Leveraging network and funding opportunities can be hard for startups. The Fi Europe Startup Innovation Challenge helps them access world F&B leaders. Dr Abhiram Dukkipati, founder of Magellan Life Sciences, received the Naturex Special Prize Winner in Fi Europe Startup Innovation Challenge 2018. One year later, Dr Dukkipati shares his experience of the Challenge and how it could benefit young startups.
September 2, 2019
“The Fi Global Startup Innovation Challenge is a fantastic opportunity to leverage your network” - Abhiram Dukkipati
Could you describe your product in three sentences?
"Our product is a protein-based sweetener that addresses the global sugar reduction problem. It tastes like sugar with none of the calories of sugar. Moreover, it is stable under extreme temperature and pH conditions, providing flexibility from a formulation perspective."
In last year’s edition of the Startup Innovation Challenge, you won the Naturex Special Prize for the Most Innovative Healthy Food or Beverage Ingredient startup. Could you tell us what winning this competition brought you?
"The most important aspect of winning the challenge was to receive an unequivocal external validation for our product to address a major pain point of global food and beverage manufacturers."
Could you tell us how you benefited from the challenge on and after the judging day? What advice would you give any startup willing to take part?
"We benefited significantly from our participation in the entire process. During the presentation and the jury questions, we gained an understanding of the risk factors as perceived by investors and the industry. This has allowed us to reformulate our go-to market strategy with a risk profile acceptable to investors."
"Due to the exposure during and after the challenge, we have been approached by many stake holders in the industry who are willing to work with us."
"This is a fantastic opportunity for any startup to leverage their networking and fund-raising efforts. Our advice would be for the participants to maximize every available opportunity during the challenge to spread the word about their company."
And finally, could you tell us at what development stage your company is at present?
"We are currently raising our seed round, optimizing and scaling up our production process."
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