public funding in finland and tekes application in detail | nordic founders

PUBLIC FUNDING IN FINLANDAND TEKES APPLICATION

IN DETAIL

Sergey Gerasimenko

Nordic Founders Meetupwith Aaltoes

YOUR OPTIONS AS A STARTUP

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NORDIC FOUNDERS MEETUP WITH AALTOES

TEKES APPLICATION NABC

Prepare answers about:• Need (what your idea solves)• Approach (how)• Benefit (who need it)• Competition (who is there)

NORDIC STARTUB CLUB WITH AALTOES

TEKES FUNDING OPTIONS

o Prototype <50K - 50% grant (3-4 month)

o R&D <200K - grant or 70% loan (4-9 month)

o Growth <1.25M - 75% grant/loan (1-2 years)

o Remember “de minimis” rule – company can not receive more than 200k in 3 years as grants

o More at Tekes website

o Expect up to a month or “review” time


USUAL PATH FOR A STARTUP

1. Raise 25K own capital2. Loan 25K from Finnvera bridge3. Submit 50K project application4. Receive 25K grant5. Pay back 25k loan


DEMO TIME

4 people team4 month prototype projectProject budget exampleWork Breakdown StructureTime Tracking exampleSee at github.com/nsc-cashflow


COST PLANNING

Keep high:§Salaries§Social costs = Salaries x 30%§Overhead = (Salaries + Social costs) x 10-15%

Keep low:§Outsourced services§Travel§HW purchases


REPORTING

Up to 4 months – one timeUp to 9 month – two timesFinal report needs an auditor approvalAll cost have to be paid in fullAll cost have to occur during project timeline (approved start/end dates)Processing takes from 1 to 3 monthsReporting forms (Y4) at Tekes website


GENERAL TIPS

Keep record of project hours (158 max/month)CEO can not claim more than 75% of salary

Make sure all salaries are paid within project timelineDo not holidays or sick leaves as working timeDo not mix with other sources of public funding (palkkatuki)Remember to include auditor fee to the project Work on your credit rating - pay all bills on timePrepare cost claims beforehand and send on the day following end of the projectPlan cashflow carefully


DISCLAIMER

AUTHOR HAS NO AFFI L IATION WITH TEKESALL PROVIDED INFORMATION REPRESENT PERSONAL V IEW OF THE AUTHORMORE INFO AT WWW.TEKES .FI

prepared forNordic Founders Meetupwith Aaltoes


public funding in finland and tekes application in detail | nordic founders

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