Helping more entrepreneurs secure funding
The world’s most valuable companies all have one thing in common: they would not be where they are today without external funding. They have pursued a clear strategy of raising capital through multiple funding rounds, starting at an early stage.
We meet many entrepreneurs who have a good idea and a strong team, but are still some way from generating revenue and need capital to fund their company’s development activities.
‘We find that only a small number of the early-stage companies we work with have a funding strategy. Most look for external funding only when the need is imminent, without considering future funding rounds,’ says Senior Advisor Kristianne Paasche at Innovation Norway.
She has led the development of a new, free digital course on capital strategy, designed to give entrepreneurs the knowledge and practical tools they need to identify and raise capital at different stages of their growth journey. The course was developed as part of the government’s increased focus on entrepreneurs, in close collaboration with experts and partners across the ecosystem.
As well as helping you raise private capital, a sound capital strategy is also important for succeeding with applications for European funding schemes.
‘Norwegian companies applying for EU funding have growth strategies that are too weak. Many of the companies invited to pitch to the EIC Accelerator in Brussels score well on their idea, solution and team, but are unsuccessful because their shareholder structure is not set up for growth. These companies have often made poor choices,’ says EVP of Startups and Scaleups Kaja van den Berg.
The course is for any company that needs external capital to finance a longer growth journey. This means the company expects to raise capital over several rounds before establishing a profitable business model.
‘We see that companies with a capital strategy gain a clearer overview, become more attractive investment opportunities and make better decisions for both founders and investors. We hope this course will help more companies secure the funding they need and avoid the most common mistakes,’ says Paasche.