Idana | Updates

By Lucas Spohn

Idana wins the third place at the founder competition promotion Nordhessen

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Dear Companists,

Business plan competitions are a great opportunity for young companies like ours: They are a chance to present one’s business plan before a jury comprised of economy and research experts who scrutinize the plan closely. These competitions also generate publicity and are a great opportunity for networking.

Late January, we took Idana to the business plan competition promotion Nordhessen in Kassel. It is one of Germany’s oldest competitions for young startups and founders. Last Friday, we returned to Kassel for the award ceremony: Idana was awarded 3rd place in the category “Innovative Companies,” and was remunerated with € 6,000 prize money and an image film. We would like to share with you what makes this business plan competition stand out and what the German founding scene can learn from Kassel in this update.

 

A bedrock in the founding venture: The business plan competition promotion Nordhessen

The founder competition promotion Nordhessen is both “catapult and airbag at the same time” for young companies, says Sascha Gundlach from neue formen GmbH & Co. KG, who sponsors the business plan competition along with other businesses in Kassel. The competition, which premiered in 1999 and is now in its 18th year, offers not only respectable prize money including professionally produced image films. It also provides access to a network of specialists in politics, the economy, and research, as well as enabling contacts to other enterprises, from startups to established industry giants.

 

Wettbewerb promotion Nordhessen

 

The competition has two phases: First, young entrepreneurs and founders submit a business plan, which a jury evaluates according to a standardized evaluation matrix. If the applicants are convincing, they are invited to the second round. Here, the startup has to compete in the ultimate discipline – the pitch: The idea and business model are to be presented in just a few minutes, comparable to a concisely honed Companisto profile. The focus in this phase is on hard facts: Marketing strategy, financial plans, and the SWOT analysis receive primary attention.



Landscape of innovation in the center of Germany: The startup hub Kassel

Hesse’s Minister of Economics Tarek al-Wazir was invited as the keynote speaker of the award ceremony: He impressively demonstrated to the participants and guests how the rather financially weak city of Kassel turned into a flourishing economic landscape in recent years. 

The recipe for success? Kassel recognized the contribution, which startups make, to advance a regional economy. Therefore, a Science Park was founded on the University of Kassel’s campus, where the competition’s award ceremony was held for the first time this year. Around 40 successful startups call this place home and benefit from the close ties with the university, which was the birthplace of many of these companies. Here, founders and their teams find a wide range of coaching services, from startup consulting to patent information centers.

 

The prize: Our image film

Naturally, we want to share our main prize with you, dear Companists: By clicking on the video, you too can experience the patient app first-hand and find out what experiences our testers had with Idana.

 



Best greetings from Freiburg,
Lucas Spohn



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