STING Accelerate

STING Accelerate is the accelerator program that gathers Stockholm’s most promising internet startups. The program provides eight handpicked startups with an exclusive package of funding (300 000 SEK), tailored business development coaching, access to STING’s network of investors and partners as well as free office space at SUP46 in the centre of Stockholm.

Q & A

How do I apply?
What can I expect from STING Accelerate?
What does it cost?
How much ownership do you take?
How does the investment from Propel Capital work?
Do you offer free office space?
What support do I get in finding capital and investors?
Can you help to broaden my network of investors and business contacts?
Will you help with the recruitment of team members?
What about sales training?
Do I get support in communication and PR?
Events and activities?
Do you accept international startups?

Important dates for the Autumn batch 2017

11 Apr	Application round opens
5 May	Application closes at midnight
19 May	Applicants get notified
30 – 31 May	Pitch final (in Stockholm)
15 June	The 8 selected companies get notified
28 Aug	The batch 09 starts

How do I apply?

Click here to start your application. If you have any questions, please contact Peo Nilsson, STING Accelerate Program Manager, Henna Keränen, Community manager at STING.

Without STING Accelerate we would not have been where we are today. The close support of the coaches and the entire STING team, the investment and the SUP46 office has given our company a strong identity. We have been introduced to investors and other important people who have had an impact on our success over the past year. Actually, one of largest customers to date, we met the first time at STING Demo Day.

– Alexander Gradin, CEO and co-founder, Beatly.

Who can apply?

You have a product or service that can develop into an international success story – and you have the sight set on achieving this!
You have accumulated some early “proof of concept” when it comes to (potential) users and/or customers that have confirmed that you have a product or service that fills a real need.
Your team should consist of at least two founders. Your team is strong in both technology and business development.At least one of the founders should at this time work full-time with the project now or within three months after the program started.
We appreciate if you have a diversified team.
Your prototype/alpha (at least) are already in place.
Your team should be ready and willing to sit together with the other companies at STING’s premises at SUP46 in Stockholm.
Your team has a willingness to learn and to share lessons learnt and progress with other companies in the program.

What can I expect from STING Accelerate?

SEK 300 000 in finance when you start the program. The investment is made by Propel Capital through a convertible, which you can read more about here.
Evaluate and refine your business model and strategy, through weekly coaching meetings.
Increase the speed and strengthen the structure of your business and product.
Define the key drivers to scale your startup and how to measure your progress.
Learn and implement important methods and tools to scale, in areas such as sales, marketing and product development.
Package your offer and your “story” to make your startup ready to bring in funding.
Train your investor and sales in front of other Accelerate-companies, coaches and our pitch experts.
Expand your network of investors and experienced and new entrepreneurial Contacts.
Get help to find candidates and support through the entire recruitment process from STING recruitment coaches.
Get a better understanding of public relations and marketing, and how to contact reporters and write press releases.
Access to the offer of STING Perks offered to your company.
STING is a proud member of the Global Accelerator Network (GAN), which means that all our companies have access to the extensive list of GAN Perks (including soft landing capabilities in 70+ cities worldwide)
Have a fun and really intense period with the chosen STING Accelerate-companies, all other STING-companies and the STING-team.

Coaching and business development – which elements does the program consist of?

Weekly coaching meetings with STING’s business coaches.
Weekly monitoring and planning along with coaches and other Accelerate-companies.
Breakfast seminars, lunch workshops, guest lectures and discussions on key activities that are relevant to your business, such as Analytics, SEO/SEM, UX/design efficient development, legal issues, sales, marketing, including viral spread, pitch training, etc.
Inspiring visits from experts in the industry and senior entrepreneurs who tell their war stories.
Exclusive networking events and other meetings with investors and industry experts.
The program concludes with a STING Demo Day, where all the startups will present their products and progress for an exclusively invited audience of VC’s, angel investors, industry representatives and journalists.

What methods are used?

We believe in “fail though, fail forward”. Speed is the key. Dare to try things that do not work perfectly: the prototype (MVP), measure usage and compare to rapidly move toward the operating and business models that work.
Our methods are best characterized as “lean” and iterative. The core methods and tools are the “Lean Startup” and “Lean Canvas”.

What does it cost to join the program?

The cost of participating in STING Accelerate is 5 000 SEK. Within this cost your team has free access to coaches, facilities, workshops and tools throughout the program.

How much ownership do you take?

In each participating startup STING has the right to sign a stock option corresponding to 2 percent of the shares. This 2 percent option will be diluted when the company raises own capital. When STING companies become large and the entrepreneurs choose to make an exit (which has happened a number of times for companies that have gone through STING), STING gets paied via the stock option. STING is a non-profit organization, and the proceeds go back to the incubator to help new businesses to become successful. It is a way for each participating startup to “pay it forward”.

The funding of SEK 300 000 from Propel Capital is separate from this option. The investment is 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 accelerator programs STING Accelerate in autumn 2015 and spring 2016 will automatically receive an investment of SEK 300 000 through a convertible from Propel Capital II, which you can read more about here. The investment is made through a convertible note. To get the full conditions, provide your name, company website and e-mail address below:

Do you offer free office space?

STING Accelerate is run at the digital tech hub, and co-working space SUP46 in central Stockholm. As a STING Accelerate company you will sit there during your time in the program and will share offices with some of Stockholm’s 45 hottest Internet/media startups.

Do we get support in finding capital and investors?

Yes, STING can help to dramatically improve your ability to raise capital. Our support in financing consists of the following Components:

Knowledge of how the investment market works and the actors available.
Financing strategy. We help you to develop a funding strategy and financing plan, and to find the right type of financing for your company in the right phase.
Pitch training. You get practical training from our pitch experts in how to present your company in a winning and trustworthy way to Investors.
Open doors. We help to introduce you to investors that match your startup’s profile. STING has close relationships with public funding in Sweden and monitors the programs you can apply for money from. STING also has relationships with more than 60 venture capital firms in 11 countries, including all significant VC’s in Scandinavia and Europe.
Present at the angel investor lunch. As a STING-company you can get the opportunity to present your startup to STING Business Angels (SBA), provided that the company has developed in a positive way.
Meeting preparation. We also help to prepare for meetings with investors, and if necessary, we follow the important meetings and provide qualified advice when writing investment agreements.

STING can help to significantly improve your ability to raise capital, but we can never guarantee funding. It is the entrepreneurs behind the startup company that must convince potential investors that an investment in the company will provide a good return.

STING Facts

STING-companies together have brought in 290 MEUR in venture capital from business angels and venture capital companies (accumulated until 2015)
… and 90 MEUR in soft money, i.e. grants and loans (accumulated until 2015).

Does STING have its own financing resources?

Yes. you can read about them here:

STING Business Angels (SBA) is a membership-based business angel network with 35-40 selectively invited investors, some of the most successful technology entrepreneurs. The SBA has invested a total of SEK 110 million in more than 30 STING-companies.
Propel Capital consists of some 20 renowned business angels who have joined forces to invest in start-up internet/media companies. Propel Capital provides all companies accepted to STING Accelerate automatically with an investment of SEK 300 000.

STING Capital, STING’s venture fund is currently fully invested, and is not making any new investments.

Can you help to broaden my network of investors and business contacts?

Yes, STING organizes several networking meetings and events, both in Sweden and around the world, with a goal of building and strengthening STING-companies’ own network of Contacts.

STING Day is held each year in May and is Sweden’s most exclusive networking event for about 400 selected entrepreneurs and investors. As a STING-company you will get a unique opportunity to meet representatives from the majority of the largest investing companies in Europe, both VC’s and business angels, as well as many other startups.
Demo Day is held twice a year when startups leave STING and become alumni companies. All startups will present their products and achievements to an audience of venture capitalists and business angels. The event concludes with mingling and demos.
International events. STING also organizes networking events and investor meetings around the world. In recent years trips have been arranged to Berlin, London, Paris, Munich, Boston, Hong Kong and Shanghai.
Team Up with Startups – a series of events that aim to reduce the gap that exists between big corporations and startups. Team Up with Startups includes a matchmaking event where startups and established companies are linked together in short meetings. Here, large companies can gain access to core competencies, so that innovative partnerships and new business relationships can begin to take shape.
Partners. STING has several large companies as partners, such as Assa Abloy, Husqvarna, ABB, SEB, MasterCard, Fortum, NCC and others. Through these partnerships, STING-companies get access to technical and commercial verification expertise. At the university and the research side, STING collaborates with KTH and industrial research institutes Acreo, SICS, Interactive Institute and IVL.
All STING-coaches have their own extensive networks and are more than happy to connect you with the right people.

This is just a selection of all the networking opportunities available during the year.

Will you help with the recruitment of team members?

Yes. Building a strong team is one of the decisive factors for success. Therefore, STING’s two talent management coaches are there to help STING-companies to build strong teams, one focusing only tech recruitment. They will help you through the entire recruitment process:

Develop a job description and a profile of the co-worker you’re looking for
Write and distribute ads
Find candidates
Screen applications, making selections and hold interviews
Make decisions and sign employment agreements.

You get access to a web-based recruitment system and access to STING’s marketing channels and other recruitment networks. Read more on our Jobs page.

STING-facts

STING has been involved in more than 146 recruitments in STING-companies.
STING arranges events like the “Join a Startup” and other matchmaking events.
STING has its own database of 450+ candidates who want to work in startups.

What about sales training?

STING’s own sales training teaches you how all the parts in the buying and selling process work and you also get to practice in reality. You also get insight into your personal traits to become better at customer and sales psychology. STING’s sales training gives you the skills needed to become a successful seller:

Book, plan, implement and follow up sales calls
Argue successfully for your product/service
Recognize buying signals, respond to objections and close sales

The training includes approximately two days, suitable for both new vendors and experienced sellers who want to find new inspiration and develop.