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Innovation funding

Understand emerging markets and further develop your product with the help of innovation funding.

innovaatiorahoitus innovaatiorahoitus
Does your company have a solution to a global challenge?

Finnpartnership’s innovation funding supports Finnish companies that want to develop and test innovative solutions together with local partners in emerging markets. Entering a new market requires understanding the local environment, and often further product development is needed to ensure the solution fits local conditions. This is where innovation funding supports your company.

What does innovation funding offer?

Innovation funding can be used to further develop a product as well as, for example, the services, processes, and business model surrounding it. Among Finnpartnership’s project types, innovation funding is the only one that enables actual product development work.

Innovation funding is intended for companies that have a research and development (R&D) project funded by Business Finland or an Economic Development Centre (former ELY Centres). The project can either be ongoing or one that was completed no more than five years ago. The innovation funding project must have a clear link to the R&D project.

Eligible R&D projects include: ​

Innovation funding projects must always support one of the targets of the UN Sustainable Development Goal 9 (Sustainable Industry, Innovation and Infrastructure).

Summary of innovation funding conditions
  • Support rate: 70% of eligible costs
  • Maximum grant: €300,000 (de minimis support)
  • Project duration: up to 24 months
  • Target markets: all emerging markets
  • Reimbursement: retroactively, based on actual, audited costs, paid in maximum two instalments during the project
  • Local partners in a key role

Innovation funding emphasises co‑creation with local innovation partners. Work purchased from these partners must account for at least 40% of the project’s total costs in project phases 2 to 5. Partners may include, for example:

  • local companies
  • research organisations
  • non‑governmental organisations

What can be included in an innovation funding project?

  • Research, development and innovation activities, including business model development and commercialisation of research results 
  • Identification of innovation partners, customers, piloting partners and product-market-fit in relation to innovative solutions being developed 
  • Network development, for example, to identify investors and pilot sites for solutions under development 
  • Market research, feasibility studies, and environmental and social impact assessments for solutions under development 
  • Piloting or demonstration of solution under development 
  • Planning for local training and capacity building for solutions under development 
  • Required external experts (consultants and legal services) 
  • Work carried out by internal staff 
  • Work of the local innovation partner (min. 40% of eligible costs in project phases 2 to 5)
  • Piloting: work related to planning, training, technical assistance, and installation; essential equipment and space rentals for piloting; and, where justified, reasonable equipment investments, construction, and freight costs 
  • Travel: including flights and other public transport, accommodation, daily allowances, and rental cars in the target country 
  • External experts (consultants, legal services) 
  • Other expenses: visas, vaccinations, insurance, official fees, certifications, etc. 

Read more about innovation funding in the terms and conditions of Business Partnership Support. Should innovation funding not align with your company’s internationalisation activities, we recommend that you have a look at the other project types eligible for Finnpartnership’s financial grant. 

Preparing an innovation funding application

Innovation funding is applied for through the Ministry for Foreign Affairs’ e‑service, just like other Finnpartnership project types. When applying, be sure to include the required attachments, which includes, for example, the development impact assessment questionnaire and the R&D form.

Development Impact Questionnaire

One of the mandatory attachments to the innovation funding application is the development impact questionnaire. It covers the challenge to be addressed, the proposed solution, its future potential, and potential risks.

Completing the results framework before submitting the project application is recommended to ensure the project logic aligns with standard development cooperation practices. Finnpartnership can assist in completing the results framework if needed.

R&D Form

Applicants for innovation funding must also fill in an R&D form to clarify the connection between the original R&D project and the planned innovation funding project.

All application instructions and required forms can be found here: Application instructions and forms – Finnpartnership

If innovation funding interests you, we encourage you to get in touch with Finnpartnership — let’s take a closer look at your project idea together!

Contact us:

Topi Hukkanen

Business Partnership Officer

Consortium projects, innovation funding

+358 (0)40 139 8419