EDI has proven to be quite impactful for startups that joined its Big Data Incubation programme, allowing them to grow in several areas: revenue, team, investment/funding, skills and community building.
After collecting information from the 16 startups that were involved in the EXPERIMENT Phase last year, we were able to analyse the results and understand just how much European Data Incubator has contributed to their vision development.
Revenue Growth: yes, please!
A deep analysis of startup’s activity within the first two phases of the first EDI programme (EXPLORE and EXPERIMENT) indicated that 62.5% of all the startups grew their revenue.
- One StartUp grew by 100% 100% 100%
- One StartUp grew by 80% 80% 80%
- One StartUp grew by 27% 27% 27%
- Two StartUps grew by 20% 20% 20%
- Two StartUps grew by 10% 10% 10%
- One StartUp grew by 7% 7% 7%
Furthermore 9 startups (56.3%) gained additional public/private funding. Funding raised ranged from 10,000€ to 1,600,000€ (2,306,000€ total).
Startups reported that 87.5% gained new clients as the result of participation within the EDI programme. The number of newly acquired clients ranged from 1-10 per startup, two clients per startup being the most frequent case (64.3% of the startups).
Proactive and inspiring people by your side + non equity incentive: what more could you wish for?
From what we gathered, the early-stage startups considered team growth and involvement in the Big Data community as highly important aspects of their development.
Team growth indicates that the startup is growing at a satisfying rate, meaning that there is need for more hands on deck, helping to ensure the quality of the offered services or products despite the fast growth.
The involvement in the Big Data community is vital for startups in order to increase their visibility, expand their network and be noted by investors.
Team GrowthPercentage of startups that indicated that their team grew
- 13 startups indicated that their team grew. 5 startups created 1 position, 3 startups created 2 positions, and 4 startups created 3 positions and 1 startup created 5 positions
- 6 startups experienced a change in gender balance
- In particular, 3 startups began EDI at 100% male and now have 70% male / 30% female while some have 75% male / 25% female balance
Big Data communityPercentage of startups that attended Big Data related events
- 13 startups attended Big Data related events. 6 startups (37.6%) attended 5-15 events
- 5% of the startups gained media coverage (international publications, as well as local news in local languages, mentioning the startup and EDI)
New services, leads and partnerships – the EDI network in action
The great majority of startups developed new products/services since joining EDI – 93.8%. When it comes to business leads, the results are also very favorable: 87% of the startups developed new ones since the beginning of the programme. 62.5% of the startups developed new collaborations/partnerships with data providers, external corporates and universities.
EDI as a way to improve skills
The majority of startups feel that they improved their skills in four main areas: Marketing and Sales, Business Development, Big Data Management and Technical.
Marketing and Sales
Big Data Management
Any other thoughts on EDI?
In general, after joining EDI, the startups feel more connected to the Big Data community and 100% of them would recommend European Data Incubator to other startups!
Feel more connected to the Big Data community