Four Teams Ready to Conquer their Markets after iLab Incubation

January 26, 2021

It's always such a great pride to see the huge development our startups go through during their incubation year. Today four teams graduated from our program from the food, regtech, edutech and technology consultancy industries:, Contemplate, Duegle and Cosmic Cake.

The CEU iLab one-year incubation program is open for teams from any industry and any stage. In case of our freshly graduated teams, some of them were in early ideation stage, while others already had the product ready and even realised some test sales.

The aim of the incubation program is to help teams to set their goals and KPIs and achieve them by providing know-how and experience. Teams participating in the incubation program have access to a nice coworking office in downtown Budapest, they participate in tailor-made individual and group mentoring sessions, they have access to CEU iLab's global startup network and an exceptional community of founders ready to share their knowledge. CEU iLab works in close cooperation with CEU Department of Economics and Business, so teams also take advantage of the CEU research network and experience of the CEU faculty. Teams work together with CEU Business Masters students who carry out consulting assignments for them.

Contemplate onboarded the CEU iLab incubation program in ideation phase with a team of two very motivated and knowledgeable female entrepreneurs, Nora Rado and Orsolya Domaniczky. The team had big dreams: to build an online magazine about the societal effects of technology and artificial intelligence. During the past year, the team explored their market,validated the idea by talking to a wide spectrum of partners, created preliminary content and built their communication channels to reach out to their audience and early clients. They also started to build up their international network and are now involved in a small business consortium. As they understood their market better and better they also pivoted their product from the original idea of an online magazine to the more down-to-earth concept of a boutique consultancy for science communication to create a bridge between technological innovations and society. The team was lucky enough to get CEU iLab founder and director Andrea Kozma as their mentor, who happily shared her extensive experience with the founders.

UniMatch started the incubation process with only a name and an idea but with a lot of commitment. Their idea was to create a platform which helps students find and compare top higher education study options, saving long hours of research by dealing with only the students’ priorities in a hassle-free way. Stepping over hurdles emerging from a changing team, they can now present a functional MVP. They got here by diligently doing the hard, unspectacular work in the background and asking for help when necessary. It was an enormous help for the team to work together with Brokerchooser's Tibor Bedo, who - through his company's success - has set an example for all iLab teams of what can be achieved with focus, hard work, dedication and in-depth knowledge of a specific domain.

Duegle started the incubation program with the idea of a data-driven due diligence initiative aiming to revolutionize how background checks are done. During the program they developed an in-depth financial plan and marketing strategy using the expertise of their mentors and the CEU iLab community, hired a developer, spent time on validation and after proper product testing came out with a more refined MVP. The decade-long experience of their mentor, Istvan Otto Nagy, in strategic managament and consultancy provided a great foundation that the team was ready to build on.

Cosmic Cake is a cookie mixbrand, where the ingredients are layered in a jar. It combines the joy of baking homemade cookies with a unique packaging where each product represents a planet or a phenomenon in space. At the time they joined iLab incubation they had already sold a limited amount of test products. During the incubation, they were matched with a lead mentor, who is an expert in food business, Marton Olah, one of the founders of Absorice. Marci provided some very hands-on knowledge to the team about the technicalities of introducing a food product on the market. By the end of the incubation, the team multiplied its sales and distributor network. Therefore the hands-on knowledge and sessions on sale at iLab came in particularly handy for the team.

Apply to participate in the one-year startup incubation program here.