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.
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SOURCE Kilo Health