Scaleup Finland: A key scaleup ecosystem for Europe with a (still) unexploited potential
Brussels, September 5th, 2018 – Finland is a key scaleup ecosystem for Europe, but still shows an unexploited potential, according to the last “Tech Scaleup Finland” Report presented today by Mind the Bridge and Startup Europe Partnership with the support of Business Finland.
219 scaleups have been in fact identified in Finland (equivalent to about 4% of the total amount tracked in Europe), totally raising $1.9B in funding since inception (2.3% of the total capital raised by European scaleups to date).
In addition, Finland ranks 9th in the Scaleup Country Index 2017*, between The Netherlands and Denmark, with only Sweden, among the five Nordic countries, outperforming it both in capital raised and scaleup population. In these terms, the gap with larger ecosystems such as the UK, Germany or France is likely far too wide to be bridged: UK scaleups raised, alone, 15 times more capital, the German about 8 times more, the French 5 times more.
“Though absolute numbers suggest that Finland is really far from UK, Germany, France, and Sweden, the conversation changes in relative terms – commented Alberto Onetti, Mind the Bridge Chairman and Startup Europe Partnership Coordinator – Starting this year we introduced two indicators to better understand the efficiency of a scaleup economy as it relates to the size of the country in question. Finland outperforms the rest of the continent for what we labeled the ‘Scaleup Density Ratio’ by producing an average of 4 scaleups per 100,000 people, compared to 2.5 in UK, 0.6 in Germany and 1.0 in France. And it scores well also against the ‘Scaleup Investing Ratio’, with 0.75% of GDP dedicated to scaleup innovation, 1.7x more than the European average, doubling the European powerhouses Germany (0.40%) and France (0.34%), being substantially aligned with the Nordics average of 0.82%.”
“Finland is definitively a key scaleup ecosystem for Europe with a still unexploited potential.” added Isidro Laso Ballesteros, Head of Startup Europe European Commission.
“The startup ecosystem is already now effective and flourishing in Finland. One can see an upward trend in the share of foreign VC investments and the growth in exit valuation levels.There is always room to improve. We are constantly building the Finnish startup community to the next level together startups, accelerators and investors. High-growth, scaleup companies create jobs and exports and thus are crucial for our national economy.” commented Marjo Ilmari, Executive Director, Startup & Fast Growth Business Finland.
Growth – Scaleup Population and Capital
The Finnish scaleup ecosystem increased its size in 2017 with 16% growth in scaleup population (+34 new scaleups) and raised $0.3B more capital, with a YoY increase of 17%. These numbers place it behind Sweden in the growth charts (35% increase in population, 30% in capital), but Finland still runs faster than its other Nordic siblings Denmark (13% increase in population, 6% in capital), and Norway (11% growth in population, 15% in capital).
Since 2013 the scaleup population of Finland has been growing a consistent 15-17% without any fluctuation, up to 10 point less behind the European average of 28% for the years 2016-2017. 2018 will be not different with a 18% YoY growth figure. Also on the capital raised side, despite the fact that in 2017 the country had a YoY loss of 20%, the $318M that the scaleups raised was good enough to add another 34 scaleups to the count. A constant growing trend is expected this year.
Capital Raised: 96% comes from VC, a few IPOs, no ICOs.
When it comes to capital raised, 96% comes from Venture Capital, while only 4% (about $0.1B) comes from the IPO channel. In 2017, 2 more companies joined the IPO club: Next Games and Rovio, not surprisingly reinforcing the impression that Finland remains the “land of gaming”. Both IPOs were around $40M, below the European average ($120M). Surprisingly Finnish scaleups have not jumped on the ICO train yet, as we didn’t track a single company which has launched a crypto offering the previous few years.
Scaleup Migration to the US
There are 33 (15% of total) companies in Finland that moved their headquarters abroad (typically to have access to capital) and we can classify as “Dual Companies”. These 33 raised $552M altogether, amounting to 29% of the total capital raised by Finnish scaleups. They mostly moved to the US (19 of them, 11 to Silicon Valley) and outperform in terms of capital raised, having attracted an average of $16.7M, compared to the $7.3M average of companies that choose a domestic growth path.
Founding vs Funding
Despite a recent story of the scaleup ecosystem in Finland, only 25% of the scaleups have been founded in the last 3 years. Finnish scaleups are very active in raising capital constantly: 52% had a funding event in the past 2 years. In 2017 56 scaleups registered a funding event.
Sizes don’t matter
The scaleup scene in Finland is dominated by “small” scaleups: the ones that raised between $1 and $10M, represent in fact the large majority (79%) of the population. Only the 3% raised above $50M (tech giants). However, in Finland size doesn’t seem to be that relevant in the Finnish ecosystem: the Scalers (companies attracting over $100M in financing) account only for the 13% of the total funding, while the “middle class” segment ($20-$50M) attract the most funding among the cohorts. The smaller ones raised 27% of the total.
Geography of fundings
Of all capital poured into Finnish scaleups, one third (34%) comes from Finnish funds, while US funds account for slightly less than one third of investments (27%) and British for a little minority (6%). Investments coming from the rest of the world are relevant as well, accounting for a consistent 10% of capital (coming mostly from Chinese and Singaporean investors).
“Startups ecosystems in Europe start to be connected among themselves. But we need to do still more – added Isidro Laso Ballesteros, Head of Startup Europe European Commission– Our competitive advantage is to be united in diversity. Advantage that can only be realised by working at ecosystems level to be a Startup Europe: a startup continent.”
To Game or not to Game?
Finnish companies operating in the Gaming industry are only 13% of the population and have attracted almost $400M, 21% of all capital made available to scaleups to date. But if we remove the 2 IPOs by Rovio and Next Games, investments in Gaming are actually slightly declining over that period. YoY growth (2017/2016) is anyway the highest, 3.7x.
Medtech (11% of the population) attracted 8% of the total capital ($142M) with a YoY of 1.5, Cleantech the 10% ($190M) with a YoY of 2.0, while traditional industries such Hardware and Software collected respectively 8% ($153M) and 9% ($161M), covering the 9% of the population each.
The capital city of Helsinki hosts 131 scaleups, which raised altogether almost $1.2B. This concentration is 60% of the total population, and contains 63% of the capital raised. If we add Espoo, home of other 33 scaleups, concentration rates go up to 75% and 82%. Outside of the capital, Oulu is the largest scaleup hotspot, followed by Tampere and Turku.
The Finnish ecosystem is definitely seeing momentum in M&A activity. With a total of 112 acquisitions of Finnish startups and scaleups since 2010, after a relatively stale M&A activity, each year since 2013, 2017 signed a turning point with 45 M&A transactions, 3.5x compared to 2016. Nevertheless, they are still a domestic business, since the 38% of Finnish startups are acquired by Finnish companies. 28% belongs to US, 16% other countries, 13% to other Nordics and 5% to other countries (mostly Chinese and Japanese companies).
Not surprisingly, the Gaming startups get the third spot in the industry ranking of Finnish startup M&As with 11 deals (the 10% of all), right behind Software Solutions (first at 18 deals, the 16%) and Enterprise Software (14 deals, the 13%).
* Notes on Methodology
Scaleup Density Ratio: number of scaleups per 100K inhabitants. A measure of density of scaleups in a given ecosystem.
Scaleup Investing Ratio: capital raised by Scaleups as a percentage of GDP. A measure meant to measure the capital invested in scaleups in a given ecosystem, compared to the size of the overall economy of that country.
Scaleup Country Index: country ranking built upon Scaleup Density Ratio and Scaleup Investing Ratio. A measure of the overall innovation commitment of a given ecosystem and its ability to produce significant tech players.
The indicators above are produced and monitored by Mind the Bridge.
SEC2SV 2018: the names of the European Tech Scaleups invited
A new group of Scaleup Europe tech companies ready to be showcased in Silicon Valley
They come from 8 different countries – Albania, Finland, France, Germany, Hungary, Italy, Poland and Spain – and employ nearly 1000 employees for a total of $75M in revenue and more than $135M in funding. They are the 13 tech European companies invited to join the 4th edition of “Startup Europe Comes to Silicon Valley” (SEC2SV), the premier program for future European Unicorns organized by Mind the Bridge with the support of the European Commission, the European Parliament, and EIT Digital.
For the 4th consecutive year, SEC2SV will welcome the most promising European companies to spend an entire week, September 9-15, in Silicon Valley. The scaleups will spend time with mentors, meeting potential partners and investors, and adapting their business to the US market. The program exposes them to an intense week of concentrated business development in the Valley to help them in their US expansion efforts, including a showcase to investors on September 11th during European Innovation Day (EID) at the Computer History Museum in Mountain View.
“SEC2SV – commented Isidro Laso, Head of Startup Europe at the European Commission – is the flagship initiative of the European Commission to build bridges among innovation ecosystems in EU and US. We look at this initiative as a super connector that we be mutually beneficial in reaching out to new markets for the startups and in generating diverse deal flows for investors in both regions”.
Among the selected scaleups, 3 scaleups have been invited with the support of EIT Digital, the European digital innovation and entrepreneurial education organisation driving Europe’s digital transformation. 4 additional startups, selected by Impact Accelerator, led by ISDI & FundingBox, will also join the 2018 EID showcase.
“This year’s cohort shows very well how much the European startup landscape has changed in just 4 years – Marco Marinucci, CEO Mind the Bridge commented- Compared to last editions, we can see promising businesses coming from new emerging Eastern Europe economies like Hungary, Albania and Poland in addition to the ‘traditional’ ones like France, Germany and Belgium. As suggested in our latest report on Tech Scaleup Europe, we are really looking at an improved scenario, with a stronger and more connected Europe committed to building its own identity, players, roles, regulation and hubs. The European Commission keeps playing its key role to strengthen the Innovation Economy of Europe and our data confirm this trend: the Scaleup Europe ecosystem last year registered a +28% growth in scaleup population and a +36% growth in capital raised compared to the prior year. These numbers translate to more than 1,200 new scaleups born in Europe and $22B in new capital invested in 2017”.
To date SEC2SV has hosted more than 2000 participants, 50+ scaleups and 100+ keynote speakers, such as Elżbieta Bieńkowska, EU commissioner for Internal Market, Industry, Entrepreneurship and SME’s; Julie Hanna, US Presidential Ambassador for Global Entrepreneurship; Věra Jourová, Commissioner for Justice, Consumers and Gender Equality; Betsy Masiello, Head of Public Policy, Uber; Oona King, Diversity Director, YouTube; Henry Chesbrough, the Father of Open Innovation and many others.
The 2018 edition of EID will focus on some of the most relevant topics of the past year in tech:
- GDPR: Privacy and Data Storage/Transfer
- ICO’s (Initial Coin Offerings) and CryptoCurrencies Regulations
- European Economy of Innovation in Silicon Valley
- Sustainability and Local Government
- Startup M&A’s
Among the confirmed speakers for this year are: Vivek Wadhwa, author and opinion leader, Tim Draper, Partner, Draper Associates, Peter Arvai, CEO and co-founder, Prezi, Pēteris Zilgalvis, Head of unit, DG Connect, European Commission, Kristin Schreiber, Director COSME programme, DG Grow, European Commission, Sorin Moisa, MEP, European Parliament, Adam Sterling, Executive Director of the Berkeley Center for Law and Business, Sabrina Ross, international privacy and security expert, with more to be announced at a later date.
For the full list of invited companies for SEC2SV 2018, see below.
Agorize – France – 2011 – SaaS
Agorize is an open innovation platform that connects people looking to scout for technology solutions for hackathons or innovation challenges. The platform is open to a wide audience such as students, new graduates, data scientists, programmers, startups and corporate employees.
Clairy – Italy – 2016 – Cleantech
Clairy is the most unique natural and smart Air Purifier on the market: it uses common plants to beat indoor pollution. Clairy supercharges the natural power of plants – phytoremediation- to purify the air indoors in a non intrusive and sustainable way. Clairy is also an object of design, and it features a technological core with advanced sensors and it lets users monitor the air quality directly via a dedicated mobile app.
Cleverciti – Germany – 2012 – Smart Cities | EIT Digital Portfolio
Cleverciti Systems turns the daily nightmare of searching for a parking space into a predictable, stress-free experience by using disruptive technology and big data. They have developed a new cost-effective and smart on-street parking system that uses sensor and wayfinding technology mounted to lampposts. This results in less congestion on city streets and reduced carbon emissions and other pollutants in city centers.
Other verticals are shopping malls, airport and corporates with large parking areas, seeking to offer better service to their customers.
Codecool – Hungary – 2014 – Cybersecurity
Codecool has created a 12-month course designed to teach users mainstream programming languages and skills, allowing non-technical professionals to transition into developer roles in just a year. Codecool also serves employers by providing a marketplace for companies to search for and contact developers who have gone through the Codecool sessions.
Fudo Security – Poland – 2012 – Cybersecurity
Fudo Security is a leading security vendor specializing in Privileged Account Management. With offices in the US and Europe and over 100 partners in 35 countries, it’s one of the most innovative and fastest growing security vendors in the world. Several hundred customers mostly from finance/insurance, telco, energy, oil&gas and the public sector are already using Fudo Security’ products.
wheelsystems.com | fudosecurity.com
Gjirafa – Albania – 2013 – Internet
Gjirafa, Inc., is the fastest growing Internet Services company in the Balkans. Gjirafa is an OTT media services and an e-commerce platform for the Balkans built on top of an Albanian language specialized search engine.
OptioPay – Germany – 2014 – Fintech | EIT Digital Portfolio
OptioPay processes payments from companies to customers, employees or partners. Recipients can combine bank transfers with higher-value gift cards to increase the actual value of their payment. Between bank transfers, e-wallets and higher value gift cards, OptioPay offers complete flexibility and adds value at both ends by offering diverse payout options. It is a Win-Win-Win situation for advertisers, issuers and recipients.
Movinga – Germany – 2015 – Mobility
Movinga is a vertically integrated logistics tech company for customers and medium-sized moving companies. As a professional full service provider Movinga offers logistically optimised moves for private individuals and companies, goods transports and courier services. Pricing is done on a case by case basis and is nearly always lower than competitors.
Muving – Spain – 2017 – Mobility
Muving is transforming urban mobility with an electric scooter sharing platform offering eco-friendly and cost effective alternatives to urban commuting. Available to customers via the Muving app, scooters are located and reserved and highlight the positive environmental impact of each ride. Pricing is based on per minute rates. Muving is the leading platform in Europe currently in 12 cities including Madrid, Sevilla, Barcelona, Granada, Cadiz and more. The scooters are dockless and completely electric, serving as a green and flexible mobility option for urban areas.
Partnering Robotics – France – 2007 – Robotics
Partnering Robotics has produced the DIYA One robot, designed to monitor and maintain indoor atmospheres and encourage worker wellbeing. The robot is equipped with a variety of sensors that generate actionable environmental data on indoor pollution.
Piwik PRO – Poland – 2013 – Big data / Martech | EIT Digital Portfolio
Piwik PRO has developed a marketing suite package that allows customers to deliver optimized marketing campaigns and manage a database in the most sensitive and secure environments. They have taken the challenge of user privacy and data stewardship and built a full stack solution for marketing that complies with all regulation and privacy concerns.
Smarp – Finland – 2011 – Big data / Martech
Smarp is a SaaS solution companies can use to empower their employees to discover and share content created by the company such as blogs, events, and job listings, to their social media networks. Employees can measure the impact their content has on their network and improve their thought leadership and influence, while employers benefit from greater visibility and evangelism through their employees.
Uberall – Germany – 2012 – Martech
Uberall brings together local businesses and customers by ensuring companies are found across all popular directories, mobile apps, maps, and GPS devices with consistent profiles such as photos, descriptions and other data points. They also facilitate better communication with customers through real-time notifications of reviews or messages on the various platforms.
“Tech Scaleup Europe 2018” SEP Monitor presented in London. All the data!
In 2017 Scaleup Europe experienced a year of growth which can be described as sustainable: more than 1,200 scaleups were born in Europe (+22% of the total, +28% YoY growth from 2016) reaching a total of 5,596 that have cumulatively raised $83.2B (+36 growth in capital raised). But the gap with other ecosystems remains hug.
This is what emerged from the last “Tech Scaleup Europe 2018” SEP Monitor presented today in London on the occasion of the second SEP Scaleup Summit organized by Mind the Bridge and hosted by the London Stock Exchange.
“Let me share some good news: Scaleup Europe is growing, finally – commented Alberto Onetti, Chairman of Mind the Bridge and SEP Coordinator, while opening the event – We’ve measured good progress, but there is still of course a lot of work ahead of us. We know that the innovation is not a plant that gives you harvest quickly, you have to continuously seed and work to bear fruits. And we are seeing the initial European crops.”
The research highlighted that the strongest economies continue to produce the most scaleups: UK, France, Germany and Sweden top the Scaleup Europe Country Index, by contributing to almost 70% of that growth in absolute terms. The UK continues to lead the pack with a 28% growth rate, adding 368 scaleups to its population for a total of 1,668 as of end of 2017 (30% of the Europe’s total), clearly unhindered by Brexit talks in the meantime. France and Germany follow with a 32% growth rate each: France added 165 scaleups for a new total of 681 (12% of total), and Germany added 129 for a total of 530 (10% of the total). Sweden ranks 4th in the Scaleup Europe Country Index with a 35% growth rate, adding 126 scaleups in the past year for a new total of 489.
The regional averages show a similar story with Northern Europe (24%) performing the strongest and Southern Europe once again dragging their feet in the innovation wave, with a lower growth rate of only 16%.
“2017 was an amazing year for the startups in the growth phase. The glass is half full. Startups ecosystems in Europe are starting to be connected among themselves – added Isidro Laso Ballesteros, Head of Startups and Scaleups at the European Commission – This high level of connectivity contributes significantly to help startups in their growth phase. We still need to do more. Beyond US, Asia is growing at high rate. Ecosystems in Asian countries have unique characteristics that are helping with their high growth rates. Our competitive advantage is to be united in diversity. An advantage that can only be realised by working at ecosystems level to be a Startup Europe: a startup continent.”
On average, Europe nowadays registers approximately 1 scaleup for every 100,000 inhabitants, slightly up from 0.9 in the previous year. The Nordic countries outperform the other areas by producing on average over 3.7 scaleups every 100K people. In particular, Sweden (with 4.9 scaleups per 100K inhabitants), and Finland are definitely leading the way in terms of scaleup density. Among the larger countries, the UK leads with a 2.5 density ratio.
London has been confirmed to be by far the largest scaleup “hub” in Europe with over 1,100 scaleups based there. Paris follows (453 scaleups), Berlin and Stockholm are behind with slightly less than 300 scaleups. Other relevant emerging tech hubs (over 100 scaleups each) are Dublin, Helsinki, Amsterdam, Barcelona, Copenhagen, and Madrid.
“Beyond these main scaleup hubs, there is another Europe comprised of “tier-two” cities and municipalities whose role cannot be neglected – said Alberto Onetti – We will publish after the summer a dedicated study focused on these minor hubs that are key for Europe.”
As mentioned, in 2017 $22B of new capital (average growth +36%) was invested in Europe for total $83.2B.
In terms of growth, large countries stay close to the European average: UK outperformed with a solid +40%, Germany registered a +36% average growth, while France a +30%. Northern countries are running faster, while Belgium and Netherlands reporting respectively +44% and +38% growth rates. In the Southern Europe, Italy is 2 point below the average (+34%) ,while Spain is slowing down (half than European average, +17%).
In absolute terms, the UK still dominates with $27.5B (33% of the total capital raised) and Germany ($14.6B, 18%) precedes France ($8.9B, 11%), this last change being the most noticeable since last year: in relative terms, Germany is home to “only” 10% of scaleups, but those scaleups took in 18% of the total funding in Europe. France by comparison accounts for 12% of the scaleup population, and 11% of the funding. Following, the Scaleup Europe Country Index finds Sweden with $7.3B (9%), Switzerland with $3.6B (4%) and Spain with $3.3B (4%).
EUROPE vs SILICON VALLEY/ISRAEL
Despite the growth, the gap with other ecosystems remains huge. In terms of number of scaleups, the Silicon Valley is worth, alone, a little more than the entire European continent, while in terms of capital raised it accounts for almost 3 times the entire amount raised by all European scaleups. Considering all the United States as a whole, scaleups there have raised $657.5B since inception, 8 times more than the $83.2B raised by their European counterparts. Israel scores better than all European ecosystems – apart from the UK – per number of scaleups and is second only to Germany and the UK per capital raised.
ACCESS TO CAPITAL: NOT (YET) A SINGLE WAY TO SCALE-UP
There’s not (or not yet) a single European way to scale-up for tech companies: while some are pursuing the venture capital funding path, other are leveraging private investors and family offices. One large and recently emerged group in particular is exploring crowdfunding and fundraising through cryptos (ICOs).
- Venture Capital: data shows that $70.7B of capital poured into European scaleups comes from venture capital and private investors, by far the large majority (85%) of the total capital. European scaleups are still mostly depending on venture capital.
- IPOs only represent 12% of the capital raised by scaleups ($9.7B) comes from stock markets through IPOs (losing 10 points compared to last year when it was 15%). Only the 1% of the European tech scaleups have gone public. And not all of the IPO money comes from Europe: 25% of the capital has been raised on US stock markets. On average, European scaleups collect about $120M in new funding when they start trading on stock markets. However, it takes time to plan and implement large IPOs: on average, European scaleups go public 8.7 years after inception.
- ICOs: the main point of discontinuity compared to the recent past is that $2.8B was raised through ICOs (Initial Coin Offerings), where Europe seems to have a competitive advantage over the United States. This is about 3% of the total capital raised.
3% of European scaleups have completed an ICO. Central States (driven by Switzerland rather than Germany and France) play a dominant role ($1.3B raised, 50% of the total), followed by Eastern Europe and the Baltics (that cumulatively raised over $0.5B, 19% of the total). Less than 15% ($395M) of the ICO capital total was raised in the British Isles.
An interesting example is the Swiss canton (province) of Zug, becoming more and more known as the European Crypto Valley. 27 scaleups that made an ICO – raising $1B+ – are headquartered there.
ICO’s have proven to be a very interesting substitute for the first round of financing of tech scaleups. On average, the ICO channel provides 4 times more capital (an average of $17.6M), than the generic series A raised with traditional VCs ($4.5M on average). Another benefit scaleups are leveraging from ICO’s is speed, which is just as important as availability when it comes to funding. European scaleups on average take 3.3 years to complete the Series A financing, and almost 9 years to go public. The ICO path is much faster.
“When it comes to the origins of the investments, in 2017 on average 43% of capital invested into scaleups come from domestic investors, plus another 11% from investors from other European countries, and approximately 40% from outside Europe – added Alberto Onetti – US investors play a leading role in this case with 26% of overall investments, followed by China (4%), Singapore (1%), and Israel (1%). One round out of ten is led by US investors, but they account for about one quarter of the capital raised by European scaleups.”
FINTECH DRIVES THE TECH INDUSTRY IN EUROPE
Out of the $22B invested in 2017, approximately $4.7B (about 20% of total) was invested with Fintech scaleups, a number that’s three times more than last year. 33 new Insurtech scaleups were tracked in 2017 and collectively they raised $210M. Agritech, Artificial Intelligence & Big Data, Autotech and Gaming are all present in a group that doubled investments in 2017 when compared to 2016.
A LAND OF SMALL SCALEUPS
In 2017, only 48 scaleups (2.4% of the total) crossed the $100M bar of capital raised and turned into “Scalers” for a total of 134 scalers nowadays in Europe (they were 86 in 2016). They cumulatively raised slightly close to $37B that is less than half of the total capital made available to European tech scaleups. 5 companies raised more than $1B in funding (or very close to it). These so-called “Super Scalers”, cumulatively managed to raise about $8B, 10% of the overall funding secured by the European scaleups.
That said, not counting the Scalers, Europe is land of “small” scaleups. 76% of scaleups (4,231 out of 5,596) raised between $1 and $10M attracting only $13.5B, the 16% of the total investments made available to European scaleups. 22% (1,228 scaleups) raised between 10 and 100M securing slightly less than $33B (the 39% of the total).
SEP ELITE TECH SCALEUP 100
The first 100 have been just unveiled: today, during the second SEP Scaleup Summit taking place at the London Stock Exchange in London, Mind the Bridge in collaboration with ELITE as part of Startup Europe Partnership (SEP), launched the “SEP ELITE Tech Scaleup 100” ranking, the index of the Top 100 tech European Scaleups.
Inclusion in the ranking is based on an algorithm that factors capital raised by the company since inception and qualitative parameters (such as employee growth, competitive position, IP and trademarks, traffic growth, sentiment analysis, M&A activity), analyzed in partnership with AI startup Zirra. The weight of the qualitative component will be increased over time, as more parameters are added and data is collected and increasing the accuracy and training of the AI models.
“Through this new Index we aim to provide international visibility to the best European tech companies by tapping into the analytical methodology we have developed in these last few years with Startup Europe Partnership. Currently the ranking for the top 100 European tech scaleups has been unveiled. We plan to issue the SEP ELITE Tech Scaleup 250, SEP ELITE Tech Scaleup 500, SEP ELITE Tech Scaleup 1000 in the incoming months.” – commented Alberto Onetti.
Here the full dedicated press release.
Acciona and Autodesk join SEP and launch EU platform for Digital Construction & Infrastructure
Startup Europe announces: ACCIONA and Autodesk Join Startup Europe Partnership and Launch first European Platform for Digital Construction and Infrastructure
The Spanish group and the US tech leader enter the Startup Europe’s Open Innovation Platform led by Mind the Bridge. The platform will be open to other international construction, engineering and technology companies.
ACCIONA, a leading supplier of sustainable infrastructure solutions and renewable energy projects, and Autodesk, Inc., a globally leading 3D design, engineering, and construction software company, will join the Startup Europe Partnership (SEP) and support the global growth of European companies. Seeking to play a central role in Europe’s economic future and in Industry 4.0 transformation, ACCIONA and Autodesk will power the new SEP vertical platform dedicated to Digital Construction and Infrastructure.
The goal of this new platform is to stimulate and accelerate European startups and scaleups able to provide innovative and digital solutions in construction, helping reduce costs and carbon emissions, improve profitability and efficiency, and create a smarter more diverse construction industry.
ACCIONA’s and Autodesk’s entry into SEP is a commitment to the “startup challenge” with the goal of assessing opportunities for possible procurement, investments and acquisitions.
“I am delighted that ACCIONA and Autodesk have joined the Startup Europe Partnership open innovation platform, part of the European Commission’s Startup Europe initiative, to help European startups innovate and digitalize the construction industry that plays a relevant role in Europe,” said Isidro Laso Ballesteros, Head of Startups and Scaleups at the European Commission.
“The European startup landscape isn’t just about young micro-companies. It is also about scaleups and large corporations working together in a win-win for all. “As industries embrace digital transformation, the potential of improvement is exponential” said Alberto Onetti, Mind the Bridge Chairman responsible for Startup Europe Partnership. “Moving the Construction industry from Analog to Digital, we can produce annual savings over $1 Trillion, beyond reducing waste and increasing safety on the work place. That said, we are thrilled to partner with ACCIONA and Autodesk and other companies that will decide to join us on this very important challenge whereas European startups can play a key role.”
“We believe that innovation and startups have the power to change the future of the cities and infrastructures” said Telmo Perez, Chief Innovation & New Business at ACCIONA. “Digital technologies as robotics, 3d printing large scale or AI are about to change the construction industry like never before and require total different approaches as this alliance with Autodesk and Mind The Bridge, or ACCIONA’s open innovation platform I’MNOVATION www.imnovation.com. We are looking for European startups that help us to build that future.”
“The construction industry is a $10 trillion market, expected to grow to $17T by 2030 with the challenge to build one thousand new buildings per day” said Uwe Wasserman, Director, Business Development AEC at Autodesk. “The construction industry is aggressively embracing digitization and Autodesk is eager to continue our support for the industry’s transition into the era of digitization and connection. The startup ecosystem is proven to be of tremendous value by bringing innovation, productivity and savings to construction and with BIM360 and Forge Autodesk is offering an open platform helping startups to build solutions addressing all different phases of the entire construction project lifecycle from design, preconstruction, construction execution and handover into operations.
ACCIONA and Autodesk will create a new SEP vertical platform dedicated to Digital Construction and Infrastructure. The goal of this new platform is to stimulate and accelerate Europe’s startups and scaleups able to provide innovative and digital solutions in construction, helping reduce costs and carbon.
The platform will be open to other international construction, engineering and technology companies that have the possibility to join as “Corporate Partners”.
An ongoing call aimed at looking for European innovative startups and scaleups, managed by Mind the Bridge, is available here: https://startupeuropepartnership.eu/vertical-platforms/
Selected startups will be introduced to ACCIONA and Autodesk and other key players in the industry in dedicated sessions during the next SEP Scaleup Summits with the goal of assessing opportunities for possible procurement/co-development, investments and acquisitions.
The main areas of interests and challenges to be addressed are:
Digitalizing the Design and Construction Process
- Design to Fabrication
- Design to Preconstruction
- Design to Construction
- Industrialization of Construction
- The Connected Work Site
- Automation & Robotics
- 3D Printing, additive manufacturing
- Connected BIM workflows (e.g. VR/AR/MR, Generative Design, Machine Learning, Computational Design, Reality
- Capturing, Simulation and Analysis etc)
- Autonomous machinery and vehicles
- Other: data, blockchain, etc. (i.e.. Safety, Monitoring, Management & Administrative)
Data focused Operation & Maintenance of Infrastructures
- Remote control and monitoring
- Predictive forecasting and maintenance
- Advanced delivery
- Connect BIM & GIS (Master planning > Project planning, Hand Over > Infrastructure maintenance
The Future of Cities
- Design & Planning
- Mobility & Transportation
- Connected New Services
- Reduce Risk and Costs
- Drive profitability, Safety and Sustainability
- Generate new revenue lines and business models