Innobooster

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Investment in knowledge-based development projects in small and medium-sized Danish enterprises (SMEs) and entrepreneurial companies.

Innobooster opens for applications again on September 7, 2021, at 12.00

Note that new guidelines have been published per. July 1, 2021 with significant adjustments.

The Innovation Fund invests in translating promising ideas into new solutions that create growth and employment in Denmark, and which also contribute to solving some of society's challenges.

In order for you to develop a new solution, it may be necessary to provide your company with expert knowledge through a collaboration with a knowledge institution and / or a private knowledge company. You may also need to hire a new employee with special skills.

A co-financing from Innobooster can help reduce your company's extraordinary risk in an innovation project.

We invest in projects that in an innovative way can contribute to:

  • develop and market mature a new product or service that has an economic and societal potential.
  • Significantly improve a process in your company so that your competitiveness improves significantly.

At the same time, the solution must be able to contribute to solving societal challenges.

The Innobooster program includes both projects with significant risk and news value, where it is the solution itself that is developed. And projects that have reached a stage with a focus on testing and customization.

The latter can, for example, be through market maturation or testing of a prototype or service in real use situations with potential customers or end users.

However, there must still be a development need in the project process, as Innobooster cannot finance projects that only contain tests and verification activities.

The program
Who can apply?
Open section, Who can apply?
  • 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 in the most recently published annual accounts.

External venture capital is:

  • Cash deposit or convertible unsecured loan in the company from another legal entity within the last three years.
  • Grants from other public or private programs where these funds are invested in specific development activities in the company, eg funds from Innofounder or Innoexplorer.

Venture capital is NOT :

  • Loans from banks, loan capital intermediary institutions or loans from owners where there is a requirement for priority and agreed and initiated business / repayment.
  • In-kind hours used by founders or other non-monetary deposits

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.
What can I apply for investment for?
Open section, What can I apply for investment for?

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:

  • Ambitious and lasting green technology development and innovation.
  • Life science, health and welfare technology.
  • Technology and Innovation that can contribute to developing production and creating jobs in Denmark.

Read more about the politically determined themes

How much money can I apply for?
Open section, How much money can I apply for?

Du kan søge mellem 50.000 DKK og 5 mio. DKK.

Innovationsfonden kan maksimalt medinvestere 35% af virksomhedens relevante udgifter til projektet.

Innobooster støtte tabel

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

What can the money finance?
Open section, What can the money finance?

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.

How long does the project have to take?
Open section, How long does the project have to take?

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.

Application
How do I apply?
Open section, How do I apply?

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- 499,999 DKK
  • 500,000 DKK - 1,499,999 DKK
  • 1,500,000 - 5,000,000 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

What must the application contain?
Open section, What must the application contain?

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
  • Team
  • Results from possible previous Innobooster grants.

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.

Documents
Evaluation
How does the assessment process take place?
Open section, How does the assessment process take place?

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:

Proces for ansøgere under 1.500.000 DKK

Process for applicants over DKK 1,500,000:

Proces for ansøgere over 1.500.000 DKK:

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

Who judges the application?
Open section, Who judges the application?

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 Interview
Projects that apply for less than DKK 1,500,000 may in certain cases be called for a clarification interview with Innovation Fund Denmark's employees, if we need detailed 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 DKK 1,500,000 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 spanel.

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 Innovation Fund's 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

How is the application assessed?
Open section, How is the application assessed?

Quality of the idea

  • Is it clear what the basis of the idea is and what is new and innovative in the idea that can lead to a market-ready solution?
  • Is it clear which concrete and difficult challenges must be overcome in the development project before the solution is ready for the market?
  • Is the company provided with sufficient new knowledge in connection with the project?
  • Is it likely that the Innobooster project will carry out innovative development activities in the company?
  • Is it clear what specific market and knowledge risks the development project contains and how these are addressed?
  • Do the results of the project differ sufficiently from the solutions already on the market?
  • Is it clear which final solution the project will end up in?

Impact

  • Is it probable that there are needs, users / paying customers and a market of relevant size in Denmark or internationally?
  • Will the company gain a competitive advantage based on the project?
  • Is there a sufficient account of the specific business model and "go to market" considerations about the further activities from the end of the project to commercial sales?
  • Does the business gain of the project result significantly in economic growth, exports and / or employment in Denmark?
  • Is there a connection between Innovation Fund Denmark's investment in relation to the company's risk and the business gain that the company expects to achieve through the project?
  • Is the project 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

  • Has a clear activity plan been drawn up with clear and quantifiable milestones and success criteria?
  • Is the project realistic and can it be implemented in practice?
  • Does the company have the necessary financial resources to complete the project?
  • Does the company have a team with relevant competencies and experience to carry out the project, and are the selected partners and / or new hires relevant?
  • Is the project budgeted reasonably and realistically in relation to the activities set up?
  • Does the application appear 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.

How do I get a response to my application?
Open section, How do I get a response to my application?

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.

When will I receive a response to my application?
Open section, When will I receive a response to my application?

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.

We are working to be able to indicate a more accurate expected assessment time here on the website during the 3rd quarter of 2021.

From approval to start-up of project
What happens after my application is approved?
Open section, What happens after my application is approved?

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.

When can the project start?
Open section, When can the project start?

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.

During the project
How is the investment paid out?
Open section, How is the investment paid out?

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.

Do I have to submit accounts or report during the project?
Open section, Do I have to submit accounts or report during the project?

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 (appropriations over 500,000)
If you have received a grant of more than DKK 500,000, you will in the middle of your project period be asked to submit a progress presentation, where 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. , which 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.

Documents
What happens if I can not keep the plan?
Open section, What happens if I can not keep the plan?

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.

What should I do when completing the project?
Open section, What should I do when completing the project?

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
Innobooster
Open section, Innobooster

Mail: Innobooster@innofond.dk

If you have any questions, it is possible to contact your local Business Hub, which also knows the Innovation Fund's programs.

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: Tel. 7015 1619

Business Hub Sydjylland
Only for companies in South Jutland
Allan Clausen, Mail: acl@ehsyd.dk, Tel. 4188 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, Tel. 6188 4625

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

Technical questions about e-grant
Phone hours 9 - 12: Tel: 33929190 Mail: support.e-grant@ufm.dk
Technical assistance for e-grant

 

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