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500talents

Communication platform for biotech research competitions

Russia, Moscow city
Market: Mechanical engineering, Medicine, Pharmacology, Chemistry, Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 17.04.2020
Min investment
$  50.000
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Total required
$ 200.000
Rating
equalizer из 1000
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Idea

How it works:
We have a community of biotech researchers, from one side, and product & digital experts, from another one. They assemble teams and compete with each other to solve complex biotech problems. The best solutions’ authors​ are awarded by the company-customer.

Current Status

MVP, Proof-of-Concept

Market

Industrial, Med, Pharma companies in their way of digital transformation

Problem or Opportunity

We talked to 20 companies and 2 research communities (and continue to do so), discovered a need for a Staff on Demand for research and commercial projects, from one side, and a lack of promotion, from another one. Thus, we proposed our platform as a solution and confirmed the interest

Solution (product or service)

A platform with a community of biotech researchers, from one side, and product & digital experts, from another one. They assemble teams and compete with each other to solve complex biotech problems. The best solutions’ authors​ are awarded by the company-customer.

Competitors

Our direct competitors are Ideaconnection and all the platforms on the principle of Kaggle — IdeaScale, Eyeka, Spigit, InnoCentive, SolutionXchange, Crowdtap, Brightidea

Advantages or differentiators

1. A majority of scientific projects need some marketing support to be heard. This is why we attract a product community (and not only engineers) to help bring the ideas to market faster
2. A team matching means a lot for a competition result and this is why we incorporate our assessment model based on the individual speech structure. This method identifies a business role of the person allowing matching people into the teams in a more effective way
3. We can benefit from the location cost in Russia, CIS and China to provide cheaper solutions

Finance

We plan to make $100M+/year in 5 years from now. To do this, we need to sell 20k paid packages per year if our ARPPU is $5k. 2. We want to build a community of 3M experts to solve complex scientific and predictive problems in a fast and effective way.

Business model

1. % from competition awards
2. Fix payments
3. Affiliate payments

Money will be spent on

Product - 70%
Marketing - 30%

Team or Management

Risks

The idea of a kaggle-type platform is not new and predictive analysis and research market is fast-growing but competitive. These are the biggest risks. However, we combine the things that weren't connected to each other before — we bring remote collaboration to labs. Thus, we plan to get our own niche. We also bet on our assessment model allowing matching teams effectively. It can be our big advantage and distinguish us among other marketplaces.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video