In 2013, STING launched a new program for Stockholm’s most promising internet startups, FastForward. It is focused on effectively increasing the growth rate of these companies by testing, measuring and initiating to find useful areas and business models that work at a faster pace. In the autumn of 2015, STING will change the name of the program to STING Accelerate and increase the investment amount to 300 000 SEK.
At the same time as the four month long accelerator program changes to its new name STING Accelerate, there will be a name change for the longer incubator program (previously Excelerate) to STING Incubate.
− We have chosen to create a shared name for our programs and to use words that distinguish them from one another more clearly. Our hope is that the name change will lead to the founders and entrepreneurs getting the sense that they are all part of the same STING, says Jill Lindström, Marketing- and Communications Manager at STING (Stockholm Innovation and Growth).
Although the accelerator program will change name to STING Accelerate, the content will be the same as before and each company will continue to receive an investment, now by Propel Capital II. In addition to the individual weekly meetings with the program’s three coaches there will be an emphasis on sales and pitch training. The entrepreneurs will train to deliver two minute pitches and longer five minute pitches that will be presented in front of investors and journalists at the program’s final event STING Demo Day. At this stage, the companies in STING Accelerate have all reached a further stage with a complete product/beta and proven demand for the product.
A novelty for autumn is to increase the investment from 250 000 SEK to 300 000 SEK per accelerator company through the new Propel Capital II to fast forward the companies’ growth.
The incubator program STING Incubate is up to 18 months in duration and supports companies within ICT, Smart Energy, Life Science and Internet/media. The companies in the program receive an individual coach that they meet with half a day per week. The aim is to verify the technology, build on the business model and develop and launch the first product, find financing and recruit team members. Emphasis is also placed on sales training, pitch training and international exposure.
All STING companies have access to STING Business Angel, a business angel network comprised of close to 40 technology entrepreneurs and STINGs international network of investors and industry contacts.
The application period for STING Accelerate opens on April 13 and closes May 10. Eight internet/media companies will be chosen for the program that is now running for the fifth time.
> Read more about STING Accelerate