Angel Challenge is a two month program for 26 investors to learn startup investing by doing it. 20 startups are invited to participate together with the investors. 1.3 Million NOK is invested as a convertible loan in the winning startup by the end of the program. I have been lucky to be part of the program this spring, and I thought I´d share an overview of what we have been through.
The program went from early March through to May 10 2016, which was the Finale Day. We met at different sites around the Oslo area, normally on Tuesday evenings. Some of the sites we visited was MESH and StartupLab, which are both places were a lot of startups work from.
Here is an overview of the program we went through during the nine weeks Angel Challenge lasted:
- Evaluation and Selection: Going from 60 to 5 startups
- Review of Startups: Online reviews and rating of the startups – from 60 to 20 companies
- Startup Mentoring Day: Investor groups mentored 4-5 startups on their pitch
- Selection day 1: From 20 to 10 startups
- Selection day 2: From 10 to 5 startups
- Due dilligence: Mentoring the 5 contenders
- Workshop 1 – The investment journey
- Workshop 2 – Value drivers & Metrics
- Workshop 3 – Legal and IPR
- Workshop 4 – Valuation and portfolio
- Workshop 5 – Exit
- Finale Evening: Winner announced
I for sure came out of the program with new skills, even though I have done some investments and performed due diligences earlier. I also expanded my network and had some very fun evenings with other likeminded people of all sorts of backgrounds. I met exciting entrepreneurs, my due diligence skills got groomed and I expanded my network with other business angels from all kinds of backgrounds.
I truly recommend it to anyone who wants to get started with angel investments, and they have several programs coming up, where you can apply to become an investor. Below are some images I took during this spring´s Angel Challenge program here in Oslo.
I hope that you will evaluate participating in one of the upcoming programs of Angel Challenge. I will cover more about early stage investing soon. #BuildNorwayAfterOil
Thomas Berglund, Chairman of Angel Challenge kicks off the due dilligence sessions at their new digs “OHOI: Oslo House of Innovation” at Skippergata 22.
Kim Haagensen,WeClean founder and CEO, pitching the Angel Challenge investors at the finale day.
Technium, who came in second in the contest pitching the finale day.
Excited contenders just before the winner is announced.
WeClean – the winner of Angel Challenge Oslo Spring 2016