Financing mechanisms are covering the following innovation development phases:
1. Discovering and Ideating
You have an idea for a product or service, but you need some financing to be able to develop the first prototype or refine the concept and write your business plan. You might have a company, or don’t have it yet, maybe you are a student – or just a private person with a good idea and you need more information about financing and e.g., financial support for starting the business or preparing deeper market analysis.
You have developed the first prototype or business concept, but you need financial help to be able to perform some user tests, and to further develop the prototype into a product that can be produced and marketed. You might need financing for IPR’s etc.
3. Assessing and Going to market
You have an actual product and want to start up a company and go to the market. You need financing to be able to go to the market and build up the necessary structure for marketing and distribution, (equipment, machines, software, human resources, spaces) etc. You might also have a company already but need financing to be able to grow the business.
4. Scaling up and Networking
Your start-up company is doing fine with the product, but you need more financing to be able to open new markets (maybe internationally) and to grow; for expanding abroad you need financing for marketing studies, testing the market demand, piloting the concept, validating the markets, consultation for internationalization, IPRs and patents etc.