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.