Perkskit, one of the graduate startups of the SABAH.lab Acceleration Center, received an investment of 90,000 Euros as an admission to the European “Startup Wise Guys” accelerator.
This remarkable event took place after “Baku Investment Day”, the country’s largest local start-up and innovation event. It should be noted that the event was organized by the SABAH.lab Acceleration Center with the main sponsorship of Kapital Bank. At the event, 24 local startups were presented to investors invited from several regions of the world. As a result of ongoing negotiations after the event, Perkskit, a fintech startup, managed to get investment by being accepted into the acceleration program of “Startup Wise Guys”.
Perkskit is a platform where companies can instantly create a loyalty program for their employees. The members of the founding team, Fuad Muradov, Farid Agamalioglu and Faig Rustamov, participated in startup projects several times. Fuad’s first experience was through the “Startup Ignition Program” of 500 Global. After graduating from the program, he decided to change his career path to entrepreneurship.
The main factor that attracted Farid here was the support shown by SABAH.lab in both team and idea formation:
“Before I got acquainted with SABAH.lab, I was interested in several projects and took part in them. Most of them only provided teaching, so there was no final result at the end of the program. I came across a post about SABAH.lab on one of the social networks, and IE Business School’s offer of teaching, support in ideation and team formation, seed investment for MVP drew my attention and I decided to apply. SABAH.lab really offers solutions to existing problems in this ecosystem.” – says Farid.
Everyone wants workplaces to provide employees with benefits such as insurance, gyms, and taxi service. However, a problem arises here: the advantages provided are not always in the interests of the employees and do not meet their needs. As a result, businesses spend unnecessary money on loyalty programs and often end up canceling them. The Perkskit platform comes as a solution to this problem: there is a wide selection of perks according to the wishes of employees, and companies will be able to control the budget allocated to loyalty programs and check to what extent it is used.
Another member of the team, Faig, says that they tested 7 other ideas before arriving at this idea. However, thanks to the support of the mentors, the team members have come to the conclusion that these ideas will not last long through their research.
“We believe that this idea will be successful, because the address of the idea is directly the solution to the existing problem. Constantly coming to a common denominator as a team helped us a lot to decide on this idea.” – say Faig and Farid.
Also, the team members’ experience in the field of HR informed them that employees need motivation and that companies with loyalty programs have the ability to attract talent faster.
The team members say that SABAH.lab’s contribution to the formation of this idea and its start-up operation is great.
“At SABAH.lab, we took lessons from professors of the most prestigious universities and experts in the field. Moreover, the SABAH.lab team did not spare us their support at every stage. The support of SABAH.lab is invaluable in our formation as a team, in the development of an idea and its transformation into a working prototype, in the establishment of contact with mentors and experts, and investors. They not only provided our idea with initial investment, but also helped in building a network between us and investors, and thus, after the Baku ID event, we managed to get investment. SABAH.lab’s contribution to this achievement is huge.” team members said.
It seems that persistence, motivation and the chance to meet the right people in the right place greatly increase the probability of success. The teams established at SABAH.lab are confidently stepping forward to make this possibility a reality, and SABAH.lab has become the right address for Perkskit to achieve this success.