Q&A – Modified Innobooster

As part of the Government's latest aid package, Innovation Fund Denmark has been assigned to distribute an additional DKK 350 million to knowledge-based and innovative entrepreneurs and small and medium-sized businesses that have been affected by the COVID-19 crisis. The Fund's allocation of the funding will take place, amongst others, via a modification of the Innobooster programme.

 

Who can apply for the modified Innobooster programme?
Knowledge-based start-ups as well as small and medium-sized companies with an innovation project.

Thus, there are no changes as to who can apply for the modified Innobooster scheme. Here, the requirements are the same as before.

Is there now both a modified Innobooster programme and a classic Innobooster programme?
No. The modified Innobooster programme replaces the regular Innobooster programme until the end of 2020.

What does the modification of the Innobooster programme entail?
The modification means, among other things, that at the time of application, our requirements with respect to market validation are not quite as high as before. This is because it may be difficult to obtain a precise market reaction to new innovative solutions at present, just like it is difficult to predict the market.

It is still important that there is a good description of market opportunities and business model, but we have lowered our requirements as to when we find the description of these two parameters sufficiently good for the approval of the project. The assessment criteria for the other parameters are unchanged.

Also, in order to ensure a better market validation and customer interaction for the applicants, the modification opens for financing of more elements than in a classic Innobooster project, as part of the approved development project. It may for example be market conversion, digitisation and patent retention. However, the main focus of the Innobooster project will still be the specific technical development activities – not business and market development.

In addition, adjustments are made to ensure an even more efficient and user-oriented administration. This includes, amongst others, the possibility that the company can make arrangements to submit its accounts on a monthly basis.

How frequently can I submit financial accounts?
We have introduced the possibility that you can ask for monthly financial reporting which will allow you to get your funds faster and more often. You must send an email to innobooster@innofond.dk, requesting a switch to monthly financial reporting. This option applies to all current and future Innobooster projects in 2020.

Everything will take place according to the normal procedure – just monthly, and after approving the accounts, we will pay out the subsidy on a monthly basis. To expedite the processing, please insert your Innobooster case number xxxx-xxxxxB and the text ‘Request for Monthly Accounting’ in the headline of your email and add a brief justification for your request in the text body.

How do I apply?
Please refer to the Innobooster guidelines and submit your application here. There are no changes in the application forms, the professional description or the budget form. All changes are described in the guidelines, including their temporary nature.

When can I apply?
The Innobooster programme is already open for applications. The modified guidelines will apply to applications received after Thursday, 7 May.

Does Innobooster close down for the summer as usual?
No. The normal summer closure of the Innobooster programme from 3 June to 15 August has been abolished this year, and applications may thus be submitted throughout the summer. However, longer processing times are expected over the summer period.