European Tech5 will investigate fastest growing startups of the old continent and the reasons behind

TNWtecheuHonestly we the tech press do not have any shortage of startup competitions across the world. But this one seems a bit different, as I expect it to provide us a better understanding of booming startup scene of Europe.

Prominent tech publication and event organiser The Next Web and global payments technology provider Adyen have joined forces to launch a Pan-European initiative to identify Europe’s fastest growing tech startups. And they will do this by not only looking at the idea and tech behind, but mainly basing the judgements on growth of revenue and usage. So I believe the results may be more relevant in terms of the present profile of European startup economy.

Titled European Tech5, the initiative will rank the continent’s best technology startups based on growth in revenue and users over the course of 6 weeks. Any startup with an outstanding growth pattern may apply to join. If they meet the criteria, they will be added to the ‘phase 1’ of the competition.

The companies from top 10 European countries (in terms of market strength) will move on to the next phase to determine the respective Tech5 lists per country. (e.g. German Tech5, UK Tech5). So, the first phase will give us national contestants and final winners, which, I believe, is also some information.

Then, all national winners will speak and present their startup at TNW Conference Europe on the 24th-25th of April in front of the most successful people in tech (around 2500 of them, the organisation says). During the conference the final list of the European Tech5 will be selected by a jury.

Here are the basic criteria to be eligible to take part in the competition. The company,

  • has more than 500k EUR revenue in 2013,
  • is in operation for less than 5 years,
  • has its headquarters in Europe,
  • builds and markets its own (scalable) product or service driven by technology (no agencies, consulting companies).

Finally, here is the link where you can submit your company. Best luck.

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