Sting Incubate offers you 12 months of highly qualified, individually tailored business development support and a personal coach with a background and entrepreneurial experience from your particular field. In addition, you get access to a large network of resources, experts and contacts that will help you to reach your goals faster.
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 for example AI/Deeptech, health, sustainability, cleantech, edtech and games. To be considered for Sting, your startup should match the following:
- Launched prototype/alpha
- Solves a clear, big and important problem
- Business idea based on an innovative technology
- 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 and with the drive and ambition to build a successful growth company. We favour mixed teams with regards to gender and ethnicity.
What do we get if we’re accepted?
- Weekly coaching sessions with your personal coach.
- Possibility to get 30 000-50 000 EUR investment from Propel Capital
- A “pool” of 30 hours to use for buying extern coaching from experts linked to Sting within for e.g UX/UI, growth hacking, SEO/SEM, digital marketing, etc.
- 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 agreements, IPR, PR & communication, etc.
- Breakfast seminars, lunch workshops, guest lectures and discussions on key business activities.
- Free office space at A house during the first 6 months, and discounted office space afterward for an additional 6 months.
- Access to a unique startup community of Sting companies and entrepreneurs to learn from and share experiences with.
- Access to a big network of partners, business contacts and investors.
- Access to perks and benefits to a combined value of over 100 000 EUR.
- 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.
> 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 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 possibilty to receive an investment of up to 50 000 EUR through a convertible from Propel Capital IV, which you can read more about here. The investment is made through a convertible note.