Fund

Projects selected for funding will follow a funnel process where the projects are evaluated at each phase and those succeeding to reach the next phase receive funding as detailed in thefollowing picture:
 
Finodex Funding Scheme
 
Phase1: Proposal
 
2 open calls are organised- Applications are received and evaluated by external evaluators - Projects to be supported are selected
We expect 50 selected projects for each open call.
This phase does not involve funding.
 
Phase 2: Design
 
Selected projects will receive support to further improve their idea and produce a design document for their product or service.
The Design document will be evaluated to assess whether the project can receive funding for the next phase.
For this phase, the funding is 10.000 € per project and 30 projects for each call are expected to pass to the next phase.
 
Phase 3: Development
 
This phase is for the development of the designed product or service. The expected output is a working product or service or prototype which will be evaluated to assess whether the project can pass to the next phase.
For this phase, the funding is 40.000 € per project and 10 projects are expected to go to the next phase.
 
Phase 4: Tuning
 
This phase is to fine tune the developed product/service/prototype and produce a Minimum Viable Product, which can go to the market.
The funding for this phase is 50.000 € per project and at the end of this phase, the remaining projects will be evaluated and the 3 best ones for each call will be awarded (1° prize: 70.000€, 2° prize: 35.000 €, 3° prize: 15.000€)