Finland needs all the means to create new businesses and innovations. One key factor is the effective commercialization of research ideas by universities and research institutes. Business Finland has had a tool for this, New Business from Research Ideas (TUTLI) funding, which has now been transformed into a more efficient Research to Business funding service.
- The purpose of the reform is to enhance the impact of Business Finland and to develop services for our research organization clients, says Director Minna Hendolin from Business Finland.
Business Finland has allocated approximately EUR 20 million in TUTLI funding annually. With the help of funding, several companies in the growth path have emerged, such as Dispelix, Iceye and Paptic.
The basic idea of funding has not changed. Like TUTLI, Research to Business funding is aimed at researchers in public research organizations who want to build new business from their research and commercialize research ideas. At the same time, the team will be able to grow their own commercialization expertise.
The funding can be used e.g. for technology or novelty searches, determination of customer value and functionality and proof of relevance. The actual product and business development will occur either within a new company being established or as a new business activity in an existing company.
The financial service reform will steer funded projects to deliver stronger results. The work is supported by a project steering group that monitors the achievement of goals. In addition to financing, there will also be concrete help, for example, in finding investors and market opportunities.
Business Finland and funding applicant will set together 3–5 concrete and measurable goals for the preparation of commercialization, which are based on the project plan and applicants suggestions.
Business Finland funds projects in 1–2 phases, where the results in phase 1 have influence on funding for phase 2.
The steering group of the project monitors that the project is implemented in accordance with the approved plan and objectives and that at least 40% of the project costs are used for the commercialization preparations.
In the future Business Finland will support commercialization preparation by offering different services and events where the teams can network with investors and other parties and also ascertain their interest and market opportunities. In addition, we will open our DealFlow Finland tool for those Research to Business projects, which are close to the end and targeting for a startup, to wake the interest of international investors.
With Research to Business funding it is also possible to prepare a funding application for the European Innovation Council's (EIC) Pathfinder funding, which will start next year 2021. More information on EIC's web pages.
Research to Business funding can be applied for twice a year, in the spring and the autumn. The first call for 2020 has been opened.
Business Finland will fund Research to Business projects in public research organizations where the project team prepares a research-based idea for commercialization and carries out applied research which support the commercialization. The purpose of the commercialization preparation is to clarify the potential exploitation paths of the research idea and to help choose the most promising paths and ways that can lead to business either in a new start-up or in an existing company.
The call for applications, submit your application by 5.3.2020.
+358 50 3962 923
jaana.rantanen (at) businessfinland.fi