Date post: | 13-Jan-2015 |
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Tekes innovation funding
Productinnovations
Process andworking lifeinnovations
Serviceinnovations
Innovativebusinessconcepts
What is innovation?
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Knowledge or competence used in a manner that brings new benefits for economy or society
Innovation?
Tekes innovation funding
R&D and innovation projects incompanies
Research projects at research unitsand companies
International growth of youngcompanies
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We provide funding for the development of innovations that aim at creating growth and new business
Loans are risk loan without collaterals; a part of the loan can be paid in advance to SMEs, usually 50% or 70%
Tekes funding is either a grant or a loan
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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.
Grantsare paid every six months in phase with realised expenses to SMEs, usually 35% or 50% to large enterprises, 25% or 35%
Key figures 2012
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21€in annual turnover
In SMEs, one euro fromTekes produces
Applications processed in
days
71
of company funding toSMEs
68 %
The projectscreated 1,260new or replacingproducts, services orprocesses
2,900funding applications
1,700development ideas tested
1,240rejected applications
350 million euros forcompany projects,of which 135million for younggrowth companies
6.2billion euros
Target year turnoverexpected from companyprojects
47 out of 50fastest-growingtechnologycompanies in Finlandare Tekes customers
123
Funding for companies andresearch organisations,570 million euros
570 M€
€
Tekes innovation funding supplements a company's other sources of funding
Source: Ohjelmistoyrittäjät ry
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Capital/investment
Phase Start-up Growth Expansion
Funding options
Founders, family and friends
Tekes funding
Angel investors and investor groups
VCs
Turnover
Banks
€/$50k €/$500k €/$2M €/$5M €/$10M €/$20M €/$100M
0 €/$1M €/$10M €/$50M
Finnvera
Leader
What are the requirements for funding?
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Growth and wellbeing through regeneration
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Management’s skills in international
interaction
Willingness to grow and plans forinternationalisation
Organisation ofregeneration andgrowth
Customers
Opportunities
Current status and capabilities
Market potential
Utilisation of partnershipsand networks
Reforming operationalmodels in the market
Customer insight
Assessment of an SME's innovation ability
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Product portfolio andpossibilities to expand it
Assessment of the project to be funded
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Need
Approach
Benefits
Competition
Market need Which customer need have you recognised? What is the problem you want to solve?
In what way does your solution respond to the market need? Who are potential customers? Why would they buy/use the product/service?
Benefit in relation to costs How much are your customers willing to pay?
Competitive situation Who are your competitors? Why would the customer buy from you?
Funding How will you cover the self-funded proportion?
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 andconditions as Finnish companies
Funding application is required
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Funding for foreign owned companies
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Pre-evaluation Planning to establish a
subsidiary in Finland Engaging significant R&D
and business activities inFinland
Written business plan for Finnish activities
Basic information on the planned project
Letter of Intent 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
Funding for R&D projects in Finland Products, services,
production methods Business concepts Trial production or
demonstrations Organization and
management practices
Growing investments in R&D – public and privateActive 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
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Finland is a great innovation environment
Process for funding applications
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A project team is appointed. The team familiarises themselves in the
application and the applicant.
A further discussion with the customer for
more details
The project team prepares
a proposal to a funding meeting
The funding meeting makes a decision.
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.
Review of application data
Sounding and support discussion
The customer receives a notification of receipt
The customer submits an application in the
Online Services
Project follow-up
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The Tekes project team will keep contact with the customer and follow upon the progress of the project through reports and accounting statements.
Custom
er
Project implementationReports and accountingstatements
Project implementationReports and accountingstatements
Project implementationReports and accountingstatements
Accepting the funding decision with related terms and conditions
Project implementationReports and accountingstatements
The right to audit lasts for 5 years
Ex post report after 3 years
Tekes
Payment decision
Payment decision
Payment decision
Funding decision
Report approvals and payment decisions
A possible loan advance
Frequently asked questions
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Tekes pays for a part of the costs accordant with the project plan, which can include e.g. salaries,
travel expenses and purchased services.
We provide funding for the development of innovations that can create growth and new
business. Describe your idea and your company.
Tekes funding usually covers 35-50 % of project costs.
Do you have the will and ability to grow and renew? Do you have the resources and expertise?
We have “this thing”, canwe get funding for it?
What do you think aboutour idea?
What is requiredfrom us?
What can we do with it?
How much money can we get?
Do not hesitate to contact us!
www.tekes.fi/en
Tekes shares the risk of growth and renewal
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