Two Lithuanian startups begin the journey to success
Last week StartupHighway business acceleration fund successfully completed this year investment round. The investment agreements have been signed with two Lithuanian startups – BeScouted and InPeak. The StartupHighway investment portfolio manager Martynas Matekonis says, that the astonishing number of applications for the investment has been received this year. It is a good sign, according to M. Matekonis. „ The startup ecosystem is growing. Ideas presented are more specified, entrepreneurs are coming with larger store of knowledge and experience. Precisely due to these reasons it’s much easier for us to validate the ideas and provide initial funding.” StartupHigway head of marketing Rokas Medonis thinks, that startup founders don’t look through rose-tinted glasses anymore: „This year projects we invested at initial stage, already have clearly stated business logic, not only idea or dream. BeScouted is a unique platform, where users can be part of connected community, but also make money. Product with possibility to earn money has a large potential for the success. The most important things for successful presentation to the market are good timing and right communication.” Second investment this year is InPeak, health and sport results tracking and analysis program for athletes. StartupHighway co-founder Darius Žakaitis thinks that ideas for professional and amateur sport activities are really promising. „There are large numbers of smart devices for the sporting activity fixing in the market nowadays. The question is what to do with these collected data and how athlets might benefit from that in order to achieve better results? InPeak seemed interesting for us, because the program is dedicated to the pro sport but easily adaptable for non-pros. In addition, the project founders are very experienced and founded number of successful startups“, says D. Žakaitis.
BeScouted: spot the need, create solution BeScouted idea author Devidas Leilionas begin to create the product by spotting the need to solve the communication problem among photographers, models, retouchers, make-up artist and other professionals of the visual communication industry. „You might look for the right people and talents in websites dedicated to the special activities, but that is really time-consuming process. First, you actually have to find right people, who fit the profile, then write to everybody to ask if they might be interested, if the proposed time suits and etc. This is really time-consuming process. Others are looking for professionals via friends and social networks, but what to do if you are in the island where you know 20 people?“ Leilionas thought an idea to create search tool, which enables to find right people for projects quickly and simply. He started to search for investment attraction possibilities. „Provided investment lets us to develop BeScouted project further and in 6 months to present users with unique solution, which enables to find team members for photo-shoots within matter of seconds.”
InPeak – broadens the athlets achievement margins One of the InPeak founders Dovydas Čepelė is ex professional athlete. Together with business partner Robertas Mazeikis they run medical consultancy clinic, where they work with the professional athletes for the number of years. „We created the methodology, which enables to optimize athlete’s results during the competition and championships by observing athlete’s motivation, psychological readiness, competition results, quality of sleep and rest, appetite and many other indicators. Naturally, we wanted to transform our own methodology to the technology and globally scalable product“, says D. Čepelė. The sport medicine specialists shared the idea with the third InPeak founder Mindaugas Kriščiūnas and fellows had clear vision of the smart sport analysis platform. „ We want to link athlete’s subjective feeling factors, psychological data with wearable sport technologies and health test files. Data analysis would enable sport medicine doctors to identify athlete’s physical problems earlier than it turns to the injuries and overstrain. The coaches will be able to make training plans much more effectively by disposing such information, so athletes can achieve maximum fit ahead of competition”, says M. Kriščiūnas.