FAQ_old
What is EnergySpin?
EnergySpin is a startup and growth company accelerator that is focused on energy technologies and solutions which could be implemented in energy field. The accelerator program is run twice a year for 10 weeks at a time. Each time up to 10 companies within the domain close to energy technologies are chosen for the program.
The accelerator offers companies an environment where to develop and grow their business: together with selected global partners, the accelerator offers members a co-working space, a state-of-the-art training program which focuses on going from minimum viable product to minimum meaningful product, organizing of financing, assistance, and connections within marketing and international product distribution. Our partners are with us to work with our portfolio startups. They will help you with technology, market insights, distribution and beyond.
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. This usually means to get you to the point you have built something impressive enough to get your first paid customers and starting to scale your business. Together, with our team, partners and mentors, we will brainstorm, plan, design, sell, and if needed start all over again with you – we share your passion to build companies.
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.
Who are your partners?
Our corporate partners are various industry leaders across the value chain. They will interoperate and connect to redefine and provide tomorrow’s energy solutions together with our startups. Latest technologies from various domains of expertise are converging to disrupt traditional energy sector. Tomorrow’s innovations will be built on a foundation of several competences. We are providing a new way to accelerate innovation where industry expertise and lean startups are blended. Each of our partners brings a unique access to technology, market insights, distribution and beyond to our portfolio companies.
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.
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-week-long program is the best way to establish such alignment. We first want to help our portfolio companies to find the right path, and when they do, we financially commit to help them reach the next milestone.
Is EnergySpin an accelerator or incubator?
We are more like an accelerator, but also with some elements from the incubator. During the first 10 weeks at EnergySpin we will support you with an extensive accelerator 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.
Do startups locate physically at EnergySpin?
Yes, as a part of the program we offer free office space in our facilities in Vaasa, right in the center of the high-tech center of VEBIC – Vaasa Energy Business Innovation Centre and the University of Vaasa campus. We expect your team to relocate to Vaasa for the duration of the program to fully leverage the opportunity. Our partners provide you with the latest tools and technologies for you to build your success.
What kind of business models 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, business model 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. Our partners are our biggest asset, eager to work with innovative entrepreneurs so we look for teams that have synergies with their requirements. Ultimately, we look for companies that have strong potential for collaboration with one or more of them, companies that can benefit from the platforms, distribution channels and expertise of our partners provide.
How many startups do you select each year?
We run two programs each year. One in the fall and another one 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, including an online application, a video or in-person interview and a final selection event where we invite our team and partners to maximize business match from day one. We typically respond to applicants within a few days at each stage and accept teams on a rolling basis. We try to be as 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?
We don’t take equity from participating startups, but in exchange for the program EnergySpin receives a right of first refusal to invest in the company with a 25% discount within one year. 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?
Our partners’ messages
Wärtsilä sees the Energy Spin cooperation model as an excellent opportunity to lift innovations to their full potential. Currently our focus is on energy management and digitalisation. We actively look for partners who can help us take the next steps in future technology.
“We are looking forward to connecting with start-ups and seeing the possibilities for co-creation in the future,” explains Timo Kasi, Vice President, Design Center Finland and Italy, Danfoss Drives.
APPLY SOON: APPLICATIONS OPEN 8TH MAY
We accept companies in every stages to our 10 week program. The only thing we require is that your solution brings the clean future one step closer.
You are free to apply anytime. We accept applications throughout the year, although the programs generally start in the beginning of March and at the end of September. Deadlines are February 9th and June 24th.
Please submit your application either by filling the form in the link
https://www.f6s.com/energyspin/apply or email to marko.koski@energyspin.fi
To be included in the email application: problem, solution, product, business model, market opportunity, competition, growth plan, traction, financials and team
Selection criteria
All companies, startups, growth companies, spin-offs, related to energy with adequate growth potential are entitled to apply. Also companies from other sectors with new business models to be implemented in energy sectors are welcomed.
Scope
Renewable energy, energy saving and storage solutions. Especially cross business solutions from IOT, Big Data, VR/AR, mobility gamification, Open Data, 5G, analytics. Fresh and new ideas, solutions challenges existing structures. In general all solutions towards more sustainable future.
