4. Board of Directors
Jukka Mäkinen
Chairman of the Board
Jari Pasanen
Member of the Board
The Team
Partners
Matti Kanninen
managing partner
Juho Risku
partner, co-founder
Antti Kosunen
partner, co-founder,
and Board member
5. Northern Startup Fund
• Located in Oulu, Finland
• Investors
– 5M from City of Oulu, First closing done
– 5M from private investors
• Asymmetric, private investors have the
preference
– Will get their invested capital back first
– Will get their share of the returns first
6. Idea
15‐90 k€ 200‐400 k€ 1‐2 M€ xx M€
Unqualified Qualified pre‐seed/seed Qualified expansion
Accelerating
StartUp
Financing
Financed – Exit
Go fast forward
or fail fast
ScoutingScouting
Basics Preparation
Proof of
concept
Scope of main interest
OperationalizationOperationalization
Scale‐up
Σ < 500 k€ Σ < 2.5 M€
Fast forward, fail fast
First time
Investment
Follow up
Investment
Follow up
Investment
Follow
Exit
14. Decission making
Process
• Quick look
– ~25% into prospect = examined
in more detail
• Case selection
– Heuristic analysis and scoring
– Priorization: Each week, focus
on top 3
• Deal scoping
– Business model and cash flow
analysis
– Deal proposal
• Agreement and approval
Scoring criteria
• Market / market potential
• Founder team
• Product and business model
• Long term competitive
advantage / protection fo
market position
• Current situation
• Exit potential
• Financing requirements now
and in future