You’ve got questions, we’ve got answers! Check the questions below to see if we’ve got you covered. And if not… drop Raquel an email (raquel @ nestholma.com) with your questions, and she’ll get back to you as soon as possible!
What do you mean by “bootcamp”? What will we be doing?
The word “Bootcamp” can be used for many things. In our case, we use that word to emphasize that you will be working with the financial institutions, not pitching to them or meeting a bunch of maybe-relevant people.
As an example, you can find here a sample schedule of a bootcamp. As you see, we pack together as much as we can!
Business model day. We work on understanding your collaboration and business models, and making them better. This is a crucial part of our selection process.
Mandatory for startups being selected, optional for anybody in the community
Focus days. We have interactive workshops and guest speakers for the following topics on rotation: collaboration modelling, partnership negotiation, relationship building, alternative funding (preparing for STOs), effective piloting and analytics, innovation project management, etc.
Open for all Nestholma startups: those being selected and those in the community. Those in the community are expected to attend this section for 3 bootcamps in total
Event. Networking and partnership building in an open event in which you get to engage with the rest of the ecosystem in the city where the bootcamp takes place
Open for startups in our community to attend, tickets will be openly sold to other parties
Is there a program location? Do I need to relocate somewhere?
No, there is no specific location for the program. We have several bootcamps around the world, that we expect you to join. You can decide to join or to skip some of them, as long as you join at least 3 of them.
If you are interested in having a physical location, let us know and we can help you on that. We have good connections with several ecosystems, so we can be useful in the decision as well as in supporting you in that journey.
Does the whole team need to attend the bootcamps?
In order to do good deals with financial institutions, you need to be ready to make decisions fast. If you send here somebody who has to ask their co-founder about everything, you’re wasting your time (and ours!).
During that time, we also help you develop your business better in many ways, which in turn helps you structure and define the collaboration. This also requires decision-makers from the startup (the founders and/or anybody that you decide) to be physically present. You need to be able to make strategic decisions quickly during the program.
Of course, we understand time or travel constraints, so it’s ok if, at given times or for given bootcamps, only one of the founders is present, as long as that person has the authority to drive the collaboration.
How many team members can attend the bootcamps?
We expect you to move between 2 and 5 members on-site during the bootcamps, but we don’t have a strict limit (within reason). We ask you how many people you plan on bringing in the application form, so please give your best estimate, and we’ll take it into account.
How do you assess the applications?
The selection process involves experts from our partner financial institution(s), as well as from Nestholma. We assess:
- the value of the collaboration between you and our partner financial institutions for both sides
- the likelihood of a collaboration between you and our partner financial institutions
- your team
- your traction / contact to customers
- your business idea / vision, especially in regards to market size, opportunity and positioning versus competitors
What size startups are you looking for?
We’re looking for startups that are early enough to be adaptible with their offering with our partner financial institutions, and late enough that they already have a technology to offer (a product, an engine, some call it an MVP) and some contact with the market.
If your team is dozens of people and you’re planning on sending your sales reps instead of the founders, you’re not the right fit (you’re too far along).
If you’ve got an idea, you’re missing a product and/or you haven’t put your idea in front of real customers yet, you’re not (yet) the right fit (you’re too early for the program).
We aim at this size because it’s the startups that can get the most out of the program, and that can offer the most to our partner financial institutions in terms of open innovation.
We fit more than one of the themes: should we pick one, or apply to both?
When you do the application (only once), select both themes. This gives us more information to analyze your case.
What are we signing up when participating in the accelerator?
You need to be ready to go through the selection and accelerator process:
- attend at least 3 bootcamps in the coming year, focused on getting to a collaboration with our partner corporations
- join the Nestholma portfolio to get access to partners in dozens of other countries, and
- grow a great startup!
Do you fund travel and accommodation costs?
If you are selected, you will get invited to your first bootcamp. If we get interest from the financial institutions in that location, we will reimburse your travel to that first bootcamp (travel and accomodation, to a reasonable maximum).
During the bootcamp we will discuss further investment from Nestholma, an amount enough to take care of your needs during the duration of the accelerator. We want to make sure that financing is not the barrier to you applying to our accelerator!
Do you invest in the startups?
Nestholma invests in the startups that participate in the accelerator (equity in exchange for cash and services), typically up to a maximum of 150k€. We do relatively small first investments (tens of thousands of euros), and bigger ones later once we’ve worked with you for a while. Following investments depend on performance indicators, and will be at the normal valuation of the company.
Typically, for ever 100k€ that startups get from Nestholma, they receive 1,4M€ in total founding including other parties.
After the accelerator, Nestholma introduces you to dozens of potential customers and investors. Our partner corporation may decide to invest as well after the accelerator, but this decision is independent of the accelerator program itself.