Our Partner Companies Enry’s Island
Rome Business School collaborates with over 252 multinational companies form all over the world with whom organise meetings, workshop, webinars and talks to allow student to approach the business environment while pursuing their professional academic path.
Let’s learn some insights about Enry’s Island
Enry’s Island is a one-of-a-kind incubation and acceleration platform based in Pescara. It also has different headquarters spread across the world and is the ideal place to do business. “The island is a sort of Utopia, like Thomas Moore’s, where the ideal conditions to build a business are created.” – says Luigi Valerio Rinaldi, CEO and founder of Enry’s Island. Its model is different from other incubators’ thanks to a new approach, which takes into consideration three essential factors to create added value: ideas, competences and capital.
In fact, only if ideas are integrated with both managerial and specialized competences, is it possible to realize a successful concept. At this point, once the concept is created, capital is vital. Capital can be visioned as the fuel that sparks the fire of reaction. Enry’s Island gets its fuel from Business Angel and Venture Capital, able to sustain the incubator’s innovative ideas with adequate investments, coming not only from Italy but also from international partners.
Infact, Enry’s Island currently counts on a network of over 400 professionals, spread out over the globe (start up founders, professionals, investors, media) and connected through a highly adaptable management platform called HUI. All resources work on this very platform in remote working mode. Specifically, the SAS hui.land platform allows to manage individuals’ work assign To Dos, projects, team tasks and analyzing Competences with the aim of improving them.
Enry’s Island is based on the Enry’s Model, a business management model with an economical-financial focus, that takes into account the impact that the web and IT have on traditional resource management systems and businesses. The model also considers influences of other and various nature and origin. It is particularly adequate for the analysis, planning, management and monitoring of businesses in start up phase. Conceived by the Entrepreneur Luigi Valerio Rinaldi in 2015, Enry’s Model has been progressively adopted by many Italian and foreign countries and by the interlinked community of entrepreneurs, staff, professionals and investors.
Enry’s Island has also established a partnership with the crowdfunding platform ‘THE BEST EQUITY’, to facilitate fundraising for incubated start ups.
Specifically, Enry’s Island’s start ups are digital products operating in sectors such as rentals, waste management, luxury, block chain, online auctions and fashion. But what are the selection criteria?
To tackle the increasing number of applications, Enry’s Island has created a process and specific start up selection criteria, which can be summarized in 4 main phases:
1. 6c Analysis
The first analysis carried out focuses on the evaluation of Enry’s Model’s 6 factors, which are:
- Concept: the scalability and replicability of the concept;
- Competence: the aim is to determine the competences utilized up till now and those that are still lacking in start ups;
- Capital: analysis of capital invested until now and those that are necessary for further develpoment;
- Connections: evaluation of the ability (expressed and potential) of the start up to create connections with its target stakeholders (professionals, influencers, investors, etc.);
- Commitment: evaluation of an extremely important qualitative parameter, which is “engagement”, the team’s determination to fight every day to move the start up forward;
- (Business) Creation: analysis of track records, accomplishments already achieved (also individually) by the founders, their ability to “create business”
2. PMF Analysis
The second analysis measures performance and potential with regards to 3 key competitive areas, which are:
- Product: what’s been done and what needs to be done in terms of product development (how the concept has become a product, then a start up);
- Market: which strategies and results have been accomplished in terms of business development (user traction, revenue traction, etc.);
- Fundraising: which fundraising activities have already been organized, on what channels (private, public, crowd) and what we intend to do in order for the start up grow in terms of fundraising;
3. Systemic Value
In the face of the first 2 “intrinsic” anaysis, the start up is then evaluated based on its systemic value in Enry’s Island’s ecosystem; if the Island’s portfolio already contains a similar start up, the value will be less; if the evaluated start up focuses on aspects (technological and/or financial) in line with Enry’s Island’s interests and/or its partners’ and interlocutors’ (industrial, financial, media, etc.), its value will be superior.
4. Result and followup
Once the evaluations are terminated, the results are shared within 2 weeks from application and an interview is set. The aim of the interview is to discuss the optimal incubation and acceleration for the start up’s growth.
The plan is based on conrete and operational support. In this sense, it does not offer any mentorship, only those services that integrate with the start up’s lacks and weaknesses. For example, a start up with good IT skills but with a weak sales strategy will be supplied with a sales team (both online and offline) to work in synergy with the founder’s team.
A similar approach has allowed absolutely above standard survival and growth. In fact, only 20% of start ups run aground, while the other 80% stay on the market and grow for at least 3 years.