Big companies had their humble beginnings. Big ideas were once small ones, and this underscores the importance of startups. Normally, startups come up with small philosophies and designs that promise a certain future, thus, becoming a target of acquisition of bigger companies ( e.g. Google acquiring YouTube). It is with this thrust that a good deal of events are initiated around the globe to encourage startups to come up with concepts, and help them get a gauge of whether these concepts will work on the real world or not.

For young teams to get a real starting up experience, Summer of Startups Estonia organizes a 9-week program to find out which ideas will work on the real market by applying them. Out of 30 teams who passed an application, only 8 of them were chose. These 8 teams will develop their idea and business with the help of their mentors. There are two types of mentors for the event: the main coaches and the special guests. The teams selected are as follows:

1. GateMe – Using RFID and NFC technology for better client statistics
2. CardSlash.com – Better way to hold your discount cards in your mobile
3. CarbonCrab – Building more resilient bicycle parts using new technique to cut carbon fiber
4. PriceTag – Check the best prices from nearby shops from one place
5. Haplet – Easy way to share event programmes for smartphones
6. OpenAudioGuide – Open market for audioguides everyone can make and use
7. LM Cleaner – Better and more friendly way to clean lawnmowers
8. Sportsmen – Location-based service to find the best sporting facilities

Straying away from the exclusiveness of the Nordic area, the Kaufmann Foundation organizes Startup Open, a competition that recognizes startups with high-growth potential, has launched its search for the 50 most promising new startups around the world as part of Global Entrepreneurship Week (GEW) 2011.

The competition is now on its second year and is participated by member from over a hundred countries who have a “startup moment.” The term is defined as “any action related to launching a new business, such as incorporating a company; officially opening the doors for business; completing a first sale; or securing outside funding.” The “GEW 50”, along with those who is competing for the top honors, will be heralded on Oct. 15, 2011.

“Economic growth and job creation is directly tied to young businesses with the potential to become part of tomorrow’s Fortune 500, so recognizing and rewarding those most promising startups on the path to success may inspire others to follow their examples,” said Carl Schramm, president and CEO of the Kauffman Foundation.