Innobooster is Innovation Fund Denmark’s programme for knowledge-based, innovative projects in SMEs and entrepreneurial companies. The fund enables promising ideas to create employment and growth in Denmark, as well as contribute to solving some of society's great challenges. The fund supports the development and market maturation of new products and services.
The possibilities with Innobooster
A successful Innobooster application can give your business:
- Between 50,000 - 5 million DKK without giving up company shares.
- 35% of the total project costs covered by the fund.
Requirements under Innobooster
You must have an innovative idea - a new product or service that is not yet on the market, or an idea for a completely new process that e.g., helps improve your company's competitiveness or sets a higher standard in your industry.
Innobooster focuses on projects within three main themes:
- Ambitious and lasting green technology development and innovation
- Life science, health and welfare technology
- Technology and Innovation that can contribute to developing production and creating jobs in Denmark.
Each theme has an allocated amount of money. Once this has been exhausted, the fund will close for applications for the relevant theme until money is again allocated during the annual budget negotiations.
It is a requirement that you have a CVR number and that your project lasts a maximum of 2 years to complete.
To be eligible for support through Innobooster, your business must meet at least one of the following entry requirements:
- Gross profit in the most recent financial year of at least DKK 250,000.
- External investment of at least DKK 100,000 over the past 3 years.
The assessment criteria
In the application, you must address three assessment criteria:
- The quality of the idea: What development activities do you have to carry out and what is the risk associated with it?
- Impact: How big is the market? How will you reach this market and what profit will it bring to your business?
- Quality in execution: Is your activity plan clear and distinct with realistic goals and do you have the right team to carry out the project?
The larger amount you apply for, the greater the demands the fund places on the level of innovation, the business potential and on the societal effects of your project.
The application process
Applications of less than 1.5 million DKK fall under the de minimis scheme. Your application will undergo an administrative check, after which it will be assessed by two of Innobooster's consultants. These have the option to summon you for a clarifying interview, or for an actual pitch, but you can also get a direct rejection or commitment.
Applications over 1.5 million DKK belongs to the group exemption scheme. Your application will undergo an administrative check, after which it will be assessed by two of Innobooster's consultants. If they assess that the application is good enough, you will be called to pitch your project to Innobooster's panel, after which you will receive a commitment or rejection.
Innobooster processes incoming applications on an ongoing basis. When submitting the application, you will receive an estimate of the response time.
Below are the upcoming deadlines for Innobooster. Expect 1-2 months for the proposal writing process.
Innobooster invests in promising ideas that contribute to solving society's challenges in green technology, health technology and in job- and growth-creating innovation.
In an Innobooster project, you can receive a grant of between 50,000 and 5 mil. DKK to develop a new product or service that is not on the market today, or significantly improves a process in the company in an innovative way, so that the company's competitiveness is significantly improved.
Innobooster opens for applications on 7th September 2021 and applications are processed on a first-come, first-served basis.
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