Innobooster is Innovationfonden’s program for small enterprises and entrepreneurs with knowledge-based disruptive ideas. The grant aims to help companies 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 also help reduce the company’s project-related risks.
Innobooster invests in knowledge-based innovative projects from small and medium-sized companies, start-ups, and scientists. When investing in a company, InnoBooster does not seek ROI or shares and focuses purely on the potential and feasibility of the idea.
Innobooster 2021 call
Next upcoming deadline: 15th November
Who can apply?
- Small and medium-sized companies that either has a turnover of DKK 2 million in the most recent fiscal year or have attracted external capital of at least 500,000 DKK.
- Entrepreneurs and start-up companies (under 3 years old) who have a strong team to complete the project, and already have promising results to build on.
Can non-danish projects apply?
Innobooster grants target specifically companies and entrepreneurs whose innovative ideas will increase the company’s competitiveness and spur economic growth in the Danish society.
What language must the application be written in?
Applications may be submitted in Danish or English. However, the application form is in Danish only.
How much funding can a project apply for?
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. We advise applying for a realistic amount, as the higher the amount applied for, the higher are the requirements.
What can money finance?
The funding may be used for the following purposes:
- 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
How long must the project last?
Up to 2 years.
What are the evaluation criteria?
Innovativeness. The company must implement 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 demonstrate that it can gain a significant competitive advantage through the solution and, in the long run, gain a profit through it.
Implementation. The specific activities taking place in the project as well as the results after the project must be described. In addition, the company must demonstrate to have both a team with the right competencies and the necessary financial resources to complete the project successfully.
- Economic efficiency. The project must have a realistic budget and the sought investment must be proportional to the expected business gain and the project’s risk.
What is required in the Application and how can 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)
Responses will be given within a month via E-grant as well as in an e-mail to the e-mail address provided. However, a longer processing time should be expected if the application is submitted right before a summer or winter break, as a larger number of applications are usually submitted just before a break.
If the applicant is looking for a grant of more than DKK 500,000, and the project is considered valuable and interesting enough, the applicant will be invited to make a pitch to an expert panel who will make the final decision.
The total processing time will then be 2-3 months.
What is Innobooster not investing in?
Routine initiatives such as establishment, general operations, and operational optimization, strategy development, marketing, or communication.
Innobooster also does not invest in initial feasibility studies or other expenses that are considered completely initial to determine if there is business potential. This should be done before applying for the grant.
What happens if the project is granted funding?
The successful applicant will be informed via E-grant. The letter must be read 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’.
At the end of the three-month period, the applicant will receive an email from Innovation Fund stating to start filling out the financial accounting form. Every three months (from the start of the project), interim financial accounts shall be submitted via E-grant. A standardized financial accounting form is used, downloaded via e-grant.dk.
The grant is paid out in arrears and will be effected based on the submitted financial accounts. The Innobooster grant department strives to process submitted financial accounts within one month. In addition, the pay-out may take up to 10 days.
Upon finalization of the project, a final financial account must be submitted, where applicants can also 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.
Can a project be resubmitted in the next EUDP if it is unsuccessful?
Yes, applicants may submit and receive InnoBooster several times, but only one application is allowed for processing at a time. If a project has been rejected, the applicant may reapply, and if approved, he may also apply again in connection with a new project at a later date.
Can 1st Mile help me with the application process?
Yes, 1st Mile has long-dated expertise in submitting winning Innobooster applications.
1st Mile doesn’t have strict criteria in selecting projects eligible for funding, i.e. size, number of employees, stage of development, turnover, number of previous attempts in getting the funding. Instead, 1st Mile individually assesses the project and its participants, always keeping in mind the ability of the company to deliver information/input for the application. The more the company is able to deliver the technical input required, the easier it will be for 1st Mile to get the required information for applying.
How much of my time does 1st Mile require to apply for Innobooster funding?
The applying company should consider 1 working week of commitment. This is the time needed to get all the requested input and have meetings. 1st Mile’s time commitment depends a lot on the company; the easier it is to gather the information, the least time is required to finish an application.