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From Food Tech Innovation Portal

Introduction The point here is to establish a precise budget for the project (feasibility, development and launching phases).

You need to think very well of a realistic planned activity related to the project, in order to avoid useless expenses. In particular, the project should be appropriately sized/dimensionned.

You need to work on precise tools of budget management such as the table of tangible and intangible investments, the first financing plan, the projected income statement, etc. Keep in mind the risk/profit balance and have a predefined limit not to be exceeded.

If your company does not have the sufficient internal resources to finance the innovation project, it is now time to apply for financial grants/subsidies/loans etc. Various options offer you a very complete panel to fit best with your project. Do not hesitate to ask for help to identify the right sources and complete the application.

Key issues - What budget for the project?

- What financial sources? Different options

- Business plan? Including (raw) material, equipment, person-month, investments, training, waste treatment, etc.

- What are the financial risks? (e.g. exchange rate of raw materials)

- How and when to define exit strategies?

- Writing of the financial part of the project proposal (with help if needed)

- Mobilization of the financial resources for the next step

Food TIP's answers On this website (Food Tech Innovation Portal), you can find a database of financial sources for joint research projects: (link to be added)

Additionally, some Practical Sheets can be helpful: Business angels, EU 7th Framework Programme – Cooperation, EU 7th Framework Programme - Research for SMEs, Eurostars, European financing instruments (loans, guarantees, etc.), Horizon 2020, Venture capital, Business Plan

Other sources - European Network for Financing Food Innovation: ;

- ENFFI Tool box: Food sector specific tools to facilitate the access to the financing process

- European Commission / DG Entreprise and Industry: Access to finance - Quick guide to funding (available in DE, EN, FR)

- CORDIS Guide for Funding: Practical Guide to EU funding opportunities for Research and Innovation (available in DE, EN, ES, FR, IT, PL)

- European Small Business Portal / Innovation, research and copyright: Portal gathering information provided by the EU on and for SMEs, ranging from practical advice to policy issues, from local contact points to networking links (available in all EU languages)

- Gate2Growth: Expert advisory services on access to financing, business development, and deal flow, including on-line tools relevant for business development, access to business and investor networks throughout Europe (available in 11 different languages)

Business Plan Guidance:

Business Plan Self Assessment Test:

- Your Europe: Access to Finance - Banks or venture capital funds that provide finance supported by the EU (available in all EU languages)

There are specific financial sources and programmes in each state, region and even at lower level that you should consider to finance your project.

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Created by Hte inra on 18 July 2012, at 16:23