There are a multitude of startups working on solving many of the largest issues in the industry. However, many of these use inappropriate amounts of time to get financial backing, and risk falling short of capital to test, pilot and bring their innovations to market.
To strengthen entrepreneurship and commercialization among startups in the seafood industry, NCE Seafood developed and launched the program “Are you ready to raise capital?” for a selection of startups. This three-month capital raising program is held in collaboration with Engage // Innovate and EY.
The program is divided into three gatherings, each having focus on different stages of capital raising for a startup. After an application and selection process the following start-ups were invited to join the program:
AlgaePro
LumniLice
Marine Technology Innovation
Quantidoc
SeaSmart
WSense Key elements covered by the program:
Identifying investors:
What kind of investors are we looking for? Which investors are best for our stage and capital need? Who are they, what is their focus, and how do we catch their interest?
What are we looking for from investors in addition to cash? And what is the appropriate mix of investors for our company?
Matching business model and financing plans:
What is our business model and business plan? What does this implicate for our financing plan?
How to plan for long-term financing – what are the needs in each round and how to structure these?
Throughout the program the startups engage in different simulations and work on their plan on attracting investors and scaling the company. Between the group sessions, each startup is coached and followed up through individual coaching sessions.
Photo: Edvard Bjerk, Consultant @ EY
Text: Andreas Solibakke, Senior Consultant @ EY