VILNIUS, Lithuania, Sept. 24, 2021 /PRNewswire/ -- UAB Kilo grupe (Kilo Health), one of the leading digital health and wellness companies globally, is raising its bet on Co-found, an initiative designed to enable mature entrepreneurs to build health tech start-ups fast using the advantages of the Kilo Health marketing and technology platform.
"We have an abundance of ideas. That's why we've started the Co-found initiative aimed at attracting entrepreneurial talents. We are looking for people to take the helm of our in-house start-ups and develop ideas into products," says Tadas Burgaila, UAB Kilo grupe co-founder and CEO. "Since many of the best talents already have well-paying jobs, mortgages and families it is difficult for them to give up these comfortable positions and dive into the financial uncertainty of starting their own businesses. Therefore, we offer a salary equal to the one a talented person receives now and significant share options in a particular business start-up she or he will run."
This way a talented person has an opportunity to make increased revenue when successful, while the personal risks are much lower compared to building a start-up and fundraising on your own.
It started with a hackathon
Co-Found idea started around the time Tyler Health was born; a start-up that is developing a continuous glucose monitoring (CGM) solution that consists of a sensor and an app that records blood glucose levels and the body's reactions to food and physical activity in real-time.
Ignas Survila, Tyler's CEO and co-founder adds that the Co-found idea was formally launched soon after the Tyler project took off. The idea however remains the same: to create a prospective HealthTech company together with bright innovators.
"I met Tadas Burgaila and Kilo Health team for the first time back in 2014. At the Vilnius (Lithuania) Tech Park, Kilo grupe had their premises next to ours. Sometime later we moved out of the Tech Park and went our separate ways," recalls I. Survila. "In winter 2019, I sold my earlier startup and Tadas invited me to lunch. Before we were done, I agreed to join Kilo Health as a Chief Innovation Officer."
Tyler Health was created soon after, from a hackathon at Kilo Health.
"There was no co-found program at the time. Tyler is like its predecessor. However, the Co-found program itself, in my opinion, is one of the most interesting phenomena in our region. This can attract top-notch talents who can take ownership of the projects," says Tyler's co-founder.
Ignas believes UAB Kilo grupe was like an early-stage investor or accelerator. The company helped develop Tyler's strategy, and provided the knowledge and resources needed, including human resources.
The next step for Tyler is beta-testing of its sensors and app. Next year's priority is expansion. Start-up plans to close the seed round and to start attracting additional capital. As for Co-found, there are already quite a few more success stories.
SOURCE Kilo Health