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Does your startup have great business potential?

CBS Startup supports qualified student startups with a connection to CBS by providing some of the essential early venture funding to support their growth into sustainable business ventures.

CBS Startup is providing grants as a helping hand to student start-ups in the shape of 75.000 kr. equity-free funding. To be considered for this grant, the start-up has to be past the Proof of Idea-phase and have a CBS Student on the founding team. Potential recipients of the grants are initially based on which startups are best able to prove their ambition as well as their potential to develop into a sustainable business. These startups will then enter a public vote to determine who the winners the grants will be.

Requirements

To be considered for the grant, your startup has to be past the Proof of Idea-phase. You must either have a functioning prototype or product, have established an customer/user based, or have generated revenue. Additionally, your team needs to have at least one student from CBS. At the bottom of this page you will find the application link. Based on this application form, your application will cover some of the following areas:

  • Idea and Business Model:
    • Startup: What is your business about?
    • Market and Growth: Which market are you in and is there growth potential?
    • Economy: How is your business making money?
    • Team: Tell us about your team and its connection to CBS. You must have a current CBS student and/or recent graduate (1 year post grad. max) in your founding team
  • Video Pitch: A 3 minute video pitch where you explain the following:
    • What is your business idea?
    • What are the main challenges to make a success?
    • What will you use the grant for and what impact will it have on your company?

    FAQ

    Q: How do I apply? A: Click the apply now button and start your application on Younoodle.

    Q: Who will proccess my application? A: Your application will be processed by a dedicated team at Copenhagen School of Entrepreneurship and the board of CBS Startup. You will receive confirmation that your application has been received on mail.

    Q: Can I apply anytime? A: The submission deadline is July 22nd 2019. Applications that are received after this deadline will not be considered for the grant.

    Q: Does CBS Startup provide no-equity funding? A: Yes

    Q: When will I know if my application is approved, and what happens then? A: You will be notified whether you application has been approved or not no longer than two weeks after the submission deadline. If your application is approved, your start-up will be invited to pitch in front of the CBS Startup board on the 23rd of September. The finalists will pitch at CBS Entreneurial Day 2019 on September 26

    Q: Who can I contact if I want to know more? A: You can send an email to sb.edu@cbs.dk

    Example of application: Hairpal

    Startup

    • What is your business idea
    • Explain how your startup is built on innovative solutions, technology or knowledge
    • Do you have a functioning prototype/product?

    Haircuts. Almost everyone needs them. But if you work at an office, you can’t always get them. And when you can, it’s often inconvenient, stressful and three weeks overdue. At least that’s what we heard from the more than hundred people we interviewed on “Haircuts”.
    The solution? Get your haircut at the office. Hairpal is making that possible and moreover insuring that it’s an awesome experience. We make sure employees know when the hairdresser is at the office and can book and pay absolutely frictionless. More importantly, we ensure the hairdressers are highly skilled and customer minded, while constantly educating them based on feedback.
    This solution is great - because it is a great deal for the hairdressers as well. We interviewed a lot of those too. They hated the late hours, because many had small kids. But they are necessary, because the mid-day bookings are few. And if they want to be self employed and start their own salon, the costs are sky high. Therefore, the concept of “renting a chair” has become increasingly popular, however, the hairdressers high fixed costs, plus variable costs, AND have to secure their own customers.
    What we offer is no fixed costs, flexibility, a customer base, regular working hours. In other words, we reduce the stress and give hairdressers the opportunity to earn more. Pretty good deal I’d say. We tested an early version of our concept and software two days at CSE, both days was sold out with 10 haircuts.

    Market and Growth

    • Describe the Market potential
      Does your idea have a large number of potential customers or can it create new market?
    • How does your startup differentiate from competing products or services on the market?
    • Explain the growth potential of your startup
    • Does your idea have the potential to grow to a greater extent?
    • Does your idea have the potential to contribute to creating value for society, in the form of either economic growth or solving social challenges? If your startup is working with SDG please indicate which

    We currently have 6 companies that collaborate with us and next 10 in a pipeline. At the moment 5 hairdressers have signed up for our platform.
    Our potential is 1’300’000 Danes who work in office environment, 50% of them are man who gets haircut on average every 6 weeks, and the remaining 50% of female office employees are getting a haircut every 16 months on average.
    We plan to cover 5% of the market in the next 18 months by addressing our service to corporations with 1000+ employees. After reaching the market coverage of 5%, we plan to engage broader marketing campaign towards employees of SME. The employee will be incentive to become Hairpal ambassador for his company and be the one who will open doors for our hairdressers.
    As mentioned in the video, we expect to contribute greatly to hairdresser’s work quality, as the hairdresser will have better work-life balance and lower fixed costs.
    Our value proposition is a unique disruption to the hairdresser industry. Its uniqueness comes from the fact, that hairdressers are disrupted, and at the same time they are not negatively influenced by our operations. That is thanks to broad collaborations between 3 stakeholders: hairdresser, customer and the Hairpal. There is no solution on the market quite like ours.

    Economy

    • Are you generating revenue and how?
    • Can you establish a sustainable business model based your idea in the long term?
    • Explain the feasibility of your startup, can it be implemented in practice?

    Hairpal takes commission of 20% from every transaction. That value was agreed based on dialogue with both hairdressers and the customers. We already have our first traction and first revenue, nevertheless we can boost our growth and software development if we receive the CBS Startup grant.
    We already have MVP, functioning prototype and strong foundations to start scalability of our business.
    The financial sustainability of Hairpal will come from customer loyalty, and lasting partnerships.

    Team

    • What is your relation to CBS?
    • Does your team have the relevant competencies to implement your idea in practice?
    • What will you use the grant for and what impact will it have on your company?

    Christian Falck, christian@hairpal.dk
    - CFO at a 20-employee company.
    - Self-employed, with accounting, bookkeeping and management consulting
    since 2013. Have 25 companies and more than 100m revenue under
    administration.
    - MSc. In Finance and Accounting from CBS.
    - In Hairpal: Sales and Finance.
    - https://www.linkedin.com/in/christianfalckjorgensen/

    Mark Vigild , mark@hairpal.dk
    - Former Junior consultant at BMW Group.
    - Self-employed with management consulting and
    process automatization since 2016.
    - MSc. In Finance and Accounting from CBS.
    - In Hairpal: Sales and Business development.
    - https://www.linkedin.com/in/mark-vigild/
    Both cofounders are CBS educated, Mark is currently concluding his Master’s education in Finance and Accounting with expected graduation in August 2019.
    We will use the grant for further improvement of our technology and design. Further the grant will be used to boost our marketing activities.

    The grant is expected to be used for:
    Graphic and UI – 30’000kr
    IT development – 30’000kr
    Content writing – 10’000kr

    Founding members

    https://cbsstartup.dk/wp-content/uploads/2017/01/Djoef_logo_250px_RGB-300x200.png
    https://cbsstartup.dk/wp-content/uploads/2018/11/cbsexc-300x200.jpg