Homepage Batch 2

Baker Hughes is the leading energy technology company that designs and manufactures transformative technologies that take energy forward. The aim of the Energy Ideas Generation Program is to support the european early stage startups in the energy verticals in order to build together the technologies of tomorrow.

The Energy Ideas Generation Program is open to early stage startups. We focus on startups under 3 years old, generally pre-seed stage with a prototype or at the initial pilot stage operating in the energy sectors and looking to refine their value proposition in order to prepare for their first fundraising.

Applications are open from April to June. All startups that have completed their application before June 30 are reviewed by a committee composed of Baker Hughes and Nana Bianca experts, top managers and external partners. Startups may be invited to a videocall interviews. If your application is shortlisted, you will be invited to pitch your project in front of a jury consisting of Baker Hughes top manager and external investors.

We select up to 5 startups per year.

The eligibility requirements are the following:
– Quality of the team: skills relevance, complementarity, expertise and market knowledge
– Value proposition: existing prototype or MVP, unfair advantages, initial traction (actual customers or potential customers)
– Market dynamic: Market size, market dynamics and maturity
– Fit with the program: relevance with specific Baker Hughes business lines, maturity of the company (pre-seed / seed stage looking to prepare a first fundraising), capacity and willingness to question current value proposition and strategy.

The Program provides support to startups with various initiatives and services:

a) 30k euros grant as financial contribution and reimbursement of travel expenses.

b) Support for the definition of possible Use Cases that meet the BH’s needs of the Proof of Concept development program.

c) Support of the Nana Bianca acceleration team on various aspects (project and product management, legal & accounting, sales & fundraising, PR & communication, talent management and acquisition);

d) 1:1 mentoring and checkpoint events on the definition and calculation of KPI metrics based on the development phase of the startup;

e) One-to-one meetings with UX/UI, Tech and Marketing professionals;

f) Weekly one-to-one Mentoring Session by qualified consultants and industry experts of Baker Hughes on the main aspects of startup development;

g) Support of the Nana Bianca investment team that will help and follow the startups up to the first round (series A);

h) Support for the definition of possible Use Cases that meet the BH’s needs of the Proof of Concept development program,

i) Workshops and events with Nana Bianca and Baker Hughes.

l) Dedicated desk for the selected teams in Baker Hughes HQ in Florence.

m) Perks up to 1 million euros (Cloud, payment systems, CRM, etc.).

During the Acceleration Program, startups will develop a constant growth path supported by experts who, through a learning by doing approach, will allow them to work on the following areas:

a) Definition of possible developments of the PoC with the Baker Hughes;

b) Definition, monitoring and calculation of KPI Metrics.

c) Product optimization and support on the definition of the go to market strategy

d) Fundraising.

In return for this investment in cash and services, BH and NB subscribes

Simple Agreement for Future Equity, or SAFE (drawn up by Y-Combinator). The SAFE is a financial mechanism that allows investments to be made in a startup without having to define a valuation (subject to a floor and a cap valuation). In clearer terms, until the startup has not raised funds, BH and NB are not a shareholder and the SAFE is considered quasi equity. BH and NB won’t ask any special control or unusual investor rights in your company. The aim of the program is to be considered as a partner helping your company succeed. Specific details of the terms and conditions of the SAFE agreement will be communicated as you progress through the selection process. For more information on SAFE (US documentation).

The program takes place from Septmber to December and can be followed remotely, although regular in-person events are planned throughout the program to facilitate peer-learning and networking (kick-off, workshops, Demo Day). Accommodation at Baker Hughes’ HQ in Florence is optional but strongly recommended to take full advantage of the numerous learning and networking opportunities available.

The selection process lasts up to 8 weeks and is divided into 2 phases:

1. First phase: some startups will be contacted for an in-depth analysis with the acceleration team. During this call, the metrics of the startup will be discussed and the general terms of the agreement will be presented;

2. Second phase: the selected teams will receive our Term Sheet and, once accepted, a short list of startups more in line with the requirements will be created which will access the Selection Day. Following the Selection Day, the Investment Committee will take the final decision on the startups that will access the Acceleration Program;

– You will receive a response on the selection results at the end of the selection process.