Cypriot Startup Is FACE Entrepreneurship Contest Semifinalist

Cypriot Startup Is FACE Entrepreneurship Contest Semifinalist Cypriot startup Liveium has been named one of the 25 semifinalists for the FACE Entrepreneurship contest, a European Commission project that promotes ICT entrepreneurship by fighting against fear of failure.

Liveium is a project in a very early stage but that, according to its cofounder Orestis Demetriou seeks “to become a highly scalable opportunity to reach hundreds of thousands of health enthusiasts”. The idea is based on three different products. On the first place, a device analyzes the ions present in your urine. Then, it sends all the data to a smartphone app that analyses it. And, finally, these data are sent to a dispenser unit that prepares a customized drink based on the analyses and information such as your height, weight, age and activity level. The orange, berry or lemon-flavored drink includes all the nutrients and vitamins that you are lacking.

This was one of the 25 projects chosen by a mentoring board based on criteria such as innovation, feasibility and scalability. For more than two months, these semifinalists will enjoy personalized mentoring sessions with top European mentors such as the Cofounder of Blablacar Vincent Rosso, the General Director of Cabify in Spain Juan García Braschi and the Business Angel René de Jong. These mentors, among many others, will help to develop the projects and turn them into feasible and scalable business plans before three of them are crowned winners and get to spend a whole day with some of the most important investors of Europe.
FACE Entrepreneurship, in collaboration with Mentoring Spain, launched this startup contest for ICT entrepreneurs last May with the goal of “killing the elevator pitch, promote learning through personalized mentoring sessions and demystify the figure of investors”, as the Contest Coordinator Ricardo de Rada explains.

Fighting the fear of failure that restrains European innovation

Europe is the region with the highest rate of fear of failure in the world, reason for which lots of great ideas have not been developed yet. 39.1 Percent of the adults with entrepreneurial intentions argue that they would be deterred of starting up because of fear of failure. This makes it essential to boost entrepreneurship by working through key aspects such as risk aversion, resilience and the current concept of failure.

With that aim FACE (Failure Aversion Change in Europe) Entrepreneurship was born. FACE is a project funded by the European Commission and led by the Spanish Group Secuoya. Its goal is to boost ICT entrepreneurship among young Europeans by tackling the emotional side of starting up, confronting the most frequent fears entrepreneurs have to face and sharing the experience of successful and experienced ones.

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