When you are part of Sting Incubate, you get support from a personal coach whose background and experience as an entrepreneur are from the same field as you’re in. You will also have the opportunity to participate in a number of workshops and crash courses together with other Sting companies.
One of the best decisions in our early stage was to join Sting. To be a part of this community has given so much. Coaching in sales, organization and strategy every week from our coach Peo, exchanges with other entrepreneurs, the coaches in the kitchen and hallways, and a “boost” of contacts and marketing by being part of this great network.
– Caroline Walerud, co-founder and CEO, Volumental
Who can apply?
Sting Incubate is a program for startups with longer development cycles within ICT, Internet/media/digital, medtech/health, sustainability/cleantech and games. To be consired for Sting, your startup should match the following:
- Launched prototype/alpha
- Business idea based on an innovative technology
- Solves a clear and big problem
- Some early “proofs of concepts”
- Scalable product or service that can become an international success story
- Team of at least two founders who are strong in both tech and biz dev. We favour mixed teams with regards to gender and ethnicity.
What do we get if we’re accepted?
- Possibility to get 300 000 SEK investment from Propel Capital
- Free office space during your first 6 months
- Weekly coaching sessions, up to 4 hours/session, with your personal coach.
- Training sessions and crash courses in:
- Business model canvas and Product market fit
- Shareholders’ agreement
- Sales training
- Budget and administration
- Pitch training
- Recruitment and talent management
- Marketing and Communication
- Breakfast seminars, lunch workshops, guest lectures and discussions on key activities that are relevant to your business.
- Exclusive networking events and other meetings with investors, industry experts and senior entrepreneurs.
- The program concludes with a Demo Day, where your startup together with other Sting companies will present your product and progress to an exclusively invited audience of investors, industry professionals and media.
Workshops and crash courses are offered on set dates two or three times per year. Some of them are mandatory while most can be chosen as needed when the timing is right for your company.
> Learn more about the coaching under Why Sting?
How much ownership do you take?
Sting has the right to sign a stock option corresponding to up to 6% of the shares in each participating startup. This 6% 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 50,000 SEK.
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 of 300 000 SEK from Propel Capital is separate from this stock option. The investment from Propel is generally made through a convertible bond, which you can read more about below.
How does the investment from Propel Capital work?
All companies accepted to Sting Incubate in fall 2017 and spring 2018 have the possibilty to receive an investment of 300 000 SEK through a convertible from Propel Capital IV, which you can read more about here. The investment is made through a convertible note. To get the full conditions, please fill out the form below: