Image
Building an entrepreneur competence and investor network – Fundraising for start-ups
Published on 24 November 2020
Norway
This is the good practice's implementation level. It can be national, regional or local.
About this good practice
Documenting private funding is a mandatory requirement for most public funding sources, in Møre and Romsdal it is lack of privat investors in early stages. This program create network, meetingplace and training for new investors and startups.
Selection criteria for start-ups are:
- A dedicated team,
- Documented market acceptance for solution,
- An MVP or prototype
- Company registered, defined as small, newly established business.
The program offers expert presentations, materials, and 7 workshops on topics such as:
-Raise private capital (fundraising)
• Understand how an investor thinks
• Measure results and development in the company (KPI / growth metrics)
• Develop IP strategy
• Understand the valuation of the company
• Present to investors, customers, partners, the press (pich)
Main topics are "People, product, potential", related to fundraising.
Existing and potential investors are offered a similar course based on their perspective when investing in early-phase start-ups.
This program is an arena where investors and startups work together to learn and implement everything that is done in real life when investing or raising money. Based on experience and interest the two groups are connected for meetings. Participants share their experiences.
Potential investors get a network, also becoming more visible in the ecosystem. Entrepreneurs obtain valuable practice and network, and some win actual deals.
It is not mandatory to invest nor accept.
Selection criteria for start-ups are:
- A dedicated team,
- Documented market acceptance for solution,
- An MVP or prototype
- Company registered, defined as small, newly established business.
The program offers expert presentations, materials, and 7 workshops on topics such as:
-Raise private capital (fundraising)
• Understand how an investor thinks
• Measure results and development in the company (KPI / growth metrics)
• Develop IP strategy
• Understand the valuation of the company
• Present to investors, customers, partners, the press (pich)
Main topics are "People, product, potential", related to fundraising.
Existing and potential investors are offered a similar course based on their perspective when investing in early-phase start-ups.
This program is an arena where investors and startups work together to learn and implement everything that is done in real life when investing or raising money. Based on experience and interest the two groups are connected for meetings. Participants share their experiences.
Potential investors get a network, also becoming more visible in the ecosystem. Entrepreneurs obtain valuable practice and network, and some win actual deals.
It is not mandatory to invest nor accept.
Expert opinion
This is an interesting annual programme tackling the issue of lacking private investments. This is done by offering training workshops to both local startups and investors and then providing networking opportunities to the participants. The outcome is a more active private investment market.
The programme has been successful in facilitating new investments. According to the good practice author, one startup managed to sign a letter of intent of EUR 0,6 mill within a couple of weeks with investors they met at a program gathering. Private investments are encouraged by Innovation Norway´s match funding instrument where private investments are matched 50% with public funds.
Other regions seeking to boost private investments in the region and to educate their local investors on early-stage business development could surely learn from this programme.
The programme has been successful in facilitating new investments. According to the good practice author, one startup managed to sign a letter of intent of EUR 0,6 mill within a couple of weeks with investors they met at a program gathering. Private investments are encouraged by Innovation Norway´s match funding instrument where private investments are matched 50% with public funds.
Other regions seeking to boost private investments in the region and to educate their local investors on early-stage business development could surely learn from this programme.
Works at
Interreg Europe Policy Learning Platform
Resources needed
Partnerships with banks, investor networks, incubators, coworking spaces
-Experts hired to cover program subjects
-Documents, material, presentations shared with participants
-Value EUR 35.000,- per program of 10-15 start-ups.
-4 meetings (digital or physical) -1 pitch.
-Experts hired to cover program subjects
-Documents, material, presentations shared with participants
-Value EUR 35.000,- per program of 10-15 start-ups.
-4 meetings (digital or physical) -1 pitch.
Evidence of success
-12 startups granted 4 mill. Euro in 2020., 50 % public and 50 % private.
-More visible investor network, and new types of investors actively engaging. More female investors.
-More cooperation in the startup- ecosystem with a common understanding of early-stage business development and stronger partnerships with stakeholders : banks, investors,networks and coworking spaces.
A new simular program for creative industry startups at national level.
A new program once a year.
-More visible investor network, and new types of investors actively engaging. More female investors.
-More cooperation in the startup- ecosystem with a common understanding of early-stage business development and stronger partnerships with stakeholders : banks, investors,networks and coworking spaces.
A new simular program for creative industry startups at national level.
A new program once a year.
Potential for learning or transfer
Pra is necessary for entrepreneurs and investors. Stakeholders can help the marketplace for early-stage investments by supporting the development of competence and network to create valuable connections.
Documenting private funding is a mandatory requirement for most public funding sources, but the marketplace has imperfections that should be addressed. Entrepreneurs need an understanding of investor perspective when trying to attract competent capital, and at the same time, investors need an understanding of process and potential from investing in early-phase start-ups. All stakeholders in the ecosystem for entrepreneurs have need of a set of competences to deliver value in the network. The organiser must build partnerships with stakeholders such as banks, investor networks and coworking spaces. This will be a magnet for the right start-up companies and potential investors. The partnership should be based on a common understanding of long-term value from the program.
Documenting private funding is a mandatory requirement for most public funding sources, but the marketplace has imperfections that should be addressed. Entrepreneurs need an understanding of investor perspective when trying to attract competent capital, and at the same time, investors need an understanding of process and potential from investing in early-phase start-ups. All stakeholders in the ecosystem for entrepreneurs have need of a set of competences to deliver value in the network. The organiser must build partnerships with stakeholders such as banks, investor networks and coworking spaces. This will be a magnet for the right start-up companies and potential investors. The partnership should be based on a common understanding of long-term value from the program.
Further information
Website
Good practice owner
You can contact the good practice owner below for more detailed information.
Organisation
Innovation Norway
Norway
Vestlandet
Contact
Program manager entrepreneurship