Four to score in ING innovation studio
Four start-ups will enter ING’s Innovation Studio in September to see whether they can make the big time – the launch of a viable commercial business.
Axyon AI, Gekko, Startup Insight and Surance will take part in the bank’s accelerator programme, the third of its type, since it began in July 2015. ING selected the four start-ups from a field of 98 applicants. Ten start-ups were invited to the Innovation Studio to pitch their business on 28 July, but only four got through to this final stage.
ING says to succeed in making the accelerator programme, start-ups need to show that their business proposition is a good market fit.
“Of course ideas should be innovative, but a good idea can only do well in the market when there is an actual need,” says Adam Ayers, co-founder of the ING Innovation Studio.
Axyon AI explores how artificial intelligence (AI) can be applied in several business sectors. Gekko has developed an administration tool for small businesses, free of costs for the entrepreneur. Startup Insight has created a platform for entrepreneurs that provides insight into financial and legal matters, ranging from notary services to financial forecasting. Surance has developed a blockchain-based app for capital growth.
In its accelerator programme, external and internal start-ups work together with coaches, mentors and ING business units.
The four start-ups get a six-month stint and each selected has a business unit that sponsors them, for instance by helping them gain access to ING’s network of customers to test their product or service.