection in one simple solution, offering a positive gain on time, cost, risk, climate and working environment . Over 4 million euros of ARR. Revolutionizing app development with AI, making it accessible and efficient. Its AI-driven platform simplifies app creation, enabling users to build sophisticated apps with ease. The AI auto-generates code, reduces development time, and continuously improves based on data patterns and user interactions. This company developed fabric which benefits extend beyond healthcare, finding applications in sportswear, fashion, and even school uniforms. Its versatility and sustainability make it an ideal choice for businesses seeking innovative solutions that prioritize hygiene, performance, and ecological consciousness. Notably, their fabric outperforms traditional materials in terms of environmental impact, reducing energy, water, and detergent consumption. API-first startup that lets B2B platforms, such as banks, neobanks, payment providers, and verticalized SaaS, embed financial workflows like invoicing, payables automation, expense management, and accounting for their clients. Over 1 million $ of ARR. Technology company that specializes in providing cutting-edge tracking solutions for high-valued goods. Their innovative tracking device, combined with advanced software and analytics, enables businesses to monitor the location and condition of their valuable assets in real-time or by using post execution debriefing reports. Hardware and software mixed solution made to prevent up to 100% of treatment errors in radiotherapy procedures for cervical, breast, prostate cancer cases. Their disposable sensor collects patient data during the procedure, provides it to doctor in real time with warning announcements if applied treatment are not in line as planned. AI-powered decarbonization platform, solves the problem of reducing energy costs and carbon emissions for businesses operating small commercial buildings, such as food retailers, grocery chains, gas stations and more. By collecting data from various sources of building operations, including energy usage, maintenance, equipment inventory, and weather, it uses its proprietary equipment database to analyse and provide actionable insights cost-effectively at scale for optimizing energy consumption, maintenance and enabling energy-efficient retrofits. IOT device that uses AI and robotics to generate the exact motion pattern and forces of sports such as cycling, running and rowing. Moreover the absence of flywheels makes the products lighter, cheaper to manufacture, and safer. Additionally the 10.000 data points every second allow for unprecedented data analysis for coaching, incident detection and health care applications. 1 million euros of ARR. Global sustainability platform for banks to engage with their retail & commercial clients to take climate action. As the global sustainability partner of Visa, they have managed to establish a truly international solution, including signature clients. ARR of over 1 million euros. Data integration platform that revolutionizes how businesses handle complex, distributed systemsintegration. Offering a distributed execution environment, it seamlessly connects cloud services, IoT devices, and on-premise systems, facilitating real-time data processing across multiple locations. Ideal for industries seeking to leverage real-time analytics and IoT capabilities without the complexity traditionally associated with such integrations. Talent acquisition & candidate assessment platform featuring the world's first pre-hire tests immune to ChatGPT cheating. Their proprietary technology enables global brands to discover, engage, and hire candidates based on authentic and reliable skill assessment scores. Over 100,000 candidates have participated so far in Europe and Japan. Startup that has built connections to main platforms like Maps (Google Maps, Apple Maps, Bing Maps, and others), social media (Facebook, Instagram) and review portals, etc. By collecting and processing terabytes of information, this platform analyses the online presence of businesses using AI to identify problems and improvements, which can increase online visibility and conversion rates. Currently, they supports hundreds of customers in Poland, Romania, the US, Spain, Germany and Ukraine. If you are an Investor and would like to see detailed Information and Contact details of the founders, please activate your Subscription to our Premium service here . If you're a Startup seeking capital, feel free to submit your details for consideration at no cost here.

Spotlight on Success: 25 High-Growth Companies to Watch This August

WolvesMatchthis week presents: Developer of an artificial intelligence (AI) powered co-pilot to make web browsing accessible and fun for diverse disabilities. The company offers personalization using in-depth customer profiling, tailored skill enhancement, behavior pattern prediction for different types of disabilities, and end-to-end data encryption. App for retail that 100% eliminates paper documentation from the Cash In Transit process with :1. Secure one-time password authentication and paperless identification;2. being 100% mobile;3. integration with banks and CIT companies. Over 100K $ of revenue in last 12 months. Company that builds the most engaging community hubs worldwide by adopting Web3 and blockchain technologies. They help sports, media, and entertainment brands open untapped revenue streams by digitalizing their relationships with fans and bringing new levels of engagement. System created to support agricultural producers in settling the accounts of employees on their farms. They help in settling piecework and hourly work, calculating collected kilograms and recording advance payments. The system allows producers to analyze and draw conclusions about their crops that were previously impossible. AI company that automates space planning and estimation of fitout costing. Company also supports leasing - uploaded 2D dwg file becomes a 3D one and includes VR and AR versions of the space within seconds. They're used by Strabag, Mapletree, Vastint, Ghelamco, JLL, Tetris and quite a few other large players .ARR of 100K euros. Intelligent legal practice management software (SaaS) with an AI-based virtual assistant to help operate and grow law firm businesses. Customers pay a per-user subscription fee. We have signed subscription agreements totalling 30,000 EUR (MRR) from clients in the Baltics and Poland. Additionally, they have letters of intent signed for an additional 40,000 EUR (MRR) from other markets. At Compocity, we believe that we make a tangible contribution to making sustainability work every day.Our service helps companies achieve their sustainability goals by transforming office food waste into local, green, environmentally regenerative action in a trackable way. Employees can playfully engage with ESG goals at an individual and community level, making impact a part of the corporate culture.|B2B|87|Hungary E-payment platform that centralizes day-to-day payment & financial activities performed by individuals, small and medium-sized entrepreneurs, freelancers, e-commerce entities, employment agencies, and many more. Innovative system dedicated for psychiatric industry for complex management of a health care / medical unit with income from private and public contracts. Over 100K PLN of revenue last year. Your freight with A.I. Super platform for all supply-chain stakeholders (shippers, freight forwarders, truckers, and ocean carriers). This company brings a holistic approach by providing different value propositions for different stakeholders, hereby we have a great network-effect without resistance. ARR of over 2 millions euros. A proptech platform that offers payment, accounting, communication, maintenance services for house owners, property agencies, tenants and marketplace for servicemen. Property management application for medium and long-term rentals that aims to optimise landlords and tenants' relationship through an all-in-one solution. Startup on a mission to bridge the STEM skills gap and empower a new generation of innovators. They have exceptional connections within the European drone, space industry and academia, allowing us to develop a first-of-its-kind land management platform and educational curriculum. Currently seeking €500,000 to 2M Eur to scale operations and establish micro-credential program. Pioneering platform designed to optimize global and local partnerships among cities through data-driven matching and analysis. By evaluating key metrics and characteristics of cities, it identifies and facilitates ideal partnerships that enhance project application and execution in a sustainable and effective manner. Web application for planning, communicating, navigating, and accelerating Drug Discovery and Development projects. It allows you to see the project as a whole and visualize it like a map. Available on-premise or on cloud. AI-powered solutions for comprehensive employee screening and online activity monitoring, ensuring your company's integrity and security. From pre-hire background checks to real-time employee behaviour analysis, it helps you make informed decisions and maintain a positive workplace culture. With integrations with major social platforms, including LinkedIn, Instagram, Facebook, and more, this solution provides deep insights into candidates' backgrounds and ongoing online activities. Arguable the largest, most comprehensive dataset available anywhere. Every item checked, correlated and given a criticality indication. All by hand, by human teams of Risk Analysts. All available information on about every risk event, organised and text readable. Over 500K $ of revenue in past 12 months. Global marketplace revolutionizing the shopping tourism experience through its innovative platform. Serving as a comprehensive hub for Virtual, XR Hybrid, and In-Person shopping tourism, it seamlessly connects travelers with personalized shopping experiences tailored to their preferences and tastes. Leveraging cutting-edge technology, including virtual reality (VR) and augmented reality (AR). Software that performs AI functions ethically and transparently, meeting the requirements of the EU's AI act. MRR of 10K $. Startup that is revolutionizing how we manage agriculture. By integrating cutting-edge technologies, including artificial intelligence and blockchain, they create innovative solutions for the farms of the future. This is not just an agricultural management platform; it is a vision for more efficient, sustainable, and connected agriculture. Platform for artists and working on multiple franchises. Currently looking for 150K euros in pre-seed round. SaMD (Software as Medical Device) for delivering Audio-Visual BrainWave Entrainment protocols as DTx (Digital Therapeutics) for neurorehabilitation and mental health management. This company builds robot workers for farms to reduce food waste, crop losses by 30%, labor shortages, labor cost by 50%, co2 emissions and workplace accidents in every farm. Social network which connect locals. It encourages choosing local and promote sustainability. Their marketplace is open climate solution and we are align with many of the sustainable development goals. Inspection platform securely combines drone, vehicle or person collected data with artificial intelligence and 3D modeling to assist in the inspection process. The cloud-based service enables inspectors to safely, accurately, and collaboratively analyze assets from a remote location using a 3D model, original images or captured video. As infrastructure continues to age, our scalable tools will future-proof the inspection automation process. Almost 0,5 million $ in revenue in last 12 months. Website and mobile app for early diagnostics of oncology and psychological problems, using computer vision and AI. If you are an Investor and would like to see detailed Information and Contact details of the founders, please activate your Subscription to our Premium service here . If you're a Startup seeking capital, feel free to submit your details for consideration at no cost here.