COPENHAGEN, Denmark, August 6, 2015 /PRNewswire/ --
RezGuru by TableGrabber has won €250,000 in the international Next Step Challenge accelerator program and startup competition. The startup company was awarded 1st prize for their disruptive middle-layer technology for restaurants.
The Next Step Challenge received more than 300 applications from 75 countries where nine startups within next-generation energy and digital products and services were selected for 6-month of business acceleration. The competition recently culminated in a grand award show where TableGrabber, founded in Silicon Valley in 2014, was awarded with the largest entrepreneurship prize in Europe of €250,000 for their new platform called RezGuru, which allows restaurants to centrally manage their capacity to increase their utilization and maximize their revenue potential.
"We are extremely happy to win this award in a fierce competition with many talented companies. We've developed our company rapidly throughout the program, that has been a big step for us. It's really flattering to be the winner of the 1st prize," says Pawan Marwaha, Co-Founder of TableGrabber, and continues: "Going forward we will focus on rapid growth. Our platform is up and running and we have good early traction. So our focus is on accelerating our sales growth. The 1st prize of €250,000 will add fuel to our growth trajectory."
According to TableGrabber, restaurants are years behind in technology and RezGuru give them a consolidated layer to manage all their technology needs. Similar to airlines and hotels, restaurants can now distribute their tables and food-orders across all channels with different marketing and revenue management strategies to help them optimize their capacity and maximize their revenue potential
With a Master in Revenue Management from the Cornell Hotel School and Fellow from MIT, the founders have a good mix of industry and technology background to solve this pain-point.
Europe's largest startup prize
The Next Step Challenge is based on a partnership between the Danish accelerator program Accelerace, the utility company SE, the Region of Southern Denmark and Business Development Esbjerg with the intention to provide the nine startups with mentoring, training, and access to expertise. The startups were also able to develop and test their technologies on 261,000 households in the Region of Southern Denmark, and have the opportunity for potential investment and partnering opportunities.
The nine companies were all judged by their business opportunities, team, development through the program, growth potential and how they were going to use the prize money.
Søren Lottrup, Partner in Accelerace, says: "The competition this year has been very tough, since the quality of the startups have been very high. TableGrabber, however stood out above the rest due to their disruptive technology. Their product is digitalizing and thereby revolutionizing an extremely competitive industry, allowing their customers to maximize their revenue potential. Throughout the program, TableGrabber worked hard and achieved great results in regards to developing their technology and attracting new clients. Lastly, the team members are characterized by having a profound technology and industry expertise, which will help the company to obtain future success in a global market."
Next Step Challenge is open for applications for the next round of the program. The deadline to apply is September 30, 2015.
Read more about the Next Step Challenge here: http://nextstepchallenge.com
Facts about Next Step Challenge:
Established in 2013
17 startups have participated so far
Round 2 recieved +300 applications from 75 different countries
Startup survival rate: 100%
Startups who have raised investments = 88 %
Winners: TableGrabber (2015) & Teleskin (2014)
Participating companies 2015:
Unified Intents (Sweden), Dojo Interactive (USA / Denmark), iNovar (Great Britain), TableGrabber (USA / Denmark / India), Nwave Technologies (Great Britain), Linc (Denmark / Great Britain), Admetsys (USA), Braci (Great Britain) and ParkTag (Germany).
TableGrabber (founded in 2014) is a Silicon Valley and Denmark based startup that provides restaurants with software that allows the restaurants to forecast their demand and allow them to change their prices dynamically to increase their utilization and maximize their revenue potential. Restaurants have perishable inventory, if they don't sell a table it's a lost opportunity for them. Yet, unlike airlines and hotels, restaurants don't use revenue management strategies to optimize their utilization and maximize their revenue potential. Read more on http://www.tablegrabber.com & http://www.rezguru.com
About Next Step Challenge
The Next Step Challenge is the most ambitious entrepreneur prize and accelerator program in Europe. This startup competition supports promising startups through a 6-month program, which concludes in an award show where €250.000 is granted to the winning startup. The program has an international focus and is for companies within next-generation energy and digital products and services. The Next Step Challenge is based on an initiative by Accelerace, SE, The Region of Southern Denmark and Esbjerg Business Development with the objective to utilize the advanced digital infrastructure in the region of Southern Denmark. Read more about the Next Step Challenge on: http://www.nextstepchallenge.com, Facebook: https://www.facebook.com/NextStepChallenge, Twitter: https://twitter.com/NSCDK or by e-mail: firstname.lastname@example.org
Pawan Marwaha, Co-Founder of TableGrabber, email: email@example.com
Søren Lottrup, Partner at Accelerace, phone +45-31177976 and e-mail firstname.lastname@example.org
SOURCE Next Step Challenge