Nov 30, 2018 Reetta Ilo & Tuukka Yrttimaa
Core points of Nordic Angel Program at Slush
NAP process in a nutshell
Nordic Angel Program is an international training and investment program for business angels. The goal is to share angel investments’ best practices, inspire cross-border investing and offer a unique opportunity to screen and invest in the most promising early-stage startups per country.
From over a hundred companies, which applied for Nordic Angel Program at Slush, 96 passed pre-screening, after which the angel syndicate took over. Lead angels for this year’s syndicate were the superheroes Kim Väisänen and Annukka Mickelsson. Angels evaluated the whole batch and went down to the top 30 companies. At this stage startups were asked to get serious as well: they were required to
A) add more information on their financials, future forecast, exit plans etc. and
B) sign a term sheet to confirm, that all companies at this stage were investment ready and willing to accept the syndicate’s investment. The schedule was so tight that all parties needed to be super motivated to do the investment, and accept it.
Based on the additional information, syndicate were able to decide which one’s they wanted to meet in person. And so it went – top15 companies were invited to Maria01 for a Startup Sparring Session – a new concept of evaluating startups without hearing any pitching. Entrepreneurs and investors got to mingle with each other the whole day. In addition, all startups got a private 30 minute meeting with the investors on three parallel sessions. Meeting in person helps both the investor and startup to evaluate whether they are a good match or not. To work together through ups and downs, it’s important to assess how personal chemistry works between the parties.
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