WHAT IS A CHALLENGE COMPETITION?
Business Finland has launched new challenge competitions in which companies with international operations agreed to resolve significant future challenges and increase their research, development, and innovation investments in Finland. If successful, these projects will lead to additional investments of several billion euros in Finland. The proposed projects were to solve significant future challenges and have a remarkable impact on the RDI (Research, Development, and Innovation) target of 4% and the employment target of 75% laid down in the Government Programme.
The winning companies have committed to increasing their RDI investments in Finland cumulatively by almost 1.5 billion euro in total. In addition, the leading companies were to boost RDI cooperation with research organisations and SMEs.
Business Finland’s funding has been a maximum of 20 million euro for the leading company and 50 million euro for the ecosystem assembled by the leading company.
OBJECTIVES OF THE CALL
The goals of the competition are considerable increases in research, development and innovation investments by the companies in Finland, as well as the creation of new jobs and ecosystems for new business operations worth billions of euros. The projects suggested by the companies participating in the competition must provide solutions to major future challenges, either to missions or significant technological challenges. They must have a significant impact on Finland’s competence, competitiveness and investment in RDI.
COMPETITION CATEGORIES
Leading companies: companies that operate globally and have the capacity to make major additional investments in RDI in Finland. The maximum amount of funding is EUR 20 million for a leading company and EUR 50 million for ecosystem partners.
Challenger companies: for companies that strive to grow into a global player, solve a smaller or more focused challenge, develop completely new business openings, or strengthen the role of a company operating in Finland in a globally operating group. The additional RDI investment promises are not quite as big as with leading companies. Funding for the challenger company up to 10 M€ and for its ecosystem 20 M€.
Co-Innovation and Research, development and pilot funding can be applied for continuously.
Two call rounds for Co-Research funding will be organized in 2024, ending on April 29 (note: one day earlier than previously announced) and August 30.
The deadline for the first phase is Thursday 5.9.2024 at 23.59.
9.4.2024 info webinar presentation (pdf)
Contact person
Marita Virtanen
Chief Funding Advisor
marita.virtanen@businessfinland.fi
+358 50 5577 662
Source: Business Finland