Innofounder – Graduate (Spring)

How do I apply?
You apply by filling in an application form through the web portal e-grant.dk. We encourage you to read the programme guidelines thoroughly before applying.   

How is the application evaluated?
All applications are assessed based on criteria described in the 4th of the complete set of guidelines.

A panel of experts with knowledge about entrepreneurship as well as employees of the Innovation Fund Denmark and our programme partner assess all applications.  

Invitation to pitch
Based on the applications assessed in accordance with the evaluation criteria, the panel invite the best applicants to pitch their innovative idea in front of them. Subsequently the panel accept about 20 candidates per application session to the programme.

Reply to application
We expect that all applicants will receive a notice on whether or not they are invited to a pitch approximately a month after the application deadline.

Documents

• Guidelines for InnoFounder-Graduate Spring 2019.pdf
• Innofounder_skema_til_slutregnskab_.docx

The application consists of an administrative part with factual information, a technical description of the company and the project as well as a budget. It is not permitted to change the layout of the application form or insert additional material than what described. 

Read questions and answers regarding applications of research and innovation funds at e-grant.dk

Read the most frequent questions and answers about the system for users of e-grant.dk here

Consultation hours from 9-12 AM on weekdays
Mail: hello@innofounder.dk, tel. 3369 3369 

Innovation Fund Denmark, Sidsel Hougaard 
Mail. sidsel.hougaard@innofond.dk, tel. 6190 5056

Are you a recent graduate and do you have an innovative business idea with a potential for development? Is the idea still in its early phases and is it 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.

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

You are qualified to join Innofounder if:

• You have graduated with a public tertiary degree, a PhD degree or accredited private degree (i.e. a degree carrying entitlement to a Danish student grant) no longer than 24 months ago, counted from the date of graduation to the application deadline.
   
• You are a student of such a degree, graduating no later than the start date of the Innofounder course for which you apply.

You can apply individually or in a team of up to 3 founders. 

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.

You must have an entrepreneurial idea for a new product, a new service or a new technology in any subject area and industry.

Your idea must be at an early stage, where significant development continues to take place before the product, service or technology is fully developed and the business model is in place. Innofounder is thus not for companies that are completely ready for the market. At the same time, however, we expect the idea to be developed beyond just the idea stage.

You must have given some thought to how to make a financially sustainable business based on the idea. This may, for example, mean that there has been a structured dialogue with potential customers / users, or that an early prototype exists, so that there is a significant foundation to build on.

You may already have established a business based on the idea. But the company must max. be 3 years old and it must differ significantly from existing or previous companies you have owned, operated or financed.

A major turnover based on the idea must not have already been achieved. However, test sales must have taken place.

You must not already have access to capital to finance the forthcoming development. But you must have been promised external financing, which is triggered, for example, after a central milestone has been reached.

You must have strong competencies and a good team behind the idea. You can be the only one in your team who applies – or you can apply with up to three founders. It is important that the team possesses the right competencies to be able to execute on the idea

Finally, the team behind the idea must be open to feedback and be ready to work on and be challenged on the idea.

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 education.

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 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.

Innofounder Graduate offers:

• Monthly funding of DKK 15,000 per Innofounder in the team.
• Special funding of DKK 50,000 to support the development of your business idea.

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

Additionally, we offer:

• The opportunity to get a seat in an inspiring co-working space in either Aalborg, Aarhus, Sønderborg, Odense or Copenhagen.
• An experienced mentor who will follow your team throughout the programme.
• A series of workshops featuring several Danish and international experts.
• Access to investors and other key figures in the Danish and international entrepreneurial community.

The Innofounder programme is based on creative problem solving. The first six months we focus on you designing “the right thing” – by understanding your users and the value you create for them. The last six months will focus on designing “the thing right” – or how your product/service and your business model will hit the spot.

Throughout the programme you will meet with your mentor every second week and participate in workshops approximately every second month. The programme will end with a demo day where you will have the opportunity to pitch in front of investors, potential partners etc.  

How often should I be in Copenhagen?
Approximately once a month there will be mandatory workshops in Copenhagen. Further, we require that you meet with your mentor – who will be located in one of the four largest cities – at least every two weeks. You are responsible for your own food and accommodation in connection with trips to mentoring meetings and workshops in Copenhagen.

We offer our Innofounders access to co-working spaces in Denmark’s largest cities.

Incuba, Aarhus

INCUBA has strong collaborational ties to the research community and healthcare sector. INCUBA has its own StartupLab which is an accelerator that houses many former Founders.

GrowAAL, Aalborg
GrowAAL is an office space located in the middle of Aalborg for startups and smaller companies offering offices, co-working and drop-in desks for entrepreneurs. Besides good office and meeting facilities GrowAAL has a rooftop with an excellent view of the city

Sønderborg Entrepreneur Service, SØNDERBORG

Sønderborg Entrepreneur Service is a vibrant, knowledge sharing and dynamic environment for entrepreneurs and startups offering counseling, courses, professional advice, Network- and Pitch Cafe, workshops & workspace.

BLOXHUB Startup Campus, Copenhagen

BLOXHUB Startup Campus is an integrated part of BLOXHUB, providing the startups access to an interdisciplinary innovation environment consisting of startups, SME’s, public organizations as well as large enterprises

SDU Entrepreneurship Labs, Odense

SDU Entrepreneurship Labs is the name of the central interdisciplinary incubator of SDU.
In the accurate moment the incubator hosts 128 different startups, most based in Odense and the rest spread with approximately 5-15 startups across our different campus cities in Slagelse, Esbjerg, Kolding and Sønderborg.

DTU Skylab, Lyngby

DTU Skylab is the innovation hub located at Lyngby Campus at DTU, Technical University of Denmark. At DTU Skylab you will find prototype workshops, meeting rooms, work stations, event room, lounge and kitchen.

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

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

Business Mentors:

Martin Klee, CEO, Seed-funding.dk (LinkedIn)

Tommy Dejbjerg, VP Developer Evangelism, Tradeshift (LinkedIn)

Lisbeth Chawes, CEO, HR-ON (LinkedIn)

Lars Thøgersen, CEO, CPH ID (LinkedIn)

Christian Vinther, Investor Relations Manager, DanBan (LinkedIn)

Mark Rosener, Spinin Consultant, BusinessAalborg (LinkedIn)

Tim Washington, Management Consultant, Walk Consulting (LinkedIn)

Jannie Friis Kristensen, Director, Headfittet (LinkedIn)

Jan Krog Henningsen, Head of Mentoring, Innofounder Graduate (Linkedin)

Christoffer H. Malling, Co-director, Innofounder Graduate, (LinkedIn)

Design Mentors:

Sara Striegler, Danish Design Center (LinkedIn)

Theresa Lauritsen, Danish Design Center (LinkedIn)

Stine Mørch, Danish Design Center (LinkedIn)

Jane Kloster, Danish Design Center (LinkedIn)

Brian Frandsen, Danish Design Center (LinkedIn)

Line Vestergaard, Danish Design Center (LinkedIn)

Christof Kiefer, Danish Design Center (LinkedIn)

John Lynch, Founder & Director at Context Studio (LinkedIn)

Head of Partnerships

Christoffer H. Malling
Programme Director, The Danish Design Centre, former Managing Director, #CPHFTW
Linkedin Twitter

Head of Mentoring

Jan Krog Henningsen
Ventures Development & Operations Lead, CIID, Manager, CIID Nest
Linkedin Twitter

Head of Programme

Sidsel Hougaard
Head of Programme, Innovation Fund Denmark
Linkedin

Head of Incubator

Mia Steentoft
Programme Manager, The Danish Design Centre
Linkedin

Collaborate partners

As Denmark’s national design center, it is DDC’s mission to promote the use of design in business and industry as well as underpinning and professionalizing the design industry.

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.

Describing 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: What problem, need or desire does the users have? What is the solution? How and why does it work? And what makes the solution Innovative? (max. 1000 characters)
   
• Value creation: What 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 the 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 (e.g. professional and entrepreneurial competences) 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 what 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)
   

Additionally, Graduate-applicants must attach the following:

• Diploma from your higher education (if you have graduated)
• Printout of grades and documentation of expected graduation date (if you have not yet graduated).

Can I apply?

Who can apply to join Innofounder Graduate?
You can apply to become an Innofounder if you have graduated no longer than 24 months before the application deadline with a public tertiary degree, a pHd degree or an accredited private degree (i.e. a degree carrying entitlement to a Danish student grant). 

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.

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 authorisations 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.

I’m studying an HD. Can I apply?
No. InnoFounder targets graduates from tertiary degrees.

I meet the requirements for applying, but I’m going to continue studying. Can I apply anyway?
Yes – but only if you will be able to work at least 37 hours per week on InnoFounder. This means that a full-time study is not possible.

I graduated more than 24 months ago but have been on maternity leave. Can I apply?
Yes. The time you spent on maternity leave does not count and can be subtracted from the 24 months.

I haven’t received my graduation certificate yet. What do I do?
If you haven’t received your certificate yet, you can attach another kind of documentation that you have finished or will soon finish your studies, e.g. a preliminary approval, an overview of your ECTS points so far or a written statement from your study administration.

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.

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

The Programme

Can I join even though I live far from Copenhagen?
Yes. You will, however, be required to travel to meet your mentor (who will be located in one of Denmark’s four biggest cities) at least every second week and be required to travel to Copenhagen approximately once a month for workshops.

How often do I have to travel to Copenhagen?
At a minimum once a month, depending on where your mentor lives. You will be responsible for arranging food and lodging for yourself.

How much of my time does the Innofounder course take up?
InnoFounder is a full-time occupation. Participating in the InnoFounder program requires you to be able to work full-time (37 hours per week) on your startup during the 12 months of the program.

What if I am going on vacation?

Vacations are in accordance with the Annual Vacation Act (up to 25 days a year). Vacation can not collide with any InnoFounder activities.

Is attendance to InnoFounder activities (workshops, mentor meetings) mandatory?
Yes. If you are admitted, being an Innofounder is your job. You must attend all InnoFounder activities, and do so with curiosity, willingness to learn and contribute, and in general with a positive attitude.

Will the programme be in English or Danish?
All communication from Innofounder Graduate, including all workshops and masterclasses, is in English.

Will I meet investors?
Yes. Many of our domain experts who you will meet at the monthly workshops are investors. You will also meet investors at both the mini demo day and at the demo day. On top of this, your mentor will introduce you to the InnoFounder network of significant local business angels and local as well as international VCs.

Funding

If we apply as a team, will all of us get the monthly salary and the special grant?
Yes, you will each get both the monthly salary of DKK 15,000 and the special grant of DKK 50,000.

What can I spend the monthly salary of DKK 15,000 on?
The salary is for covering your living expenses. Consider it as you would a normal salary.

What can I spend the Special Grant of DKK 50,000 on?
The special grant can be spent on buying services, materials and transport relevant to developing your business idea. However, it cannot be spend on goods such as computers, phones, food and so on. You will need to account for how you spend the special grant. See the guidelines point 6.1.

Am I allowed to earn money on top of the funding I get from Innofounder?
Yes you are allowed to make money on top of your Innofounder grant. As an Innofounder you must work full-time on your business idea throughout the programme (a minimum of 37 hours per week within normal work hours). Therefore, you must not have any other significant employment during the course of the Innofounder. For more details, see point 2.6 in the guidelines. 

Do I pay taxes of the money I get from Innofounder?
The monthly salary must be reported as B-income.

The grant can be paid either to you as a private person or to your company. Grants paid to you as a person can cover VAT-expenses and is reported to SKAT as taxable B income through your CPR number. Grants paid to your company cannot cover VAT-expenses and is reported to SKAT through your company’s CVR number.

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.

Can my non-InnoFounder team members join meeting, workshops, the co-working space etc?
You are very welcome to bring your team member(s) to workshops and meetings. You team member(s) must pay for their spot at the co-working space but we have negotiated some very favorable prices.

Innofounder 

Phone: 61 90 50 06

Mail: innofounder@innofond.dk

Office Hours: Monday, Wednesday, and Friday at 9-12 a.m.

Closed for the holidays in week 28 and 29.