Innofounder Experienced (Autumn)

Do you have an innovative business idea based on extensive research and/or professional experience? Is the idea still in its early phases and is it still facing significant development? In that case, Innofounder may be of interest to you.

Innofounder is a programme for founders with an innovative business idea in its early phase. There must be a significant amount of development of the idea and its commercialisation outstanding. This means that an Innofounder course may include test sales and customer dialogue as input to the development process, but that the primary focus of the course should not be activities related to sales, marketing and scaling. Innofounder aims to reduce the risk in the early stages until the idea is ready for the market or to obtain further investment.

An Innofounder programme lasts 12 months and you are required to work full time on your idea. During the programme, you will have access to funding that may accelerate the development of your innovative business idea.

Applicants for the Innofounder programme must meet the following requirements:

• Professional and/or research experience
  You must have extensive and relevant professional and/or research experience (public/private) which provides a solid basis for your idea and its development. This means that you should have, for example, extensive industry knowledge and market understanding. You should furthermore describe how your experience is relevant for your idea.
   
• Higher education
  You must have a higher education degree. These include academy profession degrees, professional bachelor’s degrees, bachelor’s, master’s and PhD degrees from a university college, business academy, maritime educational institution, institution in art and architecture, university or similar.

Definition of ’Higher Education’
These include academy profession degrees, professional bachelor’s degrees, bachelor’s, master’s and PhD degrees from a university college, business academy, maritime educational institution, institution in art and architecture, university or similar. Adult higher education is not included in the programme.

For Danish citizens and EU/EEA citizens it applies that the education can be achieved from a Danish institution or from a foreign institution at an equivalent level to the Danish educations listed above.

There are no restrictions on what kind of ideas we support, as long as the idea is innovative and scalable. The idea can be within any subject area. In addition, the entrepreneurial idea must include, among other things, the knowledge and skills that you have acquired through your professional and/or research experience.

See the evaluation criteria under item. 4 in the guidelines, which you can download below.

Your business idea must be in the early phases with extensive development remaining before the product, service or technology is complete and the business model in place. Hence, Innofounder does not fund companies that are ready to go to market and primarily face sales, marketing and scaling.

There must not already be a significant revenue based on the idea. Preliminary test sales may, however have taken place. It further entails that no major external funding has been obtained for the business idea and the forthcoming development

However, the business idea should be beyond the idea stage. This could e.g. entail that a structured dialogue with potential customers/users has taken place, or an existing prototype has been developed to ensure that the Innofounder programme has a foundation to build on.

You can apply as an individual or in a team of up to three Innofounders.

Innofounder offers:

• Monthly funding of DKK 30,000.
• Special funding of DKK 100,000 to support the development of your business idea.

The special funding follows the individual InnoFounder. This means that if the Innofounder is part of a team of three InnoFounders, the team will have a total of 3 x DKK 100,000, corresponding to three individual programme funding combined.

The more founders in a team applying for submission in the Innofounder programme, the higher demands we have for innovation and value creating potential of the idea.

It is mainly the monthly scholarship and the special grant that Innofounder contributes with to accelerate the development of your innovative entrepreneurial idea.

Midway through the Experience programme, an evaluation takes place where you need to pitch your entrepreneurial idea to an expert panel.

You are evaluated on the following criteria:

• Progression: The progress so far has resulted in an expected progression for the business idea.
   
• Economy: It is still likely that, in the long term, a sustainable business can be established and that there is a plan for future financing.
   
• Feasibility: That the entrepreneurial idea is still likely to be implemented in practice.

The Innovation Fund reserves the right to continuously request a status on the progress of the business idea. If the progress is not satisfactory, the Innovation Fund may choose to interrupt your programme ahead of time.

The programme must be initiated at the latest four months after the investments has been granted.

You work from the address of your company/home and you are expected to work full time (at least 37 hours a week) on the project.

Unlike Innofounder Graduate, an office space is not provided as part of the programme.

There are two application rounds a year for the Innofounder programmes (Spring and Fall)

We open for applications 4-6 weeks before a deadline.

When we open for applications, you will be able to:

1. Click on “Apply” on the top left corner of the page. Choose the program you’re applying for.
2. Click on ”Apply” in the bottom right corner.

The button redirects you to our application system e-grant.dk, where you can fill out the application form.

Description of the business idea
The scope of the description of the business idea is apparent in the application form in which you, among others, must address the following points:

• Problem and solution: Which problem, need or desire does the users have? What does the solution consist of? How and why does it work? And what makes the solution new? (max. 1000 characters)
   
• Value creation: Which value does the solution bring to society e.g. in terms of solving societal challenges, creating growth and employment etc.? Provide concrete quantitative and/or qualitative goals for the value creation to the extent that it is possible (max. 500 characters)
   
• History and status: When and how did this idea first emerge? Include a description of your role in the birth and development of the idea. How far have you come in realising your idea, and what do you see as the greatest challenges to realising it – short and long-term? (max. 500 characters).
   
• Development: Which development tasks must be solved during the Innofounder programme? Describe as concretely as possible the development tasks still to be solved. Where are you at when the programme ends? How can the investment from Innofounder contribute towards boosting the development and the financing the company further needs? (max.1000 characters).
   
• Users, market and competition: Who are the customers/users, and how do they like the idea? How have you investigated if there are users and a market for the idea? What is the size and potential of the market? Who are your competitors and how do you differentiate from them? What does the competitive situation mean for your chances to gain market shares? How will you safeguard yourself against others copying the solution? (max. 1500 characters).
   
• Business model: How is it possible to earn money on the idea and establish a sustainable business that can ensure expansion of the solution? Please describe below your expected business model, cost structure, pricing and how you expect to roll out the solution in the market (max. 1000 characters)
   
• Team and execution: What are your or the team’s competences, including professional experience, for implementing the idea? How does the idea build on the team’s collective professional experience and knowledge? Describe how the diversity of the team will help to execute the idea. Please state to which extent the additional team will be affiliated during the Innofounder programme in executing the idea (e.g. state the number of hours per week). In which fields do you or the team lack competences for handling future challenges, and how will you act on this? (max. 1500 characters).
   
• Milestone plan: Attach a milestone plan for the complete Innofounder programme.

Additionally, Experienced-applicants must attach the following:

• Diplomas from you higher education (maximum two pages per applicant).
• CV with clear explanation of the scope and character of your professional and/or research experience. (maximum 3 pages per applicant).

Documents

• guidelines-for-innofounder-experienced-e2020-en.pdf

Can I apply?

Who can apply to become part of the Innofounder – Experienced?
You can apply for Innofounder if you have extensive professional and/or research experience, which provides a solid basis for your idea and its development. As an example, this means that you should have extensive industry knowledge and market understanding. You should furthermore be able to describe how your experience is relevant for your idea.

At what stage should my innovative business idea be?
Your business idea must be in the early phases with extensive development remaining before the product, service or technology is complete and the business model in place. This entails that there must not already be a significant revenue based on the idea. Preliminary test sales may, however, have taken place. It further entails that no major external funding has been obtained for the business idea and the forthcoming development.

On the other hand, accepted ideas must typically have reached a certain level of maturity and been through initial tests, have a developed proof-of-concept or an early prototype so the Innofounder programme is built on a solid basis.

If a company is already established, it must be a new company primarily based on the innovative business idea and without any other products on the market. For further information, read the assessment criteria in Section 4 in the guidelines.

Is Innofounder aimed at certain types of businesses?
No, there is no limit on what types of ideas we invest in as long as the idea is innovative and has the potential to become a sustainable business. See the assessment criteria in Section 4 in the guidelines.

I have already established my company. Can I apply?
Yes, you can apply although your company is CVR-registered. However, your company must still be in its early phases, and the CVR number cannot be older than 3 years. If your company is already established, you must be the founder and hold the majority of the ownership.

I’m still a student. Can I apply?
You can apply if you are a student and will graduate no later than the starting date of the Innofounder course which you are applying for.

I’m a foreign citizen. Can I apply?
Foreign citizens may apply for admission to the programme insofar as the relevant authorizations and registrations are obtained. However, foreign citizens from countries outside the EU/EEA must have obtained their degree at a Danish educational institution to apply for admission to the programme. 

Foreign citizens from countries outside the EU/EEA must, insofar as they are admitted to the programme, apply for a special start-up visa to obtain permission to create self-employed activities in Denmark. Read more at www.startupdenmark.info.

For more details, see point 2.7 in the guidelines.

Should the application be written in Danish or English?
That is your call.  Danish and English versions of the application form are available.

Applying as a team

Can my startup apply as a team?
You can apply as a team of up to three people.

We are a team of three, and two of us are foreigners studying in Denmark. Can we all apply?
Yes, foreigners with a Danish education are welcome to apply, and you can apply in a team of up to three people. Be aware that non-European citizens need to apply for a special residence and work permit for entrepreneurs in Denmark.

We are a team of three people but only one of us meets the requirements for the application. Can we apply as a team?
No, if you want to apply as a team you must all live up to the qualifications. However, the one from your team who meets the requirements is very welcome to apply on behalf of the team and the team’s business idea.

If we apply as a team, will all of us receive the monthly grant and the special grant?
Yes, you will all receive the monthly grant of DKK 30,000 as well as the special grant of DKK 100,000.

Funding

On what can I spend the monthly grant of DKK 30,000?
The funding is intended to cover your living costs. Regard it as a normal salary.

On what can I spend the special grant of DKK 100,000?
The grant can be spent on special services, materials or transportation costs in relation to the development of your business idea. However, it cannot be used to purchase consumer goods such as computer, phone, meals etc. You have to submit final accounts for the special grant. See Section 6.1 in the guidelines.

Do I pay taxes of the grant I receive through Innofounder?
The monthly grant is reported to SKAT as taxable B-income.

The money will be disbursed to you personally or to your company. Money disbursed to you personally can cover VAT and should be reported to SKAT as taxable B-income via your CPR-number. Money disbursed to your company does not cover VAT and should be reported to SKAT by the company’s CVR-number. 

Innofounder Experienced

Mail: innofounder@innofond.dk

Tel. +45 6190 5003

Office Hours: 9:00 – 12:00 on weekdays.

Closed for the holidays from July 6th through Friday July 31th.