“GEC is a great way to meet the cash-flow challenges of a start-up business”
Experts says good business models have three key elements that must be logically consistent with each other. These are: customer value proposition, profit formula, and key resources and processes. Bmat meet them all.
That’s the reason why the company, which is committed to developing new software products dedicated to people’s interaction to music, won the 2009 Global Entrepreneurship Competition (GEC), that offers candidates the chance to obtain financing for their projects and the opportunity to showcase their projects for investors present at HiTBarcelona
Pedro Cano, founder and CTO of Bmat, born as a commercial spin-off of the Music Technology Group, the world’s largest research lab in music and audio, underlines that the GEC was a great experience that help the company to meet its cash flow challenges and get some international buzz. Cano is convinced that the music business is reinventing itself and that this new scenario offers new opportunities to Bmat.
This year, the 22 GEC finalists come from such diverse industries as biotechnology, telecommunications, clean and renewable energies, digital animation, industrial design and finance. They have been selected by an international panel of experts chaired and directed by Jerome S. Engel, Executive Director of the Lester Center for Entrepreneurship and Innovation at the University of California (Berkeley), and they will compete for the awards during the conference. The winner of GEC 2010 will be awarded €20,000 in project financing. The second and third prize winners will receive €10,000 and €5,000 respectively.