Seven questions (& answers) about our Accelerator Program:
The application deadline for the fall edition of our accelerator is this Sunday — September 1st. It's the seventh time we're running this program, so here are seven questions we've gotten from founders about the program to-date:
- Do you only fund software companies?
No. While the majority of companies we've funded work with software, we’ve invested in everything from tablets to enterprise architecture to cameras. We work with a broad range of startups, and we're eager to work with technology companies of all kinds.
2. Do we need to have a deck and business plan?
No. We select companies based on what you write in our application form.
3. Do we have to live in Oslo or Bergen to apply?
No, but the core team should be able to relocate to one of our hubs for the three-month period the program runs — either part- or full-time. We do, however, exclusively fund companies based in Norway.
4. Do we have to pay any fee to be part of the program?
No. You are free to use the money we invest exactly as you want. We encourage companies to work from one of our workspaces, in which case you have to pay a monthly membership-fee per person, but that's it.
5. Do you fund solo founders?
Yes. But that said, we see that teams of 2 people or more usually have more speed and are able to absorb input better.
6. Do you require a board seat if you invest?
No. As we sometimes say, we give advice but do not force it upon anyone. We don't take any board seats, and believe that the founders are the ones who should make decisions about what the company should and should not do — especially as early as we get involved. In addition to advice and funding, all founders are invited into our network that consists of our members, corporate partners, investors and alumni, all of whom eagerly pay-it-forward when asked to (often before that too).
7. Do I have to work full-time on my startup?
Yes. You do not have to work full-time on your startup when you apply (several teams we've funded had other full-time jobs before accepted to the accelerator), but we want to work with teams that are fully committed to the problem they're trying to solve — and thus wants to go full-time as quickly as feasible (if not already).
What are you waiting for? Head over to startuplab.no/accelerator and apply by end of this week!
