FOM introduces new early phase funding scheme in Fryslân
For entrepreneurs in Fryslân working on an innovative product or technology, €6 million will be available to make the step from idea to market. The Frisian Development Company (FOM) is introducing the Early Phase Funding (VFF) for this purpose: a scheme for the phase in which innovations are tested, validated and prepared for the first application in practice.
Many innovative ideas do not get beyond the development phase. Entrepreneurs often get stuck at the moment they need to test their solution, develop it further and take the first steps towards the market. In this phase, funding is difficult to find, while it is precisely there that the basis for further growth is laid.
"Many good ideas do not make it to the market, simply because funding is lacking in the early phase" says Rob Drees, director of FOM. "With this scheme we can support entrepreneurs earlier and help them to actually take their innovation further."
Entrepreneurs can apply for a loan of €50,000 to €450,000 for a project period of up to 24 months. The funding is intended for startups and innovative SMEs working on the development and testing of a new product, technology or service with the prospect of an initial application in the market. This is the phase when an idea still needs to be proven in practice, for example by developing a prototype, conducting a pilot or testing with first users.
The scheme is partly financed from the national Early Phase Funding of the Ministry of Economic Affairs and Climate, implemented by the Netherlands Enterprise Agency (RVO). In addition, FOM is making its own funds available, with which a total of €6 million can be used for early phase projects in Fryslân.
According to deputy Friso Douwstra, this step is important for the region: "With this funding we ensure that more innovative ideas can grow into concrete business activity. That is important for the economic development of Fryslân."
With VFF, FOM focuses on a phase for which little funding is available. This gives more innovations the chance to grow and makes the step to further funding easier.
Learn more
Entrepreneurs who want to know if their project is eligible can contact or find more information on the FOM website.