Lisbon Challenge and the Start-up Bootcamp
Lisbon Challenge is the flagship accelerator of Beta-i. This accelerator started in 2013 and Lisbon challenge 2017 was the 7th edition of this program, which takes start-ups for pre-seed investment. It selects start-ups for a bootcamp and then invests in it to allow for product development and testing. At the end of this stage, they invest further in the start-ups depending on the success of the product development. Apart from this, they also offer mentoring by experts from different fields, introduction to VC funds and the Portuguese market.
Portugal is an important location for MonitorFish as there are huge number of aqua farms apart from being the highest fish consumer in the EU. MonitorFish applied for the challenge and were selected for the bootcamp at the end of which a demo day for pre-seed investment was done.
The Journey started on Sept 3rd with Chaitanya and Bastian starting to fly from Berlin to Portugal via Amsterdam. After a 4 hour journey they reached the hotel where they networked with other start-ups followed by a city tour.
After reaching Beta-I on Monday morning , Day 1 kicked off with a welcome and Introduction by the Beta-I and talk given by Gualberto about the lifecycle and important aspects that need to be addressed as start-ups. This was followed by MonitorFish and other participants introducing their start-up idea with respect to technology, market and Business aspects. This was followed by a practice pitch round where MonitorFish and other start-ups pitched their ideas.
The information shared by MonitorFish on Day 1 were analysed by a set of experts belonging to different fields such as Academia, Business, Sustainability etc. This was done by a personalised session by our team to the individual experts.
Day 3 of the boot camp continued with mentor-experts from more fields analysing our start-up and providing valuable insights. This was followed by a session where the mentors helped in our Financial planning and prognosis.
After that, a start-up which was associated with the Beta-I shared their experience and also gave valuable insights into the Portuguese market.
The team went out and networked with a Portuguese inventor and his associates after the day’s work at Beta-i.
Day 4 started with all the teams indulging in intense Pitch preparation for the upcoming demo day. This included finalising our Business Model, Financial proections, Cost Structure and Sales & Distribution channels.
Day 5 was the final demo day where all the start-ups after an intense work week of refining their ideas and Business models. 15 start-ups along with MonitorFish pitched in front of a group of investors. This was followed by a TGIF networking party, where all MonitorFish interacted with all the investors, other start-ups and other important people in the Beta-i accelerator.
During the party, the results were announced and MonitorFish was awarded with an opportunity to be a part of Beta-i.
Networking and take-aways
MonitorFish had an amazing opportunity to interact with fellow start-ups and was able to share their network, sales channels and contacts. Other representatives at the Beta-i heard about our idea and product and offered help in connections with sales, marketing and general introduction to the Portuguese market.
The Beta-I accelerator, its mentors, investors and experts provided valuable insights to shape not only all non-technical things associated with MonitorFish, including market, business plan and model etc but also provided help in allowing access to test our systems in the aqua farms of the investors. This bootcamp introduced MonitorFish to the Portuguese market and also introduced Portuguese market to us apart from providing an amazing network of investors, aqua farmers, test-partners, prospective customers and distribution channels.
All in all this proved to be an exciting and enriching week for MonitorFish which also gave us a clear defined path for the future.