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 Vi tager løbende imod ansøgninger frem til 2. december kl. 12.00 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.

Ansøgning
Hvordan søger jeg?

Ansøgninger skal oprettes og indsendes via online ansøgningsportalen E-grant.

Ansøgningen skal indeholde:

  • Administrativ beskrivelse (skema i E-grant)
  • Faglig beskrivelse (skabelon)
  • Budget (skabelon)

Du må skrive din ansøgning på dansk eller engelsk. Ansøgningsskemaet er dog kun på dansk.

Ansøgningsskemaet skal uploades når du ansøger via e-grant

Eksempel på budgetskema. Det rigtige budgetskema får du adgang til når du søger via e-grant.

Documents
Hvornår kan jeg indsende en ansøgning?

Vi modtager og behandler løbende ansøgninger, men vi holder sommer- og vinterpauser, hvor vi ikke tager imod nye ansøgninger.

Du kan ikke indsende din ansøgning fra:

  • 2. december kl. 12.00 til 1. februar kl. 12.00
  • 1. juni kl. 12.00 til 15. august kl. 12.00
Hvornår får jeg svar på min ansøgning?

Inden for en måned.

Du skal dog forvente længere behandlingstid hvis du sender din ansøgning lige op til en ansøgningspause, da vi typisk modtager et usædvanligt stort antal ansøgninger lige inden lukning.

Du modtager afgørelsen via e-grant samt en mail på den mail-adresse, som du har oplyst.

Søger du en investering på over 500.000 kr., og vi vurderer at det er et interessant projekt, bliver du inviteret til at pitche for et ekspertpanel, som vil tage den endelige afgørelse stilling til dit projekt.

Den samlede behandlingstid vil i så fald være på 2-3 måneder.

Hvem behandler min ansøgning?

Din ansøgning bliver behandlet af to medarbejdere i Innovationsfonden, som har de rette kompetencer til at vurdere dit projekt.

Ansøgninger over 500.000 kr. som fonden finder interessante, bliver inviteret til at præsentere projektet for et investeringspanel af innovationseksperter.

Se hvem der er med i investeringspanelet.

Hvad menes med ekstern kapital?

Med ekstern kapital forstår vi kapital, der tilføres virksomheden fra eksterne parter uden krav om sikkerhed. Denne kapital kan komme fra nye investorer, der skyder penge ind i virksomheden, eller fra midler der fra offentlig eller privat side investeres i specifikke udviklingsaktiviteter i virksomheden.

Som ekstern kapital regnes ikke egenkapital, kapital tilført fra virksomhedens primære ejere, eller lån hvor der stilles krav om sikkerhed, fx banklån, kassekredit m.m.

Hvor mange ansøgninger må jeg sende?

Det er kun tilladt at have én ansøgning til behandling ad gangen.

Dette gælder både per CVR-nummer samt for kontaktpersonen på ansøgningen.

Har du fået afslag er det tilladt at genansøge, og har du fået tilsagn kan du også godt søge igen med et nyt projekt på et senere tidspunkt.

Du kan godt modtage InnoBooster flere gange

Store projekter med naturlige milepæle kan med fordel deles op. Det er vigtigt, at du har opnået resultater med forretningsmæssig værdi i det forudgående InnoBooster-projekt, hvis du søger en opfølgende InnoBooster.

Tips til din ansøgning

Vær specifik i din beskrivelse af nyhedsværdi og forretningspotentiale.

Vi modtager for mange ansøgninger der ikke er tilstrækkeligt konkrete og bruger mange generelle begreber og positive vendinger, som ikke kommer tilstrækkeligt i dybden.

Her er par eksempler på udsagn, der er værd at uddybe i din ansøgning

”Produktet er helt nyt/innovativt og aldrig set før”

– Forklar os i stedet hvori løsningen består og hvordan den fungerer. Hvilke løsninger i markedet minder om jeres, eller hvad anvender brugerne nu hvis en sådan løsning ikke eksisterer? Vi skal ud fra beskrivelsen selv kunne vurdere, om vi mener nyhedsværdien er tilstrækkelig høj.

 ”Der findes konkurrenter, men vi er bedre/ mere brugervenlige/ mere innovative”

 – Forklar os i stedet hvem konkurrenterne er; hvad gør de, hvad gør du? Hvorfor er jeres løsning at foretrække/ hvilken ”added value” giver den kunderne?  Er de villige til at betale mere for denne værditilførsel, og i så fald hvor meget? Dette skal vi vide for at kunne vurdere, om løsningen adskiller sig i tilstrækkelig grad

”Vi har en MVP (eller en prototype) og skal udvikle næste version”

 – Forklar os i stedet om jeres nuværende produkt; hvad kan det nu og hvad mangler at blive udviklet? Der er meget stor forskel på, hvad folk mener med MVP og Prototype - er det en mock-up eller er der funktionaliteter allerede?

”Vi har oplevet stor interesse fra mange potentielle kunder”

 – Forklar os i stedet hvem kunderne er og hvem I har snakket med? Hvad har de sagt? Er der tale om høflig interesse eller er der allerede en betinget købsaftale?  I hvilken størrelsesorden vil disse kunder kunne aftage produktet og til hvilken pris?

”Hvis vi bare får 5 % af markedet bliver vores årlige omsætning 50.000.000 kr. og dette vurderer vi at være et konservativt estimat.” 

- Forklar os i stedet, hvad I baserer jeres antagelser på? Hvor mange kunder har I allerede fat i og hvorfor vil dette projekt evt. vækste jeres markedsandel eller konvertere jeres nuværende brugere til betalende kunder? Hvordan er prisen beregnet og er den valideret med potentielle brugere? Hvad er jeres go-to-market strategi og hvad er der af indikationer for, at der vil være efterspørgsel efter jeres produkt?

Jeg har fået afslag på min ansøgning - hvad nu?

I afgørelsen på ansøgningen vil der være knyttet en eller flere afslagsbegrundelser. Disse kan uddybes i en telefonsamtale efter aftale med InnoBooster-teamet.

Ønsker du en uddybning af afslaget, sender du en mail til den sagsbehandler, der er anført på afslagsbrevet (husk at anføre sagsnummeret i mailen). Vi vender derefter tilbage og aftaler et tidspunkt for samtalen.

Vores e-mailadresser finder du på hjemmesiden. Efter afslagssamtalen er det muligt at genansøge.

Q&A – The Project Process
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. 

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. 
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.

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.    

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.

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.

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.    

Bliver mit projekt offentliggjort?

Ved ansøgningen accepterer du, at vi kan offentliggøre titel, stamdata (fx virksomhedsnavn) og afgørelse (modtaget eller ikke modtaget Innobooster). Vi offentliggør ikke forretningsfølsomme oplysninger og vil derfor altid indgå i en dialog med dig, hvis der f.eks. som følge af en anmodning om aktindsigt, skulle blive efterspurgt oplysninger fra andre dele af din ansøgning.

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 

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.

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