Dual-Use Sparks Funding
Ignite Your Innovation with Dual-use Sparks Funding
Are you an innovative SME or startup in the Oulu region with a breakthrough dual-use product idea? Dual-use Sparks Funding, offered by Oulu Innovation Oy, is your agile, risk-free financing partner to turn ideas into market-ready solutions.
What Is Dual-use Sparks Funding?
A convertible loan program designed to support early-stage development and piloting of dual-use product innovations.
- Funding Range: €5,000–€30,000 for piloting a new dual-use product, provided the customer also commits resources.
- Flexible & Agile: No collateral or prior track record needed, with funding offered as an interest-free, unsecured, equity-based convertible loan.
- Collaborative Requirement: Must be linked to an Oulu-based research institute—either as the innovation source or as a pilot partner.
- Proof-of-Concept: Develop a prototype that meets customer needs and gathers real feedback.
- Revenue-Based Royalties: Pay 10% of generated revenue until the royalties equal twice the original loan amount. If no revenue is generated, repay at twice the original amount or convert the loan into company shares (e.g., €10,000 = 1% equity).
Who Can Receive Funding?
Tailored for growth-minded companies ready to scale internationally.
- Target Audience: SMEs and startups in the Oulu region from any industry.
- Innovation Criteria: Product- or service-based ideas with international market potential and a customer-oriented pilot environment.
- Mandatory Engagement: Must commit to presenting the innovation at defense-related events and maintain a connection to a local research institute.
How It Works in Practice
A straightforward process with expert support at every step.
- Loan Terms: A three-year, interest-free, unsecured convertible loan ranging from €5,000 to €30,000.
- Revenue-Based Royalties: Only pay 10% royalties on generated revenue; flexible repayment options allow early settlement anytime within the period.
- Non-Revenue Option: If no revenue is generated, repay at twice the original amount or convert the loan into equity.
How to Apply
A simple, guided application process ensures your innovation gets the support it needs.
- Prepare & Submit: Register and submit a free-form application detailing your company, customer case, solution, team, project plan, pilot details, international market potential, technological feasibility, and funding needs.
- Initial Review: The Diana Center Operation Team provides initial feedback and supports your application preparation.
- Evaluation & Decision: Your application undergoes business analysis by the Oulu Innovation finance team, then is forwarded to the board for the final funding decision.
Key Contacts
- Hannu Nikurautio (Diana Center Oulu):
hannu.nikurautio@oulu.fi | +358 40 729 0653 - Olli Löytynoja (Sparks Funding):
olli.loytynoja@businessoulu.com | +358 400 340 028 - Jussi leponiemi (Business Oulu)
jussi.leponiemi@businessoulu.com | +358 44 238 7860