We are continuously accepting applications until November 18 at noon

Innobooster

Grants for companies and entrepreneurs who wants to initiate an innovative development project that will increase a company’s competitiveness and spur economic growth in Danish society.

Who?

Entrepreneurs, start-up companies as well as small- and medium-sized companies. Companies that are older than three years have to either present a turnover of at least 2 million DKK in the most recent financial year or have attracted external capital of at least 500.000 DKK within the past three years.

What?

Knowledge-based developments projects that result in a new product, a new service or an improved process. The grant can cover salary for both existing and new employees as well as expenses for knowledge providers, materials and equipment.

How much?

The grant can range from 50.000 DKK to 5 million DKK. The contribution from Innobooster can cover a maximum of 33% of the total expenses associated with a project. The company covers the remaining expenses.

På baggrund af den aktuelle COVID-19-krise er der kommet nye udvidede retningslinjer for Innobooster. 

Project
What requirements do we have for the project?
  • News value
    The company must launch new development activities and the result of the project must be clearly different from what is otherwise on the market today.
     

  • Value creation and business potential
    The company must make it probable that it can gain a significant competitive advantage and in the long run make money on the solution.
     

  • Implementation
    It must be clear which specific activities are to take place in the project, which specific results the company will be involved in after the project, and what these are to be used for. In addition, the company must have both a team with the right competencies and the necessary financial resources to complete the project successfully.

  • Economic efficiency
    The project must be budgeted realistically and the desired investment must be commensurate with the expected business gain and the project's risk.

How long must the project last?

 

Up to 2 years.

What can the money finance?
  • Salary for both new and existing employees.
     

  • Knowledge and services from knowledge providers, Danish and foreign (eg universities, GTS institutes, contract research institutes, private development houses, etc.).
     

  • Materials and equipment necessary for the project.

What are we not investing in?

Routine initiatives such as establishment, general operations and operational optimization, strategy development, marketing or communication.

We also do not invest in initial feasibility studies or other expenses that are considered completely initial to determine if there is a business potential. We expect this to be done before applying.

Application
How do I apply?

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.

Documents
When can I submit an application?

We receive and process applications on an ongoing basis, but we take summer and winter breaks where we do not accept new applications.

When will I receive a response to my application?

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.

Who will be processing my application?

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.

See who is on the investment panel.

 

What does external capital mean?

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.

How many applications may I submit?

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.

Tips about your application

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?

My application was rejected - what now?

The decision on the application will include one or more rejection grounds.

The business hubs have consultants who can help you further and possibly spar with you about the possibility of re-application.

 

The course of the project
I have received a grant – should I do something?

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.

When and how can I upload my budget?
  • 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.
How do I document the project expenses?

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.

When can I expect a pay-out?

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.

There are changes to the project – how do I inform Innovation Fund Denmark?

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.

I need to submit a progress presentation – what is that?

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.

Project completion – how do I report?

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.

Will my project be published?

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.

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@ufm.dk