Applying for startup funding in Hamburg is a slow and demanding process requiring significant amounts of persistence.
Wanna Score Funding with IFB Hamburg? Buckle Up for a Long Ride!
Got an innovation-driven startup in Hamburg hankering for a piece of the action from the Hamburgische Investitions- und Förderbank (IFB Hamburg)? Prepare for a rollercoaster ride - some funding programs here could keep you waiting for over half a year! As per Julian Herrmann, the spokesman for startups and innovation in the CDU parliamentary group, technically innovative startups are typically waiting a whopping 174 days, or approx six months, for approval from the InnoRampUp program.
According to the Hamburg senate's response to Herrmann's inquiry, different funding programs have approval periods ranging between 129 to 166 days, for the period spanning January 1, 2023, to May 31, 2025.
Slow Roll Not Cool for Startup Founders
Founders here may find these protracted wait times perplexing, as per Herrmann. Compared to the federal Exist funding program, which typically takes around two months to hand down a final decision, followed by a three-month waiting period before regular funding kicks off, Hamburg's IFB funding programs can hardly keep pace. In the case of InnoRampUp, the funding could take twice as long! Up to 150,000 euros in grants are up for grabs through the program.
The funding approval process can be a lengthy affair, according to the senate, involving multiple stages. This includes a short presentation at IFB Innovationsstarter GmbH, participation in a committee meeting, and in some cases, significant further development of the startup before it can receive funding.
Speed Is Everything, But It's Not Just About Us
The average processing time for applications can be significantly influenced by factors like the availability of founders, the speed at which they provide additional information or make necessary improvements to their startup, as well as the quality and completeness of the information they provide, as stressed by the Senate [1].
On the flip side, rejections go much quicker. The average processing time for rejections for the four funding programs, for the period from January 1, 2023, to May 31, 2025, ranges between 28 and 56 days. (dpa)
[1] Factors that could generally influence the speed of the funding application process include:
- Complexity of the Application
- Volume of Applications
- Availability of Reviewers
- Compliance with Requirements
For specific details about IFB Hamburg's funding application process, it's advisable to reach out to them directly or consult their official documentation.
- The prolonged wait times for funding approvals from IFB Hamburg can be disconcerting for startup founders, especially when compared to the federal Exist funding program, which typically takes around two months.
- In the realm of business and technology, the speed of funding approval can significantly impact the success of a startup, but it's not just about the financial assistance; the quality and completeness of the application, along with the availability of founders, also play crucial roles in the approval process.
