The Lundin Foundation and KUPA launch the next edition of the Arctic Accelerator

Arctic Accelerator Year 2 Has Been Released

In 2016, the Lundin Foundation and the Norwegian business incubator KUPA introduced the unique program – Arctic Accelerator – aimed at young entrepreneurs in Northern Norway, with innovative business ideas in the areas of renewable energy, energy efficiency and sustainable utilization of natural resources.

Due to the success of the first edition, the partnership is proud to announce that admissions for the 2017 Arctic Accelerator program are now open.

The first edition of the Arctic Accelerator received applications from 23 start-ups from all over Northern Norway, with 6 teams admitted to the program. After the Demo Day on June 13th, 3 out of 6 start-ups are being followed up with investments and other assistance.

Arctic Accelerator assists entrepreneurs with innovative business ideas within areas important to Arctic environment and climate, to grow and scale their businesses, a prerequisite for viable businesses with sustainable employment growth.

Arctic Accelerator is free of charge for entrepreneurs and the 2017 Program consists of the following:

1. Business start-up workshop and Pitch competition

Entrepreneurs from Northern Norway who are 30 years or younger are invited to present their business ideas to a panel in October 2017. Prior to the panel presentation, the participants receive advice and guidance in early stage business development.

2. Intensive Development

The founders of the 5-10 best business ideas will be offered an intensive program tailored to the individual business needs, with assistance of mentors with expertise in the relevant industries. The development program is scheduled from November 2017-June 2018.

3. Pitch Competition

The programme will finish with entrepreneurs presenting to a panel of investors and industry experts, where the most promising business will be awarded a financial prize.

To implement the Arctic Accelerator, KUPA will use its own team of advisors in addition to highly skilled and experienced external advisors. The program is also supported by Siva, the Industrial Development Corporation of Norway.

The continuation of the Arctic Accelerator shows that we are able to create attractive solutions for entrepreneurs in Northern Norway solving current environmental issues, in corporation with international players like the Lundin Foundation. We are now looking forward to the recruitment process and hope to attract talented entrepreneurs from all over the region.

Trond Slettbakk, Managing Director, KUPA

Lundin Foundation is a non-profit organization supported through contributions from the Lundin group of companies including Lundin Petroleum, working closely with partners to create shared value and build resilient communities. Operating across diverse geographies, each with a unique cultural and socio-economic context, its aim is to ensure inclusive benefits for generations to come. The Foundation embodies the entrepreneurial spirit of the Lundin group of Companies and makes impact investments into scalable social and environmental innovations.

We are excited to continue our engagement in Northern Norway partnering with KUPA to operate the Arctic Accelerator which will promote environmental innovation and entrepreneurship among Norway’s youth, and catalyze greater access to finance.

Charlotte Ward, Regional Director,  Lundin Foundation.

The coming weeks, we will market the Arctic Accelerator to the network of business incubators and entrepreneurs in the region. The application date is 15th of October.

Marius Stamnes, Project Manager Arctic Accelerator, KUPA.

Additional information:

Marius Stamnes, tel + 47 901 80 064, marius@kupa.no

Trond Slettbakk, tel +47 991 00 785, trond@kupa.no