REACH Incubator impact assessment – we spoke directly to the startups
Revenue Growth
During the first incubation phase 80% of the participants have seen an increase in their revenue.
- One startup grew by 105% 105%
- One startup grew by 100% 100%
- One startup grew by 80% 80%
- One startup grew by 64% 64%
- One startup grew by 20% 20%
- One startup grew by 10% 10%
- One startup grew by 5% 5%
- One startup grew by 1% 1%
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Investment/Funding
During the Experiment stage, 60% of the startups had the opportunity to receive additional funding, having raised 388,951 EUR during the first two stages of the first incubation programme. Funding ranged from 20,000 EUR to 120,000 EUR.
Our startups have picked up the pace in the EXPOSE and EVOLVE Phases, where, as part of their final efforts in the incubation programme, they have focused on investment raising and market penetration. They have attended attend a variety of events, such as South Summit, NOAH, SLUSH, Web Summit, DISRUPT, TechChill, Latitude59 and 4FYN, which have directly brought them 259 meetings with investors and helped them increase their investment raised to 1,010,716 EUR
During those two phases the startups reported:
- – Meetings with investors: 259
- – Funding received: 1,010,716 EUR
- – Investors and VC’s showed up interest: 63
REACH allowed us to boost our activities from advanced tech to actual commercial success. Thanks to REACH, we are now well positioned to attract external private capital.
New clients
Out of the 10 Experiment Stage startups, 7 reported gaining new clients.
Team Growth
Percentage of startups that reported their team grew
90%
- – In total, there have been 14 new positions created since the startups joined the programme;
- – 30% of the startups have seen a change in their gender balance.
Big Data Community
Number of events attended
61
100% of startups attended Big Data related events.
New services, business leads, partnerships and the big data community
All of the 10 startups had managed to develop new products or services during their incubation. 10 products coming from 5 startups have been launched, while the others will be imminently launched.
- – 80% Potential new Clients (mostly between 2-5 clients per startup)
- – 100% New Partners (mostly between 2-5 new partners per startup)
- – 60% New Mentors (spread between 1 and 2-5 mentors per startup)
- – 60% New Investors (spread between 1 and 2-5 mentors per startup)
- – 70% startups developed new collaborations/partnerships with data providers, external corporates and universities
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– 10 new data value-chains were created
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– 10 new data-fuelled products and services were launched to the market
When it comes to the Big Data community – 70% of the startups said that they feel more connected to it.
Expansion to another country
40% of the startups have expanded their company during the course of the incubation programme.
Skills
Technical
8 out of the 10 startups agree that REACH has helped them improve their Technical skills.
Big Data Management
8 out of the 10 startups agree that REACH has helped them improve their Big Data Management skills.
Business Development
8 out of the 10 startups agree that REACH has helped them improve their Business Development skills.
Management
9 out of 10 startups agree that REACH has helped them improve their Management skills.
Reach was a booster shot for our company. We built technical, business and human capacity of the team and climbed up a step on the startup ladder.
Conclusion
All of the interviewed big data startups strongly recommend REACH Incubator to startups and organizations seeking growth and investment opportunities. It’s important to note that the interview was conducted during the second round of the incubation programme, however the startups have all over delivered and achieved great results. We are looking forward to seeing them excel and wish them good luck on their path to success!
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