InnoBooster

Does your company have a development project with business potential?

 

With The InnoBooster Program The Innovation Fund Denmark invests in development projects headed by small and medium-sized companies with up to 250 employees (SME def. by EU) as well entrepreneurs and scientists with a CVR number.
 
We focus on companies with innovative projects requesting expertise and knowhow in order to succeed. The good project could be a new product, a new service or even radically improving a process that increases the competitiveness of your company and accelerates growth.  

New knowledge can come from universities, other scientific institutions and corporate development companies – even hiring a new employee with special competencies is possible.

We do have requirements

Our investments do not imply ownership nor demand any money in return – but we do require that your project ensures solid news value, commercial potential and a thorough business plan. For companies we expect to see a 2 million Dkr. turnover from last fiscal year or having received external funding of minimum 500.000 Dkr. Startups no older than 3 years will be eligible to apply if presenting a strong team to drive the project forward accompanied with promising results to build on and grow from.  

We invest up to 5 million DKR

Depending on needs and potential in the InnoBooster project we invest up to 5 million Dkr. Nevertheless, there is significant difference between the requirements for a 100.000 Dkr project and a 5 million project. Hence it is important to assert the right balance between the size of the investment being applied for and the commercial potential inherent in the project.
If you apply for more than 500.000 Dkr. you have to be prepared to present your project before a carefully selected investment panel before we can decide whether to invest or not.

Swift reply

InnoBooster processes all applications as they come meaning that any company can align the application and planned project period with their development strategy. We aim to provide all applications with a response within a month.

InnoBooster InnoBooster Frist: 4. juni 2019 i-b
Guidelines
Guidelines, application form and example of budget.

The application form has to be uploaded when applying through e-grant.

See an example of a budget form. You get access to the real form when applying through e-grant.

Documents
prior guidelines

Not available.

Advice and guidance
Who can apply?
  • Your company has to be registered in DK with a Danish CVRnumber.
     
  • The company also has to be classified as a SME (Small to Medium sized Enterprises). Read more about the SME definition and requirements in the InnoBooster Guidelines.
     
  • For companies older than 3 years it is a mandatory prerequisite that the company can confirm a turnover of minimum 2 million Danish Kroner within last fiscal year, or has attracted external capital of at least 500.000, Danish Kroner within the last three years.
     
  • If the company is younger than three years, it is possible to apply as a startup.
     
  • For startups it is possible to disregard the requirements to turnover and external capital as long as the company can present a team with the right competencies to complete the project whilst having produced significant results to build the project from.  
Tips for your application

Apply for a realistic amount
Companies can apply for funding from 50.000 to 5 million Danish Kroner from the InnoBooster program. Requirements related to all evaluation criteria are closely aligned with the amount a company applies for. The bigger the amount the higher the requirements get.   

Adjust your project and the amount you apply for in relation to the results of your company. We receive many applications of 400-500.000 Danish Kroner from start-ups with interesting ideas but only a premature prototype, unconfirmed customer interest and a relatively unclear project plan. In these scenarios, 400-500.000 Danish Kroner may be too much to apply for.

Be specific in your description of newsworthiness and business potential
We receive too many equivocal applications using general buzzwords and exaggerated phrases that are unable to tell anything tangible about their project. That is far from the best way to make good use of the limited space in the application form.      

Here is a couple of examples of statements you should expand on in the application:

"The product is completely new and never seen before" 
Instead – explain what the solution is and how it works in action. Which solutions are similar to yours, or what does your target group use now if such a solution really does not exist? Based on the description we should be able to determine whether the news value is adequate or not.

"There are competitors but we are better / more userfriendly / more innovative"
Instead – explain who your competitors are; what do they do and what do you do in relation to that? Why is your solution preferable and what kind of added value does it provide its users? Are customers willing to pay more for that added value, and if yes – how much? We need to know this in order to determine if the solution is competitive and different enough.

"We have a mvp / prototype and want to develop the next version"
Instead – describe your current version; what can it do now and what needs to be developed? There is a huge gap between peoples’ definition of MVP and prototype – is it a mock-up or does it have various capabilities already?

"We have experienced great interest from many potential customers"
Instead – elaborate on who your customers are. How many have you been in contact with? How did they respond? Is it a polite interest or is it a conditional agreement of purchase? What is the expected magnitude of purchase and what is the pricing?

If we just get 5% of the market our annual turnover will be 50 milion danish kroner and that is a conservative estimate  
Instead – provide some background for your presumptions. What is the premise of reaching certain milestones? How many stakeholders are you already aligned with? Why is this project going to expand your market share or convert your current users to paying customers? How did you calculate the price and have potential users confirmed it? What is your go-to-market strategy and are there any indications that actual demand is there?

Application process suspension

Sommer and winter breaks
InnoBooster accepts applications all year round but we do have summer and winter breaks where the application process is suspended.

We do not accept any applications in the following periods:

  • 1 June 12AM to 15 August 12AM. 
  • 1 December 12AM to 1 February 12AM

Applicants should anticipate a longer processing time when applying right before a break due to the vast amount of applications we usually receive close to the breaks.  

The investment panel

Applications above 500.000 Danish Kroner that we find interesting will be invited to a panel meeting where a selection of innovation experts from InnoBooster’s investment panel will test the applicant’s concept, business potential and project plan.

Webinar

Not available.

Q&A - Your application
01
Can I apply for an InnoBooster investment?

You need a CVR number to apply and the company you represent has to comply with EU’s SME definition. Read more about this in the InnoBooster Guidelines. If the company is older than 3 years it is a mandatory prerequisite that the company has obtained a turnover of minimum 2 million Danish Kroner within last fiscal year or has attracted at least 500.000 Danish Kroner in external capital within the last three years.

However, if a company is under three years old it is possible to get a dispensation from the requirements as long as the company can demonstrate a strong and competent team and substantial results. Finally, a project has to focus on knowledge-based development.

02
How do I apply and is it possible to write the application in english?
  • You apply for the InnoBooster program through e-grant, the online platform used by The Innovation Fund Denmark. The application consists of an administrative section with general information, a section with company details, a section with the project description, an activity plan and a budget. Changing or adding elements to the layout besides the allowed is not permitted and will result in rejection.
     
  • Yes, both English and Danish applications are accepted. However, our application form is only in Danish.
03
Do I receive a receipt when I upload an application?

No, but in e-grant you can see if the application is categorized as uploaded in the top menu.

04
Who evaluates my application and when can I expect a response?

All applications are evaluated by two officers from the Innovation Fund Denmark with the right competencies to ascertain your project.

We aim to process all applications within a month. You will receive the final verdict through e-grant along with a notification sent to the email account you provided in e-grant. If the application exceeds 500.000 Danish Kroner, a positive response will result in an invitation to a pitch meeting where an expert panel will evaluate your project. In these cases, the total processing time will amount to two to three months. 

05
Can I apply for an Innobooster at any given time?

The Innovation Fund Denmark is continually processing applications to the InnoBooster so that companies can adjust their application process to their development plans and not the other way around. Do be aware that we have two perennial periods where we suspend the application process in e-grant:

  • 1st of June 12AM to August 15th 12AM.
  • 1st of December 12AM to February 1st 12AM
06
What can the Innobooster investment co-finance?

Our investment covers wages, both existing and new employees. Furthermore, we are able to support expenses to knowhow and services from private and public knowledge providers. We are also able to finance other larger expenses necessary to the project such as special equipment and materials. 

07
What does the Innobooster not invest in?

Standard routine processes, operational tasks and optimization, strategy development, marketing and communication are not supported. Nor do we engage in feasibility studies or other initial expenses considered preliminary in relation to determining the business potential. We expect projects to be beyond that point before applying.

08
Can I use foreign knowledge providers in my project?

Yes, you are free to choose and it makes little to no difference – as long as choices are substantiated. 

09
Does contributions from my partners count as co-financing?

No. Our investment is allocated to your company appended with the responsibility of providing self-financing. If you purchase assistance from a knowledge provider in order to complete the project, the expenses can be added in the budget as long as the expenses are documented with invoices.

10
Will my project be publicly available?

During the initial application process, you consent to the publication of your title, basic master data (such as company name) and the verdict (rejected or approved). We do not share any sensitive information related to the specific project. As such, we will always enter into a dialogue with you if we experience a request for access to other parts of your project or alike.

11
What do we mean by external capital?

External capital is defined as capital injected from external parties without corresponding demands of security. This capital can come from new investors investing in the company or it can come from public and private funds allocated to specific development activities in the company. Equity is not considered external capital nor is capital from the owners or secured loans such as bank loans and overdrafts et al.  

12
I have several development projects – how many applications can I send?

Only one application for processing at a time is permitted. This relates to both CVR numbers and the contact person in e-grant. If you get a rejection, it is allowed to apply again and even if you get an approval, you will still be able to apply again later with a new project or next phase.

13
My application was rejected – what now?

In the verdict letter, you will find one or more reasons behind the rejection. For a deeper elaboration, you can contact the InnoBooster team and schedule a phone call. If you do wish an elaboration of the rejection please send an email to the officer that signed your rejection letter (remember to append the case number). After receiving an inquiry, we will contact you to determine time and date for the conversation. Our email addresses are available on the webpage. After the rejection call, it is possible to apply again.

14
Can I receive Innobooster several times?

Yes, you can. Large projects with natural milestones can be divided into phases. It is imperative that you have obtained solid results with commercial value in the previous project if you decide to apply for a follow-up InnoBooster.    

Q&A – The Project Process
01
I received an investment – should I do something?

In e-grant you have received a letter of approval. Read this thoroughly since it contains relevant information about the process itself. Furthermore, the company has to send an acceptance of the approval, which can be found in the top of the approval page in the assignment category of e-grant. 

02
When and how can I upload my budget?
  • You will receive an email from e-grant when a three-month period is up. Then you can start to fill out the budget. You are not able to start the budget report before receiving an email from us saying that there is an assignment waiting in e-grant.
     
  • Every third month (from project start) you will have to upload your periodic budgets in e-grant. You have to use a standardized budget form available in e-grant. 
03
How do I validate expenses?

Validation of expenses has different outlines depending on timing and the amount of the approval. Common for all approvals is that, the requirement of providing invoices of all expenses related to knowledge, service and material providers has to be issued to the applying company’s CVR number. Projects with an investment exceeding 500.000 Danish Kroner also has to provide an assurance report for each project year. Read more about the specific requirements to documentation of expenses in your letter of approval.

04
When can I expect a payout?

The investment is postpaid and is executed on behalf of your budget reports. Our approval team works hard to ensure that all budgets are processed within one month. Besides that, the payout can take up to ten days. If the budget contains incoherencies or miscalculations, you will receive a notification in e-grant with a prompt to correct the budget accordingly before re-sending the budget.    

05
There are changes to the project – how do I inform the innovation fund denmark?

If there are any changes relevant to the project you have to inform the Innovation Fund Denmark. Through e-grant you can inquire to make changes to the budget, the project period and more. This is managed through the “handlinger (actions)” section on the approval page where you may also find relevant instructions.

06
I have to provide a progress presentation – what is that?

With investments exceeding 500.000 Danish Kroner, we also schedule physical midway meetings. Through e-grant you have to upload a presentation providing a status report on the project progression in relation to the initial project plan. Afterwards, your contact in the InnoBooster team will get in touch and schedule a meeting where we assess the progress of the project.

07
Project ending – how do I report final results?

At the end of the project, you have to send in a final budget where you will have the option to inquire for the last 15% of the investment that is being held back until the final phase. Besides that, you will have to fill out an evaluation along with developing a final presentation concerning the project progression and results. The requirements to the presentation can be found in your approval letter.    

Contact
InnoBooster

InnoBooster hotline
Open Monday to Friday 9-12 AM
Phone: +45 6190 5005

mail: Innobooster@innofond.dk

Tecnical questions about e-grant
Hotline open 9 – 12 AM

Phone: +45 3392 9190

Email: support.e-grant@fi.dk 

InnoBooster InnoBooster Frist: 4. juni 2019 i-b