APPLICATION CRITERIA & GUIDELINES
FIRST THINGS FIRST - WHY APPLY TO TAKE PART IN ANGEL CHALLENGE?
Since 2015, 28 startups have been finalists in 6 programs held in 4 cities (Oslo, Bergen, Stavanger, and Trondheim). Of those 28 startups, 6 received an average of 1.1M NOK by winning their respective program, whilst a further 9 received investment from the angel challenge community within the 3 months following the program.
To date, these 15 startups have received 33.4 million NOK collectively from our 134 investors, with more in the pipeline.
Angel Challenge Startup Application
To apply for the program first check that your startup meets the participation criteria below. If so GREAT!, then proceed with Part 1, and Part 2 of the Angel Challenge Startup Application. Once you have submitted, we will review the application and notify you if your startup has been selected to participate in the program.
STARTUP PARTICIPATION CRITERIA
• Company at early-revenue stage
• Dedicated team
• Early version of product is launched
• Registered Norwegian company
• Available to participate in all program activities
Answer all questions on the Angel Challenge Startup Application one-pager.
Remember; this document will be used to market your startup to all Angel Challenge investors, so make sure you answer every field as concisely as possible.
Provide a pitch presentation:
Investors need to believe that your business will become profitable, and that someone will want to buy it one day. This should be as clear and concise as possible, less is more so try to avoid heavy text, and remember to SELL your story, don't just tell it!
Whist there are no hard and fast rules to creating the perfect investment deck, below we have summarised a few key points you should try to get across - oh and one last thing, please keep it under 10 slides.
- What is the problem?/market Opportunity
- Competitive Landscape
- Go to Market
- Business Model
- Team, Advisors, Investors
- Story so far / KPI's
- Financial Summary
Below is the program structure for the Angel Challenge™ Program. Note that the content and order of the workshops might change slightly dependent on speakers and participants. Times are also approximate and might change from program to program. Investors are also expected to spend some time before and between the workshops on relevant activities that will be facilitated by the organisers.
For exact schedule and dates for your program, please see here.
STAGE 1 - SELECTION- FOR INVESTORS AND 20 QUALIFIED STARTUPS
KICK OFF DAY
09:30 - 16:00. Startup kick off day - Investors are mentors
17:00 - 20:30. Investor only kick off evening - How to pick a winner
20:30 - 23:00. Investor only networking
SELECTION DAYS - (TWO FOLLOWING DAYS/EVENINGS)
Selection evening 1:
17:00 - 00:00 20 startups pitching - investors select 10
Selection Day 2:
09:30 - 16:00 Startup lectures and feedback - Lectures and mentoring
16:30- 20:30 Q&A with 10 startups - investors select 5 finalists
STAGE 2 - WORKSHOPS - FOR INVESTORS AND THE 5 FINALIST STARTUPS
16:30-20:30 Workshop 1 - Growing with investments
16:30-20:30 Workshop 2 - Metrics and the investment journey
16:30-20:30 Workshop 3 - IPR and Due Diligence
16:30-20:30 Workshop 4 - Valuation and portfolio management
16:30-20:30 Workshop 5 - Exciting and Company scaling
17:30-23:00 Angel Challenge™ Finale
Debrief, how t stay investing
17:00-20:00 Investor Workshop - Growing with investments
The Selection Process
STAGE 1 - FROM 20 TO 5
Sorting of all applications
The organising team in Angel Challenge™ will sort out applications that comply with the basic Angel Challenge™ Startup Application Criteria and Guidelines. A maximum of 20 startups are invited to meet the investors.
Meeting the Startups
During the kick-off day, investors are invited to meet and mentor the invited startups.
● 20 selected startups are invited to pitch for the investor panel
● The investors have read the applications before the pitching day
● 5 startups will be selected for stage 2 by voting
STAGE 2 - FROM 5 TO 1
● The 5 finalists will take part in the program and the workshops together with the investors.
● At the time of the Finale, the investor group has then spend 5 evening workshops with the 5 finalists to evaluate them as investment cases.
● One winner will receive the full investment at the finale day.
INVESTOR PARTICIPATION CRITERIA
• Want to share experiences on Angel Investing in Norway
• Has 50 000 NOK to invest, and more in the future
• Want to gain access to early stage startups
• Available to participate in the program activities
● Each participating investors has one vote in each selection process
● An investor must be present to vote
● In order to vote at the finale, an Investor must be present at minimum 30% of the workshops.
● If two or more startups have equal number of votes and this prevents selection, a revote will be taken on the startups in question
● An investor is disqualified to vote for startups where they have ownership or other strong personal stakes.
To participate the investor signs the “Angel Challenge™ Investor Participant Agreement”. The Investor Partner Agreement is a binding document that give the right to participate in the respective Angel Challenge™ program.
MINIMUM REQUIREMENTS FOR PROGRAM TO START
Following requirements have to be met before the program may start:
- 15 investment commitments
- 15 startups
● Angel Challenge™ as the organiser retains the right to at any time cancel the program in its entirety both before and during the program. By such an incident the program fee and investment sum will be returned.
● Angel Challenge™ as the organiser retains the right to disqualify and exclude an investor for participating in the program at any time before and during the program. By such an incident the investment sum will be returned.