FAQ
What is EnergySpin?
EnergySpin is a startup and growth company multi-corporate accelerator that is focused on technologies and solutions which could be implemented in energy industry. The accelerator program is run twice a year for 10 weeks at a time. Each time up to 10 companies are chosen for the program.
After the program we offer the startups participating in the program an opportunity to continue to use the co-working space and services for an additional three months. We will continue to work with you to develop your business and customer relations, and introduce you to service providers and new partners.
What is multi-corporate accelerator?
A Startup accelerator is a fixed-term and cohort-based programs that provide defined assistance and services such as mentorship, co-working space and education for limited period of time.
A multi-corporate accelerator is a program run by a specific intermediary company, such as EnergySpin, on behalf of number of corporates that financially contribute to the operations of the accelerator program. The aim of these corporate partners is to to collaborate with the most innovative and promising startups in their specific area to solve a pressing business issue they are facing. In its core, EnergySpin works towards establishing and grow a mutually beneficial cooperation between startups and the corporate partners.
What can I expect from the program?
We are part of your team. We don’t just advise you, we work with you shoulder to shoulder each and every day to build successful stories. At EnergySpin our goal is to get you to launch your idea to the world.
The accelerator offers startups the chance to present their use cases to our corporate partners, who are open for posible pilotion, PoCs and other forms of cooperations. The program also includes mentorship by international executives and serial entrepreneurs, workshops focused on going from minimum viable product to minimum meaningful product, organizing of financing, assistance, and connections within marketing and international product distribution and other startup and industry relevant topics. Our corporate partners will be with the startups from the beginning of the program to help with with technology, market insights, distribution and beyond.
What stage does my startup need to be at?
You application will be considered regardless the stage of your company. However, you should be able to showcase your prototype of your product/ service.
How much does the program cost?
Participating in our accelerator is 100% fee free.
Is the program full- or part- time?
Our accelerator is built as a 10-weeks full-time program. However, you will need to be physically present only during specific weeks, when all the workshops, coaching sessions and meetings happen. The rest of the time you will be able to work from your home base. However, we highly encourage you to stay here the entire 10-weeks, use our premises and get the most from the accelerator and 10 weeks in the unique business cluster.
Do you also invest cash?
We and our partners are able to invest in the most promising companies taking part of our program up to 1 Million €.
When do you invest?
We invest in the most promising companies at the end of our Accelerator Program. We believe long-term alignment with companies is the only way to build great value, and our 10-weeks program is the best way to establish such alignment. First, we want to help our portfolio companies to find the right path, and when they do, we can financially commit to help them reach the next milestone.
Is there a guarantee I will be funded when I am accepted into the accelerator?
Participation in the accelerator is not tied to any financial funding. However, you will be exposed to many international investors during your time in the program. It is up to you to grab their attention with your company.
We don’t really need any additional funding, does it still make sense to apply?
Absolutely. Being accepted into the accelerator is not tied to, nor does it guarantee any financial funding.
Where will we live while we are attending the accelerator?
Finding accommodation for the time of the accelerator is up to you. We’ll be happy to provide you with some tips and tricks on how to get something in Vaasa.
Is there any support for cost of living during the time of the accelerator?
EnergySpin does not offer any financial support.
My startup already has investors, can I still participate?
Yes, EnergySpin does not take any of your equity, and if you get the attention of one of the many investors during the program,it will be up to you to make a decision concerning further funding.
My English is a little rusty, may I still apply?
You do not need to be an English native speaker; however, we do expect you to be able to follow the program in English and communicate with mentors, coaches, investors and corporate partners.
What size should my team have, and can I bring everyone to Vaasa?
The size of your team does not matter to us. However, each team can have maximum of 2 people participating in the programme.
Do we have to be European Union citizens?
No, being a EU citizen is not a criteria in the selection process. However,EnergySpin cannot guarantee that you will be granted a Finnish visa.
What is the role of the partners
Our partners are an integral part of the EnergySpin accelerator program. In fact, their curiosity prompts us to look at specific trends and requirements. In other words, we work together with them to find and select the most promising companies to revolutionize energy together. Our program has been designed to facilitate such collaboration from day one. We can promise you a unique and direct access to these industry leaders. Read more about who are our corporate partners HERE.
Who are your mentors?
Our mentors are energy experts, serial entrepreneurs, venture capitalists, angel investors or other professionals to provide you with the best experience, help and network out there.
What kind of business model do you get most excited about?
We are not looking for one particular business model. Above all we want to work with teams that want to solve real problems and transform industries.
What are you looking for?
We are looking for early-stage companies that are solving real problems in energy business. We select companies based on the team, idea and the potential to disrupt global industries. We try to assess the founders’ ability to interact and benefit from interactions with our partners, mentors and community. Ultimately, we look for companies that have strong potential for collaboration with one or more of our corporate partners, and which can benefit from the platforms, distribution channels and expertise that partners provide.
How many startups do you select each year?
We run two programs each year. One in Fall and another in Spring. Each batch takes in maximum of 10 companies. Companies can stay at our space up to 6 months.
What is the application process like?
We have a three-step process:
- Filling in and submitting an online application on F6S platform
- First round of selection-> selecting 40 startups that will be invited for Selection Days
- Selection days-> 2 days event, where startups meet with our corporate partners, mentors and coaches. Based on their evaluations up to 10 startups will be selected for the program.
During the process we try to be as transparent and founder-friendly as we can, given that we have been in your shoes and understand what it’s like to start a business.
What does EnergySpin get from us?
Your can pay us back by succeeding with your company and developing projects with the corporate partners. We want you to grow and succeed.
We don’t take equity from participating startups, but in exchange for the program, EnergySpin can invest in the company with a 25% discount within one year, if the startup is willing us to join. When we do invest, we receive normal stock, which is just like founders’ stock. You maintain complete control of your company and we remain committed to make you successful.
Who is behind EnergySpin?
Meet our team and see our growing list of partners, comprised of industry leaders and beyond.
