Business angel Ivo Remmelg: I am looking forward to fresh ideas from the new Ajujaht teams
The members of the Estonian Business Angels Network EstBAN will invest 75 000 euros in one Ajujaht team this season.
Ivo Remmelg, Chairman of the Board of EstBAN and a business angel, hopes that the teams will be able to take advantage of the situation caused by the coronavirus and find ideas for which the new situation offers opportunities for rapid growth.
Do you expect business ideas of a slightly different nature from Ajujaht 2020/2021 than previously, due to the Covid situation?
The unexpectedly changed reality certainly brings ideas that would not normally come up. I am looking forward to finding solutions in the fields of travel, accommodation and catering. At the end of the day, we must learn to live with this virus.
What ideas do leading investors expect?
The most interesting ideas are those that make some processes in an industry many times more efficient. And companies or consumers in the industry are willing to pay so much for its efficiency, that the value of the start-up that offers the solution would increase to more than € 100 million.
Do the high share prices of technology corporations mean that EstBAN investors will also be looking primarily at teams with IT ideas this year? Or is the ICT-bubble bursting?
Information technology has changed many industries beyond recognition, and there is still a lot of room for such changes. It cannot be said that angel investors are primarily looking for IT teams. However, greater efficiency in an industry is difficult to achieve without IT solutions. The most interesting solutions usually come from the intersections of different industries. The IT bubble has never burst. If something can explode, it is the utopian expectations of investors paid for with overamplified money. IT has increased the efficiency of processes before and after economic crises and bubble bursts.
How satisfied are you with the development of Aligner, which earned its investment last season?
Aligner is developing very well. With our investment, they have significantly improved their product and are now focusing more on sales and marketing. The product is good, customers are satisfied.
What business trends have you noticed as an investor which Ajujaht teams could benefit from?
The new normality associated with the coronavirus has still brought the most change and new trends. It will take some time for people to get used to this normality. But every crisis brings a lot of fresh ideas and opens up a lot of new opportunities.
What kind of TV series or movie do you recommend as a source of inspiration for ideas?
The film “The Founder” talks about how innovation can be done in a very traditional industry. The event dates back to twenty years before the word start-up was invented.