Start-up entrepreneurs pitched their business ideas to investors
The Investor/Mentor Pitching event was organised by Aalto Start-Up Center (ASUC) in cooperation with Nordea, Kalliolaw, FiBAN and Success Shopping Finland. At the event, organised on 8 October, growth entrepreneurs looking for an investor and mentor were able to pitch their business ideas.
ASUC's Project Director Marika Paakkala welcomed the 12 entrepreneurs and teams and the nearly 50 investors to the event. Before the pitching began, Sebastian Wikström from Nordea Markets, AltFin Solutions, spoke about financing start-ups, and in particular about how business ideas and financing do not always meet.
“The system isn't working as well as it could. Banks can help start-ups grow – they have the required knowledge, resources and networks.
”FiBAN (Finnish Business Angels Network) board member Torsti Tenhunen spoke about the benefits that business angels can have for growth entrepreneurs. FiBAN is an organisation that aims to promote private investments in unlisted businesses with growth potential. FiBAN's goal is to create a strong basis for its network of angel investors and to offer a meeting place for angel investors and growing businesses.
“The first investment as a business angel should be done in cooperation with more experienced investors,” Torsti Tenhunen recommended.
Judges believe the winning business idea will change the market
After the introductory speeches, the growth entrepreneurs began their pitching. The entrepreneurs with pre-phase start-up ideas had 90 seconds to introduce their business, while early growth stage companies were given three minutes each.
After the pitching was done, the potential investors were given the opportunity to ask the entrepreneurs for more information on the various business ideas. In the meantime the judges discussed which business should be given the grant of 5 000 euros donated by Nordea.
After a great deal of consideration the judges declared Faraday Fast Rentals Oy the winner.
“Our business started with the idea to offer electric Tesla-cars for car sharing. Soon we moved on from offering only Teslas to including other high quality electric cars, and now we have started on software development and providing services,” explained Aalto student Miikka Viitala, who was part of the winning team.
“During the early stages we will offer car sharing with electric cars to businesses and drivers. The cars will be placed in areas where there is a high demand. We will pilot test different booking systems. We are developing a system that lets the customer get access to a car straight away, and they are billed based on how long they use the car. Development that focuses on the user, i.e. user friendly development, is one of our business' main values,” Viitala said.
He thanked Aalto Start-Up Center for their support and FFF, i.e. Family, Friends and Fools.
“Our team is very enthusiastic and efficient. We are living on a razor edge, but it wouldn't be entrepreneurship if everything was completely certain. Winning this Pitching Event definitely won't slow us down. The grant money will go to marketing and development costs.”
The judges believed that Faraday Fast Rentals' business idea will change the market. They also thought that the media would like the idea. The team was also praised for their pitching skills
“During this academic year we will organise two pitching events. Apart from this one in the autumn, we will also organise the Aalto Pitch Event in the spring. ASUC welcomes more innovative teams, as well as mentors and investors,” explained Kaisa Ahonen, who is in charge of communications at ASUC.
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