Kiito – towards international growth
Who can apply?
The Kiito funding service is intended for SMEs and Midcap companies that have been operating for over five years and aim to enter the international markets. Tekes offers funding for companies registered in Finland.
Kiito funding enables companies to develop a vision and strategy for international growth, enhance their growth capabilities and map out demand on the export markets.
Digiboost funding service is included into Kiito funding service from June 1st 2017.
- The company has the desire and ability to export and grow.
- Key employees are committed to the growth strategy.
- The company has identified a potential customer base and has a preliminary understanding of the target market and size category of the business.
- The company wishes to increase its expertise and understands how it needs to change.
- The company has an idea of its competitive advantage in the market.
- The company has a preliminary idea of the added value that the solution will bring to customers.
- The company has a preliminary idea of how the idea can be turned into a profitable business.
How to apply?
The application for funding is made by using the Tekes online services. Before submitting your application, please contact us by presenting your idea via the Team Finland service form. This will help you find a suitable funding service for your situation and speed up the application process.
What is a Young Innovative Company like?
Tekes can finance, for example
- the creation of a business plan or internationalisation strategy
- the development of the leadership and organisation
- carrying out market surveys
- analysis of the overall financing options
- exploring IP rights protection and patenting issues
- testing of the idea with the customer
- R&D associated to market validation
When the project begins, two to five clear and measurable goals will be agreed with Tekes, to be evaluated at the end of the project. The selected goals will be based on the company's potential, in such a manner that they promote its growth and internationalisation. Goal achievement will be an important factor when considering funding for the possible next stage of the project.
Amount of funding
The maximum amount of Kiito funding is EUR 50,000 and it can cover 50% of the total project costs. The maximum funding limit will therefore be reached if the project has a total budget of EUR 100,000. It is possible to combine the same application with Team Finland Explorer funding, which means that the total funding can reach 60,000 euros. Even in this case, funding is 50% of the total cost of the project.
Payment of funding
After the funding decision, Tekes will pay the SME company an advance of up to 70% of the awarded grant. The remainder of the funding will be paid on the basis of the costs reported.
De minimis grant
Kiito funding constitutes a de minimis grant, which the company does not need to repay.
De minimis aid is the amount of business subsidy defined by the European Commission for small development projects. A company can receive a maximum of EUR 200,000 in de minimis aid over three fiscal years. Such aid is granted by a range of public organisations in addition to Tekes, such as Finnvera and the ELY Centres.
Tekes awards companies up to EUR 150,000 in de minimis grants over three fiscal years. At the application stage, the company must assess how much de minimis funding it has received in previous years.
Tekes will approve costs starting from the date when the application was sent to Tekes, at the earliest.
Eligible costs include:
- Salary and purchased professional services in accordance with the project plan
- Indirect personnel costs: Indirect personnel costs may not exceed 50% of the salary paid.
- Purchased services: Purchased services must be itemised.
- Costs arising from services purchased from other associated companies are not eligible costs.
- In addition, other costs will be accepted up to 20 percent of the sum of salary paid and purchased services. Other costs don't need to be itemised.
The project cannot cover:
- expenses incurred during the routine activities of the company
- costs incurred in supporting exports or from export marketing
- direct investments in the construction of a distribution channel
- staff's professional training
Get in touch
Find the right funding service
Introduce your business plan via a secure online form. We will contact you within a week.
Team Finland Customer Service
Tel. +358 2950 20510
weekdays 1 pm to 3 pm
Advice about Tekes and Team Finland services for companies seeking to grow in the export markets.
If you have received funding from Tekes in the past, you can also get in direct touch with your contact person at Tekes.