Turning Artificial Intelligence innovation with high market potential into a global B2B SaaS product scale-up
HighWay AI
Service ID:
EP17S1A full fledge spin-off building programme targeted towards EIC Transition and Accelerator Beneficiaries. This service aims to help research institutions/individuals and specialized service firms transform their Artificial Intelligence innovations (high market potential research output or custom-made solutions) into competitive B2B products. The programme is relevant for EIC Beneficiaries that have gotten positive validation of their technology (TRL6+) and are willing to bring it to the market. It aims at going from idea to Series A faster and with a higher chance of success than typical startups. This is achieved through a Startup Studio approach where the Studio assembles a full founding team, creates a Startup and fast-tracks it in 2 steps. The first step is to experiment and find a problem/solution fit through MVP market validation. The second step is to confirm the product/market fit by reaching revenue and churn targets. Then, the Studio helps the Startup to get Series A funding. The Studio assets include a) a core team with large experience and track record in venture financing, startup creation and operations, AI technology development and SaaS product design and build; b) its network of experts in artificial intelligence, SaaS scale-up and sectors (industry 4.0, Legal/RegTech, Data); c) a SaaS Factory which covers 80% of non-core product requirements for delivering a SaaS product; d) a Studio side-car fund & a seed funds network. The selection process is run every 6 months and has a “fair no-cure/no-pay” equity model. The programme can last from 12-24 months, depending on the EIC Beneficiary's needs and pace. The operation takes place in Belgium with a hybrid model, in which the physical presence of the EIC Beneficiaries is highly recommended but not mandatory for provision of the service.
The Studio operates a “co-creation” model in which are split between the “innovation owner” (e.g., the research institution), the founder in charge of product & market, the founder in charge of technology & the studio (acting as the founder in charge of operations + all the acceleration, advisory, and funding services). Share arrangements are each time specific and based on past & future contribution. In general, at Series A the innovation owners and the founders have 55-60% of the shares, and the Studio 10-15%.
The Studio has a strict selection process with two main criteria: high market potential (total addressable market of at least 100M€ annual recurring revenue) and “deep” Artificial Intelligence technology (meaning that it will be hard to replicate and/or that the data used to train it is proprietary).
Acceleration, Incubation & Venture building
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