Techstars, a worldwide network that helps entrepreneurs succeed, will partner with Statoil to select the world’s 10 most promising energy innovators and entrepreneurs to participate in the Techstars Energy Accelerator. The program will be hosted in Oslo, and the innovators will be mentored by a global network of experts from Statoil, Techstars, and other companies.
Each of the selected companies will receive an initial funding of USD 120,000 to support the goal of compressing 2 years of development work into 13 weeks.
Statoil and Techstars plan to announce the main theme for the program in November and open the application process in February 2018. The first Techstars Energy Accelerator/Statoil program will start in the second half of 2018.
The accelerator program is part of Statoil’s innovation efforts, and will provide the company with opportunities to explore new ideas and technologies together with entrepreneurs and innovators. It will have the option to invest venture capital in selected innovators.
The Techstars Accelerator program to date has worked with 1,024 companies with funding totaling $3.8 billion, of which 90% are active or acquired and have a market capitalization value of $9.9 billion, according to the company’s website. The company’s venture capital arm, Techstars Venture, has invested in Uber, among other startups.
Ragnhild Ulvik, Statoil’s vice president for corporate innovation, said, “Statoil’s vision is to shape the future of energy. This requires being at the forefront of technology and innovation. We also recognize that the ideas and solutions of the future are as likely to come from outside the company as within. That is why we are excited to engage with innovators and entrepreneurs from all over the world, working on new businesses and developing potentially transformative technologies and business models.” Managing Director for Techstars Energy Accelerator Audun Abelsnes added, “Unprecedented change is taking place in the energy industry. We have proven that the Techstars model works in several other industries facing change and potential disruption and we are excited to see what kind of ideas and solutions we can accelerate within energy.”
Techstars Energy Accelerator/Statoil Partnership
•10 companies selected in every program from hundreds of applicants globally
•Successful applicants are typically teams from 2 to 20 or more; range from pre-product/pre-revenue to $millions in revenue; pre-seed, seed, or series A+
•Accepted companies receive up to USD 120,000, the full program, and access to the Techstars and partner networks
•Teams aim to compress 2 years of work into 13 weeks
