Verification funding Uminova Innovation

Important results from the project

The aim has been to strengthen and speed up the verification process for the startups in the incubator by providing and efficiently allocating funding for company-specific costs related to their own verification activities. Final follow-ups with each company have shown very good results from these resources. The verification funding has helped them to faster find market fit, suitable business models and first paying customers. The financing has been a good trigger and opportunity to make things happen faster and shorten the path to the "right" offer and verified customer value.

Expected long term effects

Verification funds have been distributed to 46 companies in the incubator during the 5 years the project has been running, and mainly to finance own work. The resources have provided them with an opportunity to focus on really examine the potential customers/market, and thereby learn about real value, willingness to pay, business model etc They have also been able to test new team members. This saves resources in the long run as they can more quickly come to a decision about the next step; should they continue as planned, do they need to pivot, or maybe even finish the work with the business idea

Approach and implementation

The verification funds have been able to apply for by the startups in the incubator via an internal application procedure. The funds have been granted linked to an action plan with clear activities and goals and has stretched over 3-6 months. Besides having relevant action plan, the team and future market potential have been taken into account in the decisions. The financing has been transferred in installments and the incubators´ business developer has regularly followed up to ensure progress. 10% has been withheld until a written final report has been submitted and approved.