Month: July 2018

Crashtest Security – the Cyber Security Innovation “Made in Munich”

Young, innovative and award-winning: Crashtest Security automatically searches for security gaps in WERK1 – in between, of course, it can also be “Bavarian – traditional”.

The topic of cyber security occupies developers, operators and users of web applications like no other, and this not only since the new EU data protection basic regulation came into force. The big question is: How can companies close potential security gaps as early as the development stage in order to protect their own data and that of their users against hacker attacks and external misuse? This step in application development requires a lot of manual effort and is accordingly complex, time-consuming and ultimately expensive.

The Munich startup Crashtest Security has a better solution: an automated crash test for web applications of all kinds. The software already scans applications at a defined point in time during the development process or later in live operation and thus provides the developer with timely indications of significant security gaps in the application. The effect: Maximum data security for developers with minimum time expenditure and significantly reduced costs even during development, before an application reaches live status. It takes little imagination to imagine the number of potential customers for the startup.

NO DESIRE FOR NINE-TO-FIVE

Felix, Janosch, René and Daniel have been residents of WORK1 since January 2018. Three nerds, one BWLer and the first permanent employees. Felix is responsible for sales, marketing and finances. The programmers Janosch, René and Daniel already developed software together during their studies at the TU Munich and founded the first GbR before graduating. They quickly realized how complex the subject of “security testing” still is in software development, and so they took the opportunity to start their first own start-up company. Already during his first internships and jobs, Felix noticed that a classic nine-to-five employee existence was out of the question for him. Whoever founds a company can decide with whom, what, how much and when to work – a great advantage that all four of them appreciate. In addition, one hundred percent of the founders are behind their own product and, if necessary, they like to work night shifts or get up early.

OPTIMAL CONDITIONS IN WERK1

In Munich/Bavaria the four crash testers found optimal starting conditions: In February 2017, they received the EXIST scholarship for one year and subsequently a place in WERK1. The first WERK1 half-year balance is very positive. They won investors and also won 2nd prize at the CEBIT Innovation Award 2018. Their test presentation at the trade fair in Hanover convinced the jury not only virtually, but also through a practical test on site: With a quick scan, the team automatically created PDF reports (vulnerability reports), with which the visitors could directly see security gaps in their applications and the added value of the crash test security software.

Your „One Sentence Pitch“?

We are automating the security test for web applications, which has been very time-consuming up to now and is mainly manual and therefore expensive.

Who needs it?

Anyone who develops websites/applications

How high do you estimate the WERK1 factor?

Very high – The combination of network and promotion is simply unbeatable, and by that we don’t just mean the inexpensive office space in downtown Munich. The community aspect here on site, the exchange with the other startups and coworkers, the networking within the industry and the events here on site are simply ideal.

WERK! - Resident - Crashtest Security - logo

Startup: Crashtest Security
Website:https://crashtest-security.com/
Contact: info@crashtest-security.com

InsurTech Cashwalk in WERK1: A pitch event of superlatives

From mobile health checks at the workplace to full-service partners for drone services. At the first InsurTech Cashwalk at WERK1, 27 international start-ups competed for the favour of more than 60 hand-picked investors. In the end, the jury honored three winners.

The InsurTech Hub Munich has invited together with the LMU Entrepreneurship Center to the Cashwalk and the startups, they came in large numbers. More than 50 had applied in advance, at the end about half of them were allowed to present themselves to an audience of potential investors. The challenge: Each start-up had just three minutes to present a problem, the solution and the product.

What is special for us is that it is a pitching in staccato mode. The cashwalk is a very nice allusion to the catwalk, a kind of showdown of the startups. We chose this format very specifically so that the listener, especially investors, has the opportunity to see a large number of startups in a very short time and to get a first impression.

Dr. Florian Mann, CEO WERK1

Those who wanted to leave a lasting impression had to have the appropriate answers ready for the jury after the pitch. The critical questions posed by the ten jury members were primarily aimed at luring the founders out of their reserves and examining their ideas in detail.

In addition to looking at the business model, founders and previous traction or pilots, I am also interested in what really differentiating capabilities the company is building and how these can be scaled – for example with an insurer as a cooperation partner – and how concrete impact can be generated.

Dr. Volker Büttner, Head of Group Innovation im Generali-Headoffice in Mailand (Juror)

It’s also important to me to see how the team is put together and what fire they bring with them, so are they really convinced of their idea?

Dr. Florian Mann, CEO WERK1 (Juror)

In the end it was not only the business potential that counted, but also the enthusiasm, which of course also had to be felt by the investors in order to be convincing. The desired investment sum of the start-ups ranged from 40,000 to 2 million euros. Ambroise Fargère from +Simple came from France especially for the InsurTech Cashwalk.

I just started at my company four weeks ago. So the pitch today was quite a challenge. But it’s great to be here, to meet people and above all to connect with potential partners.

Ambroise Fargère / +Simple

We are here to meet interesting new start-ups from the InsurTech sector, because this is an important market and the industry is in a state of upheaval. The interesting thing about this event is that on the one hand there are a lot of start-ups from one subject area and on the other that the investor scene is also represented. So you can also exchange ideas.

Stephan Mohrhardt / Ancore Finance Group

There were certainly enough interesting and extraordinary ideas on this exclusive pitch day. Here is a small excerpt:

BODY-LABS: THE HEALTH CHECK AT THE WORKPLACE

Whether control of heart, blood, or breathing. The vision of Body-Labs is to use a mobile laboratory to give employees a holistic insight into their most important health values in just 15 minutes. Everything in the comfort of your workplace. For entrepreneurs, this could be an interesting possibility in the future to be able to
to invest individually in the health of their employees.

IDANA: THE DIGITAL ANAMNESIS

Using a digital questionnaire, the startup wants to record important information even before the consultation with the doctor. The questionnaires are specially tailored to the patient’s complaints and can be answered via smartphone or tablet in the waiting room or already from home. The physician receives the data in encrypted form and can thus
to get a more accurate picture of his patient in advance.

DYNAMIC COMPONENTS: EARLY DETECTION OF PROCESS RISKS OF LIFTS

The startup from Munich has developed software and hardware for predictive maintenance of elevators and escalators. For example, data on elevators and escalators is to be collected and used for trend analyses. The aim is to reduce maintenance costs for the customer and to avoid breakdowns that can even determine life and death in hospitals.

At the end of this exciting pitch day, Andy Goldstein from the Entrepeneurship Center of the LMU Munich awarded the winners. 1st place went to Black Rock Insurance from Great Britain, followed by Dynamic Components and FairFleet from Munich. The gift bag for the winners, rather symbolic. The much greater value was certainly the one or the other business card of an Investor.

Demo Day at WERK1: Nine startups present their vision for a modern insurance industry

9 start-ups. Around 60 mentors. 13 insurance partners. 8 weeks. One could almost call it a small boot camp of the startup scene, which took place in the last weeks here in the rooms of WERK1. The result: Nine innovative solutions that could advance the future of the digital insurance industry. With the live presentations of the international teams the third batch of the W1>> InsurTech Accelerator ends successfully.

You’ve invested your heart and soul in the last eight weeks. But for most of the participants in the batch, that also meant less sleep and more coffee. But days like this are the reward for the hard and intensive working hours, because there was a lot of interest in their projects. The Eventspace: Full to bursting with almost 200 enthusiastic startup colleagues, investors, insurers and the curious.

W1>> INSURTECH ACCELERATOR BATCH 3

The special feature of this batch is that it is almost twice as large as its predecessors. 75 startups have applied for the program this year. Nine international teams, including one from Australia and two from India, were selected in the end.

“The demands on this batch were greater, from start to finish. The recruiting process alone was more complex and international than ever before. In the meantime, word has spread about our concept from Munich. That’s a nice signal of what a worldwide attraction we’ve developed.”

Dr. Florian Mann, CEO WERK1

Around €50,000 was invested in each start-up in the form of infrastructure, top-class mentoring and direct links to more than a dozen globally active insurance companies. This “all-round carefree package” turned ideas into scalable business models in no time at all.

After interviews on stage with the W1>>team members and a short speech by Tom Van den Brulle, Head of Global Innovation at Munich Re, the startups got serious. Each team had exactly five minutes to present its own project to the experts present. Here are a few examples of the presentations:

ANYONE CAN AND IS ALLOWED TO PITCH

Ayan Srivastava presented with a video the app Kruzr, which turns the smartphone into a driving assistant. The Kruzr language assistant could become a helpful co-pilot, e.g. by warning in case of increased speed or bad weather conditions, by suggesting breaks after longer driving times, or by simply managing incoming messages. The aim is to significantly reduce the number of car accidents.

The next step was the intelligent health platform Docyet, which can not only talk to the patients, but also has appropriate solutions for their problems with the help of artificial intelligence. Petra and Samuel von Freya discussed the topic of human fertility and possible insurance benefits, and Marguerite from MedPayRx explained how Blockchain technology can help patients buy medicines online in the future. At the end of the presentations everyone received a certificate. For Gilberto from Sydney it was a nice memory of an exciting and intense time.

„Since the first day I came for demo day, I felt like: this is the place. It was a really intense time, but I always wanted to get the most out of it! It was a huge opportunity to speak directly with a collection of insurance companies and it has really opened a lot of doors for us.“

Gilberto Spencer CEO & Gründer von Claimspace

The hard work was worth it. All nine start-ups have mastered their presentations on stage with confidence and professionalism. Program coordinator Daniel Nowack is very satisfied after the pitches, almost a bit sentimental.

“It was an incredibly dynamic cohort with whom it was a lot of fun to work together. Everyone could learn from everyone. On a day like today, seeing startups present themselves self-confidently who were previously very insecure is a huge gift!

A SUCCESS FOR THE INSURERS

The W1>> InsurTech Accelerator connects the world of startups with the world of large insurance companies and not only the founders benefit. Johannes Wagner revealed us at the Demo-Day:

“For our insurers, it is a constant competition for premium innovations. We have to get to the top issues worldwide. W1>>InsurTech is a collection basin for this. Here we have access to premium innovations, not from Silicon Valley, but directly from Munich”.

Johannes Wagner, Vorstand InsureTech HUB München / Leiter Start-up Corporation Versicherungskammer Bayern

Besides interviews, speeches and pitches there was of course enough time for celebrations and networking. At small booths each startup could introduce itself to interested visitors in the WERK1 Café and have a drink to discuss the ideas of the startups in more detail. Our evening ends at the booth of Freya and with the beautiful words of founder Petra:

„It was a unique program. We love it here in Munich. WERK1 has a super friendly atmosphere, we feel like home!“