One of the problems of Central Eurasian startups is the inability to objectively assess their level of development and build the right strategy. At the same time, investors may mistakenly invest in potentially failing projects. The Startup KPIs rating tool has been created by the Startup Central Eurasia platform to help startups analyze key indicators of product success.
Startups were selected at Startup KPIs Day by calculating their key metrics: the development of the idea, availability of an MVP, first sales and scalability. Other important metrics included the product's level of innovation and knowledge intensity, team composition and sales velocity.
More than 70 projects applied to Startup KPIs Day. Ten startups were chosen based on a preliminary selection and an analysis of key metrics. Among them were the following projects:
1. VOovOo, a Georgian startup that represents the most reliable and safe carsharing without intermediaries. Its proactive Advanced Fleet Control technology allows the owner to monitor the speed of a vehicle rented from them. The startup has already closed its first round of investment, is finalising its mobile app and is preparing to enter the European market in 2023.
2. Ecoplast is a startup from Tajikistan that recycles plastic bottles and uses the same raw material to produce paving tiles. The founders believe their technology, which already has a patent, will help reduce the company's carbon footprint by several times. Ecoplast has its own mobile app to learn about separate waste collection in Tajikistan. The startup has already raised about $1,500 in grants, has partnerships in Kazakhstan and Uzbekistan and wants to attract investment to purchase equipment.
3. FIN, a project from Kyrgyzstan, is an online financial assistant that plans to evolve into an open banking concept in the future. It aims to tell an honest story about banking products and develop Kyrgyzstan's financial culture. Now the company is working on an API-first solution that allows end-users to buy different kinds of products and services with interest-free installments. The startup is already active in the market of Kyrgyzstan and Uzbekistan. They plan to establish more partnerships with financial institutions and launch joint products.
4. Factor Price is a Kazakhstani B2C retail platform to help small and medium-sized businesses using smart contracts. The start-ups claim to have conducted an in-depth analysis of the shopping habits of customers in Kazakhstan and can offer a solution to many problems – above all the opportunity to buy directly from the manufacturer without any intermediaries. Factor Price is a resident of the Astana Hub and has already attracted more than $30,000 in investment. The project has already been implemented in Kazakhstan and plans to enter the markets of EEU, CIS countries and India.
5. Agni is a startup from Uzbekistan, which offers a device for detecting gas emissions. The first step in implementing the product is in cooperation with state organisations, then the founders want to sell the device to residential houses, followed by owners of gas-powered cars.
The startups presented above had a rating of more than 70% according to the Startup KPIs Rating. Other projects presented at Venture Day also performed well and had their own strengths. For example, agrotech startup Me Farm sought to solve the still-pressing problem of cattle farmers, while Haru's founders looked to the future and offered an educational platform for IT professionals based on Web 3.0. The startup Best.az from Azerbaijan, which offers an app for making appointments with specialists at frequent clinics, the startup Around from Kazakhstan, which created a marketplace for entrepreneurs working from home, and the retail project Evaset from Uzbekistan also sought to solve problems in their countries.
Startup Central Eurasia is an alliance of key players in Central Eurasia's innovation ecosystem. It brings together government organisations, accelerators, investors and startups themselves, and provides information on market entry in the region. The initiative is supported by Future Laboratory and the International Telecommunication Union, the UN specialised agency for ICT.
Here you can find all presentartions from the invited experts.
Here you can find startup pitches.