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PUBLIC FUNDING IN FINLANDAND TEKES APPLICATION
IN DETAIL
Sergey Gerasimenko
Nordic Founders Meetupwith Aaltoes
YOUR OPTIONS AS A STARTUP
ELY keskusFinnveraTekesFiBANSitra
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
NORDIC STARTUB CLUB WITH AALTOES
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
NORDIC STARTUB CLUB WITH AALTOES
DEMO TIME
4 people team4 month prototype projectProject budget exampleWork Breakdown StructureTime Tracking exampleSee at github.com/nsc-cashflow
NORDIC STARTUB CLUB WITH AALTOES
COST PLANNING
Keep high:§Salaries§Social costs = Salaries x 30%§Overhead = (Salaries + Social costs) x 10-15%
Keep low:§Outsourced services§Travel§HW purchases
NORDIC STARTUB CLUB WITH AALTOES
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
NORDIC STARTUB CLUB WITH AALTOES
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
NORDIC STARTUB CLUB WITH AALTOES
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
NORDIC STARTUB CLUB WITH AALTOES