Author: Valeria

Erasmus University Challenge winners 2023 announced

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Over €12.000,- awarded to students driving positive societal impact through entrepreneurship at the Erasmus University Challenge

On 21st September the Grand Finale of the 2nd Edition of Erasmus University Challenge took place at the Excelsior Stadium and it was bigger than ever. Adding to the existing categories of Ideation and Prototyping was a new Start Up Category, for more established ventures. This year’s competition saw a record number of 74 teams participating, bringing a focus on logistics, energy transition and making societal impact.

Team ReRun were announced as winners of the Ideation category, with their idea of recyclable running shoes. Habbi won the Prototype award with their solution hydroponic farming solution for a more sustainable planet. For the first time the Start-Up award was won by Playful for their initiative with their creative app solution to reduce craving such as smoking. As Ed Brinksma, President of Erasmus University, said “The finale was a great showcase of our vibrant student entrepreneurial community. All of the 15 finalists presented innovative forward-thinking ideas and I am looking forward seeing the impact they make.”

Member of the Jury, Saskia Mureau, Director Customer Digital with Port of Rotterdam shared her thoughts on the huge task faced by the finalists “What an amazing thing to be part of, I can’t believe how well all the finalists did with their pitches, it was very cool way to see the future of entrepreneurship”. Saskia joined in the student fun, awarding a year of free beer, coffee or tea to Nacalu Crafts. Other winners included The Audience Award of €1000, voted for live and won by Accuselect. The category winners were awarded cash- Ideation won €3000, Prototype €4000 and Startup €5000.

 

 

For everyone involved, the finale was a chance to see the huge progress made by the teams since the program began in April. “I was really impressed by all the participants and seeing the teams grow and improve together throughout the process has been a highlight” observed Han Go, Director & Co-Owner of Go-Tan “What an impressive challenge to be part of!” with Marie- Jose, owner of BREYTMANS BV saying “As a jury member it is nice to see how hard all the teams involved have worked, and I was really glad to be part of celebrating their achievements. All of the participants should be very proud of themselves.”

The 2023 Erasmus University Challenge has been a huge success. For the winners, they have the chance to make international impact at Berlin’s Stage TWO competition. This year with double the participants and double the entrepreneurial fun of the 1st edition, it has been a clear demonstration of how bright the future of innovation is. 

 

The Erasmus University Challenge is initiated by Erasmus Enterprise. Photos, videos and more information about the competition can be found at erasmusuniversitychallenge.nl or email liesje.goldschmidt@eur.nl.

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Erasmus Enterprise Kicks Off Entrepreneurial Year 2023 with Grand Awards Ceremony and Impactful Roundtables

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Erasmus Enterprise, a dynamic hub for innovation and entrepreneurship, celebrated the official opening of the Entrepreneurial Year 2023 with a spectacular awards ceremony and impactful roundtables. The event was an exceptional gathering of visionaries, leaders, and change-makers in the entrepreneurial landscape hosted by Ernst Hoestra.

The highlight of the evening was the recognition of outstanding entrepreneurs who have made remarkable contributions to their respective fields. Three prestigious awards were presented, showcasing the extraordinary talent within the Erasmus Enterprise community:

Erasmus Enterprise Community Award

Ease2Pay

Ease2Pay, led by Gijs van Lookeren Campagne and Jan Borghuis, was honored with the Erasmus Enterprise Community Award. The award signifies the deep sense of belonging and collaboration that Ease2Pay experienced within the Erasmus Enterprise community in the past year. Gijs van Lookeren Campagne and Jan Borghuis expressed their gratitude, stating:

"We have never felt as at home as in the past year being part of Erasmus Enterprise."
Jan Borghuis
Co-founder Ease2Pay

Startup Award

Teachbuddy

Thijs Nederlof and Rik Roosenstein were recognized for successfully launching their startup, Teachbuddy, and were presented with the Startup Award.

Next Frontier Award

IMCOMET

The Next Frontier Award, presented by Jan Peter Balkenende (Former Prime Minister of The Netherlands), was bestowed upon IMCOMET. This award recognizes IMCOMET’s pioneering efforts and potential to lead the way in uncharted entrepreneurial territories.

The awards ceremony was followed by three engaging roundtable discussions moderated by Sheila Struyck, featuring influential voices in the fields of sustainability, smart cities, digital society, urban challenges, and the entrepreneurial generation. Distinguished participants included Caroline Nagtegaal (European Parliament), Inge Merkelbach (BIG’R), Ilja Linnemeijer (Business Unit Leader Zuid-Holland PwC), Sabine Biesheuvel (BlueCity), Martijn Hamann (Endeit Capital), Liduina Hammer (InnovationQuater), Adriana Hoppenbrouwer (The Fabricant), Jasper van Ouwerkerk (McKinsey & Company), Laura Rosendahl Huber (RSM), Michael Dooijes (ScaleNL), Ras Lalmy (YES!Delft), Julie Knoeff (Graduate Entrepreneur), and Karen Maas (Impact Centre Erasmus).

The official opening of the Entrepreneurial Year concluded with an exhilarating countdown, moderated by Allard Castelein, and was followed by a sustainable-driven networking session. Attendees enjoyed refreshments from Vet&Lazy and sustainable bites served by chef Tessa van der Geer, fostering meaningful connections among like-minded entrepreneurs.

Erasmus Enterprise is excited to embark on a new entrepreneurial journey in 2023, fostering innovation, collaboration, and societal impact.

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Technological Revolution: The Future of Entrepreneurship

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Are uncertainties about your future career leaving you concerned? Did you know that the technology’s impact on our lives is revolutionary?
Embrace the idea that it’s never too late to pursue your dreams and transform your hobby into a thriving business. Whether you wish to retain your current job or explore new horizons, starting your own business can offer exciting opportunities and become a valuable source of supplementary income. So, why not take that step towards a fulfilling and rewarding journey? The possibilities are endless!

With the ability to work remotely, we can now earn a living without the pressure and constraints of traditional office settings, even from the comfort of our homes. In the ever-changing landscape of the business world, entrepreneurship has consistently proven to be a driving force behind innovation, economic growth, and job creation. However, in recent times, a new wave of entrepreneurs has emerged, reshaping the traditional notions of business ownership and carving their path to success. This blog explores the rise of entrepreneurship and how it is revolutionizing the way we perceive and engage in businesses.

1. Artificial Intelligence and Automation: AI has already made significant strides in various industries, and its applications in entrepreneurship are vast. From automating processes to enhancing customer experiences, AI can empower entrepreneurs to make data-driven decisions and streamline their operations.

2. Sustainable and Eco-Friendly Businesses: With increasing awareness of environmental issues, sustainable and eco-friendly businesses are gaining traction. Entrepreneurs who focus on green technologies, renewable energy, and sustainable practices are likely to attract a growing consumer base.

3. E-commerce and Digital Marketplaces: Online shopping has experienced tremendous growth, and the pandemic further accelerated this trend. Entrepreneurs who can create innovative e-commerce platforms or tap into niche digital marketplaces are poised for success.                                                                                                       

4. Health and Wellness Industries: The health and wellness sector is thriving, with consumers becoming more health-conscious. Entrepreneurs can capitalize on opportunities in fitness tech, mental health apps, personalized nutrition, and other wellness-related products and services.

5. Virtual Reality and Augmented Reality: These technologies have the potential to revolutionize various industries, including entertainment, education, and training. Entrepreneurs who leverage VR and AR to create immersive experiences can disrupt traditional markets making it more attractive for the consumers to experience things digitally.

6. Personalized and Customized Products/Services: Consumers increasingly seek personalized experiences and products tailored to their unique needs   . Entrepreneurs who can offer customization and personalization will likely stand out in competitive markets.

7. Financial Technology (FinTech): The FinTech sector has been rapidly evolving, disrupting traditional financial services. Entrepreneurs with innovative solutions in digital payments, blockchain, and financial management are well-positioned for success.

8. Remote Work and Collaboration Tools: The shift to remote work during the pandemic has highlighted the importance of efficient collaboration tools. Entrepreneurs who can create seamless remote work solutions are likely to meet the evolving demands of the modern workforce.

As we have explored that the landscape of business is continuously reshaping, and entrepreneurs are at the forefront of driving innovation, economic growth, and job creation. From the boundless potential of Artificial Intelligence to the rise of sustainable ventures and the transformative power of Virtual Reality, the umbrella of entrepreneurship promises an array of avenues for success.

Entrepreneurship enables us to explore our passions, create personalized experiences for consumers, and adapt to the changing demands of the world. As technology continues to revolutionize our lives, embracing the spirit of entrepreneurship can be a powerful way to shape our future and make a lasting impact on the world around us. So, whether you’re a little worried about the future or eager for new horizons, consider entrepreneurship as the gateway to a fulfilling and dynamic journey of possibilities.

A Closer Look at Funding: How Funding Can Help Your Startup?

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“Money is like oxygen to a business; without it, it simply cannot survive.” – Sir Richard Branson

What is funding?
Funding refers to the financial support or capital provided to startups or businesses so that businesses can grow and achieve their goals. It can come from various sources such as investors, venture capital firms, government grants, or even personal savings. Startups often need funding for several reasons:

  • Launching and Development: Startups require capital to turn their ideas into reality. This includes developing prototypes, conducting market research, building a team, and refining their products or services.
  • Expansion to Scale-up: Once a startup has established its initial presence, funding becomes crucial for scaling up operations, entering new markets, or expanding the customer base. This often requires significant investments in marketing, infrastructure, and hiring additional staff.
  • Research and Innovation: Many startups operate in industries that require continuous research and development. Funding enables them to invest in innovation, explore new technologies, and stay competitive in the market.
  • Attracting Talent: Startups need to attract skilled professionals and experts to fuel their growth. Funding allows them to offer competitive salaries, benefits, and stock options, making them more attractive to top talent.

How can Erasmus Enterprise help you?

  • Access to Regional Investment Funds: Erasmus Enterprise collaborates with regional investment funds, such as UNIIQ, to provide startups with potential investment opportunities. Through this partnership, startups within the Erasmus Enterprise community can pitch their ideas and business plans to these funds, increasing their chances of receiving financial support
  • Alumni Investors Network: Erasmus Enterprise actively engages with its network of alumni investors who have a vested interest in supporting entrepreneurial ventures. By connecting startups with alumni investors, Erasmus Enterprise creates opportunities for funding and mentorship. These investors can provide capital, industry expertise, and valuable connections to help startups grow.
  • Graduate Entrepreneur Fund: Erasmus Enterprise extends its investment network to all members of its community through the Graduate Entrepreneur Fund. This fund offers financial support specifically targeted at entrepreneurial ventures initiated by graduates of Erasmus University Rotterdam. Startups founded by Erasmus alumni can access this fund to secure funding for their businesses.
  • Erasmus University Challenge: The Erasmus University Challenge is an initiative that aims to support and fund students and entrepreneurs through a competition-style program. Participants pitch their innovative ideas or startups to a panel of judges, with funding prizes awarded to the winners. This financial support enables them to further develop their projects or businesses, providing participants with exposure to a widen their networks, helping them foster connections. Within this network, investors may offer funding, mentorship, and other forms of support like guidance and this guidance boosts participants’ chances of attracting funding, not only within the competition but also in the broader entrepreneurial ecosystem. Hence, by being part of Erasmus University Challenge, participants gain validation, visibility, and a platform to showcase their ideas or startups to a broader audience of industry professionals and the academic community.Find out more about Erasmus Enterprise by following our social media and stay up to date with upcoming events.

SME Data Clinic Zuid-Holland Launch Event unlocks the power of data for Small Businesses

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In a bid to bridge the gap between the status quo and what is possible for small and medium-sized enterprises (SMEs) with data science applications, the South-Holland SME Data Clinic was officially launched on Tuesday, 27 June. This collaborative effort between Erasmus University Rotterdam and Delft University of Technology aims to empower SMEs in the region by harnessing the power of data science techniques and propelling them towards a more data-driven approach.

The event saw Ed Brinksma, President of Erasmus University Rotterdam, take the stage to announce the commencement of the South-Holland SME Data Clinic. This exciting initiative seeks to unlock the immense value and economic benefits that data science can offer SMEs, enabling them to make informed decisions and compete effectively in the market.

One of the highlights of the event was the insightful keynote speech by Jos Maccabiani, Sr. Business Developer Digital Technology at InnovationQuarter. Maccabiani emphasized the critical role collaboration on data plays in adding value to SMEs. He emphasized that many small companies fail to utilize data effectively, resulting in a loss of competitive advantage. Maccabiani’s advice to SMEs was clear and concise: “Whatever you do…start digitalization today!”

The event also featured an engaging panel discussion titled “Power of Data: If your SME’s data could speak, what valuable insights and surprises would it share to guide your decision-making process?” The esteemed panel, consisting of industry experts, offered valuable insights and perspectives on leveraging data to drive business success. The discussion was expertly moderated by Maaike Blok, Project Manager at JADS MKB Datalab.

The panelists included Frits Corvers, Co-founder of Webtify and Chairman at Jong MKB Rotterdam Rijnmond; Stephanie Wagenaar, Board Member at TLN; and Bart Spée, Policy Advisor Digital Economy at Provincie Zuid-Holland. Each panelist brought a unique perspective on the challenges and opportunities that data presents for SMEs, offering practical advice and examples from their respective fields.

The launch of the South-Holland SME Data Clinic marks a significant step forward in empowering SMEs with the tools and knowledge necessary to thrive in the digital age. By capitalizing on the latest data science techniques, these businesses can unlock new opportunities, make informed decisions, and create sustainable growth. 

As the event came to a close, attendees were left inspired and motivated to embrace the data revolution and unleash the power of data. What is next? Mark your calendars for the upcoming “Let’s Go Session” on November 6, 2023 and stay tuned for more details. 

BIG’R: Academics Creating Impact Through Research

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In a world faced with pressing environmental and social challenges, organizations like BIG’R – Behavioral Insights Group Rotterdam – are leading the way in creating positive change. BIG’R is an impact center that combines scientific knowledge, behavioral insights, and practical interventions to make a significant societal impact. At BIG’R, their focus lies on conducting field experiments and studies to apply behavioral insights and scientific knowledge in practice. Inge Merkelbach, Managing Director of BIG’R, explains, “We try to make a positive societal impact with our scientific knowledge, our methods, and we use it by studying behavior and designing interventions, studying them in practice.” This blog dives into the journey of BIG’R, their challenges, successes, and shows how it is possible for academics to create impact through research.  

From collaboration to impact center  

Semiha Denktas, the academic supervisor of BIG’R, drew inspiration from the behavioral Insights team in London, UK, which was the first one to bring together municipalities, governments, and universities. Recognizing the potential benefits for a city like Rotterdam, with its challenges of poverty and great multiculturalism, Denktas saw an opportunity for a Behavioral Insights team. Thus, BIG’R emerged through a collaboration between the municipality of Rotterdam and Erasmus University Rotterdam. “We started out as a team with people from the municipality and scientists that developed the working method through trial and error, reading literature, what steps are necessary and having to learn each other’s languages”, shares Inge.  

The collaboration lasted for four years and, even though it was evaluated very positively, it had to stop when no more funding was available. That is when BIG’R restarted as an independent impact center of Erasmus Research & Business Support (ERBS) at the University. Inge reflects on their journey, stating, “We had a whole strategy developed on how to deal with these questions in practice, and we noticed there was still a lot of need for insights and practices, so we thought it would be a shame to throw it all out.” 

ERBS played a crucial role in supporting the establishment of BIG’R as an independent impact center. Inge acknowledges their contribution: “ERBS really offered us a nice opportunity. They offered us the possibility to restart in a safe space with a lot of support for us to start this BIG’R 2.0, as an independent impact center. Without the ERBS I don’t think we could have restarted, because it would be too big of a risk.” Inge acknowledges the value of being able to experiment with this way of working within the academic setting. 

BIG’R Main Challenges 

One of the main challenges BIG’R faced was effectively putting science into practice and communicating scientific insights to stakeholders with diverse backgrounds. Inge shares that it was challenging to communicate scientific thoughts and insights towards people that are not necessarily used to that kind of language and highlights the importance of bridging the gap, “You have to learn each other’s language. Public policy officials have a very different language than scientists, sometimes also a very different way of thinking.”  

Additionally, combining different research methods and convincing other scientists of the value of unconventional approaches posed further challenges. “I think we were in the forefront and that was a challenge. But fortunately, there’s a growing movement towards more Impact and more multi-method research”, mentions Inge. But with time and hard work, BIG’R was able to get trust and find the right collaborations, completing some projects, becoming known and achieving great successes. 

 

Creating change   

One of BIG’R’s notable successes was their study on reducing speed limits in Rotterdam. Inge proudly tells, “We recently did a study looking into reducing the speed limit from 50 to 30 kilometers per hour in Rotterdam”. How do you get the motorists to comply with the new speed limit? BIG’R has developed various interventions for this, such as a specific way of placing the speed signs, so that motorists are effectively made aware of their speed.

The image represents the reduction of speed limits from 50 to 30 kilometers per hour in Rotterdam

 “The municipality has taken our advice and started implementing this citywide, making the city safer and healthier for everyone”, shares the interviewee. “So that really gives me a big drive, that you can change something in your city right away and a lot of people will notice, and you can create positive contribution.” 

Inge offers valuable advice for peers in academia who aspire to make a similar impact. She encourages them, “Don’t be scared and be open to methods and new ways of working…”. Scientists are mostly trained in a classical way of researching: how do you conduct a perfect experiment? Inge reflects that this way of working keeps scientists from touching on real, important societal topics that are not easily studied. So, her advice? “Be brave, creative, and willing to make some mistakes. For sure people will comment on your research methods and say they are not perfect. But just do it and try to find the right partners”.  

BIG’R is an inspiring impact center that harnesses scientific knowledge, behavioral insights, and practical interventions to drive positive change in society. Their journey, with the support of ERBS, showcases that it is possible for academics to turn research into positive societal impact and how they are committed to making a lasting impact. ERBS offers ambitious and passionate scientists a safe space for them to valorize their innovative ideas. Despite challenges, BIG’R has achieved significant successes and encourages peers to embrace creativity and bravery in their pursuit of societal impact. 

Countdown to Erasmus University Challenge Grand Finale: Tips from OASYS NOW, 2022 Winners!

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In the era of advancing technology and increasing concerns over data privacy, OASYS NOW has emerged as a revolutionary company in the field of Personalized Medicine. Co-founders Nima Salami and Sara Okhuijsen won The Erasmus University Challenge in 2022, a testament to their innovative and ground-breaking idea of empowering individuals with ownership of their DNA data. This blog post delves into their journey, insights, and their advice to the participants of the upcoming challenge.

Embrace Learning & Overcome Challenges
Essential insights and advice for participants of the upcoming Erasmus University Challenge was shared by Nima where he emphasizes the importance of seeking help and reaching out to people in an open and honest communication when building your startup. He holds collaboration and teamwork as vital aspects of success, “Finding team members who will support and navigate the ups and downs of the entrepreneurial journey with you is crucial for your success, find those and you will reach heights.”

Nima, also talks about the many challenges they faced at the event, the most prominent one included; talking to potential customers. “To overcome this obstacle, we started by reaching out to the people we already had some connections with at the event, which made it easier for us to open up and indulge in meaningful conversation.” He highlights the importance of warm introductions, which enabled his team to establish valuable relationships with customers and stakeholders who provided crucial feedback to them. Additionally, he encourages individuals with just a mere idea to take that first crucial step, recognizing that every person around them is ready and willing to help. “Everyone is present to help and support you, just reach out to them.” He encourages participants to approach opportunities with a learning mindset, highlighting that expertise is not a prerequisite for starting. “Having a clear mission and vision, combined with a willingness to learn along the way, is what truly matters.” – Nima Salami

Impact on Startup Development:
The co-founder of the company shares how participating in The Erasmus University Challenge provided him and his team with great connections and networking with experts, customers, advisors, and investors. “This exposure and access to a supportive ecosystem enabled us to refine ideas and further strengthen OASYS NOW’s position in the industry.” Last year, after winning the Erasmus University Challenge Prototyping Award worth 6,000 euros, they qualified for the stage two of the pan-European competition. There, they partnered up with the Erasmus Centre for Entrepreneurship to compete against the top startups from renowned institutions. They travelled to Berlin with triumph in mind and amazed the judges, receiving a sizeable 100,000 euros from Earlybird Venture Capital.

“Participating in the Erasmus University Challenge proved instrumental for our development, we were able to get acquainted with great connections and this gave us immense exposure to be heard, the challenge led us to many different opportunities” – Nima Salami

Current Vision for OASYS NOW:
The vision for OASYS NOW is to make personalized medicine accessible for everyone globally. By providing individuals with ownership of their DNA data, OASYS NOW wants to empower people to make informed decisions about their healthcare. Within the next five years, Nima and his team envisions that OASYS NOW will have already served millions of citizens worldwide, facilitating more personalized and targeted treatments for better health outcomes. “We want to make personalized medicine accessible for everyone globally. Within 5 years, we plan to have already served millions of citizens worldwide to serve them with more personalized and targeted treatments.” – Nima Salami

Nima encourages students to seize every opportunity and participate in the next year’s Erasmus University Challenge 2024 and wishes good luck to everyone who is taking part in this year’s challenge as it is a tremendous learning opportunity where you can learn from other startups and gain insights into the world of entrepreneurship. “Certainly, participating in the challenge provides continuous learning, where every step taken contributes to personal growth and development, it is a great learning experience, I’d say to anyone, just do it!”

Unlock the full potential of your entrepreneurial spirit. Mark your calendars for the grand finale of The Erasmus University Challenge on 21 September 2023, and embark on a transformative journey, discovering profound purpose of startups and discover what it means to be an entrepreneur!

OASYS NOW founders won the EUC 2022

YOUNITE Event Sparks Collaboration and Technology-Driven Impact

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The YOUNITE event, a collaboration between Erasmus Enterprise and YES!Delft, held on Thursday, 8 June, brought together a vibrant community of innovators, entrepreneurs, and industry leaders in a celebration of collaboration and technology-driven impact. The event, hosted by the charismatic Julian Jagtenberg, Founder and CEO at SOMNOX, showcased inspiring stories, insightful discussions, and groundbreaking technologies that have the potential to create positive change in society.

Frans van Houten, a prominent figure in the industry and alumni of the Rotterdam School of Management, shared his incredible journey of making impact. His emphasis on the significance of new technology and entrepreneurship for the world resonated deeply, highlighting the transformative power it holds.

The engaging panel discussion titled ‘Startup vs Corporate’ shed light on the pros and cons of different paths to creating impact. Panelists Sara Okhuijsen, Omar Link, and Antoinette Van Kolthoorn provided valuable insights, showcasing their experiences and perspectives on navigating the startup and corporate landscape.

Karthik Mahadevan captivated the audience with the inspiring story of Envision, a startup from the YES!Delft eco-system empowers people who are blind or have low vision to access everyday visual information for themselves. He demonstrated their groundbreaking technology, leaving the audience in awe of the possibilities that lie ahead.

Following the event, a remarkable Network Fair took place, providing startups from various sectors with a platform to connect, share ideas, and showcase their innovations. The presence of start-ups such as Loop Biotech, Yes!Talents, OASYS NOW, Gyromotics, Noria Sustainable Innovators, SoundCell, HighTechXL, EY, Netherlands Enterprise Agency (RVO), Coding the Curbs, and AICON added immense value to the fair, fostering a spirit of collaboration and exchange.

Vice president of the Executive Board Ellen van Schoten, esteemed opener of the Network Fair, set the stage for an afternoon full of connections and possibilities. Her words ignited a sense of togetherness and community, emphasizing the importance of collective effort in driving innovation and impact.

“We are thrilled to see technology and business come together at YOUNITE,” said Ellen van Schoten. “This event has showcased the transformative potential of collaboration and the power of innovation in creating a lasting impact on important issues such as sustainability.”

Ellen van Schoten speaking at the Younite event

YOUNITE was made possible through the collaboration of incredible partners including HighTechXL, ASML, Netherlands Enterprise Agency (RVO), ErasmusX, and AICON. The event owes its success to the unwavering dedication and hard work of the entire team at Erasmus Enterprise and YES!Delft, who tirelessly ensured a seamless and extraordinary experience for all participants.

As the event came to a close, attendees were left inspired and motivated to harness the power of technology and create a lasting impact. The YOUNITE team invites everyone to stay tuned for an exciting workshop on the 28th of June, where further insights and tools will be provided to empower individuals on their journey to making a difference.

For upcoming events, visit: https://www.younite.me/upcoming-events

Spot at the Younite event

Business Terms Explained: 13 terms for beginners

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There are many complex terms and concepts that can be intimidating, and it is easy to feel overwhelmed and discouraged before even getting started. In this blog post, we break down some of the most common business and entrepreneurial terms to help beginners better understand the world of entrepreneurship and hopefully overcome some of those barriers. 

Don’t let the jargon and complexity of entrepreneurship discourage you from pursuing your dreams! Here are some key business and entrepreneurship terms explained to help you start your entrepreneurial journey:   

  1. Entrepreneurship – is about creating value by identifying opportunities and taking strategic actions to exploit them. It’s a can-do culture focused on experimentation, innovation, and results.

     

  2. Business plan – A business plan is a written document that outlines a company’s goals, strategies, and financial projections. It’s an essential tool for entrepreneurs seeking funding or trying to grow their business.

     

  3. Startup – A start-up is a new business venture that is in the early stages of development and aims to offer innovative products, services, or technologies. Start-ups typically operate under conditions of uncertainty and limited resources.

     

  4. Scaleup – A scaleup is a business that has already passed the startup stage and has demonstrated its ability to grow rapidly. It has achieved a certain level of success and is now focused on scaling its operations to achieve even greater growth and profitability.

     

  5. Networking – Networking is the process of building relationships with other professionals in your industry or community. Networking can help entrepreneurs find new business opportunities, access funding, and gain valuable insights and advice.

     

  6. Pitch – A brief presentation that outlines a business idea or product in order to attract investors or customers.

     

  7. Funding – Funding refers to the money that an entrepreneur raises to start or grow their business. Funding can come from a variety of sources, including investors, loans, or grants.

     

  8. Supply chain – The network of businesses and organisations that are involved in the creation and delivery of a product or service.

     

  9. Revenue – The amount of money a company earns from selling goods or services.

     

  10. Cash flow – The amount of money that flows into and out of a business over a given period of time.

     

  11. Profit margin – The percentage of revenue that a company earns as profit after subtracting expenses.

     

  12. ROI – Return on Investment – A measure of the profitability of an investment, calculated as the gain or loss from the investment divided by the cost of the investment.

     

  13. Equity – The ownership interest in a company or property, representing the residual value of the assets after all liabilities are paid. 

By breaking down these terms, we hope to help beginners better understand the world of entrepreneurship and overcome some of the barriers and prejudices that may be holding them back. It is important to remember that entrepreneurship is not just for a select few – it is a mindset that anyone can adopt. Don’t let the fear of the unknown hold you back from pursuing your entrepreneurial dreams. With a little bit of knowledge and a lot of determination, you can break down the barriers and take your first steps towards building a successful business.

The Rise of Entrepreneurial Innovation: Greenwheels

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Innovation and technology have become crucial in shaping our world today. From the way we communicate to the way we conduct business, technology has played a significant role in our daily lives. Innovation has been a driving force for businesses to remain competitive in an ever-changing market, involving the creation of new ideas, products, and services that are different from the existing ones. Companies that embrace innovation can transform the marketplace and disrupt industries.

For the continuously evolving labor market, innovation also aids in the development of fresh skills and competences. In order to be competitive, workers must constantly adapt to new technologies and industry developments. People can have opportunities to learn and grow new skills through innovation, including those that are highly valued in the modern workforce like creativity and critical thinking.

A prime example of such an innovation is Greenwheels, founded by Jan Borghuis and Gijs Van Lookeren in 1995, both of whom have graduated from Erasmus University Rotterdam. Greenwheels is a car sharing service in the Netherlands that allows customers to rent cars, aiming to limit car ownership and encourage car-sharing. Soon after, with a proven track record of success in the highly competitive field of mobility services, the company’s visionary founders recognized the need to constantly innovate and adapt to stay ahead of the curve thus, selling Greenwheels and embarking on a new journey, this time with an emphasis on creating user-friendly solutions for customers and enterprises.

Given the reputation for cutting-edge technology and top-notch customer service, this new business, appropriately titled Ease2pay, swiftly established itself as a forerunner in the finance sector that provides contactless payment solutions for various sectors such as parking, fuel, and public transportation.

The founders of the company have not only left a legacy of greatness in innovation, but also paved the way for a more connected, effective, and sustainable future by continually upholding their core values of sustainability and social responsibility. Their successful journey exemplifies how innovative ideas can lead to business success in an already competitive marketplace.

But have you ever wondered how startups come to success in the competitive marketplace? While it can be a challenging journey, the process of discovery and innovation leads to breakthroughs. Jan, the founder of the company shares a few insights about Greenwheels: “The whole process was a myriad of challenges because there were no examples and we had to figure out every little thing ourselves… but it all worked out in the end” 

Indeed, Innovation can be both stressful and rewarding as it requires individuals to rely on their problem-solving skills and intuition to make progress. It is not easy to run a business, especially when it runs on newly developed technology and innovation because you do not have any examples to look up to, he shares. “We used telematics and at that time it was a new technology, it was challenging yet promising to radically change the car rental process into a self-service that became an urban alternative to car ownership” – Jan Borghuis

Jan takes pride as a pioneer in the industry, recognizing the potential for self-service rentals to become a feasible alternative to car ownership. He and his team revolutionized the rental process through innovation, all while improving the overall customer experience. “As a team we split up tasks, we took up tasks that suited us individually, due to which the company as a whole was able to minimize unproductivity”

Ultimately, innovation is a key factor that develops our society. It can be used to solve challenging issues and maintain competitiveness in a rapidly transforming environment where pushing the limits to what is possible can foster a better future for generations to come.

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