With the recent closure of the Tempo call in October 2023 and its scheduled reopening today on March 26, 2024, eligible startups can embark on a transformative journey towards international growth.
In the dynamic landscape of entrepreneurship, the quest for international growth stands as a hallmark of success. Enter Tempo funding – a game-changer designed to fuel the aspirations of under 5-year-old startups poised for international expansion. Spearheaded by Business Finland, Tempo funding emerges as a beacon of hope for startups with groundbreaking product or service concepts. Its primary objective is to equip promising ventures with the resources needed to navigate global markets.
Crucial Criteria and Prerequisites: Securing Tempo funding necessitates meeting specific criteria, each serving as a stepping stone towards global success:
1. Realistic R&D Plan: To qualify for Tempo funding, having a solid follow-up plan for research and development (R&D) is essential. This plan should outline how you’ll implement your idea based on the results of the Tempo project.
2. Understanding Funding Parameters: Tempo funding offers a maximum of EUR 60,000, covering 75% of project costs up to EUR 80,000. This grant, a non-repayable sum, is disbursed in two installments: 70% after the funding decision and the remainder upon completion and submission of the final report.
3. Competing for Funding: Applications vie for Tempo funding, and meeting minimum criteria doesn’t guarantee automatic approval. Business Finland assesses each company holistically, considering factors like competitive advantage, R&D continuation plan, growth strategy and the team among other things.
Summary:
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- Plan the project and define clear goals.
- Fill the self-financing requirements
- Apply for funding
- Accept the decision after you have carefully read the Business Finland decisions, terms and conditions.
- Continue with the project and inform Business Finland if any major changes take place.
- Submit a report detailing your project’s progress and costs, along with any requested additional information.
More information and references:
We at Lexia are happy to answer any questions you might have related to Tempo funding or start ups.
Send your questions our way!
Senior Associate Marko Moilanen, email: [email protected], tel: +358 40 517 0002