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European Digital Innovation Hubs Network

Franken Finance Festival

Franken Finance Festival banner
Franken Finance Festival
Published at 23 September 2024 | Germany

General details

EDIHs involved

Customer

Customer type: SME

Services provided
Networking and access to innovation ecosystems
Support to find investment
Training and skills development
Technologies
Other (please specify)
Sectors
Financial

Challenges

For young or inexperienced company founders, identifying a viable business idea is often less challenging than navigating the complexities of financing and funding. A significant hurdle is the lack of essential and specialised knowledge in these areas. Without a solid understanding of financial strategies, even the most innovative ideas can falter.

People with a high level of specialist knowledge in their area of expertise need support from a business management perspective to get their business off to a successful start by finding the relevant contact points for financing and funding opportunities.

Aware of the need to equip young people and individuals with great business ideas with the financial know-how to realise their projects, DIGICARE organises the Franken Finance Festival, a meeting point for students and people with innovative ideas and industry experts and investors.

Solutions

Once a year, the Franken Finance Festival offers students and other young founders, as well as individuals with innovative ideas who aspire to set up a company, a unique regional opportunity to connect with investors and experts from the industry. This event serves as a vital bridge, linking aspiring entrepreneurs with the financial support and professional guidance needed to transform their concepts into successful businesses.

At the same time, lectures and workshops are also held for those who have not yet given much thought to the topic of financing and funding. These sessions are designed to demystify the complexities of the financial landscape, providing foundational knowledge on essential topics such as cash flow management, investment strategies, and the process of securing loans and grants. Participants can learn about various funding sources, including venture capital, angel investors, crowdfunding platforms, and government grants, helping them to understand which options might best suit their specific needs.

Presentations, networking and meetings during the Franken Finance Festival

Overall, the Franken Finance Festival is more than just an annual event; it is a comprehensive initiative aimed at empowering the next generation of entrepreneurs. By offering access to knowledge, resources, and networks, the festival plays a pivotal role in fostering the growth of innovative businesses in the region.

Results and Benefits

Networking and presentations during the Franken Finance FestivalThe Franken Finance Festival appeals to a broad target group, providing knowledge transfer and networking at a high level. It has already produced numerous success stories, with multiple startups emerging from festival participants. This event is a testament to the transformative power of connecting budding entrepreneurs with the resources, expertise, and support they need to thrive.

For example, two participants have successfully launched the BesserEsser app, a groundbreaking tool that allows users to document food intolerances and receive assistance in managing them. This app not only addresses a significant health concern but also demonstrates how the festival fosters innovative solutions that have a real-world impact. The app has over 10.000 downloads and the company is doing fine. Both founders say, that without the Franken Finance Festival they wouldn't know how to found their startup and that before participation they were more or less unexperienced in regard of funding and financing.

The benefits of the Franken Finance Festival extend far beyond individual success stories. By facilitating high-level networking, the festival creates a robust ecosystem of entrepreneurs, investors, and industry experts who continue to collaborate long after the event concludes. This network is invaluable, offering ongoing support, advice, and opportunities that can be crucial for the growth and sustainability of new ventures.

Perceived social/economic impact

The festival plays a critical role in promoting a culture of entrepreneurship within the region. By showcasing successful startups and sharing their journeys, the festival inspires other aspiring entrepreneurs to pursue their ideas and dreams. This, in turn, contributes to economic growth and innovation within the local community, as more individuals are encouraged to start their own businesses and contribute to the regional economy.

The Franken Finance Festival is a catalyst for entrepreneurial success. By providing a platform for education, networking, and inspiration, it enables participants to transform their ideas into viable businesses. The festival’s impact is evident in the success stories it has generated, the ongoing collaborations it has facilitated, and the entrepreneurial culture it has nurtured within the region. Through these efforts, the Franken Finance Festival continues to drive innovation and economic growth, creating a thriving community of forward-thinking entrepreneurs.

Measurable data

The following results were achieved in the Franken Finance Festival edition of 2023:

REGISTERED PARTICIPANTS
Startup 38
Enterprise (Industry) 6
Enterprise (SME) 7
Investor / Business Angel 12
University 36
Funding institution 5
Medical institution 3
Network organisation 9
Other 16
TOTAL 129
   
MEETINGS
Participants 69
Meetings 55
   
WEBSITE VIEWS
Before the event 592
After the event 7
TOTAL 599

Lessons learned

In the future, we plan to expand our services by offering financial consulting tailored specifically to later stages of funding.

Additionally, we will enrich our event program by introducing more personalised consultation opportunities, ensuring that participants receive targeted guidance for their unique needs.

We also aim to elevate the overall experience by inviting distinguished guest speakers who can inspire and engage our audience. For example, in 2022, we hosted the search engine provider Ecosia, which was highly appreciated by attendees and significantly enhanced the event's impact.

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