Pivoting was the key to success for award winner: “We have a golden opportunity. Now it’s just a matter of kicking the ball into the goal”

Last week, Aarhus-based startup Lumant won the Fynske Bank Startup Lab 2024 and DKK 100,000 in prize money. The competition took place at Koldinghus, where Lumant impressed the jury with their subscription-based course platform that does away with expensive and complex solutions.

“It’s completely surreal and like being in the middle of a dream,” says co-founder Rasmus Pedersen about winning Fynske Bank Startup Lab 2024.

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Lumants, founded by Rasmus Pedersen and René Nielsen, is a platform that offers course providers an integrated solution that makes it easy to create, market and sell courses. Features such as landing pages, payment solutions and email marketing are gathered in one user-friendly package that challenges the larger and often more expensive foreign alternatives.

After pivoting, it started running

However, Lumant’s journey has not been without its challenges. Initially, the company started as a marketplace for courses, but after a few years and a modest turnover, it became clear that the concept did not match the needs of the market.

“We turned over DKK 13,000 in 2.5 years. At the same time, we spent countless waking hours and half a million kroner of our own money to make the marketplace work,” says René Nielsen.

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The switch to a subscription-based course platform in summer 2024 was a game changer. In just a few months, the company has built a stable and healthy subscription revenue.

“It was as if we hit the right cog – suddenly everything started running,” says René Nielsen.

Praise from experienced judges

At the final, Lumant’s presentation was met with applause and recognition from the jury, which included Jesper Buch and Brian Mikkelsen. Jesper Buch was particularly impressed with Lumant’s ability to execute.

“Is there room for more people in that business? – Feel free to send a pitch deck,” said the serial entrepreneur.

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For the two founders of Lumant, this is a big motivating factor.

“When someone like Jesper Buch says that we should send a pitch deck, it feels like a huge pat on the back,” says René Nielsen.

With the win and the prize in the bank, Lumant is ready to take the next step. The ambition is to become Denmark’s leading training platform and take on both Danish and international competitors.

“We have a golden opportunity. Now it’s just about kicking the ball into the goal,” says Rasmus Pedersen.

The post Pivoting was the key to success for award winner: “We have a golden opportunity. Now it’s just a matter of kicking the ball into the goal” first appeared on TechSavvy.