Innovationsfonden – Innobooster

Innobooster is Innovationfonden’s programme for start-ups, entrepreneurs and SMEs with knowledge-based 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.

In 2024, applications should fall within these three themes:

• Green technology and innovation
• Life science, health and welfare technology
• Digitalisation, technology and innovation

Who can apply?

Entrepreneurs, start-up companies and small and medium-sized enterprises with a CVR number (Danish Central Business Register number) that either:

• have attracted external capital of at least DKK 100,000 within the last three years OR
• have had gross profit of at least DKK 250,000 in the most recent fiscal year

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 DKK 50,000 DKK to DKK 5 million. The contribution from Innobooster can cover a maximum of 35% of the total expenses associated with a project. We advise applying for a realistic amount, as the higher the amount applied for, the higher the requirements.

For grants less than DKK 1.5 mill. Innobooster defines an hourly rate of DKK 750, but for larger projects actual salaries is used to calculate the grant. As a rule of thumb the net grant per hour is reduced to half for projects over DKK 1.5 mill. in grant.

What can the grant 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 can the project last?

Up to 2 years.

What are the evaluation criteria?

• Quality of the idea
• Impact
• Quality of the execution

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 in Word)
• Budget (template in Excel)

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 can be invited to make a pitch to an expert panel who will make the final decision.

What is Innobooster not investing in?

Routine initiatives such as establishment, general operations, and operational optimization, strategy development, marketing, or communication are not eligible.

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 grant 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’.

Every three months (from the start of the project), interim financial accounts shall be submitted via E-grant.

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 Innobooster if it is unsuccessful?

Yes, applicants may submit and receive Innoboosters 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.