Waiting Game: Navigating Grant Applications for Start-ups in Hamburg
Grant applicants in Hamburg must endure prolonged waiting periods for decisions on funding requests from founders. - Importance of Tact in Hamburg's Current Circumstances
Start-ups exploring funding options at Hamburgische Investitions- und Förderbank (IFB Hamburg) should brace themselves for a prolonged wait. On average, technologically innovative start-ups can expect to wait a hefty 174 days, or around five and a half months, for approval of the InnoRampUp funding program. This revelation comes from the CDU parliamentary group's spokesman for start-ups and innovation, Julian Herrmann, in an interview with the German Press Agency.
Other IFB programs have approval periods ranging from 129 to 166 days, according to a response from the red-green Senate to a minor inquiry, from January 1, 2023, to May 31, 2025. This wait time can be particularly tricky for newfounders in the city, especially during the start-up phase. In contrast, the federal Exist funding program usually provides final feedback within two months, with the green light three months later. But IFB funding programs in Hamburg take significantly longer, with the RampUp program often taking close to double the time!
A multi-step process causes this delay, including a preliminary presentation at IFB Innovationsstarter GmbH and, if successful, participation in a selection committee meeting. Sometimes, founders may need to substantially refine their start-up before being eligible for funding.
The Senate attributes the lengthy processing time to the complexity of applications, the volume of requests, and the need for information to be complete and accurate. They stress that the availability of founders and their diligence in providing any additional information or improvements to their start-up can also impact the timeframe.
Interestingly, rejections are typically processed much faster, with an average processing time of between 28 and 56 days, according to the same data.
For specific processing time information or inquiries, it's best to contact IFB Hamburg directly. Just remember, patience is a start-up's virtue!
- Grants
- Patience
- Start-ups
- Hamburg
- Grant Application
- Funding Bank
- IFB Hamburg
- Business
- Innovation
[1] Note: While the search results do not provide specific data about typical processing times for technologically innovative start-ups applying for funding at IFB Hamburg, they do mention that processing times for renewable energy subsidies in Hamburg can vary based on individual applications. (Source: [Link omitted for brevity])
Start-ups applying for funding at IFB Hamburg, particularly those in technologically innovative sectors, may need to exercise patience as grant applications can take a prolonged period to be approved, with the InnoRampUp program having an average wait time of 174 days. This delay is due to the complexity of applications, the volume of requests, and the need for information to be complete and accurate, as the Senate emphasizes.
