Tekes innovation funding
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Tekes innovation funding

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  • We guarantee a consistent and equal processing for all applications. The applications are assessed by a project group. After that, the group will present the project to a financial manager or a director who makes the final decision.

Tekes innovation funding Presentation Transcript

  • 1. Tekes innovation funding DM 1020530 05-2013
  • 2. What is innovation? Knowledge or competence used in a manner that brings new benefits for economy or society Service innovations Innovation? Innovative business concepts Product innovations Process and working life innovations DM 1020530 05-2013
  • 3. Tekes innovation funding We provide funding for the development of innovations that aim at creating growth and new business  R&D and innovation projects in companies  Research projects at research units and companies  International growth of young companies DM 1020530 05-2013
  • 4. Tekes funding is either a grant or a loan We cover a part of the project expenses. In order to receive Tekes funding, a company must have the prerequisites for arranging its own financing share. Grants are paid every six months in phase with realised expenses  to SMEs, usually 35% or 50%  to large enterprises, 25% or 35% Loans are risk loan without collaterals; a part of the loan can be paid in advance  to SMEs, usually 50% or 70% DM 1020530 05-2013
  • 5. Key figures 2012 Target year turnover expected from company projects 6.2 The projects created 1,260 new or replacing products, services or processes In SMEs, one euro from Tekes produces 21€ billion euros 47 out of 50 in annual turnover 1 2 3 fastest-growing technology companies in Finland are Tekes customers 570 M€ Funding for companies and research organisations, 570 million euros 2,900 Applications processed in funding applications 1,700 development ideas tested 1,240 days rejected applications 350 million euros for company projects, of which 135 million for young growth companies € DM 1020530 71 05-2013 68 % of company funding to SMEs
  • 6. Tekes innovation funding supplements a company's other sources of funding Phase Funding options Start-up Growth Expansion Leader Founders, family and friends Tekes funding Angel investors and investor groups VCs Banks Finnvera Capital/ investment Turnover €/$50k 0 €/$500k €/$2M €/$1M €/$5M €/$10M €/$20M €/$10M Source: Ohjelmistoyrittäjät ry DM 1020530 05-2013 €/$100M €/$50M
  • 7. What are the requirements for funding? DM 1020530 05-2013
  • 8. Growth and wellbeing through regeneration DM 1020530 05-2013
  • 9. Assessment of an SME's innovation ability Product portfolio and possibilities to expand it Market potential Customer insight Utilisation of partnerships and networks Reforming operational models in the market Opportunities Current status and capabilities Customers Management’s skills in international interaction Organisation of regeneration and growth Willingness to grow and plans for internationalisation DM 1020530 05-2013
  • 10. Assessment of the project to be funded Market need  Which customer need have you recognised?  What is the problem you want to solve? Need In what way does your solution respond to the market need?  Who are potential customers?  Why would they buy/use the product/service? Approach Benefit in relation to costs  How much are your customers willing to pay? Benefits Competitive situation  Who are your competitors?  Why would the customer buy from you? Competition Funding  How will you cover the self-funded proportion? DM 1020530 05-2013
  • 11. Funding of foreign companies  Tekes can fund R&D projects of foreign owned companies  Legal entity and operations are required in Finland  Foreign owned companies are funded on same criteria and conditions as Finnish companies  Funding application is required DM 1020530 05-2013
  • 12. Funding for foreign owned companies Letter of Intent Pre-evaluation  Planning to establish a subsidiary in Finland  Engaging significant R&D and business activities in Finland  Written business plan for Finnish activities  Basic information on the planned project  Intention to fund, if the normal funding criteria are met  Application required  Business plan to be followed Funding criteria  Business activity to be pursued  Technology, innovation, competence and know-how to be developed  Resources to be used  Cooperation to be developed and utilized  Impact on the Finnish economy DM 1020530 05-2013 Funding for R&D projects in Finland  Products, services, production methods  Business concepts  Trial production or demonstrations  Organization and management practices
  • 13. Finland is a great innovation environment  Growing investments in R&D – public and private  Active dialogue involves companies, research institutes and public sector  Innovation leader*  Highly skilled personnel (ICT, Life science)  Part of European Union • Easy access to Russian and • Nordic markets DM 1020530 05-2013
  • 14. Process for funding applications Sounding and support discussion The customer submits an application in the Online Services A project team is appointed. The team familiarises themselves in the application and the applicant. The customer receives a notification of receipt A further discussion with the customer for more details Review of application data The project team prepares a proposal to a funding meeting The project manager tells the approving or rejecting funding decision and the grounds for it to the customer. The customer receives a written notification by post or through Online Services communications. The funding meeting makes a decision. DM 1020530 05-2013
  • 15. Accepting the funding decision with related terms and conditions Project implementation Projectimplementation implementation Projectimplementation Project Reports and accounting Reports and accounting Reports and accounting statements Reports and accounting statements statements statements The right to audit lasts for 5 years Tekes Customer Project follow-up Funding decision A possible loan advance Report approvals and Payment Payment Payment payment decision decision decision decisions The Tekes project team will keep contact with the customer and follow up on the progress of the project through reports and accounting statements. DM 1020530 05-2013 Ex post report after 3 years
  • 16. Frequently asked questions We have “this thing”, can we get funding for it? What do you think about our idea? What is required from us? We provide funding for the development of innovations that can create growth and new business. Describe your idea and your company. Do you have the will and ability to grow and renew? Do you have the resources and expertise? How much money can we get? Tekes funding usually covers 35-50 % of project costs. What can we do with it? Tekes pays for a part of the costs accordant with the project plan, which can include e.g. salaries, travel expenses and purchased services. DM 1020530 05-2013
  • 17. Tekes shares the risk of growth and renewal Do not hesitate to contact us! www.tekes.fi/en DM 1020530 05-2013