Accelerator Q&A
We are now open for applications to the 17th edition of our accelerator program — and for this edition (and for the 8th time!) we’re proud to partner with DNB NXT. Having run the program since 2016, we know there are a few questions that many people are curious about. To (potentially) save you the trouble of asking, we've answered the 10 most common questions below.
1. Do you only accept software companies?
No. While the majority of companies we’ve funded work with software, we’ve invested in everything from tablets and enterprise architecture to cameras, epigenetics and microphones. We work with a wide range of startups, and we’re eager to work with technology companies of all kinds.
2. Do we need to have a pitch-deck and a full business plan?
No. We select companies based on what you write in your application, and then we meet with around 30 short-listed companies for an additional interview.
3. How much do you invest?
Startuplab invest in all companies that are selected to the Startuplab accelerator program; typically 1–3 MNOK for targeted ownership of 10%-15%. But we’re flexible on both.
4. Do we have to live in Oslo or Bergen to apply?
No. However, the core team should be able to travel to one of our hubs (Oslo/Bergen) during the three-month period of the program (November-January). We do, however, exclusively fund companies incorporated in Norway.
5. Is there a program fee?
No. There is no program fee(!). You get access to two clean desks for your team (if you wish), and social events free of charge. If you want to locate the entire team to Startuplab, you will need to pay rent for dedicated office space. The final monthly price depends on the number of people, and the space you need.
6. Do you accept solo founders?
Yes. Solo founders, two founders, three founders… No preference here, as long as your plans are ambitious enough. That said, we like to see that you have convinced at least one more person than yourself that this is an important problem or opportunity worth solving.
7. Do you require a board seat if you invest?
No. As we sometimes say, we give advice but do not force it on anyone. We don’t take any board seats, and we believe that the founders are the ones who should make decisions about what the company should and should not do. In addition to advice and funding, all founders are invited into our network that consists of our members, corporate partners, investors, Executives in Residence (EIR), and alumni, all of whom eagerly pay-it-forward when asked to (often before that too).
8. Do I have to work full-time on my startup?
Yes. But you don’t have to be working full-time on your startup when you apply. Several teams we’ve funded had other full-time jobs before being accepted to the accelerator, but we want to work with companies where the core team is fully committed to the problem they’re trying to solve — and plan to go full-time as quickly as possible (if not already).
9. What is the role of DNB NXT in the partnership with Startuplab?
DNB is a partner on the Startuplab accelerator program to explore potential partnerships on products and services that bring innovation to their industry. Think mobile banking, payment, insurance, investing, e-commerce solutions, sustainability etc. In addition to the resources at Startuplab, DNB (or Vipps or Fremtind), contributes with mentors from relevant business areas and senior management, internal resources, and potentially a long term partnership (becomes a customer or investor). This collaboration has been highly rewarding to startups in the past.
10. Is collaborating with DNB, Fremtind or Vipps a prerequisite to get accepted?
No. This accelerator program is for startups building software- and hardware technology within all industries. Where collaborating with DNB, Fremtind or Vipps is a great opportunity for Fintech startups, startups in other industries are equally likely to get accepted, and will find similar support in Startuplab’s relevant industry network. All accepted startups follow the same application process, and the same 12-week program — the only difference is that those accepted to the DNB NXT Accelerator also gets a specific support team from DNB, Vipps or Fremtind as well.
11. How many companies have been through the Accelerator to date?
Over the last 9 years, and 16 editions, we have had 120 companies through the Accelerator program, including Celsia 🟢, NOMY 🍄, Kvist 👷, Ordr 🍹, Plaace 🏬, Litech 🔋, Oivi 👁️, FundingPartner 💵, Agelabs 🧬, and many many
12. I have a different question, what do I do?
No problem, just send a mail to accelerator@startuplab.no and we’ll get right back to you!
Well, what are you waiting for - APPLY NOW!