How much funding does FintechFactory and InsurtechFactory companies receive?
Selected companies get up to NOK 350.000 as a seed investment from FintechAngels in return for 5-12% equity, negotiated case by case. You also get great perks such as free hosting and services, a nice place to work, and more. Besides funding, the real value lies in the accelerator program itself and the rich network of mentors, investors and corporates that FintechFactory will introduce you to during the program and at Investor and Demo Day.
What are the extra benefits of being part of FintechFactory and InsurtechFactory?
Get access to a network of great mentors, first potential corporate partners and customers, great facilitators, and lots of fun, you will get perks from companies that are within the Global Acceleration Network.
Do you fund companies that are competitive with each other?
We are trying our best to find interesting ideas and startups which are not competing in the same class, but otherwise - yes.
Do I need to send a business plan?
No, but you are engouraged to send a slide deck, max 10 slides along with your application. This is optional.
Is my age a factor in your selection process?
No, we look at experience, drive and passion.
Why does TheFactory need and want stock in my new company?
Like you, we’re entrepreneurs. We think that the value of the learning, networking, and coaching provided by the program is of tremendous value. At TheFactory we want our entrepreneurs to succeed. We do our best to help you succeed by introducing you to people who can help, assisting you with strategy, finding more investors, and generally helping you to succeed. If you succeed, we succeed together.
Do I need to have a product launched in the market to apply to TheFactory?
No. We are just as likely to accept companies with no more than an idea and a dream, than companies with $1 million in revenues. We look at the team, the passion and the concept.
What will be a typical day for a company in TheFactory?
A typical day will entail working at the office, meeting with a mentor and accelerating your product. You will be expected to work from the main office but if you have things to do elsewhere or meetings outside the house, we won´t hold you back. In fact we will encourage you to go out and meet potential customers and users. Throughout the program there will be some events and plenary program sessions you will be expected to attend with our mentors and experts. We have created this environment to help you so it is in your interest to take advantage of it!
What sort of companies is TheFactory looking for?
We are looking for passionate early stage entrepreneurs with a great idea, early product or scalable concept who want to accelerate development, find first customers and partners/investors and are seeking tech and business advice. We invest our money and time in teams we believe in.
We don't believe that entrepreneurship is a numbers game - we believe it is a peoples game. Thats why we say that TheFactory is all about the people!
After I apply, would you recommend me to touch base with the mentors to get them interested in what I’m doing?
No. Our mentors have signed up to help the companies that we select, but are not a part of the selection process. Please don’t bombard them with emails.
Is it possible for me/my company to stay beyond the 3 months accelerator?
Yes. FintechFactory and InsurtechFactory is co-located with TheFactory Incubator and we have available space for motivated startups.
Do I have to stay in that city when the program ends after 3 months?
No. It’s your company, so you’ll live where you want to.
Can I apply if our company or founders are not from Norway?
Yes. Anyone from anywhere can apply. You do have to be legally in Norway during the program, of course. Once accepted, we can help with legal/immigration issues by leveraging our contacts and network to help. However, we cannot help with them in advance of acceptance to TheFactory.
What else does TheFactory provide? Office space, internet, legal, hosting, etc?
We provide great working and meeting spaces covered by the program fee (included in the investment you´ll receive), all with super fast and reliable wireless Internet access and coffee. Public transport is nearby our facilities, but parking can be accommodated upon request for about NOK 1250/month. Through our partners we also provide some free legal, HR, and accounting advice to your company.
How can we get funded after FintechFactory & InsurtechFactory ends?
We provide the seed funding to get you going, but you may well need more funding to really make it. Near the end of the three month program, we’ll organize an Investor Demo Day where angel investors and venture capitalists will check out your technology and listen to your pitch. We’ll coach you so you’re as effective as possible, and do everything we can do help get you follow-on funding. We may also fund your company further ourselves in some situations.
What sort of control am I giving up by granting equity to TheFactory?
TheFactory wants to be viewed as a co-founder. We expect to have all the same rights as any other founder, relative to our minority ownership position. In a nutshell, we don’t want any special or controlling interests in your company. We won’t require for a board seat or for any uncommon investor rights. You will still run the show.
I’m a single founder. Can I get accepted into FintechFactory & InsurtechFactory, or do you only look for teams?
While we don’t screen applications just because they have a single founder, it does make things more difficult. We look for great, balanced teams who have a full range of skills. We strongly advise you to seek co-founders who balance your skill set. For example, if you’re a strong developer, you might consider adding someone with business and/or marketing experience. But if you are an experienced single founder with a really great idea, we will consider you, and perhaps help you find a team mate.
Where will we live while we’re there?
That’s up to you – we don’t provide a place to live. However - if you’re accepted into our program, we immediately assign someone on our end to help you find housing. It hasn’t been much of a problem for past founders - it shouldn't be any problem for you either.
When is the deadline to apply and what’s the overall timeline?
Deadline is February 20th. The program starts March 13th and lasts until June 8th 2017.
Where is the TheFactory office and what’s it like?
We have great modern office facilities, appr. 900m2, at Telenor Arena at the business district Fornebu about 15 minutes from downtown Oslo by public transport.
I’m concerned that if I apply, you won’t protect my intellectual property. Should I be worried about this?
We’re certainly not in the business of stealing ideas. We are in the business of helping startups, and our reputation depends on it. Your application will be professionally handled. We expect to see and hear about hundreds of businesses each and many of them include similar ideas. For this and other practical reasons, please don’t ask us to sign an NDA. Our application does not ask for your “secret sauce” and there is no reason you have to disclose this to us if you’re not comfortable doing so. If you want to talk to us before submitting or have any questions in this regard, please ship us a mail at email@example.com
We look forward to receiving your application - and please let us know if you have any questions for us!!