Business Finland is the Finnish Funding Agency for Innovation and this program has startups in mind. They have advisors in Turku, Oulu, Tampere, and Helsinki. As many as 88 companies have received € 1 million.
YIC divides their investment process into three phases. In the first phase you can get a grant of up to € 250 000. This can be used for sales and marketing for growing internationally and strengthening the team. The second phase can also give you a grant, maximum € 250 000. This is to achieve further international growth and scaling the business. In this phase it is also possible to acquire external funding. In the last phase it is possible to get a loan of up to € 750 000. The general period for grants is 6-12 months.
After sending in your application it can take up to a week until you are contacted. In the next round you will introduce your idea to an evaluation panel made up of investors and experts. The panel evaluates the company's business potential, its growth potential and development needs, and its suitability as an investment target. The evaluation is made on the basis of the material provided by the company, and on the basis of a presentation.
Business Finland selects the most promising, rapidly growing startup companies to the Young Innovation Company funding program. The companies have typically been in operation for at least three years, and have already used Business Finland funding services. When applying these questions it is important to consider: problem, approach, go to market, describing the business model and possible exits.
These are the basic requirements for prospective companies:
Less than five years old
Small and independently administered
Strong efforts within innovation activities
No distributed profits and not formed through a merger
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