Are you applying for funding under the Innobooster scheme? Here are 10 tips to help ensure that your Innobooster application meets the requirements.
When writing your Innobooster application, it is important to explain your idea and the project as well as its potential. The application is assessed based on novelty, value creation and commercial potential, execution, and financial effect – and this must therefore be clearly evident from the application.
Below you will find 10 useful tips for your Innobooster application:
1. Be specific in the technical description
Describe the purpose of your product or service clearly and precisely. It is important that the reader quickly understands what you want to do and why!
2. Describe how your idea differs from similar ideas
Briefly and precisely explain why your idea is different from already existing products or services. Where is the innovation in your product/service?
3. How far have you come with the idea?
Give an overview of which phase of product development you have reached. How far is your product/service from the market, and what is required to move forward?
4. What does your team look like? Are the necessary competencies in place to carry out the project? Will you need external advisors?
Explain which resources/competencies you have and which you lack. Does it require hiring new employees or temporary external resources?
5. What is going to happen in the project? Describe sub-activities and who is responsible for each
Provide detail so the steps are visible, making it clear what will happen and what will be delivered in each activity.
6. Establish a project group
Set up a project group in the company that is responsible for your development project. Define roles and responsibilities clearly.
7. Who is the target group? What does the market look like?
Describe which target group your product or service is aimed at, and include a description of the market, including competitors and any particular market conditions.
8. How will you sell your idea and what can you earn from it?
How will the product/service be marketed and distributed? If you have customers already interested in your solution, mention them!
9. Create a business plan
Describe the potential and explain the business model. What are your expectations for price, earnings, and revenue, etc.?
10. Make a budget. Find out what the project costs internally and externally
Set up a budget that shows the costs associated with the development project – both in terms of internal hours and in terms of external costs such as approvals or similar.
