Tempo funding is intended for under 5 years old startup companies with a new product or service idea. With Tempo funding, you can plan your company's international growth by testing the functionality of the idea, gaining feedback from potential customers and studying demand in the new international market. After the Tempo project, your company is ready to move on to a research and development project.
If your company is more than 5 years old, check out the Market Explorer financing service.
Funding call for Tempo will close on October 8, 2023 at 11:59 p.m. The call will be opened again at the beginning of 2024 at the earliest. The exact date will be announced separately. Once the call is closed, new applications cannot be opened in the online service, nor can previously opened applications be sent.
The maximum amount of Tempo funding is EUR 60,000. Funding from Business Finland covers 75 per cent of project costs that can be at most EUR 80,000. The funding constitutes a grant that does not have to be paid back. We will pay 70 per cent of the funding after the funding decision, and the remainder in conjunction with the project's final report.
Applications compete for funding and every company that meets the minimum criteria will not automatically receive funding. When making a decision, Business Finland always evaluates the company's business as a whole: competitive advantage and growth plan, team and adequacy of financing.
A Tempo project should include a balanced mix of market surveys, collection of early customer feedback, and the development of the business model, technology and the company. A significant portion of the project costs should consist of expenses other than research and development expenses, such as:
If the company is pivoting its business, it may be possible for the company, at its discretion, to receive another Tempo funding even if it has previously been granted Tempo or Kiito funding. Tempo can also be used e.g. for developing game business.
We require the company to have at least EUR 30,000 in equity financing. Examples of acceptable equity financing are
Funding must come from entirely private sources.
The company must have sufficient funds for project implementation and other activities.
The maximum total cost of a project funded by Tempo is EUR 80,000. Business Finland can pay an advance of EUR 42,000 for the financing granted, and the rest when the project has been completed and the company has paid all the costs incurred by the project. Thus, the funds required for the implementation of the project are 38,000 euros. In addition, we consider the financing needs of the company's other operations, which will continue alongside the project.
Business Finland assesses the company's financial situation using the income statement attached to the application (see section Apply for financing, Appendix 2).
You can use the tools you want to ensure the liquidity of your company during the project. The attached cash flow statement is suitable for companies with an established business.
Cash flow template (in Finnish)
Business Finland will not grant funding if:
Tempo funding is a form of de minimis aid. The maximum amount of de minimis aid that can be granted to one company over the current and two previous tax years is EUR 200,000. De minimis financing of companies belonging to the same group or control (eg on the basis of majority ownership or agreements) is added together.
Your company must assess how much de minimis funding it has received in previous years at the application stage. Such aid is granted by many public organisations, such as Finnvera and the ELY Centres.
The terms and conditions of funding indicate what costs Business Finland can finance, how project costs will be monitored and how the progress of the project must be reported.
Complete a survey and you will find out whether Business Finland can offer services for your company. Answering questions will take 5-10 minutes.
Send us your application and its attachments through our online services. In your application, describe the current state of your business operations, your personnel and resources, your growth vision for the future, as well as your project's activities, goals and costs. You can monitor the processing of your application in our online services.
Define 2–5 measurable goals for your project in your application. The goals must be linked to your project's concrete results and your company's business development. Project goals will be recorded in the funding decision, and Business Finland will monitor their achievement. Goal achievement will be an important factor when considering possible Business Finland funding for the next stage of the project.
Examples of project goals:
Attach a project plan with your application. The plan can be either entered directly in the application form fields, or attached to the application as a separate file. If you do not already have a project plan, you can use the Tempo project plan template.
Attach an income statement no more than two months old and a balance sheet from the current financial period with your Tempo application.
Costs can be approved from the date when the application was sent at the earliest. Eligible costs include:
If a person owns at least 10% of a company, EUR 3,000 per month is the maximum amount that can be accepted as their total monthly salary. The recipient of the funding may declare the salaries that will be paid in conjunction with the project.
Indirect personnel costs
Indirect personnel costs may not exceed 30 per cent of the wages paid.
Purchased services must be itemised in the project plan: service, service provider and costs. The services purchased must be expert services. Services purchased from interested parties will not be accepted. Purchased services must be put out to tender in accordance with the Act on Public Procurement and Concession Contracts if the amount of a single purchase or series of linked purchases is EUR 60,000 or more. A binding contract for the procurement of services should not be concluded before the submission of the application.
Other costs will be accepted up to the amount of 20 per cent of the amount of wages and purchased services. Other costs do not need to be itemised.
Plan a project and define its goals. Ensure the sufficiency of self-financing.
Submit your application through online services. Submit the additional information requested.
Business Finland will assess your application and notify you of its decision. Read the decision and its terms and conditions, and approve the decision in online services.
Arrange project accounting. Notify Business Finland of any changes.
Report your project's implementation and costs. Attach the additional information requested with your report.