The Deep Tech Accelerator, spearheaded by Business Finland, is a transformative program tailored for startups focused on advanced scientific and technological innovation. It provides funding, mentorship, and strategic support to help startups bring breakthrough technologies to market, scale their operations, and achieve international growth. For tech and ICT companies in Oulu, this program is a powerful opportunity to leverage their expertise in IoT, AI, and health tech to address global challenges and strengthen their competitive edge.
Understanding the Deep Tech Accelerator: Structure and Focus
The program is designed around three core phases, with each phase addressing critical aspects of startup development:
1. Grant Phase: Early-Stage Funding and Development
The purpose of this phase is to enable startups to transform cutting-edge research into viable commercial projects, bridging the gap between innovation and market readiness. Startups can receive a grant of up to €400,000, covering 75% of eligible project costs. This phase provides extensive guidance on market analysis, intellectual property strategies, and team building, equipping startups with the tools needed to succeed. For Oulu-based companies, this phase is particularly relevant for early-stage projects focused on embedded systems, advanced analytics, and AI-driven solutions, leveraging the region’s strengths in these areas.
2. Loan Phase: Market Validation and Scaling
The purpose of this phase is to validate the technology in real-world applications while refining business models to enhance market readiness. Startups can access a loan of up to €1 million, also covering 75% of eligible costs. This phase emphasizes the development of functional prototypes and pilot projects tailored to target markets, ensuring that innovations meet real-world demands. Additionally, it strengthens business models to attract investors and secure further funding. For Oulu-based companies, this phase is highly relevant, as they can leverage local innovation hubs and research facilities to test and improve solutions, particularly in health-tech and 5G/6G technologies, where the region has established expertise.
Specific Benefits for Oulu’s ICT and Tech Companies
Tailored Financial Support
The program provides up to €1.4 million per startup across two phases. This funding alleviates financial burdens, allowing startups to focus on innovation and growth.
Expert Guidance and Mentorship
Participants gain access to Business Finland’s network of industry experts, business strategists, and technical advisors who offer tailored advice on product development, market positioning, and scaling strategies.
Accelerated Market Entry
The program emphasizes rapid market validation through pilot projects and customer engagement, ensuring startups are well-prepared to launch commercially viable products.
International Expansion
Startups are supported in building global partnerships, accessing international investors, and participating in trade missions, providing opportunities to scale and establish a global presence.
Focus on Deep Tech Innovations
The program is specifically designed for startups developing transformative technologies across a range of advanced fields. In the area of Artificial Intelligence (AI), it supports machine learning applications and predictive analytics that have the potential to revolutionize industries. Quantum Computing is another focus, enabling startups to create advanced computational models capable of solving complex problems that were previously unsolvable. Robotics and Automation are also key areas, fostering innovations for industrial, healthcare, and service applications that enhance efficiency and productivity. The program places significant emphasis on Clean Tech, backing renewable energy solutions and green manufacturing processes that contribute to a more sustainable future. Lastly, Health-Tech is a priority, with support for telemedicine platforms, wearable devices, and precision diagnostics that aim to transform healthcare delivery and improve patient outcomes.
Step-by-Step Guide to Access Deep Tech Accelerator Funding
The journey to accessing funding through the Deep Tech Accelerator program involves several critical steps, each designed to ensure that startups are well-prepared to succeed. Here’s a detailed guide to navigate the process effectively:
The first step is to verify eligibility. To qualify for the program, startups must be less than five years old and have a business model deeply rooted in advanced technologies. The focus should be on addressing global challenges with high market potential, leveraging innovations in fields like AI, robotics, or clean tech. This ensures that only startups with a strong foundation and significant societal impact are considered.
Once eligibility is confirmed, the next step is to contact Business Finland. This involves initiating a dialogue with their advisors to discuss your project’s suitability for the program. Sharing preliminary details about your innovation and its potential impact will help Business Finland experts provide valuable feedback. This stage is crucial for aligning your project with the program’s objectives and preparing for a strong application.
The most critical phase is to prepare a comprehensive application. This requires outlining clear objectives for each stage of the program, from early-stage research and development to scaling and international expansion. Your application should highlight the uniqueness of your technology, its market potential, and its broader societal or environmental benefits. A detailed budget and project timeline must also be included, ensuring compliance with Business Finland’s guidelines. Crafting a compelling narrative about your innovation and its impact can make a significant difference in securing approval.
Use the “Young Innovative Companies” (NIY) application form to submit your proposal through Business Finland’s online portal. Ensure all documents are complete and submitted before the deadline.
Once your application is submitted, it enters the evaluation and selection phase. During this stage, Business Finland evaluates your proposal based on several criteria. The innovation potential of your project is assessed, focusing on its scientific and technological merit. The market potential is also scrutinized, with an emphasis on scalability and commercial viability. Additionally, the societal and environmental impact of your innovation plays a key role in the evaluation process. Proposals that excel across these dimensions are more likely to receive funding approval.
For successful applicants, the next step is to secure the grant and begin project implementation. Startups enter into grant agreements with Business Finland and commence project activities according to the approved plan. Business Finland provides ongoing oversight and support to ensure that projects remain on track and achieve their intended outcomes.
The final stage involves using the program’s resources to scale and expand internationally. This includes leveraging Business Finland’s networks to establish strategic partnerships, secure additional funding, and enter global markets. With expert mentorship and access to international trade missions, startups are well-equipped to overcome market entry challenges and achieve global success.
Conclusion
The Deep Tech Accelerator offers a transformative opportunity for startups to bring groundbreaking innovations to market, scale their operations, and achieve global success. With funding, mentorship, and international expansion support, the program is a game-changer for companies working on high-impact technologies
Don’t wait—reach out to Business Finland today and take the first step toward transforming your ideas into global solutions.