What is Innobooster?
Innobooster is a grant to companies that wish to develop and make a new product or service ready for the market or to improve a process that increases the company's competitiveness and creates growth. The grant may help reduce the company's project-related risks.
Who can apply for Innobooster?
- Small and medium-sized companies, which either have a turnover of at least DKK 2 million during the past financial year or has attracted external capital of at least DKK 500,000.
- Entrepreneurs and start-up companies (under three years old) who have a strong team to implement the project and already have promising results to build on.
How much can you apply for?
DKK 50,000 - DKK 5 million.
Apply for a realistic amount. The higher the amount you are apply for, the higher are our requirements.
What are the requirements for the project?
- Novelty value
The company must initiate new development activities, and the result of the project must be distinctly different from what is on the market today.
- Value creation and business potential
The company must render it probable that it can gain a significant competitive advantage and in the long term profit from the solution.
It must be clear which specific activities will be carried out in the project, which concrete results the company will have after the project, and how they will be used. In addition, the company must have a team with the right skills as well as the necessary financial resources to successfully finalise the project.
- Financial efficiency
The project must be budgeted realistically and the desired grant must measure up to the expected business gain and the project risk.
How long can the project last?
Up to two years.
What can the money finance?
- Salaries for both new and existing employees.
- Knowledge and services from knowledge providers, Danish as well as foreign (e.g. universities, GTS institutes, contract research institutes, private development companies, etc.).
- Materials and equipment needed for the project.
What do we not invest in?
Routine steps such as establishment, ordinary operations and operational optimisation, strategy development, marketing or communication.
Besides, we do not invest in initial feasibility studies or other expenses that are considered as entirely preliminary in order to determine if there is a business potential. We expect that this has to be done before you apply.
Current listings and application deadlines
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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.
Applications must be generated and submitted via the online application portal E-grant.
The application must contain:
- Administrative description (form in E-grant)
- Professional description (template)
- Budget (template)
You can prepare your application in Danish or English. However, the application form is in Danish only.
The application form will be uploaded when applying via E-grant.
Example of budget form. You will access the correct budget form when applying through E-grant.
We receive and process applications on an ongoing basis, but we take summer and winter breaks where we do not accept new applications.
Within a month.
However, you should expect a longer processing time if you submit your application right before a summer or winter break, as we typically receive an unusually large number of applications just before a break.
You will be notified of the decision via E-grant as well as in an e-mail to the e-mail address you have provided.
If you are looking for a grant of more than DKK 500,000, and we consider it to be an interesting project, you will be invited to make a pitch to an expert panel who will make the final decision on your project.
The total processing time will then be 2-3 months.
Your application will be processed by two employees of Innovation Fund Denmark who have the right skills to evaluate your project.
Applications above DKK 500,000 which Foundation Fund Denmark finds interesting will be invited to present the project to an investment panel consisting of innovation experts.
We define external capital as capital provided to the company by external parties without any required collateral. This capital may come from new investors who inject money into the company, or from funds invested by the public or private sector in specific development activities in the company.
External capital does not include equity, capital injected by the company's primary owners or loans where collateral is required, e.g. bank loans, overdraft facilities, etc.
Only one application is allowed for processing at a time.
This applies both to the CVR number and to the contact person on the application.
If you have been rejected, you may reapply, and if approved, you may also apply again in connection with a new project at a later date.
You may receive InnoBooster several times.
It will be beneficial to split up large projects with natural milestones. It is important that you have achieved results demonstrating commercial value in the previous InnoBooster project if you are applying for a follow-up InnoBooster.
Be specific in your description regarding novelty value and business potential.
We receive too many applications that are not sufficiently specific and use many general concepts and positive terms that do not go adequately in depth.
Here are a few examples of statements that are worth elaborating on in your application:
‘The product is brand new/innovative and never seen before’
- Instead, explain to us what the solution consists of and how it works. Which solutions in the market are similar to yours, or what do users use at the moment if your solution does not exist yet? Based on the description, we must be able to assess whether we believe the novelty value is sufficiently high.
‘There are competitors, but we are better/more user-friendly/more innovative’
- Instead, explain to us who the competitors are, what they do and what you do? Why is your solution preferable/what is the added value for the customers? Are they willing to pay more for this added value, and if so, how much? We need to know this to be able to assess whether the solution is sufficiently different.
‘We have an MVP (or a prototype) and are going to develop the next version’
- Instead, tell us about your current product, what can it do now and what remains to be developed? There is a big difference between what people mean by MVP and prototype – is it a mock-up or are there already functionalities?
‘We have seen a great deal of interest from many potential customers’
- Instead, explain to us who the customers are and who you have talked to? What did they say? Is this a matter of polite interest, or is there already a conditional purchase agreement? What is the scope of the orders from these customers, and what is the price?
‘If we get just 5% of the market, our annual turnover will be DKK 50,000,000, and we consider this to be a conservative estimate’
- Instead, explain to us what you base your assumptions on? How many customers do you already have, and why will this project increase your market share or convert your current users into paying customers? How is the price calculated and has it been validated by potential users? What is your go-to-market strategy and what are the indications that there will be a demand for your product?
The decision on the application will include one or more rejection grounds. These can be elaborated in a telephone conversation as per agreement with the InnoBooster team.
If you wish a more in-depth explanation for the rejection, send an email to the contact person listed in the rejection letter (remember to enter the case number in the email). We will then get back and agree upon a timing for the conversation.
You will find our e-mail addresses on the website. After the rejection conversation, it is possible to reapply.
You have received a grant letter via E-grant. Read it carefully as it contains relevant information about the process. In addition, the company must submit an acceptance form regarding the grant which is found at the top of the grant page under E-grant tasks.
- You will receive an email from E-grant at the expiration of a three-month period. Then you can start filling out your financial accounting form. You will not be able to start on this until you receive an email from us, stating that there is a task for you.
- Every three months (from the start of the project), interim financial accounts shall be submitted via E-grant. A standardised financial accounting form is used, downloaded via e-grant.dk.
There are slightly different conditions for this, depending on, amongst other things, the time and size of the grant. It is common to all grants, however, that the costs of knowledge providers and other expenses must be documented by an invoice issued to your company's CVR number.
Projects concerning a grant of more than DKK 500,000 must also submit an auditor's statement for each project year. Read more about the specific requirements for documentation of expenses in your grant letter.
The grant is paid out in arrears and will be effected based on the submitted financial accounts. Our grant department strives to process submitted financial accounts within one month. In addition, the pay-out may take up to 10 days. If there are errors in the financial accounts, you will be notified via e-grant.dk, and you must then correct the errors and resubmit your financial accounts.
If there are significant changes to the approved project, Innovation Fund Denmark must be informed. You can submit requests for re-budgeting or other changes via E-grant. This is done on the grant page under ‘action’, where you will also find a guide in this respect.
For grants over DKK 500,000, a mid-term meeting will be held halfway through the project. Via E-grant you must submit a presentation that provides a status on the project in relation to the original project plan. Your contact person on the InnoBooster team will then contact you and schedule a meeting where you will review the progress of the project.
Upon finalisation of the project, a final financial account must be submitted, where it is also possible to request the final pay-out of the remaining 15% of the grant which has been withheld. In addition, an evaluation must be completed and there must be a final presentation of the project progress and results, which will be submitted via E-grant. The requirements for the presentation can be found in your grant letter.
By applying, you agree that we may publish title, master data (e.g. company name) and decision (received InnoBooster or not). We do not publish business sensitive information and will always enter into a dialogue with you if, e.g. as the result of a request for access to documents, there might be a subsequent request for information regarding other parts of your application.
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