Turning Your Idea into a Digital Solution with Funding and Partnerships

Do you have an idea that could revolutionize your business and potentially serve new target audiences? Does your budding concept aim to improve existing practices and solutions? Often, these ideas remain at the conceptual stage due to a lack of resources, whether it’s funding, time, or expertise. How should you narrow down the problem or cultivate the idea to attract a software development partner and an investor?

The Right Partners from the Start

Innovations often stem from simple ideas that have the potential to change the world or, at the very least, make someone’s life better. Sometimes, a groundbreaking solution emerges from identifying a problem and taking action. When your idea or challenge begins to take shape in your mind, it’s also an excellent time to explore the available funding options and potential partners who can assist in realizing your project.

A business advisor can provide guidance on suitable funding tools for your project, while a development partner can help frame and phase the implementation process from the outset. A well-crafted implementation plan in collaboration with a software partner can facilitate the funding process.

Get Your Funding Vision in Order

Business Tampere offers free advice on funding applications for companies of all sizes operating in the Pirkanmaa region. At an early stage, this advisory service can provide insights into the types of funding available for your development project or company and what you should consider.

“It’s advisable to contact us in the early stages. There’s a lot of potential in the Tampere region to secure, for example, EU funding much more than is currently sought. In addition to public project funding, we also advise on how companies can find suitable private investors or suitable loan instruments,” says Tapio Siik, Senior Business Advisor at Business Tampere.

It’s beneficial to identify a funding tool early on that can help refine and advance your idea or address a specific challenge. This, in turn, enables better resource allocation for further developing your idea. Proper groundwork also enhances your chances in the next phase of the funding cycle.

Business Finland’s Innovation Voucher is an example of support available for advancing your own idea. Valued at €6,000, it can be used to acquire expert services that provide your company with new knowledge and expertise essential for innovation. Other funding options from Business Finland include the Tempo funding, which is aimed at startups with product and service ideas and can provide up to €60,000.

What Impact Does Your Idea Have?

Many stumble in funding applications by pitching their product or company to investors in the same way they would to a customer—focusing solely on the operation. However, it’s more important to highlight the impacts of your solution, whether they are economic, societal, or environmental.

A good starting point is to integrate your idea into your business right from the beginning: consider what the future holds for it and what objectives it aims to achieve beyond financial gain. This is intended to convince the investor that your innovation or product will continue to thrive after the funding ends. It’s important to contemplate how your idea can be monetized or how it can indirectly generate economic benefits. Through service and business design, you can refine your idea and provide it with clear parameters in terms of financial expectations.

Equally important is to understand the broader impact of your idea, innovation, or service. Themes such as societal impact, sustainability, the green transition, diversity, and equality are recurring themes in many EU funding programs. Impact can be intrinsic to the idea and may only require articulation, but it can also be strengthened by refining the idea. For instance, stakeholder interviews can provide insights and even suggestions for enhancing impact.

“Bold ideas without a business vision and impact no longer receive funding. Simply achieving results is not enough; impact is reiterated in the instructions of many project funders,” summarizes Siik.

Choosing Your Investor

Different investors emphasize different aspects, and not all of them provide funding to everyone. Therefore, it’s crucial to discuss with a financial expert which funding tools are suitable for your company’s situation. For example, public entities may support development projects with a noticeable impact on, for instance, the green transition in a specific industry.

However, it is of paramount importance to highlight why a development project aligns with the funder’s strategy or why a company would be an excellent investment for an angel investor or venture capitalist. Consequently, when seeking funding, you must consider impact alongside the business perspective. It’s important to remember that few projects receive 100% funding, so the project should also have its own financing.

A financial advisor can guide you in selecting the appropriate funding tool for your project or company. When creating project plans, many companies stumble and end up selling their product or company to the investor.

“When funding applications are directed to the right entities, it saves time and effort. This way, the interests of both the company and the investor align. In a successful funding application, the company chooses its investor,” says Siik.

Your Digitalization Dream Starts Here

Whether your idea is still at the conceptual stage, lacks a project plan, or is ready for implementation, you can turn to us. We can turn your vision into a functional digital solution with the help of our skilled team! We have extensive experience in diverse projects and want to be your partner on the path to innovation. Together, we can create a sustainably developed application, web service, or software from your dream.

When considering funding options for your digital solution, schedule a consultation with Business Tampere’s free financing advisory service through the appointment calendar.

And when you’re ready to take the first step from idea to implementation, arrange a meeting with Antti.