Energy accelerator for innovative global companies
Teknologi 10 early-stage companies world-wide will be accepted into the accelerator «Techstars Energy in Partnership with Statoil» in Oslo.
Techstars is running 33 accelerator-programs in the US, Europe and Australia with several of the world’s leading brands like Amazon, SAP, Ford and Barclays Bank.
– When Techstars was contemplating an Energy-accelerator, Norway came up on the short-list over locations due to our leading position internationally within energy. It was also essential that Statoil is globally very well recognized, something that is apparent in my many conversations with innovative companies outside of Norway, says Managing Director, Audun Abelsnes, Techstars Energy.
Mentors from all over the world
Techstars will mobilize our global network to identify, recruit and select 10 innovative companies within Energy that will participate in the accelerator «Techstars Energy in Partnership with Statoil».
– We would like to include companies ranging from 2 to 20+ employees, independent on their stage of financing. Some will have revenue and «proof of concept» or a ready product, others will be pre-revenue. The accelerator will be run in partnership with Statoil and in close proximity to the globally recognized energy supplier industry in Norway. Statoil is well known for its innovative culture and that makes Statoil an optimal collaboration partner for Techstars, says Abelsnes.
"We are very excited to see what kind of new ideas and innovative solutions we can support and accelerate."
– Unprecedented change is taking place in the energy industry. We believe the speed of change will only increase in the future and that technology development will provide exciting opportunities. We recognize that the ideas and solutions of the future are as likely to come from outside the company as within. That is why we are excited to engage with innovators and entrepreneurs from all over the world, working on new businesses and developing potentially transformative technologies and innovative business models”. When the accelerator is over, Statoil hope to continue working with several of the companies says Anders Hærland, Statoils’s acting Vice President Corporate Innovation.
Participaring mentors will come from Statoil, Techstars and the ecosystem around Techstars.
–A significant number of international investors view Techstars as a very relevant «deal-flow», says Abelsnes.
Kick-off Autumn 2018
«Techstars Energy in Partnership with Statoil» was officially announced September 2017 and applications open February 2018 and close in May 2018. The accelerator will take place over 13 intense weeks from September 2018. The 10 selected companies will receive 120.000USD in initial funding. Techstars takes 6% equity in the participating companies.
– The companies we are looking for will come from all over the world. We are very excited to see what kind of new ideas and innovative solutions we can support and accelerate. The energy sector is facing significant challenges in the years ahead and it is extremely interesting and challenging to work at the intersection between a global giant like Statoil and small, innovative companies with a passion and desire to influence and impact future solutions and business models, says Abelsnes.
Techstars is still not well known in Norway, but that will change over time. Globally, Techstars has a strong brand and is widely recognized as one of the best accelerator programs.
– We believe outstanding companies can be built anywhere given the right framework and methodology. Since Techstars inception in 2006 we have worked with 1100 young companies. Approximately 78% is still active, 12% has been acquired and “only” 10% has failed, these are very strong statistics. We have raised 4 billion USD to our portfolio companies with an estimated value of 10.4 billion USD. Techstars has 180 full-time employees all over the world and we have 300 million USD in a separate venture fund, Techstars Venture. 1 out of 20 companies that raised Series-A funding in the US in 2016 was a Techstars alumni, that says a lot about the network around Techstars, says Abelsnes.
Techstars has a play-book where our methodology is regulated and the methodology is basically the same across all programs in all verticals. Techstars work closely with leading brands like SAP in Berlin regarding SaaS/AI-solutions FinTech in London with Barclays Bank, Amazon in Seattle regarding artificial intelligence/voice, Ford in Detroit regarding future mobility, US AirForce regarding autonomous systems, Thales and Boeing within defense&security, the Cedar Sinai hospital regarding digital health and Impact&Sustainability with The Nature Conservancy. I know there will be even more exciting announcements to come, says Abelsnes.
– We should not underestimate the collective wisdom in a company with ownership in more than 1100 companies from all over the world in multiple verticals. I am a serial entrepreneur myself and by visiting other Techstars accelerators internationally, I have experienced first-hand the power of the Techstars network. This becomes even more clear when combined with our 3 mantras; «Give First», «Quality over Quantity» and «Network over Hierarchy». We expect an extremely inspiring yet challenging environment when the accelerator kicks-off in September 2018. At the same time, note that the accelerator is following a regulated and structured process where little is left to chance, says Abelsnes.