Eight startups faced off in a boxing ring during the latest pitching competition for entrepreneurs: Get in The Ring Romania.
The event, organized by GEA Strategy & Consulting along with Junior Achievement Romania, took place last week, on November 15, in Bucharest. Teams competed to win four matches of five rounds (team, achievements, business model, financial & investment proposal and freestyle), having 25 seconds available for each round to convince the jury about the potential of their ideas.
The jury of the first edition was formed by Mihai Sfintescu, partner at the investment firm 3TS Capital, Andrei Pitis, tech and business angel investor and Claudiu Vrinceanu, business journalist. The jury chose the winners of each round, and for the final game, the decision was made by the public who had the opportunity to vote for the winning team of Get in The Ring Romania.
The startup that won the competition and will represent Romania in the regional competition in Sofia on November 17 is Axosuits. Axosuits is a medical technology company that manufactures high-power exoskeleton for the medical field. These devices can be used to increase the quality of life for patients, paraplegics and elderly. The technology itself is not new, but Axosuits makes it accessible and modern, integrated in the ecosystem of smart devices.
"The costs associated with the medical system are high everywhere while Budgets remain limited. In each country, there is interest in reducing costs from insurers to remove the isolation of patients and their integration into the labor market. So our product has multiple layers of benefits - economic, medical, social "- says Andras Kapy, founder of Axosuits.
Get in The Ring is an international concept that was first brought to Romania by GEA Strategy & Consulting and Junior Achievement Romania to support startups to present their ideas in an attractive format, to win early adopters and potential partners and investors.
"I've been to pitching sessions before, but Get in the Ring has a unique format, I was ready for round two and then I began to be nervous," says Kapy. "The major difference is that this event is a public one, so you do not talk to a closed circuit, where are only investors. Here you are seen by the world, you must exit the garage and that helps entrepreneurs who have not yet made this step."