Innofounder is a programme under Innovation Fund Denmark, that invests in entrepreneurial ideas in the early stages within all industries. The programme is built around monthly stipends for up to 3 founders and a development grant of DKK 100,000. The purpose is to accelerate the development of innovative business ideas from an early stage and prepare them for market launch or to attract investment.
The Innofounder programme is for entrepreneurial ideas in the early stages. I.e., before revenue is generated or investment is obtained from private investors. As such, there are a few administrative requirements for applicants:
- The company must be less than 3 years old.
- The founder(s) applying for support must work full time in the applicant company (37 hours per week)
- The founder(s) applying for support must own a minimum of 12.5% of the company.
- The founder(s) applying for support must have completed a higher education (120 ECTS credits) at the start of the Innofounder programme.
Your application will be judged on three criteria:
- The quality of the idea: Explain the level of the idea's innovation, what research or business experience the idea has grown out of and why it differs significantly from the competitors in the market.
- Impact: Explain who your potential customers are and why they are interested in your product. Explain your market and your business potential and explain how your project can create growth and employment in Denmark and / or contribute to solving societal issues.
- Execution: Introduce your team and explain which competencies you each contribute to the project. Explain which competencies you have / will need to add to the team. Explain how you can use the Innofounder course to get from the idea stage to a financially sustainable business.
What the Innofounder programme provides
Companies that are approved for Innofounder will be part of a 12-month acceleration programme with workshops, expert presentations, mentoring sessions, pitch events and networking with other entrepreneurs in the Innofounder program.
During the course, the company will be paid DKK 100,000 for development and DKK 27,500 per founder (max. 3 founders) every month for 12 months.
Once the Innofounder process is completed, the participating company will be financially sustainable either through product sales or by raising additional public or private investment.
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