Half of STARTER Basic is over!
In Mentor Feedback Carousel IdeaLab's STARTER programme teams got to present their ideas to mentors and got professional feedback from entrepreneurs and startup mentors. There were 11 mentors and teams present. At the end of the event, the mentors choose the most potential team – CarZam!
Teams got 13 minutes to speak with each mentor and they had to pitch their idea and talk about bottleneck situations they are dealing with. Mentors came from many different fields so teams got the variety of feedback. There were mentors like Urmas Tross (lawyer and adviser specialized in IT and business law at Law Office LMP), Mari-Liis Kärsten (graphic designer at Nortal), Juko-Mart Kõlar (The co-founder of Fanfestory) and many others!
During the event, all the mentors heard team pitch and at the end, they gave the teams with biggest potential play-money checks worth 100 000 €, 50 000 €, and 10 000 €. Mentors could give all the checks to one team or many teams or keep the checks to themselves! The winner of the game was CarZam, who managed to get 500 000 € worth of investments from 6 different mentors! They are working on an idea to build a device that can be applied to a car's engine room. Microphones and sensors track real-time sound and vibration of the car and it displays error once it occurs.
Andres Kiik, the leader of CarZam: „Mentor Feedback Carousel was very useful! Firstly because we got approval for our idea from experienced people. Secondly, we got great tips for device’s functions and for our future plans that we hadn’t thought about yet. For example, mentors said that the device should work with voice notification system. Many of the mentors recommended us to think about our action-plan and budget. Although all the opinions were not all the same – there were mentors who thought that we should focus on one car error type and others who thought that the device should fit all the machines with moving parts! We as a team thought that we will do well but we did not expect to win!“
With Mentor Feedback Carousel half of the STARTER Basic programme is already over! Next up are product design, supervision, marketing and pitching workshops and the programme ends on 18th of May with business ideas competition Kaleidoskoop.
STARTER Basic is funded by European Social Fund.
More information: http://ideelabor.ut.ee/projects/starter
Contact: Riin Lisett Rei, UT IdeaLab marketing and communication manager, 737 4817, firstname.lastname@example.org