More and more companies want to digitize, but far from every company knows how to finance it. Digital Investment Officer Robert Akker of EDIH NN helps Northern Netherlands entrepreneurs get faster and easier access to smart investments and grants.
A machine manufacturer wants to equip its machines with sensors for real-time monitoring of wear and tear and automatic scheduling of maintenance. A transportation company is testing self-propelled forklifts that autonomously set up the warehouse at night. A medical technology company is developing AI systems that analyze X-rays autonomously and support diagnoses.
These are examples of projects taking shape in a growing number of Northern Netherlands companies. The technology is there, the business case is sound, but one question often keeps entrepreneurs awake: how do I finance my digital ambitions?
Maze
For Robert Akker, this is recognizable. As Digital Investment Officer at the European Digital Innovation Hub North Netherlands (EDIH NN), he is the point of contact for companies with funding questions. 'Many companies have concrete digitalization plans, but get stuck on funding issues,' he says. 'The maze of subsidies, loans and investors can be overwhelming. At the same time, it's often difficult to find the best possible funding option or get in touch with the right financiers. That's exactly where I can make a difference.'
EDIH NN, a European subsidized innovation program, advises and supports companies in the Northern Netherlands in their complete digital transformation, with a focus on the development of autonomous systems. Funding support is an important part of the service.
'Entrepreneurs know very well what they want to achieve technically,' says Robert. 'Only they don't always know how to finance it smartly. It is still relatively easy to finance a new milling machine through a lease or bank loan. But it becomes more complicated when it comes to funding autonomous systems that optimize the entire production process, for example, or sensor technology that enables predictive maintenance. That requires an entirely different approach.'
The maze of grants, loans and investors can be overwhelming.
Practical and direct
Funding support ranges from consulting and business plan assessments to strategic guidance. How does that work in practice? 'Our approach is practical and direct,' he explains. 'Companies receive guidance throughout the entire process. This starts with a personal meeting, preferably on location. Then follows a thorough inventory: what do you want to achieve and what activities are associated with it? Based on the funding requirement, we look broadly at possible forms of funding. Can part of it be filled with subsidies? Are there loans and innovation funds that fit the objective? And are there perhaps strategic partners who can contribute?'
Robert sees how digitalization is fundamentally changing not only technology, but also business models. New business models are emerging for companies implementing autonomous systems. The traditional one-time transaction is giving way to long-term partnerships. 'That requires different funding structures,' he states. 'Subsidies that are now becoming available, for example, are already more focused on AI and the design and development of autonomous systems. In my opinion, that is just the beginning.'
Interested?
Want to grow your business with digitization or autonomous technologies, but stumbling over complex grant applications or funding plans? If so, contact Anna Moerbeek, moerbeek@nom.nl or Hans Praat, praat@nom.nl, or for more information on opportunities at EDIH NN, visit www.edih-nn.nl.