28 startups from 14 different nationalities have landed on the island of Menorca. For 12 days (May 25-June 5), more than fifty experience makers and international opinion leaders have mentored entrepreneurs, analyzing their weaknesses and strengths. Outside the campus, entrepreneurs have cycled with Martin Varsavsky to the basilica of Cap de Ports de Fornells, participated in a paella contest following the advice of Manel Adell, performed high-intensity exercises on the beach with New York entrepreneur Coss Marte, mindfulness with Miquel Quintana, and finally focused on business.
Menorca Millenials is the first startup deceleration program. Its unique methodology provides them with the perfect opportunity to escape their routines in an inspiring environment with international experts, experience makers, and investors.
Menorca offers the ideal environment, and the founders, led by Marcos Martín - CEO of the program - provide the impactful touch, doing the rest. The founding team includes prominent names such as Martin Varsavsky (Jazztel, Fon, and Prelude), Di-Ann Eisnor (VP Waze - Google), and Manel Adell (former Desigual and Board member at Puig Group). Some of the faces present on the island in early June were Mathias Ummenhofer - Founder of Mojo Capital -, investor Tammy Beaulieu, and Magnus Gaarder - Co-founder of Cidrón Ventures -.
This 4th edition has been characterized by a commitment to sustainable development goals. Its general director stated that "92% of participants who applied to enter the program affirmed that their companies would help improve the planet."
The 28 selected startups from the more than 400 applications received could choose between two entry routes: a payment of 1,000 euros and 3% of the company's shares, or 5,000 euros plus a success fee on the first 500,000 euros of the next round raised.
The purpose of the program is twofold:
- To help the more than 20 international investors decide if the startups have the necessary attributes to be part of their investment portfolio.
- To compel startups to immerse themselves in a personal due diligence process. This phase includes validating, pivoting, and scaling the business model, analyzing the team, deeply rethinking the model, and engaging in an internal transformation process that goes beyond the search for funding.
In case evidence of the program's success is needed, the 62 startups that have gone through the three previous editions have raised more than 50 million in investment among them all. One out of two gets funding after going through the program.At the end of the stay, the best startups can receive funding from Torret Road Capital, the investment vehicle of Menorca Millennial. In these cases, we are talking about rounds exceeding 250,000 euros, and the form can be a capital increase, a convertible loan, or the modality that best suits the needs of the startups.
This year, the program has concluded for the first time with two closed investment contracts, further proof of the high level of the companies that apply. "This is a fantastic experience for second time entrepreneurs who want to scale their startups. Because the problem is not starting, the problem is making them scalable," said Ricard Garriga, co-founder of Menorca Millennial.
In this edition, the strategic alliance signed with Schneider Electric has made it an international sponsor of the program and at the same time has allowed three sustainable startups - BeOn, Omnio and Lightfi to participate. Other international sponsors who also support are Amazon Web Services, NIU - the Andorra Telecom accelerator, Hubspot and Sendgrid.
Now the deceleration program has ended and it's time to go home. Without a doubt, everyone is totally exhausted but, for me, watching it from the office, two weeks giving it all on the idyllic island of Menorca, is very far from the earthly concept I once had of the working world. Congratulations to all!
SELECTED STARTUPS
| Company | Sector | Media | Country |
|---|---|---|---|
| @AssistTomo | Smart City, IoT |   | Canada |
| DotGIS | SaaS, Data & analítics | | Spain |
| NOS Life Sciences | Biotech / Healthcare | USA | |
| Adeptness | SaaS | | UK |
| Kontoor | Fintech | | Finland |
| WeGarage | IoT, Automotive Mobility | | Spain |
| Shoulders of Giants | Edtech | | Finland |
| Wasabi Jobs | Recruitment / HR | | Spain |
| Casata | AI / Machine Learning | | Israel & Usa |
| BeOn Energy | Cleantech | | Portugal |
| Sharewood | Marketplace | | Italy |
| Apreet | SaaS, Travel | USA | |
| SoSees | Adtech, Marketplace, SaaS | | Spain |
| Botslovers | AI / Machine Learning | | UK |
| Cloq | Fintech | | Brazil & The Netherlands |
| Gymcraft | AR / AV | | Spain |
| Careviz | Heathcare / Social | UK | |
| Write Technologies | Edtech | Finland | |
| Velvet | Blockchain | | Estonia |
| Frequent Driver | Marketplace | | Spain |
| Videona | Social Media | | Spain |
| KeepEyeOnBall | AR/VR | | Germany |
| Omnio | IoT / Connected Devices | | Denmark |
| Jiro-Ve | Cleantech | | Madagascar |
| Cloud Hotelier | SaaS | | Spain |
| Lightfi | IoT / Connected Devices | | United Kingdom |
| Excelera | IoT | | Spain |
| Neiblock | Blockchain | Spain |
Featured images: 1. Inauguration of the Menorca Millennials 2018 program at the Binibeca Vell Yacht Club on May 25. 2. ConBody founder, Coss Marte explains his method to startups on the beach. 3. Bike excursion with Martin Varsavsky
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