Joakim's love app ignites spark with public investor
The entrepreneurial spirit is flourishing at Aarhus University, where a particular type of investment is beginning to show its strength. Joakim Habekost boosted his relationship business with help from the university's startup hub.
Love takes many forms. For Joakim Habekost, it is a business adventure.
The newly graduated business economist from Aarhus University has discovered how passion and affection in relationships can translate into a successful business model. With the app Love Fuel, he has introduced a new technology that intensifies the intimacy of twosomeness and adds new dimensions to our love lives using artificial intelligence.
Now Innovation Fund Denmark has taken note of the business concept and its potential to revolutionise the way we navigate relationships and partnerships.
Joakim Habekost is part of a growing army of entrepreneurs affiliated with The Kitchen, who are making it through the eye of the needle to Innovation Fund Denmark's much-coveted investment programme: Innofounder.
With a success rate in applications of almost 70 per cent, this year entrepreneurs affiliated with the entrepreneur hub at Aarhus University have surpassed the national average of only 18 per cent.
"A funding pledge from Innovation Fund Denmark gives my company the seal of approval for future investments. But it also signals that the technology has a real place and can tackle major societal challenges," says Joakim Habekost.
Well-rounded entrepreneurs
Investment expert Navid Dayyani emphasises that, by securing a place in the Innofounder programme, Joakim Habekost and his co-entrepreneurs from Aarhus University have taken an important step towards a successful business journey.
It not only gives them financial stability with a fixed monthly salary for an entire year, but it also gives them freedom to focus on business development without worrying about financial challenges.
"The programme therefore provides a very secure base, as doubt and uncertainty often keep people from taking the leap into the world of entrepreneurship," he explains.
In his role as adviser in The Kitchen, Navid Dayyani helps guide ambitious researchers and students towards funding opportunities. He has experienced how the incubator produces well-conceived business concepts that are impossible for investors to overlook.
"However, it’s crucial that the entrepreneurs themselves have a clear understanding of the market potential of their business, and this is something we help them with. This is a key factor for most investors, especially Innovation Fund Denmark," he points out.
Fuelled by the spirit of the times
Joakim Habekost was driven by the spirit of the times when he invented the digital solution for maintaining relationships.
Knowing that half of all Danish marriages end in divorce, and that one in five Danes is in a bad relationship, he realised that the digital world must be able to provide a solution. A solution aiming at strengthening already well-functioning relationships and making them resilient enough to withstand future love crises.
Love Fuel uses artificial intelligence to deliver tailored reminders and guidance to both parties in a relationship. The app suggests activities and other actions to couples, all based on in-depth understanding of the individual needs of those involved.
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Despite the support for the technology and its potential, Love Fuel has not yet been launched in the public domain. However, thanks to the investment from Innovation Fund Denmark, Joakim Habekost has already secured a stable monthly salary for the coming year. And the entrepreneur wants to use this precious time to explore and mature his idea.
"I'm not going out chasing customers right now. Instead, I want to explore the potential of the technology. Love Fuel must provide the best possible service based on scientific insights, but it’s just as much about maturing the company to attract further investments," he says.
The term "investment" may appear misleading in terms of being granted an Innofounder investment. This is because Innovation Fund Denmark does not actually demand a payback or ownership from the startups it funds.
The goal of the investment programme is instead to promote growth and address pressing societal challenges in Denmark.
Facts: Why entrepreneurs in The Kitchen are attractive to investors
- Focus on idea generation: The Kitchen is a platform for innovative ideas. Here, students and researchers at Aarhus University can find support and guidance for their business idea.
From concept to action: Through specialised workshops, mentor sessions and a network of industry professionals, entrepreneurs' concepts are shaped into realistic business models with the potential to attract investors. - Sharp presentation: The ability to present ideas is essential, as investors often want to meet the entrepreneur in person before making a decision. The Kitchen offers pitch training to help entrepreneurs communicate their vision effectively to investors.
- Structured help with applications: Applications to attract public funding and private investors require precision. The Kitchen assists entrepreneurs with filling in application forms and collecting relevant documents that clarify the value of the idea.
- Strong network connections: The Kitchen facilitates connections to experts, testing facilities and potential customers. This strengthens the credibility of the idea and solidifies its appeal as a good investment.
Facts: Love Fuel
- Developed by Joakim Habekost through his startup Habekost Ventures.
- He got the idea during his MSc in International Business at Aarhus University.
- Joakim Habekost's own relationship inspired him to develop the app. He wanted to make it easier for all couples to achieve happiness and harmony.
- Recently received an Innofounder investment from Innovation Fund Denmark. The investment secures a fixed monthly salary for 12 months and provides access to a nationwide business network as well as professional advice.
- Joakim Habekost has previously been granted DKK 50,000 from the Danish Foundation for Entrepreneurship for his concept.