🇫🇮 Generative AI: Funding call for SME and midcap companies’ Proof-of-Concept projects

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Funding for using generative AI in international growth business. The Generative AI funding campaign will run until the end of 2024, but companies can apply for funding after that as well.

Finland needs new radical innovations. Only with them can we respond to global competition. Could your company find a significant international competitive edge by exploring the possibilities of generative artificial intelligence (AI) in your product, service, business model, and/or production methods? This can now be explored using Business Finland’s Proof-of-Concept funding, which typically provides a subsidy level of 50 percent to SMEs.

Business Finland’s Generative AI campaign funds Proof-of-Concept research projects (PoC) related to the utilization of generative AI for Finnish small and medium-sized enterprises and Midcap companies (group-level turnover below 300 million euros).

The research project does not result in a finished product or service

The problem to be solved in the project may relate to either increasing the value of an existing product/service significantly or researching a completely new product or service concept.

The solution must have a significant positive impact on the applicant’s international competitive advantage and exports. The project may aim at a significant renewal of existing products, services, business models or production methods or at the development of entirely new ones.

The projects funded will focus on industrial research using generative AI technologies, typically aiming to:

  • generate new knowledge for the company’s own industry on how generative AI technologies can significantly improve the value of existing products, services or business models, or
  • to explore the use of generative AI technologies in a completely new product or service concept or business model in a way that will significantly support the growth of the company.

The funding provided through this call can only be used at researching the application and/or development of generative AI technologies. It is not allowed to use the funding at company’s broader research or development activities.

  • The typical project size is between 100.000 and 200.000 euros, to which SMEs can get 50 percent subsidy. When the project content is entirely industrial research, Business Finland can grant 60 percent subsidy of the project’s eligible total costs. For Midcap companies, the subsidy is 40 percent (or 50 percent when the content is entirely industrial research).
  • Business Finland does not fund projects where the total costs are below 60.000 euros.
  • Advance payments are not made, so the company must have the project’s total funding reserved right from the start.
  • The funding is product development support, not de minimis aid.
  • The project must be implemented within a short timeframe. The typical duration is appr. six (6) months.
  • The project may utilize external expertise as appropriate.
  • Companies can apply for subsequent product development funding from Business Finland.

When submitting an application, the company must have a good understanding of the problem and the necessary data available. The data can be company’s own or the company can use data produced by others for which the company holds commercial rights. Up to 20 percent of the project’s total costs can be allocated to data collection.

Before contacting Business Finland, it is important that the applicant has clearly answered the following questions.

Answer these questions

  • What is the problem to be solved?
  • What will be the impact on the applicant’s international business and international competitive advantage?
  • What generative AI technology/technologies will be applied?
  • What other potential solutions exist on the market/are being developed?
  • What data/language models are planned to be used in training AI?
  • How will the results be tested?
  • What are the concrete and measurable objectives of the research?
  • How will the results of the research be utilized?
  • Project content: What kind of work packages does the project consist of?
  • The company is eligible for funding.*

Business Finland uses TRL levels (Technology Readiness Level) for assessing the nature of the research. The research funded via this call is targeted at TRL levels 1–4. Read more on TRL levels (pdf, horizoneuropencpportal.eu). Note that the document is incomplete in describing services and business models.

Additionally, computing grant may be granted on a case-by-case basis for LUMI supercomputer to significant computational-intensive research projects by companies where computational costs exceed 15.000 euros. The computing grant is 100 percent of CSC’s (CSC – IT Center for Science) computing costs if the maximum support intensity allows, however, up to a maximum of 100.000 euros. The typical amount of computing grant in such projects is usually 15.000 – 30.000 euros.

Read more about the computing grant (pdf)

Business Finland’s Generative AI campaign will run until the end of 2024. Companies can apply for funding after that as well.

The call is based on Business Finland’s industrial research funding criteria. Business Finland funding is competitive and discretionary.

If you think your project fits the aforementioned description, first answer the questions above and submit your answers via email to Business Finland to one of the mentioned persons. We will contact you. Coaching discussions are ongoing.

*Basic eligibility requirements for Business Finland funding: profitable business; adequate resources (self-financing, personnel at least 2 full-time employees); the novelty value of the project, aiming for an international competitive edge; the goal of international growth.

Read more about the Generative AI campaign

Originally published by Business Finland.

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