Tempo Funding, provided by Business Finland, is a grant program specifically designed to help startups prepare for international markets. It enables companies to validate their business concepts, gather customer feedback, and refine growth strategies to compete globally. For startups in Oulu, this program is an invaluable resource for accelerating international ambitions and building a competitive edge.
Understanding Tempo Funding: Structure and Focus
The program is designed to support startups in three key areas that prepare them for international growth. Tempo Funding provides startups with the resources needed to test their business ideas and gather insights directly from target markets. This includes reaching out to potential customers, conducting market research, and ensuring that the product or service aligns with global demand. By validating their concepts early, startups can make informed decisions and reduce risks associated with market entry.
Additionally, the program allows startups to refine and optimize their business models for international expansion. This involves creating scalable strategies, identifying key growth drivers, and ensuring that operations align with market requirements. Whether it’s pricing strategies, supply chain adjustments, or partnership models, Tempo Funding helps startups build a foundation for sustainable growth.
Furthermore, the program supports the internal development of the startup team by covering personnel costs associated with the project. This ensures that companies have the right expertise and capabilities to execute their plans effectively and meet project milestones.
Specific Benefits for Startups in Oulu
Tempo Funding provides a non-repayable grant of up to €60,000, which covers 75% of the total project costs. The maximum project budget is €80,000, allowing startups to focus on their projects without the added pressure of financial repayment. To facilitate swift project initiation, 70% of the funding is disbursed immediately after the funding decision. This ensures startups can begin activities without delays, with the remaining 30% provided upon successful completion of the project and submission of a final report detailing the outcomes.
For startups in Oulu, a city recognized for its strengths in ICT, IoT, and health tech, Tempo Funding provides the resources needed to align innovative products and services with international market expectations. By leveraging this program, startups can validate their ideas, refine strategies, and position themselves as global competitors.
Comparison with The Deep Tech Accelerator
While Tempo Funding and The Deep Tech Accelerator both support innovation and growth, their focus and scope differ significantly. Tempo Funding is targeted at early-stage startups, helping them validate business concepts and prepare for international markets. It offers a maximum of €60,000 in non-repayable grants to support short-term projects. In contrast, The Deep Tech Accelerator caters to startups and SMEs working on advanced technologies that are ready for scaling and commercialization, with funding of up to €1.4 million available across multiple phases, including grants and loans.
Tempo Funding emphasizes market validation and business model refinement, while The Deep Tech Accelerator focuses on prototyping, technology development, and scaling operations. Additionally, Tempo Funding is designed for projects with quick turnaround times, whereas The Deep Tech Accelerator supports long-term initiatives often requiring years to execute fully.
Step-by-Step Guide to Access Tempo Funding
- Verify Eligibility
Startups interested in Tempo Funding must meet certain criteria. The company should be less than five years old, and the product or service must be innovative and aimed at international markets. Eligibility ensures that the program is targeted at early-stage businesses with the potential for global growth. - Develop a Project Plan
A strong project plan is critical to securing Tempo Funding. It should clearly define the objectives of the project, such as testing a product’s market viability or gathering feedback from potential customers. The plan must detail key activities, such as conducting surveys, holding product demonstrations, or attending international trade shows. Additionally, a clear breakdown of the project budget is essential, ensuring the total costs do not exceed €80,000, with at least 25% covered by the company’s own resources. - Submit the Application
The completed project plan, along with necessary documentation, must be submitted via Business Finland’s online platform. Applications should include detailed information about the company, its vision, and the proposed project to demonstrate alignment with Tempo Funding’s goals. - Evaluation
Once submitted, Business Finland evaluates the application based on several criteria. Innovation potential is assessed by determining whether the product or service offers something unique or groundbreaking. Feasibility is reviewed to ensure the project is realistic and can be successfully executed within the given timeframe. Finally, the market potential is considered, focusing on whether the product aligns with international demand and has a viable market. - Receive Funding and Start the Project
After approval, 70% of the funding is disbursed upfront, enabling startups to begin implementation immediately. Activities such as market research, product refinement, and customer engagement can commence without delay. - Complete the Project and Report Results
At the conclusion of the project, startups must submit a final report detailing the results achieved, challenges faced, and lessons learned. Once the report is approved, the remaining 30% of the funding is disbursed, completing the funding cycle.
Conclusion
Tempo Funding is a vital resource for startups in Oulu looking to prepare for international expansion. By providing financial support, guidance, and resources, the program helps startups validate their ideas, refine their strategies, and position themselves for success in global markets. For startups further along in their journey, The Deep Tech Accelerator offers substantial funding and long-term support to scale and commercialize advanced innovations.
Don’t miss this opportunity to accelerate your growth, visit the Tempo Funding page to learn more and begin your application today.