Call for Proposals: Mobilising Capital for Nordic Growth and Scale-ups

FAQ

Eligibility and consortium

• What are the minimum Nordic consortium requirements? 

The application should include partners from at least three Nordic countries. The requirement concerns the registered entities, not the nationality of an individual project manager. The partners should be independent organisations that form a genuine Nordic consortium; separate offices or legal entities within the same company group are not sufficient on their own under this call. There are also some special occassions where an organization / applicant that is not registered in a Nordic country can qualify for financing. In these cases the organization needs to show a clear affiliation to the Nordics. Example of such organizations are chambers of commerce or trade and promotion organizations concerning a Nordic country, or country offices of a company headquartered in a Nordic country. 

• Can academic institutions, research institutes, start-ups, SMEs and NGOs apply? And are there any limitations as to what type of entity could be the lead? Any requirements for non-profit or for-profit? 

All types of entities mentioned above can participate and receive funding, provided that they are based in the Nordic countries and that the consortium includes partners from at least three Nordic countries. There are no limitations as to what type of entity could be the lead. Both for-profit and non-profit organisations may participate. 

• What counts as a consortium partner? 

A formal partner should be a legal entity with a defined role, tasks, budget, contribution and responsibility for project delivery and reporting. Informal collaborators and network contacts may strengthen the project but do not normally count towards the minimum consortium requirement unless they formally join. 

• Can organisations participate without receiving funding or taking on a formal reporting role? 

Yes. Organisations may also contribute without being official funded partners. Please indicate them in the applications and explain their role and contribution. Such participants do not replace the required formal consortium partners. 

• Must a VC, fund or other financing-sector organisation be a formal partner? 

No. For example investor associations, innovation organisations, corporations, programme operators and other actors are also suitable. The proposal must demonstrate a genuine connection to investor and capital ecosystems, and contribution to the project; direct participation by a fund is not a stated requirement. 

• Can a data partner be included? 

Yes. A data partner may complement the consortium. Nordic Innovation assesses the proposal and consortium as a whole, including the relevance of each partner’s role. 

• Can non-Nordic organisations participate, and can a project connect the Nordics with international markets? 

Non-Nordic organisations may participate when this adds Nordic value; however, Nordic Innovation funding can only go to Nordic partners and the minimum requirement of partners from at least three Nordic countries still applies. The project may connect the Nordics with international markets; the collaboration and capital-attraction activities do not need to remain within the Nordics. 

• Must individual applicants have a national mandate? 

No. National organisations are relevant because the call seeks added value from linking and scaling initiatives at Nordic level, but applicants do not need to have national mandate. The key is credible cross-border collaboration and clear Nordic added value. 

• Can new organizations (businesses or NGOs) that have just been created apply? Is it beneficial if the organization is older? 

Yes, new organizations can apply. However, it is important that the entity has the capacity and competence to carry out the project successfully. 

• Is it mandatory to have partners from at least three Nordic countries at the time of application? 

It is mandatory to have partners from at least three Nordic countries at the time of application. Each partner needs to sign a letter of intent, which is included in the application process. 

• Is there any minimum operating history or revenue requirement for participating companies?  

There are no such minimum requirements, although the entity should be already established at the time of submitting the proposal. The consortium's competence and capacity will be evaluated according the evaluation criteria described in the call text.

• There is following sentence in LOI; what does that mean in practice? The sentence says: “Should this project receive funding from Nordic Innovation, I furthermore confirm that [Partner name] would be within the limits set by the EU/EEA regulation on de minimis state aid.

This sentence refers to the EU/EEA regulation on state aid. 
In a nutshell:   

• If an organisation carries out economic activity, the grant from Nordic Innovation is considered State aid and will be treated as de minimis aid. The recipient must provide a declaration of other de minimis aid received during the previous three years, and Nordic Innovation will report the aid it provides. 

• If an organisation does not carry out economic activity, the grant is not considered State aid. In this case, Nordic Innovation will require written confirmation that the organisation does not carry out economic activity (later in the process if the proposal has been selected and it proceeds to the contract formalities) 

It is up to the grant recipient to consider its own status under the state aid rules.  

There is further information on Nordic Innovation’s web page: Nordic added value | Nordic Innovation; 

"It is a requirement that all grants from Nordic Innovation comply with the aid rules of the European Union and the Agreement on the European Economic Area (The EEA Agreement). However, organizations under the Nordic Council of Ministers were given new guidelines for State Aid as of 2019, and these applies for Nordic Innovation. 
 
The support you are being offered is being granted in compliance with Commission Regulation (EU) 2023/2831 of 13 December 2023 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid, EUT L, 2023/2831, 15.12.2023. 
 
Grants from Nordic Innovation comes from the five Nordic governments and a Nordic undertaking is allowed to receive up to EUR 300,000 of de minimis aid from each of the Nordic countries. Consequently, a Nordic company can receive up to EUR 1,500,000 over a rolling period of three fiscal years from Nordic Innovation under the De Minimis regulation, given that the company has received no grants as De Minimis Aid prior to this grant. 
 
A grant falls outside the scope of the State Aid rules to the extent that the recipient does not qualify as an undertaking for the purpose of State Aid rules or the activity financed by the grant is non-economic in nature. 
  
Where a grant recipient considers that it does not qualify as an undertaking for the purpose of State Aid rules, or that the activity financed by the grant is non-economic in nature, the grant recipient must provide Nordic Innovation with the information and documentation necessary to substantiate this assessment. 
 
Prior to the award of aid, each grant recipient must provide information on all de minimis aid received during the current calendar year and the previous three calendar years, upon signature of contract. The purpose of this requirement is to enable the aid provider to verify compliance with the cumulative ceiling of EUR 300,000 per single undertaking per EU Member State/EEA State." 

Co-funding and budgetary questions 

• Does the 50% co-financing requirement apply to all partners equally or is it calculated at the project level? 

The 50% co-funding requirement applies at the project level, but Nordic Innovation expects all project partners to contribute some level of co-funding. As a general indication, at minimum around 10% co-funding per partner on their costs is considered acceptable. Please see calculation example below. 

• The call says each partner must have a minimum of 10% co-funding. Does that mean 10% of the partner's own budget, or 10% of the total project budget? 

The aim for this is to secure that the project has true Nordic value-add and that there is also own co-financing / contribution from all the consortium members. This 10% is calculated from this partner’s own costs related to the project. To give an simplistic example: If a single partner has 100 NOK costs for the whole project, they should at minimum finance 10 NOK of the costs themselves. This financing could be also for example working hours.  

It is good to note that the 50% co-funding requirement still applies at the consortium level. 

• If co-funding includes a grant (that is not public funding) received by a project partner, would this grant in such a case belong to the ‘own contribution’ or the ‘other contributors’ line in the budget template? 

A grant that is not public funding and is used to cover project costs should normally be reported under ‘other contributors’ in the budget template. 

• If a partner's staff are paid from public grants, should their in-kind hours be entered as public financing rather than own contribution, and do they then count towards the 50% cap on public funding? 

The 50% public financing maximum concerns Nordic Innovation's financing and other external financing that the consortium or project partners get in connection to conduct activities to carry out the project. Therefore, for example if the applying organization is a public organization, or salaries of persons who work on this project are funded with grants in an ongoing basis in their organizations (for example researches), these are not counted as public financing when calculating the 50% threshold. On the other hand, if the consortium or partner receive other external public financing to carry out the activities in the project, that is counted as public financing on the maximum 50% threshold. 

• Can in-kind be other than work hours? For example, if a project partner is paying their own travel tickets and accommodation to an in-person project event, can their value be counted as in-kind co-funding? 

In-kind co-funding is generally understood as working hours directly linked to the project (Nordic Innovation's approved hourly rate 2024.pdf). Costs such as travel, accommodation, or participation expenses paid by partners themselves are considered financial contribution and count also as a part of the co-funding. 

• Could we allocate running costs as equipment in the budget, and include co-financing in running costs or equipment?

Only the cost categories listed in the call text are eligible. Overhead or general running costs are not eligible. Costs must be directly linked to project activities and fit under one of the defined categories, such as equipment and material. 

• Regarding co-funding, how do you calculate hourly rates, or what are the criteria for valuing time?

Here you can find how to calculate the hourly rate. Nordic Innovation's approved hourly rate 2024.pdf 

• What is the definition of co-funding? Does co-funding refer to the total of ‘own contribution’ and ‘other contributors’, or solely ‘own contribution’? 

Co-funding refers to the share of total project costs not covered by Nordic Innovation funding. It includes both own contributions from project partners (cash and/or eligible in-kind contributions), and contributions from other non-public sources (“other contributors”). 

• Will Nordic Innovation pay all of the grant to the Project Owner (= Contracting Partner) who then further disburses it to the Project Partners (= Co-operating Partners)? Or will / can Nordic Innovation pay directly to different Project Partners their share of NI funding? 

Nordic Innovation enters into a grant agreement with the project owner (contracting partner).  Nordic Innovation disburses the full grant to the project owner, who is responsible for managing the funds and transferring the agreed shares to the project partners in accordance with the consortium agreement and approved budget. 

• Must funding, work and activities be distributed equally among partners or countries? 

No. There is no fixed formula or requirement for an equal geographical distribution. Each partner receiving financing should make a meaningful contribution, with around 10% indicated as a minimum contribution to demonstrate genuine involvement. The remaining allocation should reflect the partners’ roles and contributions and the Nordic value created. 

• Can an owner’s unpaid working hours be counted as in-kind co-financing? 

Nordic Innovation does not currently have a model for valuing in-kind working hours when no salary is paid. Applicants should therefore use the current guidance for internal hourly rates.  

• What does the reference to 20% per country mean? 

It concerns de minimis aid calculations, not the project budget allocation. Because Nordic Innovation’s funding comes from five Nordic countries, the aid is attributed as 20% from each country for state-aid purposes. 

• The call says the share of in-kind contributions must be reasonable and well-balanced. Is a project where all co-funding is in-kind hours acceptable, or do you expect some cash co-funding? 

All co-funding in in-kind hours is also acceptable. The proposal is evaluated as a whole, and the budget is expected to cover the planned activities (also for example possible communication activities and travels). 

• Can in-kind hours from investors who take part through commitment letters, but are not consortium partners, be counted as co-funding under "Other contributors"? 

Yes, in case these partners wish not to seek (or do not qualify) for financing, their in-kind hours can be included here without them needing to submit a separate budget template. In the application it is important to state who these are and what their role is in the project.

• Do working hours from companies and investors that participate into an event that we organize quality as in-kind hours to the project?

No, the working hours for organizations whose role is purely to participate into an event do not quality for in-kind hours under this call for proposals (even though the event would be included in the proposal). Even though an organization would not be an official  consortium partner, the in-kind hours qualify only if this organization has a clear role in contributing to the project overall (for example, being part of organizing the event).

• Can we include in-kind hours only from organizations that are stated in the application, or can we also include in-kind hours from organizations that are yet unknown and will be mobilized after the application period?

No, allocating in-kind hours as part of the budget in the application process is not allowed in case it is unknown which organizations will contribute and how.

Application process and practical support

• Can an organisation participate in more than one application? 

Yes. An organisation may lead one application and participate as a smaller partner in another, provided it has sufficient resources to fulfil both roles if both projects are funded. An consortium may also submit several applications. 

• Does Nordic Innovation provide a list of potential consortium partners or broker partnerships? 

Nordic Innovation does not maintain a curated partner list for this call. It may provide guidance on specific questions, and applicants are encouraged to contact relevant domestic and Nordic associations to identify suitable partners. 

• How many projects does Nordic Innovation expect to fund? 

Nordic Innovation aims to fund approximately one to three projects. The final number will depend on the proposals received and the funding requested, and Nordic Innovation may adjust the number as stated in the call text. 

Project scope and activities 

• What types of projects, sectors and growth companies can the call support? 

The call welcomes different types of proposals that address its objectives. A proposal may also focus on a specific sector or verticals, provided it explains the relevant capital gap and why the focus matters. “Growth companies” and “scale-ups” are used broadly within the same bracket; the main target is genuine scale-ups and later-stage companies facing scale-up financing needs, rather than large incumbent companies or primarily early-stage initiatives. 

• Can a project build on an existing collaboration or develop and test a new offering? 

Yes. A project may build on an existing collaboration, but the funding should catalyse something new or additional—activities or results that would not otherwise take place. Business development and testing may be eligible when it contributes to the call’s objectives, but the grant should not subsidise ordinary sales, routine business development or normal operating activity. 

• Are there technology readiness level or market-readiness requirements? 

No specific technology readiness level applies, and an offering does not need to be on the market. The call is not limited to technology products and may support new concepts, platforms, networks, forums or other approaches that address the scale-up financing gap. 

• How important is sustainability? 

Sustainability is a key part of Nordic Innovation’s vision. The call does not prescribe specific sustainability themes, so applicants may propose different relevant approaches and should explain how sustainability is reflected in the project. 

External services

• Can/should key external service providers be specified already in the application phase?

Key external service providers may be indicated in the application if known, but this is not always required. What is important is that the need for external services is clearly described and justified. 

• What kind of rules apply to the purchase of external services? Does Nordic Innovation have specific requirements related to competitive tendering, for example?
• Project partners are expected to follow applicable national procurement rules and ensure that purchases of external services are made on market terms, in a transparent and cost-effective manner. Nordic Innovation does not impose separate procurement procedures beyond this but may request documentation if needed. 

• If there is only one credible external service provider available in the market, is it possible to nominate it without competitive bidding?

Yes, this may be possible, provided that the situation is well justified and documented, and that the price and terms can be demonstrated to be reasonable. 

• Is it possible to purchase external services from a consortium member (not receiving Nordic Innovation funding)?

External services refers to services purchased from outside the consortium.