In 2020 we applied for funding from various sources and were especially happy that we were selected to pitch for the Block.IS Open Call. This selection validates our progress and product-market fit.
The value of being evaluated by experts:
The mere fact that we got accepted and our concept/technology got validated by the experts in the field (we scored 10 out of 10 in the evaluation) was already extremely valuable to us.
“The technology has important work behind it on the conceptual side and properly encompasses the many aspects needed for successfully answering the challenge”
The impact of our solution has been validated as well and can be extrapolated onto sectors outside of those that we are currently targeting.
“It targets and improves the competitiveness of EU SMEs and addresses challenges in a global economy advancing beyond the limitations of the jurisdiction system as method of protection”
Our great team has been highlighted as equipped to tackle the challenge and actually push the project to success.
“Having in house a lawyer gives a refined understanding of the legal system as well as the capacity to influence them in the future, while building the vision on the side, which is truly an asset”
The evaluation also clearly defined the weak points that we had at the moment of applying to Block.is: namely, our Go to market strategy needed more work to provide a robust business case and we didn’t have anyone on the team who was specifically targeting market research and commercialization.
Now, several months later, we are happy to announce that both of those weaknesses have been addressed. Our business model (complete with the revenue model, beachhead market) has been re-evaluated and updated. And we now have Alexandra (Head of Marketing) and Anton (Head of Sales) in the team.
The value of exposure:
Being selected as one of the best blockchain startups in Europe and then making it to the second round (as one of the 23 European startups) has a lot of benefits. Not only do we have mentors from TNO (a Dutch knowledge institution), but we also get noticed by prominent entities from other European countries.
Being connected to other startups and the corresponding ecosystems in their countries is an added bonus that is helping us grow the relevant network.