A THREE YEAR IMPACT FUND
Rising North aims to help Nordic startups become global leaders by financing unique spearhead projects and initiatives organized jointly by Nordic organizations. The 1,5M EUR fund is operated in Finland by the Startup Foundation, which is a non-profit founded in 2012 to support entrepreneurship and startups. The three-year fund has the goal is to support yearly 8-16 projects and initiatives. Rising North gives out grants of 5 000 - 50 000 EUR. The Rising North Steering Board evaluates applications once a quarter and the Board of Startup Foundation approves projects suggested for funding by the Steering Board. The fund does not fund expansion activities of individual companies.
HELPING NORDIC STARTUPS BECOME GLOBAL LEADERS
The focus is to create targeted international events, marketing initiatives and other projects that help Nordic startups internationalize and become industry leaders. The projects can be organized outside or inside the Nordic region. Each project must have at least three organizing members from three different Nordic countries. Read more in the funding guidelines.
INCREASING COLLABORATION BETWEEN NORDIC ORGANIZATIONS
Rising North aims to accelerate the region's startup ecosystem organizations in cross-collaboration between public, private and non-profit participants. The focus is on aggregating existing activities towards a pan-Nordic focus and boosting new activities formed through the open participant network. In practice this involves bringing existing Nordic startup support organizations (e.g. co-working spaces, accelerators as well as investor and entrepreneur communities) together through common projects.
SPREADING THE NORDIC BRAND
The goal to strengthen the Nordic brand outside the region thus each project has to achieve this goal in some way. The project could itself take place outside the region or then it can be done through distribution of PR/marketing material etc. Rising North is part of the priority project program for the Finnish Presidency of the Nordic Council of Ministers 2016 and aligns with the Nordic branding strategy.
The Finland based Startup Foundation was founded in 2012 by fifty-seven Finnish technology influencers, entrepreneurs and investors. The purpose of the foundation is to create opportunities for entrepreneurship, promote entrepreneurial spirit and atmosphere as well as support the creation, growth and internationalization of businesses.
NORDIC COUNCIL OF MINISTERS
The Nordic Council of Ministers (Norden) is the official inter-governmental body for co-operation in the Nordic Region. Representatives of the Nordic governments meet at the Council of Ministers to draft Nordic conventions, etc. The Presidency of the Nordic Council of Ministers, which is held for a period of one year, rotates between the five Nordic countries. The country holding the Presidency of the Nordic Council of Ministers draws up a program to guide Nordic co-operation during the year.
RISING NORTH STEERING BOARD
The project Steering Board consists of six members. The members represent entrepreneurs, startup support organizations and venture capitalists from different Nordic countries. The steering board accepts projects for acceleration and coordinates Rising North. Each project is also reviewed by the board of the Startup Foundation before a final decision is made.