Phase 1 – Idea registration
When we have received a completed and signed idea registration form as described under Investment criteria, we will start by assessing whether your idea is suitable for our innovation programme. Among other things, we look at technology and business potential. Next, we will contact you to schedule the first meeting.

Phase 2 – Initial study
In the next phase, we will study the scalability and the possibilities available for protecting the technology and value generation for the idea, for instance through patenting. Evaluation will take the form of an initial study conducted by NOVI Innovation.
Expenses linked to the initial study phase will be paid for by NOVI Innovation.

Phase 3 – Pilot project
If it is deemed that the idea/project has good potential, a recommendation will be submitted to NOVI Innovation’s board proposing approval of a pilot project.
If the recommendation is approved by NOVI Innovation’s board, due diligence and contract negotiations will be initiated between the entrepreneur and NOVI Innovation.
From the time dialogue begins, until the investment in the pilot project has been made, 3 to 6 months typically pass.

Phase 4 – Company establishment
Once the idea has been approved by NOVI Innovation’s board, and the contract negotiations concerning the pilot project are complete, a company will be established. The company is established jointly by NOVI Innovation and you as entrepreneur. NOVI Innovation will often grant a loan to the company to be used as working capital for development of the project. We have positive experience with dividing the loan into instalments, where an instalment is made each time a new milestone is reached.

The objective of this phase will generally be to explain the project’s technologies and/or products in relation to the customer and to draft a business plan. Furthermore, the company is prepared for continuance, either through own operation or by procuring investor capital.

Besides acting as an investor, NOVI Innovation e.g. helps the owner get off to a good start in the administrative area. As such, we provide help in the form of budgeting, preparation of accounts and business development for the new company.

What is more, NOVI Science Park provides the ideal physical setting for the new company in an inspiring environment together with some 100 other companies. See “Office in NOVI”.
As a general rule, NOVI Innovation cannot invest in established companies.