Sting Incubate Deeptech - new program!

When you’re part of Sting Incubate Deeptech, you receive up to 30 months of highly qualified business development support specifically tailored for companies that are based on deep, complex technology. You get a personal business coach with a background and experience as an entrepreneur in your particular field. In addition, access to a large network of investors, resources, experts and contacts to help you reach your goals faster.

Sting Incubate Deeptech is a program for startups with long development cycles because the companies are based on complex, advanced technology.

Deeptech includes important and research-heavy technologies such as artificial intelligence, machine learning, new materials, energy, water and biotechnology, and much more.

Who can apply?

The companies that are accepted to Sting should be able to make a significant impact in their industry. To be accepted, you should match the following:

  • Have some form of technical proof of concept and expressed interest from potential customers to contribute to the development
  • Business concept based on an innovative complex technology that can have a major impact in their industry
  • Great opportunity to protect the deal and create entry barriers with patents, and similar methods
  • Solves a clear, big and important problem in their industry
  • A solution that can lead to a scalable product or service that can become an international success story
  • Team with at least two founders with drive and ambition to build a successful growth company and who want to early complement the team with missing important competence. We prefer mixed teams in terms of gender and ethnicity.

The application and selection to Sting Incubate Deeptech is ongoing. Contact one of Sting’s business coaches in your field if you are interested or submit your application here and we will hear from you.

What do you get if you are accepted?

The Incubate Deeptech program is built up over two periods. In addition to the content of the regular Incubate program (see below), you will receive the following support for an initial period of up to 12 months:

  • Coaching: 2 hours / week in A house
  • Free office space for a maximum of 2 people in A House during the active period.
  • After approval, possibility of grant up to SEK 250,000 for salary to commercial verification person.
  • Help implement 1 recruitment of commercial person who should also be able to become co-founder.
  • If necessary, access to expert expertise in IP matters.
  • 10 hours with external deptech mentors – people with technology backgrounds who have successfully commercialized and industrialized heavy technology.
  • Deeptech Talks about 2 times / year. CEO meetings for new and more established deeptech companies for exchange of experience.
  • Access to industrial contacts throughout Sweden through Ignite Sweden.
  • Workshop on how to find soft money and access to Sting’s consultancy network for EU funding.
  • Investor Readiness workshop with selected deeptech investors explaining, among other things, what it takes to be “investor ready”.
  • Other Sting workshops: subject to availability

In period 2, which is up to 12 months long, you will receive the regular offer in the Incubate program, which you can see below. For Deeptech companies there is also:

  • 10 hours with an external deptech mentor – people with a technology background who have successfully commercialized and industrialized heavy technology.
  • Deeptech Talks about 2 times / year. CEO meetings for new and more established deeptech companies for exchange of experience.

Contents of the regular Incubate program:

  • Weekly coaching meetings with your individual head coach
  • Access to all Sting coaches and carefully selected Sting Advisors with expertise in different areas
  • Opportunity for investment of up to SEK 500,000 from Propel Capital
  • A 30-hour “pot” to use to buy external coaching offered by experts linked to Sting (eg UX / UI, growth hacking, SEO / SEM)
  • Workshops, modules and tools in areas such as: Business Model Canvas, product-market fit, sales training, budgeting & cash flow management, financing, pitch training, team development, recruitment & talent management, shareholder agreement, IPR, PR & communication, etc.
  • Breakfast seminars, lunch workshops and guest lectures on business-critical topics
  • Free office space at A house for the first 6 months. Then the possibility of discounted office space for another 6 months.
  • Access to a unique startup community of Sting companies and entrepreneurs to learn from and share experiences with.
  • Access to a large network of partners, business contacts and investors.
  • Exclusive networking events and meetings with investors and industry profiles
  • The program concludes with a Demo Day, where your startup, together with other Sting companies, presents your company, progress and future plans to an exclusively invited audience of investors, industry people and the media.

> Read more about what Sting offers under Why Sting?

How much ownership do you take?

Sting has the right to sign a stock option corresponding to up to 5% of the shares in each participating startup. This 5% stock option will be diluted when the startup raises own capital. When sting companies become large and the entrepreneurs choose to make an exit, Sting also gets paid via the stocks if Sting decides to sell the stock option. If Sting does not subscribe for the shares from the option, a cash payment will be paid to Sting of least 5 000 EUR.

Sting is a non-profit organization. All proceeds go back to the accelerator to help new startups become successful. It is a way for each participating startup to “pay it forward”.

The funding from Propel Capital is separate from this stock option. The investment from Propel is generally made through a convertible note, which you can read more about below.

How does the investment from Propel Capital work?

All companies accepted to Sting Incubate have the possibility to receive an investment of up to SEK 400 000 through a convertible note from Propel Capital V.

Want to know more?

> Learn more about what you get as a Sting company under Why Sting?
> Questions about Sting Incubate? Call or email a coach within your industry.
> Questions about Propel Capital? Email Maria Ljungberg, CEO of Propel

Ready to apply? Apply here.