News May 23, 2023
Call for start-up capital and a start-up package for commercialization
Up to 500,000 SEK for your research-based business idea
UU Invest, in collaboration with UU Innovation, is now conducting a call for start-up capital of up to 500,000 SEK for your research-based business idea. By applying for project funding, you have the opportunity to focus on your research area while we provide capital and expertise to develop the company.
Which research areas can I apply for project funding in?
Life sciences/health
The call aims to support development and commercialisation of innovative research of:
- Medical technology
- Industrial biotechnology
- Pharmaceutical products for evaluating ideas that could lead to the development of new medical treatments, disease prevention, diagnostic methods
- New medical technology
AI and Data
The call aims to support the development and commercialization of applications for artificial intelligence (AI) and machine learning in technology and natural sciences, medicine and pharmacy, as well as humanities and social sciences. Particular emphasis is placed on applications where AI is used to address important societal challenges and enhance Swedish competitiveness. For example:
- Treatment of chronic diseases
- Combating climate change
- AI solutions in language models, for the Swedish language, and within the field of law
- Efficiency improvements in the public and private sectors
- Increased digital transformation for Swedish industry and infrastructure
Fossil-free energy
The call aims to support development and commercialisation of innovative research of:
- Develop products or services consisting of hardware, software, or business models that contribute to accelerating the transition from fossil fuels to sustainable systems, including energy conversion, storage, distribution, and production.
The project should consider the ongoing infrastructure investments in society, as well as the potential life cycles of the proposed products.
Who is VentureChallenge for?
It is for those who have a clear idea and a solution that is better than those currently available in the specified research areas. Additionally, you should have conducted a “proof of principle” for your concept. Your solution does not need to be packaged as a prototype.
You need to be employed at Uppsala University and have the rights to commercialize your invention. You need to be able to allocate time to the project but do not necessarily need to become the CEO of a future company.
Conditions for VentureChallenge
The project should be scalable and feasible for commercialization. Your project cannot be associated with an already established company. The project funds are intended for clear development steps towards commercialization. Therefore, the funds cannot be used for basic research or applied research without ambitions for commercialization.
As an applicant of the call, you should be willing to have UU Invest as a partner and co-founder in a future company. If the project leads to the formation of a company, UU Invest will become a minority shareholder in the company.
What is included in VentureChallenge?
Funding is provided for a maximum of two years, up to 500,000 SEK. This can be combined with other sources of funding and grants. In addition to the initial ownership, UU Invest can provide additional capital upon company formation.
In addition to funding, UU Invest also provides:
- Development of a business strategy
- Assistance in negotiations with suppliers, prospective customers, or stakeholders
- Assistance in finding grants and other funding
- Support in team building and finding external advisors
Applicants of VentureChallenge can apply for funding for the following:
- Salary for applicants, employees, or project consultants at all staffing levels
- Operating costs such as consumables, materials, expenses related to trials, etc.
- Equipment required for the project
- Communication efforts • Conference participation
- Travel expenses
- Legal and intellectual property rights-related costs
In the event of a future company formation, a start-up package is also included, which includes the following:
- Basic agreements and documents
- Advisory services for company formation
- Recruitment of suitable board members
- Set-up of accounting and reporting
What criteria are applications evaluated based on?
Evaluation is conducted by the management of UU Invest with the
assistance of experts in the specified research areas. The applications are evaluated based on the following criteria:
- Level of innovation and potential impact in the value chain
- Main applicant’s competencies, qualifications, and research background
- Co-applicants’ specialized skills and contributions to the project
- Commercial potential and scalability of the project
- Potential for protecting the idea, such as through patents
When can you apply for VentureChallenge?
The application period opens on May 22, 2023, and closes on June 30, 2023
In which languages can I apply?
Swedish and English
How does the application process work?
Applications will be evaluated until August 31. During the evaluation, you will be asked to present your project to UU Invest.
Applicants will be notified of the decision on September 22, 2023. The start date is October 1, 2023.
Do you have questions about VentureChallenge?
Contact Mateo Santurio at: mateo.santurio@invest.uu.se
Need help with your application? Contact UU Innovation for tips and advice here:
Life sciences/health: frida.johnson@uu.se
AI and data: nhils.forslund@uu.se
Fossil-free energy: ingrid.ajaxon@uu.se
The application for VentureChallenge is now closed!
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