After collecting information from the 18 startups that were involved in the Round 3 Experiment Stage, 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 77.77% of all the startups grew their revenue.
- One StartUp grew by 200% 200% 200%
- One StartUp grew by 180% 180% 180%
- Three StartUps grew by 100% 100% 100%
- One StartUp grew by 50% 50% 50%
- One StartUp grew by 45% 45% 45%
- One StartUp grew by 33% 33% 33%
- One StartUp grew by 30% 30% 30%
- Two Startups grew by 15% 15% 15%
- Three StartUps grew by 10% 10% 10%
Furthermore 9 startups (50%) gained additional public/private funding. The funding raised was more than 4.3M EUR total.
Startups reported that 83.33% gained new clients as the result of participation within the EDI programme, ranging from 5 B2B clients to 1147 B2C clients
“Thanks to EDI, we have been able to leverage our deep experience in delivering custom analytics to launch our first data science product. We were able to stay true to our vision of making every commercial decision better with data, whilst opening up new possibilities, revenue models, GTM approaches and delivering a better overall experience to our customers. EDI helped us to focus on the right skills, make difficult choices on priorities, and channel our collective brainpower for business success.”
– Amplify Analytix Ltd
Team GrowthPercentage of startups that indicated that their team grew
- 15 startups indicated that their team grew. 2 startups created 1 position, 5 startups created 2 positions, 2 startups created 3 positions, 3 startups created 4 positions, 2 startups created 6 positions, 1 startup created 9 positions.
- 8 startups experienced a change in gender balance.
- In particular, 3 startups began EDI at 70% male and now have 60% male / 40% female while some have 78% male / 22% female balance.
Big Data communityPercentage of startups that attended Big Data related events
- 17 startups attended Big Data related events. 7 startups (41.17%) attended over 5 events.
- 50% 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
All 18 startups have developed new products/services since joining EDI. When it comes to business leads, the results are also very favorable: 88.88% of the startups developed new ones since the beginning of the programme. 83.3% of the startups developed new collaborations/partnerships with data providers, external corporates and universities.
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.
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
“EDI has been really important to help us address partnerships and funding opportunities in a more structured way. It created a rich learning environment to build upon our ideas and technologies with support from a community that, more than having the experts, had the will to help us out. We grew an interesting combination of two projects into what seems to be a viable product.” – Fractal mind
Any other thoughts on EDI?
Feel more connected to the Big Data community
Would recommend EDI to other startups
The interviewed EDI startups feel more connected to the Big Data community and all of them would recommend joining EDI.
To conclude, the round 3 startups have over delivered and have achieved their full potential. We have seen many serious challenges successfully completed and serious investments raised. The competition was fierce, but all of the startups have delivered on their technical and business development objectives and are on track to become leading Big-Data companies in Europe. We wish them good luck!