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UK startups wasting over two weeks per year – costing the UK an estimated £37bn in GDP

UK startups and microbusinesses are wasting over two working weeks every year on admin tasks, including managing mobile phone contracts, choosing energy providers, and buying insurance – according to new research.  The study, conducted by Beasy, which surveyed 500 business owners employing between 1-9 people, found that startup founders are spending an average of 5.5… Read more »

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CRM, Europe, Funding, investment, News & Analysis, Salesforce, startups

Salesforce offers $100m VC opportunity to European cloud startups

Salesforce WearSalesforce Ventures has allocated $100 million to invest in European startups as the investment arm of the cloud giant aims to capitalise on a potential $33.3 billion market. Any European cloud start up that impresses the venture capitalists could typically expect backing of between $1 million and $5 million, according to the fund’s development head.

As the investment arm of cloud-based CRM giant Salesforce it has already invested £500 million in 150 cloud and enterprise startups since 2009. However the majority of these have been US based and only 17 European cloud start up firms have been funded. However, researcher IDC predicts that the European cloud sector will grow 12 as fast as any other sector of the IT industry. As Europe catches up with the US, by 2019 its cloud market could be worth a collective $33.3 billion, it said.

As the global shift to the cloud generates demand for exciting new social, mobile and data science technologies it is creating an opportunity that should not be missed, said Salesforce EVP of corporate development John Somorjai. The European investment business will link back to Salesforce Ventures’ operations in the US run by Somorjai. London based Alex Kayyal will head the Salesforce Ventures’ efforts in Europe.

“There is so much incredible innovation happening in Europe today and we want to empower the next generation of enterprise cloud startups in the region,” said Somorjai, “Our $100 million commitment strengthens our mission to help startups grow and give back to their communities.”

However, he admitted that the competition has already started with five investments already earmarked to take a chunk of the budget.

European cloud start ups that have previously won funding from Salesforce Ventures include CartoDB, CloudSense, Cloud9 IDE, NewVoiceMedia, Qubit, Universal Avenue and YOUR SL. It’s not just about the money, according to Ruben Daniels, co-founder of Cloud9 IDE. “It’s the network and introductions, mentorship and framework that help,” said Daniels.

Salesforce Ventures’ global expertise was as important as its funding, according to CartoDB founder Javier de la Torre. “It helps us more effectively bring our data visualization tools to individual and business users around the world,” said de la Torre.

Cisco, Frost Data Capital, Internet of Things, IoT, Jeff Scheel, John Vigouroux, News & Analysis, startups, Symantec

Symantec, Frost Data Capital to incubate startups solving IoT security challenges

Symantec and FDC are to incubate ten IoT security startups per year

Symantec and FDC are to incubate ten IoT security startups per year

Symantec is teaming up with venture capital firm Frost Data Capital to incubate startups primarily developing solutions to secure the Internet of Things.

The companies initially plan to create and seed up to ten early-stage startups with funding, resources and expertise, with Symantec offerings access to its own security technologies and Frost Data Capital its data analytics platforms.

“We’re taking a fresh look at driving innovation in the market and this partnership will enable Symantec to transform raw ideas and concepts into meaningful security companies,” said Jeff Scheel, senior vice president, strategy, alliances and corporate development at Symantec. “By collaborating with Frost Data Capital, we create an environment primed to incubate new, innovative and disruptive startups in cyber security – especially in the realm of IoT technologies where verticals like process control, automotive, health care and energy require specialized skills.”

The goal is to encourage development of threat detection analytics services capable of being applied in IoT architectures, where data volume and velocity can be particularly acute challenges when it comes to security and performance.

“We’re seeing a huge opportunity in the IoT security market,” said John Vigouroux, managing partner and president of Frost Data Capital. “We’re excited to work with Symantec to bring cutting-edge, relevant security analytics solutions to market rapidly, in order to prevent next generation cyber attacks on corporate infrastructures. Symantec brings to the table world-class security technology, global presence and strategic relationships that will be instrumental to launching these startups.”

Symantec and FDC are not the only firms looking to incubate startups with a view towards developing IoT solutions that complement their own offerings. Cisco recently announced significant efforts to incubate French and UK startups innovating in the area of IoT networks, while Intel and Deutsche Telekom unveiled similar moves in Europe last year.