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The best startup accelerator in Sweden STING

The best startup accelerator in Sweden STING

Previously, I discussed how the Swedish government supports business activities. The government has also been geared toward supporting the startup scene because they believe it will help generate job opportunities and tax revenues at the end of the day. Therefore, many of startup developers are founded by public organizations in Sweden.

 

STING

STING – Stockholm Innovation & Growth – is one of the largest startup accelerators in Sweden. In 2002, STING was founded by several institutions, including Ericsson, KTH and the City of Stockholm.

STING has helped Sweden’s tech firms grow, improve international competitiveness and generate export revenues to Sweden. They offer a number of opportunities for business development, financing, recruitment and networking by providing programs and organizing events.

 

Program

Photo: http://digital.di.se

STING has offered two programs,


・STING Incubate  (for early stage startups)
・STING Accelerate (for startups who might already have a team or product)


With these programs, they have supported over 150 startups for more than a decade by providing  their extensive knowledge of how to succeed. You will be coached by experienced  entrepreneurs.

Additionally, a huge network will be given, so you will be able to work alongside Stockholm’s most promising startups in a vibrant environment where future businesses grow.

Program /
content
STING Incubate STING Accelerate
Program duration
  • 6-18 months
  • 4 months (appr. 20 weeks)
Admission
  • 1 company at a time, continuous admissions, start dates three times per year.
  • 12-15 companies are admitted per year.
  • 8 companies at a time, admission 2 times/year.
  • 16 companies are admitted per year.
Industries
  • Internet/media
  • ICT
  • Health
  • Sustainability
  • Internet/media
Focus and content
  • Development of prototype / beta
  • Verification of the market, market testing
  • Pitch training, sales training and sales strategy
  • Attract funding
  • Recruitment / strengthening of team

 

  • Commercial launch and scaling of product / service
  • Faster building of user base and increase conversions
  • Pitch training, sales training and sales strategy
  • Analysis of metrics to adjust and improve results

 

World class coaching and business development
  • 1 individual coach
  • 1 meeting / week (up to 4 hours each time)
  • Training and crash courses within critical business areas.
  • Ability to brainstorm a crucial issue with the whole STING-team
  • Access to “specialist coaches” in e.g. pitch training, CTO coaching, recruitment and PR.
  • 3 coaches in the program
  • Meeting every other week (1 hour) with two coaches on marketing and sales
  • Meeting every other week (1 hour) with a third coach for sprint-analysis and analysis of metrics
  • Role calls. Weekly update meetings where all the companies involved share their knowledge and experiences
  • Access to the “specialist coaches” in e.g. pitch training, CTO coaching, recruitment and PR.
Methodology
  • “Lean Startup” and “Lean Canvas”
  • Entrepreneurs and coach put together a milestone plan which is continuously adjusted during the program.
  • “Lean Startup” and “Lean Canvas”
  • “Fail fast, fail forward”
  • Learning through the exchange of ideas and knowledge between participants in the batch
Support in finding financing and investors

Absolutely! We help you to find investors and support you through the whole process.

  • Opportunity to get SEK 300 000 from Propel Capital
  • Access to STING Business Angels
  • Access to STING’s international network of investors.

> Learn more about financing   

Absolutely! We help you to find investors and support you through the whole process.

  • SEK 300 000 from Propel Capital
  • Access to STING Business Angels
  • Access till STING’s international network of Investors.

> Learn more about financing 

Help to broaden your network of investors and business contacts Yes, the same access to the network for both programs. Yes, the same access to the network for both programs.
Help with recruitment of team members Yes, same recruitment support for both programs. Yes, same recruitment support for both programs.
Free office space Yes, in Kista and at THINGS for 6 months. Yes, at SUP46 during the program.
Events and activities A wide variety, including Demo Day and our annual event STING Day. A wide variety, including Demo Day and our annual event STING Day.
”Perks” – fantastic offers from partners Yes, same perks for both programs. Yes, same perks for both programs.
”Graduation” Demo Day Demo Day
Examples of startups that have been through the program Volumental, Watty, Yubico, Videoplaza, Barnebys, Diamorph, Midsummer, Unomaly
> Read more about STING companies here
Relation Desk, Peppy Pals, Poppermost (SNOW), Codarica, Qasa, Sellpy, Mondido
> Read more about STING companies here
Who can apply?

You have a business idea that:

  • is based on an innovative technology
  • clearly solves a major problem in the market
  • is scalable
  • has a large international market potential
  • developed by a team of at least two founders who are strong in both technology and business development

Your product/service shouls be ready to launch in 6-12 months.

> Interested? Tell us about your business idea by contacting one of our business coaches 

You have:

  • a product or service that can develop into an international success story
  • some early “proof-of-concepts”
  • a team consisting of at least two founders and is strong in both technology and business development
  • finished prototype / alpha

> Interested? Check out the key dates for the application.

Source: STING

 

STING TEST DRIVE

Photo: H2 Health Hub

STING Test Drive is a free practical training program for early-stage startups in all industries, digital/internet/media, health/life science, cleantech/sustainabilty, fintech, etc, that want to get support to sharpen, internationalize and scale their businesses. Sting likes to see well-mixed teams by gender with two to three people.

In the STING Test Drive, theory is mixed with practice where expert entrepreneurs inspire and help you stake out a path forward. The program consists of 4 workshops which run in the evenings.

Between meetings, tasks are provided and you will work on them with STING’s experienced coaches. In the final workshop, all teams will present their startups/projects and the ”Best pitch” is selected.

The STING Test Drive program focuses on business-critical areas: business models, sales strategies, barriers to entry, internationalization, financing options, leadership etc.

4 Workshops

WS 1: Startup challenges
– Lean Canvas
– Startup challenges
– Customer segment
– Customer meeting

WS 2: The crying customer
– The crying customer
– Sales
– Value proposition
– Minimum viable product (MVP)

WS 3: Financing
– Financing
– Budget
– Lean in practice
– Team

WS 4: Final
– Pitch final

 

STING DAY

STING DAY is a event aimed at connecting Swedish tech startups with investors from all over the world.  This year STING DAY happened on May 11th.

STING Day will gather 60 of Sweden’s hottest tech startups and more than 150 investors from over 10 countries — a carefully curated mix of 400 talented people for excellent, high-quality networking.

 

Results

Since the company was founded in 2002,

Total number of evaluated projects/companies: 2,584
Number of projects/companies accepted 209
Total company value: 527 MEUR
Acc. publicly invested capital in STING companies: 111 MEUR
Acc. private invested capital in STING companies: 358 MEUR
Numbers employed 2015: 1,532
Revenue 2015: 155 MEUR (of which 79% from export)
Number of acquired companies: 6
(Source: STING)

 

If you have a business idea and aspire to develop it, STING will help you realize it with their extensive knowledge and experience.

 


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