IT startups that have passed the accelerator from Astana Hub and Google for Startups have increased their income and entered new markets
International tech hub of IT startups Astana Hub summarized the results of the second batch of the joint program of Astana Hub and Google for Startups - Silkway Accelerator. Twelve of the 15 startups completed the program, showing a rapid growth in three months. One of the Kazakhstani participating startups is already preparing to become a unicorn.
"The second stream of the Silkway Accelerator has been successfully completed. The startups did much work: they revised their business models and export markets and signed contracts with new clients. As a result, they expanded their audience and increased revenues. The results are bright and speak about the program's effectiveness," stated Magzhan Madiev, CEO of Astana Hub.
Biometric, a KYC and digital onboarding service for clients with biometric data verification, increased its revenue from ₸2 million to ₸23 million.
The virtual clinic myMind specializes in neurocognitive testing to identify risk factors and early signs of dementia, has signed a contract with the most prominent clinical diagnostic laboratory in Kazakhstan, has entered the Kyrgyz market, has created a new test interpretation product, and a new offline product. Also, they have already agreed with two pharmacy chains for sales.
The valuation of the online service for ordering hourly workers in stores and restaurants EasyTap increased from ₸4 million to 15 million, and the monthly revenue of the startup increased from $20,000 to $40,000. At the same time, despite reducing the company staff from 19 to 9 people, its efficiency increased. They got 14 new partners, the margin of services increased from 5% to 15%, and the number of users of the application grew from 5,500 to 10,000 with zero marketing budget.
"It is my first time leading two streams one after the other, and it was not easy. I want to thank the whole accelerator and ministry team for this project, which you initiated and successfully implemented. I wish startup teams and founders all the best. The journey has only just begun. You have done a difficult job. I wish you good results and achievements," said Alisher Khasanov, Silkway Accelerator lead, an international consultant on the development and market launch of products, services, and companies.
During the accelerator, the Neuron Oil software suite's startup developers shortened the sales cycle from 18 to 3 months and entered a preliminary agreement for $50k. In case of the success of the first contract, the main contract will be for $450k.
Floboom, an online platform that helps connect buyers and sellers of floral products, created a legal entity in the U.S. During the accelerator, connected with the first florists in New York and adapted the product to the local market.
Customer retention service Flowsell.me reduced customer churn from 8% to 4% and increased sales by 30%.
Trading platform for construction and repair InStroy made the first sales of ₸3 million and increased turnover by ₸30 million.
During the acceleration, «Sxodim» significantly increased its revenue. For instance, before the acceleration, they earned ₸170 million within eight months. During three months of participating in the Silkway Accelerator program, they earned about ₸141 million within 3 months. The company's ticketing service increased its monthly revenue from ₸15 to 50 million, and its media space revenue grew from ₸30 to 40 million.
"Previously, we did not participate in acceleration programs. We thought that our company would be the center of discussions and what needs to be improved and built up. We were surprised that the center of all attention was our mindset. Alisher, our lead, positively influenced us by changing our thinking, and we positively improved our products. Thanks to the change in our mindset, worldview, and our products, we will reap the benefits of the acceleration program for a lifetime. This is our experience. And in general, we will become a unicorn," Alisher Toyguliyev, CEO of "Sxodim'' shared his impressions of acceleration.
Not only Kazakhstani startups participated in the Silkway Accelerator program. Avlo.shop, an Uzbek SaaS platform that helps create online stores for small and medium-sized businesses, changed its business model, increased its monthly revenue from $570 to $3,000, and began negotiating large contracts.
Sales of the Tajik startup, Planet9 (neobank) - increased from $0 to $70,000. The company started working on entering new markets and signed new contracts.
Metaver, a Mongolian microlearning platform, entered the Indian market during the Silkway Accelerator. With an investment of $400, the startup generated 800 sales totaling $3,200. Before the acceleration, the startup had already tried the Philippine market, investing $8,000 and getting no deals.
The monthly income of the Azerbaijani educational platform Metatesk increased from $4,000 to $18,000, the number of students - from 200 to 260 people, also the startup entered the Chinese market.
"Being a part of this program has been a great pleasure and an incredible experience. I recommend this acceleration program to everyone. There is a unique opportunity to dive in and work on various topics, from product development to management. In addition to increasing sales in China, we are looking to expand into the U.S. and Africa," said Gunay Imanzade, CEO of Metatesk.
The second stream of the Silkway Accelerator program started on September 2; the training, just as in the first stream, took place offline in Astana and lasted three months. In addition to mentoring, acceleration participants received free accommodation near the Astana Hub, workspace, and a chance to get Seed Money funding up to $55,000.
We remind you that in 2022, with the support of Kazakhstan's Ministry of Digital Development, Innovation, and Aerospace Industry, Astana Hub became the 1st partner of Google for Startups in Central Asia. This year, two streams of the program have already been successfully held. Startups from Central Asia, as well as from Azerbaijan and Mongolia, took part in the last two streams.
Google for Startups is a startup program launched by Google Corporation in 2011. It comprises more than 50 co-working spaces and accelerators in 125 countries and provides hands-on lessons for aspiring entrepreneurs.