Nineteen startups from across the world came together in Milan this week for the final stage of the U-Start global competition.
Each early-stage venture had the chance to pitch at the U-Start Conference before a panel of judges decided on their winner.
The idea behind the competition was to unearth under-represented SME talent in the global market.
The competition had a particular focus on emerging markets where organisers U-Start feel there is a lack of structure to the investment ecosystem.
The nineteen finalists were selected from regional conferences in South America, Russia, Africa and Europe.
The wait is Over
The wait is OverPhoto editing app Over took the top prize at the end of the two day event.
They will be given €60,000 as well as a spot on an investment road show arranged by U-Start.
South-African based Over allow users to overlay their digital photos with text, artwork and icons. They said in their pitch that they want to be an addition to the repertoire of ‘mobile creatives’.
Originally from the USA, founder Aaron Marshall moved to Cape Town to start Over after he wasn’t successful securing investment in his home country.
Going Global
Cross-border investment is a particular focus of advisory firm U-Start, who were founded in Milan in 2012.
Co-founder and CEO Stefano Guidotti explained:
The vision that we have is to be a player that offers structure and transparency to the market because that is the only way we can help valuable businesses grow.
Staying close to home
The event was attended by a number of European VCs including p101 and 360 Capital as well as some from further abroad.
Guidotti believes that whilst there is hesitation from some investors in pledging funds in emerging markets, family businesses and high net-worth individuals see big opportunities.
They often have difference criteria to VCs and are often looking to build a strategic portfolio of businesses that are synergetic with their own.
If you can provide them with good, valuable opportunities they are more open to new areas.
Many startups at the event insisted that winning the competition was not necessarily the ultimate goal. The possibility of investment from anyone in attendance was just as enticing.