Funding your startup in Sweden
The Swedish market presents a great opportunity for startups. This has been made possible through government policy that supports the local establishments. There are many funding programs backed up by the government to ensure these startups thrive. Understanding the available financing options in Sweden will, therefore, help you avoid basic challenges that come with establishing a startup.
Government support systems are making a difference for many startups in Sweden. Therefore, it would be a prudent effort to find out about them to fund your business. For instance, ALMI with offices located throughout Sweden offers initial grants that may not be paid back as long as they are utilized in the right manner. Part of the business hassle gets eliminated if you consider using ALMI and other similar government initiatives.
Available Funding Options in Sweden
ALMI is not the only option you got when it comes to funding your business. There still are many other ways to get funding for your startup. Sevenday bank, a Swedish lender that will digitally help you apply for your business loan and get paid hassle-free is still an option. You can also use:-
- Vinnova, the official innovation agency in the country situated in Stockholm to offer via a wide range of grants targeting various industries. They have recently diversified their services to reach to non-research based startups. As a result, it can serve a wide range of clients making it easier for many people to get started with their projects.
- The Swedish agency tasked with facilitating regional and economic growth, Tillvaxtverket. It can also be of help to you. If not, you can access funding from your local municipality as enabled through the Swedish government for every innovative idea. Funding is also available according to industry. If your startup is particular to a certain industry, you can look for the grants they offer through their trade organization.
- The country’s official industry fund is provided through Industrifonden. Although they usually deal with big companies, small startups with global potential can benefit from this kind of funding. Even when they are not considering the investment, they can open up for contacts in the network for the provision of initial capital investments. They have representatives throughout the country hence are accessible.
- Universities in Sweden. Check with the university in your locality. Institutions offering entrepreneurship master programs help by providing funding options that come in different packages. It could be liquid cash or tangible assets such as office space or access to investors’ network.
- Business competitions in Sweden. They can also be a good avenue for startups’ initial capital. The Venture cup open for participants countrywide. For that reason, you will require a business plan to steer your startup from the beginning. This is what stakeholders will be looking at if you were to stand a chance of winning anything in these competitions. The prize won here could be all you need to get started with your project.
Taking an Open-Mind Approach
Even though capital is a necessity for any startup, it is not the main focus. The biggest secret to making your idea succeed is to polish it and appeal to potential investors. These are what may be termed as business angels. Depending on the potential of your startup, business angels may consider to either invest alone or alongside other investors to minimize the risks involved. For that reason, investments can happen in groups or through one partner. Instead of looking for direct funding, you can look for partnerships in Sweden that will help you grow your idea into a big business.
An open-mind approach is one when you are willing to make your idea grow regardless of the means as long as you still have a say in it. You can, therefore, look for partners in Sweden such as Connect, Coach & Capital, Framtidslyftet, Seedfundlt, Spiltan among other establishments that are available to offer startup assistance to businesses.
There is no limit to the help that you can get in Sweden for your business idea. The most important thing is to make sure that it is a viable idea. Sweden presents you with a lot of financing options and that includes both direct and indirect funding: banks, government support systems or even partnerships to grow your business idea!