Innobooster

• Small & Medium Business
• New, promising start-up companies

The company must meet EU SME requirements, which means your company has:

• less than 250 employees
• an annual turnover of no more than DKK 50 million. EUR, or an annual total balance of max. EUR 43 million

Business must also meet at least one of the following two economic criteria:

• Have obtained a documented deposit of external venture capital of at least DKK 100,000 within the last 3 years.
• Have achieved a documented gross profit of at least DKK 250,000 within at least one of the last three years' published annual accounts. The accounts must be accessible at www.cvr.dk.

External venture capital is:

• Cash deposit or unsecured convertible loan in the company from another legal entity within the last three years.
• Grants from other public or private programs received within the last three years before the time of application, and where these funds are invested in specific development activities in the company. Funds from Innofounder for the applicant company or funds from Innoexplorer for developing the basic idea for the application are considered external risk capital. This also applies to grants received from e.g. GUDP, EUDP and MUDP or the Foundation for Entrepreneurship.

Venture capital is NOT :

• Loans from banks, loan capital intermediary institutions or loans from owners where there is a claim for priority and agreed and initiated repayment, or associated collateral in the company or the company's IPR.
• In-kind hours or other forms of in-kind contributions from owners or other forms of non-monetary contributions.

Innobooster can NOT grant grants to companies that:

• is under compulsory dissolution, bankruptcy, voluntary liquidation or suspension of payments.
• is owned by more than 50% of state, regions or municipalities.
• receives operating grants from public institutions for more than half of the turnover.
• Companies that are considered "in crisis" as defined in Article 2, paragraph 1, No. 18, of Commission Regulation (EU) No. 651/2014 of 17 June 2014 on the compatibility of certain categories of aid with the internal market pursuant to Articles 107 and 108 of the Treaty, if the aid from Innobooster is covered by the Block Exemption Regulation, cf. section 6.2 below. However, this condition does not apply to companies that were not affected by a crisis on 31 December 2019, but were affected by a crisis between 1 January 2020 and 31 December 2021.
• Companies that have not complied with any repayment orders issued by the European Commission in one or more decisions where state aid granted by the Danish authorities has been found to be illegal and incompatible with the internal market, if the aid from Innobooster is covered by the block exemption regulation, cf. section 6.2 below.

The Innovation Fund wants to promote diversity in all its aspects. The Innovation Fund has experience that projects that have a broad professional foundation have particularly good prerequisites for success. Therefore, it is included as an assessment criterion that there is an appropriate professional diversity in the overall team, which must lift the task in relation to the project's content and goals and subsequent implementation. In other words, emphasis is placed on you as an applicant being able to describe how the employees in the company and the knowledge suppliers together represent a sufficient diversity in relation to e.g. technology knowledge, market knowledge and customer and user understanding as well as management, so that the project is ensured the best conditions for success.
We also encourage all interested companies to promote diversity in the team composition through an inclusive focus on e.g. ethnicity, religion, gender identity, disability status, neurodiversity, age and/or nationality.

You can apply for co-financing for projects that in an innovative way develop and market mature a new product, a new service, or significantly improve a process in a company. So the company's competitiveness is significantly improved and ultimately provides value to Danish society. Overall, we describe this as "a solution".

For this to happen, it may be necessary to provide your company with expert knowledge through a collaboration with a knowledge institution and / or a private development house or to hire a new employee with special competencies.

A co-financing from Innobooster can, regardless of the type of solution, help to reduce the company's extraordinary risk in the innovation project.

See the guidelines for further description of what you can apply for investment for.

We can support projects within three politically determined themes:

• Green technology and innovation
• Life science, health and welfare technology
• Digitalisation, technology and innovation

You can apply between 50.000 DKK and 5 mio. DKK.

The Innovation Fund can co-invest a maximum of 35% of the company's relevant expenses for the project.

See the guidelines for a further description of state aid rules for companies.

An Innobooster investment can co-finance:

• Hours , which new and existing employees in the company apply to specific activities in the innovation project. Hours can be included from both employees employed in the company and the company owners.
   
• Expenditure on public and private knowledge providers , both Danish and foreign (eg universities, GTS institutes, contract research institutes, private knowledge companies and specialist companies).
   
• Material costs , equipment rental and depreciation costs on new equipment to the extent and for the period used in the project.

See the guidelines for a further description of what an investment can finance.

Maximum 24 months.

You need to define and apply for a project period that is realistic for your project. It is important that there is a clearly defined start and end date.

Your application must be created and submitted via the electronic application system e-grant.

You must register as a user of the system with either a username and password or with NemID before you can create an application.

You create a new application by finding the correct entry under "Search options" and pressing "Start your application".

Select the frame for the amount you want to apply for:

• 50.000 – ca. 1,5 mio. DKK (200.000 EUR)

• 1,5 mio. – 5. mio. DKK

Note that the list of search options is sorted alphabetically, and that the names of all notices from the Innovation Fund start with "IF".

You must write your application in either Danish or English.

You can find a guide to the e-grant on the Ministry of Education and Research's website

1) An administrative part , where ia various information and declarations are given and a budget is made for the project.

2) An academic section that includes a description of:

• The company
• Ideas
• The Innobooster Project
• Activity plan (schedule)
• The Market
• The business gain
• Risk assessment
• Team
• Results from possible previous investments from the Innovation Fund (e.g. Innobooster, Missionbooster, Business Researcher and Innofounder).

In the academic description, an image or link to a short video can be inserted that elaborates / supports the application (max. 2 min.)

See the guidelines for a further description of what the application must contain.

the processing of your application and the time it takes to get a response to your application depends on whether you are applying above or below DKK 1,500,000.

Process for applicants under DKK 1,500,000:

Process for applicants over DKK 1,500,000:

See the guidelines for a further description of the assessment process.

Administrative Check
Innovation Fund Denmark's employees first assess whether your application meets the formal requirements. 1. and 2nd rating
All applications that meet the formal requirements are then assessed by both a 1st reader and a 2nd reader.

• 1. reader is recruited from either Innovation Fund Denmark's professional staff or a corps of affiliated assessors with relevant professional competencies.
   
• 2. reader is always an employee of the Innobooster program team and thus a specialist in the Innobooster program.

Clarification questions
Projects that apply for less than approximately 1.5 mio DKK (200.000 EUR) may in certain cases be asked to elaborate on specific questions via e-mail or be called to a clarification interview with the Innovation Fund's employees if we need further comments on unresolved matters.

See the guidelines for further description of clarification interview.

Pitch for panel
All applicants who apply for an investment of more than DKK 1,500,000 and are assessed positively by the 1st and 2nd readers are invited to a pitch in front of our panel. In special cases, applicants who are applying for an investment of less than 1.5 mio DKK (200.000 EUR) may be invited to pitch in front of our panel.

The panel consists of people with expertise and extensive experience in, among other things. innovation, entrepreneurship, business development and various subject-specific areas.

Overview of members of Innobooster's Panel Committee.

For the specific meeting day where you have to pitch, a panel will be set up with members who have professional insight into the main theme that your application represents.

Whether you are invited to a clarification interview or pitch for the panel, the final decision on your application will be made by the The Secretariat Management.

Everyone who participates in the assessment is subject to confidentiality and the Innovation Fund's stricter requirements regarding. impartiality.

The Innovation Fund's rules of competence

Quality of the idea

• That it is clear what is the basis for the idea and what is new and innovative in the idea, which can lead to a market-ready/implementable solution.
• That the idea has been sufficiently clarified at the outset, and that the critical prerequisites for the project to be implemented have been described clearly enough for an assessment of the basis for the idea and the project's risks to be made.
• That it is clear which concrete and difficult challenges must be overcome in the Innobooster project before the solution is market-ready.
• That the company is sufficiently supplied with new knowledge in connection with the project, and that it is clear what new knowledge is supplied and who contributes this new knowledge.
• That it is likely that innovative development activities will be carried out in the company with the Innobooster project.
• That it is clear which specific market and knowledge-related risks the Innobooster project contains and how these are met.
• That the project's results are sufficiently different from the solutions that are already on the market.
• That it is clear which final solution the project will end up in.

Impact

• That it is probable that the solution fulfills a need and that possible users/paying customers and a market of relevant size in Denmark or internationally have been identified.
• That it is probable that the company will achieve a competitive advantage on the basis of the project.
• That the concrete business model and "go to market" considerations for the further activities from the end of the project to commercial sales have been sufficiently explained.
• That the commercial gain of the project significantly results in economic growth, exports and/or employment in Denmark, and that it is probable how the added value and expected gain will be anchored in the applicant company after the end of the project.
• That there is a correlation between the size of the Innovation Fund's investment in relation to the risk the company assumes and the commercial gain the company expects to achieve through the project.
• That the project is within the stated thematic area and has the potential to contribute to the achievement of goals within this theme, including that the possible impact on society is adequately described.

Execution quality

• That a clear activity plan has been drawn up with clear and quantifiable milestones and success criteria.
• That the project is realistic and can be implemented in practice.
• That the most important risks are well described and that relevant paths are indicated to meet these risks.
• That the company has the necessary financial resources to complete the project.
• That the company has a team with relevant skills and experience to carry out and implement the project, and that the chosen partners and/or new hires are relevant. The overall team must reflect the necessary and relevant professional diversity.
• That the project is budgeted reasonably and realistically in relation to the planned activities.

That the application appears clear, distinct and concrete in relation to the overall content and the individual sub-elements.

There is a significant difference in the requirements for projects of eg DKK 100,000 and DKK 500,000, just as there is a significant difference in the requirements for projects of eg DKK 500,000 and DKK 5 million. DKK.

You should therefore carefully consider whether there is the right balance between the size of the investment you are seeking and the impact of the project, including the business gain and the development risk of the project.

The majority of our communication with you takes place through e-grant, including the status of your application. However, any invitation to present your project to a panel or at a clarification interview will be communicated via email.

If you obtain a grant from us, all correspondence will continue through the e-grant.

We want to respond to your application as soon as possible.

However, the amount of applications received varies greatly over the year, and therefore we can not specify a fixed framework for the time it takes us to assess your application.

You will receive a letter of commitment in e-grant, in which you will also be asked to accept the grant conditions electronically within three months.

Acceptance of the grant conditions is a prerequisite for the grant to be valid and for us to approve your first accounts, etc.

If there are conditions attached to the commitment, these are created as tasks on your commitment. The tasks must be completed before your project can start.

If your application is rejected
If you need to elaborate on the reasons for the refusal, you are welcome to contact the employee listed on your notice letter, in order to arrange a short feedback interview. If you want such a feedback interview, you as the applicant must write to the employee's e-mail no later than four weeks after you have received the rejection. Feedback interviews are only conducted when you, as the applicant, personally participate.

The project can start at the earliest from the date on which the grant is issued. The start date is described in the grant letter.

The Innovation Fund has 30 days to process your accounts. If we approve the accounts, it can take up to 10 days from here before the payment is transferred to your company's NEM account.

All funds in an Innobooster project are paid back and on the basis of the specific expenses incurred, which are documented through the submitted accounts. It is not possible to get prepayment.

Financial Accounting
Every three months you have to submit accounts.

The accounting assignment opens in e-grant exactly three months after the start date of the grant and thereafter every three months until the project is completed. It is not possible to present accounts at shorter intervals.

The accounts are presented by you downloading the Excel sheet in e-grant, filling this in and submitting it through E-grant. Only one accounting form can be submitted at a time.

Auditor's statement
Each project year, you must submit an auditor's statement in which the auditor declares that the accounts are correct and that our investment has been used as intended and the requirements set out in the grant letter and these guidelines.

If the project runs for a period of up to 15 months, the auditor's statement must not be submitted until the end of the project period.

Progress presentation
All applicants who receive a grant from the Innovation Fund will also be asked to submit a progress presentation midway through the applied project period, in which you explain in a structured and concise form the project's status, the remaining activities and the changes or renewed perspectives in relation to the project goal that is at present.

The progress presentation is prepared as a power point presentation, which is sent via e-grant. Along with the assignment, you will receive a description of the requirements for the content and form of the presentation.

We are aware that innovation projects may not always follow the original plans. We are therefore happy to enter into a dialogue with you about adjustments in the project during the process, eg in the form of new milestones, partners, end time or distributions of the budget.

Requests for adjustments must, however, always be approved by the Innovation Fund prior to implementation.

Requests for changes are made electronically via "Change requests" on your project page in e ‐ grant.

You can apply for a project extension during the project period, but exceedances beyond the 24 months are only exceptionally accepted. Changes to the end date of the project can only take place if this request has been submitted to the Innovation Fund no later than 14 days before the end date of the project. Requests for project extensions received later than 14 days before expiry or after the expiry date of the project will in principle not be granted.

If there are significant changes with significance for the entire Innobooster process, it must be notified to the Innovation Fund as soon as possible via e-grant.

Sometimes it turns out that projects no longer have the expected potential or can not be technically successful. Then we have a dialogue about how we can best shut down the project. Other significant changes can be, for example, bankruptcy and suspension of payments, sale of the company or the like.

If you do not comply with the deadlines for the tasks described and three follow-up reminders, the Innovation Fund can withdraw the remaining grant and demand the return of amounts already paid. This is also the case if satisfactory documentation cannot be obtained that the funds from the Innovation Fund have been used according to the intention described in the application with any approved changes and according to the instructions described in the grant letter.

At the end of the project, you must - in addition to the final accounts - complete an evaluation of the course and prepare a short closing report.

These documents are submitted no later than one month after the end of your project period and together with the last accounts and auditor's statement constitute the end of the course.

Once everything is approved by us, we pay out the last 15% of your total grant. We always withhold 15% of your grant for this phase regardless of your expense level until the last accounting period. This means that you must continue to apply for a subsidy, even if your consumption exceeds 85%.

You will be reminded of the final accounts, auditor's statement, final presentation and final evaluation via E-grant.

See the guidelines for a further description of the completion of the project.

Contact

T: +45 61 90 50 00

Tuesday and Thursday 9.00-12.00

E-mail: Innobooster@innofond.dk

E-grant technical questions?

Contact e-grant support

T: +45 33 92 91 90
E-mail: Support.e-grant@ufm.dk

Weekdays: 09.00-12.00

If you have submitted an application or have a grant from Innovation Fund Denmark, please contact us via your case in e-grant.

If you have any questions, it is possible to contact your local Business Hub (Erhvervshus), which also knows the Innovation Fund's programs. Note, however, that Erhvervshuset cannot help with administrative questions about ongoing projects.

Business Hub Nordjylland
Only for companies in the North Jutland region
Contact info Business Hub Nordjylland 

Business Hub Midtjylland
Only for companies in the Central Jutland region
Phone hours 8 -16: T: + 45 7015 1619

Business Hub Sydjylland
Only for companies in South Jutland
Allan Clausen, Mail: acl@ehsyd.dk, T: +454188 6641

Business Hub Fyn
Only for companies on Funen
Mail: innobooster@ehfyn.dk

Business Hub Sjælland
Only for companies in the Zealand region
Kristian Lund, Mail: krl@ehsj.dk, T: +45 6188 4625

Business Hub Hovedstaden
Only for companies in the Capital Region
Find contact information here

Response times at Innobooster

It has been a request from our users that we provide expected response times for decisions in connection with submitting an application to Innobooster.

• Applications submitted in March 2023: approximately 9-10 weeks processing time calculated from the time of submission. 
• Applications submitted in April 2023: approximately 9-10 weeks processing time calculated from the time of submission. The average response time for March and April was: 9.7 weeks
• Applications submitted in May 2023: approximately 9-10 weeks processing time calculated from the time of submission. The average response time was: 7.0 weeks.
• Applications submitted in June and July 2023: approximately 10-13 weeks processing time calculated from the time of submission.
• Applications submitted in August to November 2023: approx. 9-10 weeks processing time calculated from the time of submission
• Applications submitted in the month of December until closing time 14 December 2023 at 1 p.m.: approx. 10-15 weeks processing time calculated from the time of submission

The response times over the course of the year will generally be between 9-13 weeks, unless we experience extraordinary amounts of applications in some periods, which can extend the response time.

Note: We will close the scheme on 14 December 2023. We cannot at this time publish possible opening hours for 2024, as we are waiting for a finance act for 2024 passed by the Norwegian Parliament. When this is in place, we will publish a possible opening time for 2024 as soon as possible.

If your application is invited to a panel or clarification interview, additional response time must be expected. Here, however, you will be contacted within the above response times regarding the further process.

This description was last updated on 31 August 2023.

The Assessment Committee and Panel Committee for Innobooster has been appointed by the Innovation Fund's Board of Directors with the purpose of assisting with professional assessments in connection with the Fund's investments in research, technology and innovation within the Innobooster program.

See the members of the two committees here:

The Assessment Committee for Innobooster

The Panel Committee for Innobooster