More than 150 teams have gone through the Algebra LAB incubation program and now we are very proud to have - the 14th startup generation! Ten excellent teams have started their exciting journey with 50 mentors to help them develop their own product or service.
The official launch of the 14th generation Algebra LAB startup incubator program took place on November 2, 2021. Over a hundred teams applied to participate in this generation of incubators by briefly presenting their entrepreneurial pitches. The selection process was in itself quite challenging as mentors were asked to select top 10 teams that showed tangible value in their business ideas, as well as team commitment. The official launch day of the incubator program was therefore an incredible opportunity to meet mentors, lecturers and teams. At the launch, the teams briefly introduced themselves and explained the business idea they were working on. Teams also met mentors who introduced them to some startup success stories. This, of course, motivated the teams further to focus on their own ideas.
We are proud to have again teams from various parts of Croatia. Since the incubator works to generate and encourage networking, the teams will have the opportunity to meet fellow startups, as well as mentors, lecturers and entrepreneurs. We use an online format to organize and host meetings of teams and mentors because the experience of previous generations has shown us that this formula is successful.
The 10 selected teams that are part of the 14th generation of the incubator program are all-similar in their desire for success, but also quite varied. Regardless of the fact that all ideas are in some way related to digital technologies, every project is quite different. Some of the teams are currently working on software solutions - the development of an application for parental control of smartphone use (Xoink) or an application for automated publishing of vertical videos on social networks (Videl). In addition, we are proud of the interesting hardware solutions that our teams are developing, such as the set of interactive bracelets for parents and children that help direct the child's attention (neebee). Most of our teams base their solutions on the application of AI and machine learning - for example, the creation of the dynamic optimization of product and service prices (.99) or the detection of hand movements that automatically change the presentation or any other page/slide (HandJs). There are other practical solutions, such as those that try to speed up contactless ordering and payment in catering facilities (eUgostitelj), or works to simplify the appointment process in personal care salons (BeautyApp). We are looking forward to assist in developing solutions in the area of health and education projects that are extremely important for the quality of life, such as tactics to prevent vascular consequences of lifestyle diseases (Calyx), or developing smart villages with education opportunities for children and spaces for co-working and co-living (STREAM). Finally, we are very proud of the youngest team of this generation: the ambitious graduates from Kutina who are developing a website named MladiRade that would make it easier for students to find a job and contact employers, which helps to reduce youth unemployment.
During the five-month program, the teams will regularly attend workshops to acquire expert knowledge in various fields (finance, marketing, public relations, legal issues, etc.) from experienced lecturers and entrepreneurs. The teams will also work individually with the mentors such as Marijana Šarolić Robić, Maja Brkljačić, Petra Stojanov, Leo Mršić, Juraj Žlof and Ivo Špigel.
Finally, as part of the program, the teams will be able to research the market, develop a business strategy, finalize a prototype product or service and connect with colleagues or entrepreneurs. They will each learn how to successfully present and launch a fully evolved business idea to the public. We are looking forward to developing business solutions for our startups as well to the Demo Day that is to be held in the spring of 2022. On that day, the teams will present their solutions to a wide network of business specialists, mentors and potential investors!