Requirements regarding to collaboration projects between knowledge instutions and industry

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Knowledge institutions can apply for funding to collaboration projects with industry through Copenhagen Fintech. The funding is part of the Danish Ministry for Higher Education and Science’s cooperation pool for Knowledge-based Cluster Activities 2020-2024 and aims to fulfil two goals:

1) Strengthening of dissemination of academic knowledge as well as knowledge sharing and cooperation on research, development and innovation and

2) Strengthening of research, development and innovation in Danish companies, in particular SMEs, thereby promoting knowledge-based growth and productivity

Collaborative projects are often feasibility studies, concrete feasibility studies or preliminary projects for larger innovation projects, that willstrengthen innovation and growth within the Danish finance and fintech industry.

Grant application deadlines

Applications for projects to be executed within 2024 is no longer being accepted.

We expect to open for new applications in August 2024 for funding to projects to be exceuted in 2025; the deadline for application is expected to be October 31st 2024.

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How much can you apply for?

Copenhagen Fintech awards projects funding up to DKK 360.000 (including 44% overhead).

Duration
Projects typically have a duration of 6-12 months.

Who can apply - applicant institution and partners

A collaborative project consists of at least one knowledge institution and at least two independent private companies (and preferably more), one of which is an SME (less than 250 employees).

One knowledge institution must be the applicant and responsible for managing the grant and reporting to Copenhagen Fintech. Knowledge institutions are defined as universities, business academies, vocational colleges, artistic educational institutions, maritime educational institutions, public hospitals with research activities, etc., as well as GTS institutes.

Copenhagen Fintech can assist in facilitating initial contact to companies to participate in a project, but the knowledge institution is solely responsible of all dialogues with the private companies in shaping the project including the signing of a written collaboration agreement.

What can funds be used to?

Funds should predominantly be used to cover the salary expenses of the participating knowledge institution(s). This is calculated as:

Knowledge institutions (excluding GTS institutions): hours spent on the completed eligible activities multiplied by actual hourly wages multiplied by 1.44 (regarding overhead).

GTS institutions: hours spent on the completed eligible activities multiplied by the actual hourly wage multiplied by the most recently approved cost factor.

To a lesser extent (maximum 15% of the grant), other costs can also be covered. For a full description of what other costs can be covered please seethe guidelines here below from the Ministry of Higher Education and Science.

Co-financing from private companies (requirement)

A project must be co-financed by private companies through one of the following options:

Cash co-financing.
'In-kind' co-financing: hours used for the completed eligible activities multiplied by a fixed hourly rate of DKK 600.

From January 1^st 2024, Copenhagen Fintech will require, that private companies contribute with at least 25% of the amount applied for. Example: If a knowledge institution applies for DKK 360.000 there will be requirement from the participating companies to contribute with at least DKK 90.000 or 150 hours in total.

Furthermore, Copenhagen will require, that private companies participating in a project as a minimum each participates with DKK 18.000 or 30 hours. We will prioritize projects with higher rates of private co-funding when distributing funds.

Please note, that public companies can participate in projects but they can not co-finance projects. Public companies are:

Foundations, other legal entities under private law established for public funds or non-profit associations with other foundations.

Companies covered by the Public Disclosure Act.
Companies owned by the state, region or municipality.
Companies with operating subsidies from the state, region or municipality of more than half of the turnover.
Companies established by law.

Requirements for the project:

At least two independent private companies (preferably more) and at least one knowledge institution must be part of the project.
Based on the specific needs of the participating companies, projects must support the dissemination and utilisation of the knowledge institutions' knowledge and competences as well as joint development of new knowledge by the partners.
Project results should have news value and generic interest, i.e. be relevant to a wider circle than just the participating companies.
A cooperation agreement between projects partners must be signed. The agreement should define project goals, success criteria and expected results/output as well as rights to results for the project are clearly stated. Copenhagen Fintech can supply a template for this but the project applicant is responsible for all involved parties signing.
Project results must be published and disseminated to a wider circle.

Project must not:

Have the character of product development for an individual company or companies.
Resemble contract research or the provision of R&D services for an individual company or companies.
Distort competition.

Grant criteria:

The project must have research and innovation quality and contribute to strengthening companies' within finance and fintech’s innovation height and competitiveness.

Furthermore the projects must fit with one or more of Copenhagen Fintech’s 7 Focus Areas defined in collaboration with our community:

Sustainability
Implementation of AI/Machine Learning
IoT and Insurance
Big Data
Digital Currencies and payments
Regulation and compliance
Open Banking
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For detailed information about our focus areas see here

In addition, the following shall apply:

The project aims to bring research and companies closer together.
There must be a vision for how the project's activities will be continued after completion.
The project must have research and innovation quality.
The project should contribute to solving key societal challenges, especially a green and sustainable transition.

Assessment and Approval
The applications will be assessed by an Advisory Board appointed by the board of Copenhagen Fintech.

Documents

Guidelines (Retningslinjer for klyngerne (pdf))

For further information

Contact Head of Fintech R&D Kristine Helen Falgren - khf@copenhagenfintech.dk