Tag: W1>> Forward

W1>> ACCELERATOR #4 AT WERK1 – UNLEASHING INNOVATION POTENTIAL IN THE INSURANCE INDUSTRY

The keyword “Accelerator” is usually associated with an idea about financial support and revision of business models. The W1 Forward Accelerator Programme, initiated by the InsurTech Hub Munich at WERK1, shows that a programm to promote innovative start-ups can work in a different way. In the eight-week, early-stage programm, the creators focus primarily on well-founded, targeted advice on start-ups and intensive use of the industry network.

THE INSURTECH HUB – A POOL OF POSSIBILITIES FOR STARTUPS & INSURERS

“The InsurTech Hub is a platform that brings the different players in the industry together,” explains Ben Shaw, Director Program & Strategy. Fourteen large insurers, large corporations, business and strategy consultants and universities such as the LMU or the Bundeswehrhochschule are part of the network. “The idea is that all these institutions have an interest in driving innovation together in the insurance context. And one part of driving this innovation forward is the Accelerator Program, which brings the various insurance companies into direct contact with small, innovative projects and start-ups.

PROGRAM USP & BENEFITS FOR THE STARTUPS

We want to know from Ben which startups the program is aimed at, as we meet him for the interview on the program running since mid-May in the WERK1 Café. In some cases the business idea is there, it hasn’t been founded yet – just early. “What’s important is that we not only select the start-ups according to the idea, but also according to whether we have the feeling that they can put it into practice. The selection event resulted in ten young companies. Only two of them have already received funding. “Over a period of eight weeks we will give them all the resources they need to build up and expand their business – i.e. consulting in business modelling, financial modelling, marketing & sales, etc.”, says Ben about the USP of the Accelerator programm. “And we bring them into contact with 14 major insurance companies, which give them direct enterprise feedback or rather insurance-relevant feedback. This is extremely valuable and priceless.”

PROGRAM FINALE: DEMO DAY

At the end of the eight weeks – this is the aim of the efforts to meet the big players from the insurance industry on a regular basis – the young companies will have pilot projects in the pipeline resulting from the program and the contacts made. For the finale, the Demo Day with around 400 guests, modelled on the American one, is waiting for everyone. “This event gives the startups the opportunity to present themselves to potential investors and tell their story. Why can my startup change the industry? They have four minutes for that.”

BUSINESS IDEAS THAT INSURERS & INSURED BENEFIT FROM

And the young companies want to change a lot! Seven B2B start-ups are involved. Among them, for example, is a company that develops software to support rehabilitation after illnesses and injuries. “This is interesting for private health insurers who want to make sure that the costs do not increase immeasurably due to incorrectly implemented physiotherapy,” explains Ben Shaw. “In addition, such an offer is also in the interest of the insured, because there is direct feedback as to whether the exercises were carried out correctly. Another example is a smoking cessation app developed by a team of experts with years of experience in the health sector. Three B2C start-ups are also taking part in the programme. “Our most international team comes from Thailand and deals with on-demand insurance. This keeps costs much lower and makes processing extremely easy and customer-friendly,” reports Ben. Other teams come from Austria, San Francisco or Barcelona.

INNOVATION POTENTIAL IN THE INSURANCE MARKET

The innovation potential in the insurance industry is huge, and the demand for young, rethinking companies is high, Ben explains the background to the Accelerator Program. “About two years ago, insurers had the aha moment. That’s when the industry became aware that we simply weren’t so technologically advanced in the financial services sector. And that so much more could be done with digital banks. Information about individuals who reflect their personal risk is now much easier to implement through data mining and data science,” Ben explains. Thanks to fast and precise data processing, insurance companies are now in an extremely good position to digitize themselves. And this is exactly where the Insurtech Hub with the Accelerator program comes in. Ben: “This digitization is incredibly difficult and the big insurers solve it through partnerships with external experts, our start-ups.

TIP FROM THE INDUSTRY EXPERT

Who really makes it in the end? According to Ben, that doesn’t just depend on whether you participate in the program. But above all whether the founders can implement the varied feedback they receive during the eight weeks. “A successful founder is always a Hustler, someone who constantly pushes his business forward. Even if the core idea changes – and it always does anyway – it is important to stay on it, with willpower and flexibility. Then you reach your goal.” And that certainly doesn’t just apply to the insurance industry.

INSURTECHHUB MUNICH STARTS FOURTH EDITION OF W1 FORWARD INSURTECH ACCELERATOR

Starting now, applications are being taken for InsurTech Hub Munich’s W1 Forward InsurTech Accelerator until 7thMarch 2019. Existing since 2015, the eight-weeks program is designed for early-stage cross-industry international startups that want to make an impact on the insurance business with their digital solutions. It includes workshops, one-on-one mentoring and coaching sessions. Startups are assisted in becoming experts in insurance and turning  validated entrepreneurial ideas market- and investor-ready, building pilots with InsurTech Hub Munich’s (ITHM) corporate members.

“We’re looking for true disruptors, people who think big and outside the box”, says Manuel Holzhauer, ITHM’s Managing Director. “Established insurance companies are starting to realize their biggest competitors are no longer their industry peers, but rather the Tech Big 5 or Insurtech unicorns. Therefore cross-industry ideas are more than welcome”. He points to the hub’s services for startups: “We can offer access to a huge network of mentors, coaches, investors and allies both within the industry, in universities and with our startup alumni. But our true USP is the unparalleled access we provide startups to our fourteen insurance members.” ITHM’s partners range from international insurance market leaders to local champions and cross-industry players like PwC and Roche.

STRONG NETWORK OF PARTNERS AND ALUMNI

W1 Forward InsurTech Accelerator is performed in cooperation with WERK1, ‘the most start-up-friendly place in Munich‘, a startup hub funded by the Bavarian ministry for economic affairs promoting the regional startup ecosystem. Funded by both its partners and Bavarian Ministry of Economic Affairs, Regional Development and Energy, ITHM hosts events, networking opportunities, knowledge-sharing workshops or meetups and partners with internationally renowned events like the Digital Insurance Agenda (DIA) Conference

Once startups have reached a later stage, the second of ITHM’s accelerator programs, InsurTech Europe powered by Plug&Play, assists them in the scaling phase. ITHM works closely with fifteen other digital hubs (de:hubs) in Germany, each focused on their own vertical, aimed at putting Germany on the global digitization heatmap. W1 Forward InsurTech Accelerator alumni include Road Safety startup Kruzr, which has secured a $1.3M seed fundingrecently or Munich-based e-bot7, specializing in Artificial Intelligence solutions for Customer Service.

Registration & further details:

FIRST DIGITAL HEALTH ACCELERATOR IN MUNICH FROM ROCHE, WERK1 AND PLUG AND PLAY

WHAT IS BEHIND THE DIGITAL HEALTH ACCELERATOR PROGRAM IN MUNICH?

Based on the successful start of Future X Healthcare Event (www.fxh2017.com) initiated by Roche in November 2017 we combined the power of Roche, leading the healthtech industry with WERK1 and Plug and Play, the world’s largest Accelerator and established  a new Digital Health Accelerator at WERK1

The main idea of the program is to provide a learning and exchange platform between Digital Health startups and experts in this field. Everything turns around passion. Whatever business you set up, you must have a passion for it and this is exactly what the Digital Health Accelerator Program aims. By involving genuine startups into our program, we are not discovering the healthcare future but creating a new one. Together we are moving forward to the future.

“For large corporations, one of the key opportunities of working with startups is to iteratively develop solutions in an agile way. In the Batch Zero of the Digital Health Accelerator Roche is co-creating solutions with 5 transformative startups from all over Europe in WERK1, which is provides the ideal environment for it.”.Jochen Hurlebaus – Program Head of Digital Health Accelerator and Head of Innovation Management at Roche Diagnostics

W1 Forward Digital Health Program is a tailored five months program, that helps startups to explore the market insights and learn during the first, intense four weeks (exploration phase) and in the next four months (co-creation) to work systematically on joint use cases with Roche Pilot “Owners”.

“The Roche Digital Health Accelerator Program promises to become one of the few successful accelerators I have seen in the last decade. In my eyes, the reason is that the people behind the program are driven primarily by curiosity and not by self-interest. It goes without saying that this interest must be served too – but rather as a consequence than as sole purpose of the program. This attitude is key for fostering novel business models.”
Dr. Benedikt Zacher – Mentor

Currently there are five startups working in the program:

1. Fibricheck

Fibricheck is a medically certified screening and monitoring application on prescription for the detection of irregular heart rhythms, including atrial fibrillation

2. inveox

Inveox provides automation of sample preparation in Histopatholog

3. Medicus.ai

Medicus.ai is an AI-based platform that explains and interprets medical reports and health data, turning numbers into meaningful insights

4. SagivTech

SagivTech provides research and development solutions in the fields of computer vision, machine learning and deep learning as well as hard-core code optimization for various hardware platforms.

5. StethoMe

StethoMe is the first medical diagnostic device of its kind – one that monitors the respiratory system and measures body temperature in a precise but user-friendly way.

PHASE 2 BEGINNT

The Exploration phase of the program has just ended and during the past four weeks all participants could dive into mentoring sessions, networking moments, setting their business/pilot goals and having lots of insights.

We, at SagivTech, are extremely happy with the opportunity to be a part of Batch Zero of the Digital Health Accelerator of Roche, WERK1 and Plug and Play. The mix of great mentors, valuable connections and good advice is unique. The W1 team provides a great back wind for our activities and the intense sessions help us focus and sharpen our product development process. We enjoy excellent facilities, meetings with high rank technological and business leaders and view our participation in the Digital Health Accelerator as a crucial asset!
Chen, Co-Founder of SagivTech

Now, we are currently working in the co-creation phase for the next four months: teams are focused on working with Roche Pilot Owners and other expers in order to bring their use case to the next level.

“Based on startups needs and Roche Pilot Project requirements” we’ve just set up activities for the next phase and we’are happy to to create a bridge between these two worlds and help them to to work together on novel solutions.
Anastasia Stoycheva, Business Development Manager WERK1

At the end of the Co-creation phase, they will present their pilot project during the Demo Day, which takes place on June 7th in Munich.

More information about the program and startups: www.werk1.com/digitalhealth

WERK1 AND ROCHE TEAM UP TO LAUNCH FIRST ACCELERATOR FOR DIGITAL HEALTH IN MUNICH

WERK1 and Roche are working together to advance the digital tramformation of the health care system and are establishing the first digital health accelerator for startups in Munich. The programme aims to promote digital innovation, creative thinking and open communication between industry and the startup scene, based on the experience and contacts Roche has gained through Future X Healthcare.

The WERK1 as a hotspot of the digital startup scene and as an already successful organizer from the W1>>Forward-InsurTech Accelerator, offers additionally the necessary know-how to create a powerful and for all involved parties profitable accelerator.

“With the’ Digital Health’ accelerator, which officially begins its work today, we are strengthening the startup scene in Bavaria. With Roche, we have a competent partner at our side. I hope for digital innovation, creative thinking and an open exchange between industry and startups.”
Ilse AIgner, Bayerns Wirtschafts- und Technologieministerin

“We are delighted to be able to welcome such excellent startups and industry experts and to develop new ideas and concepts in the field of digital healthcarehere from WERK1.”
Dr. Florian Mann, CEO at WERK1

INTERNATIONAL STARTUPS AT WERK1

“Batch Zero” of the program was launched on 5th February 2018 and until the end of June magnificent international startups will be able to use the facilities at WERK1 free of charge to work on their concepts with the help of Roche mentors and experts from WERK1. Our new residents are: FibriCheck from Belgium, Inveox here from Munich, Medicus from Austria, Sagivtech from Israel and StethoMe from Poland – all startups with enormous disruptive potential for the entire industry.

At the beginning, all startups were able to present their concepts to an interested audience and the first working rounds with the mentors took place.

If the pilot phase is successful, the accelerator will be strategically developed and expanded together with other partners from the healthcare sector.

Current pictures and information can be found on Facebook and Twitter under the Hastag #w1digitalhealth.

Here are some first impressions of the Kick-Off on February 5th

PRESS COMMENTARIES

Focus Online: 5. Februar 2018
Munich Startup: 6. Februar 2018

Health.Reminder: 5. Februar 2018
Pharma.Relations: 6. Februar 2018
Startup Valley: 6. Februar 2018