Development aid for Start-ups: My Molo is receiving a co-funding from European Funds for regional development (EFRE). We need to rack our brains in order to create and improve our festival lodges. It also requires a lot of patience, sweat and, of course, money. Looking for some capital injection, a strong partner has decided on supporting us on that.
In order to finance our project, the European Fund for regional development (EFRE) has decided on supporting us. Thanks to the Fund initiative "Gründung Innovativ" (“Foundation Innovative”), we are going to receive a capital injection of 100.000 Euros from the Investitionsbank Brandenburg.
European Funds for regional development (EFRE)
The aim of the European Funds for regional development (EFRE) is to improve the economical and social development within the countries of the European Union. In the course of the funding "Gründung Innovativ" (“Foundation Innovative”), provided by the Investitionsbank Brandenburg (ILB) on behalf of the Ministry of Labour, Social Affaires, Health, Women and Family of the German Territory Brandenburg, business start-ups with innovative ideas are receiving maximum 75% non-repayable grant of the eligible expenditure for their idea.
What are we going to do with all this money?
The funding is going to be used for the development of a proto type, its improvement as well as for tools and machines that are needed to built and produce our lodges. At the moment we work pottering around the shed to create a more efficient and smarter lodge. Compared to our current lodges, the new model is supposed to become foldable. The new lodge-version shall work like an accordion by compressing and expanding the corpus. Like a squeezebox, which makes it easier to move it around and simplifies transport. But we will get back to this later. A plan for using solar panels to provide our lodges with power is also in progress.
How does "Gründung Innovativ" (“Foundation Innovative”) work and what exactly is a promotion agency?
Looking for seed capital, our attention was led to the promotion agency Brandenburg (ZAB) at the fair for founders “deGUT”. The ZAB is part of the Investitionsbank of Brandenburg (ILB) and some sort of information and counselling centre for investors, companies and founders of new businesses, located in the German state Brandenburg. Its aim is to make Brandenburg become an interesting spot for businesses and investors, which, in the long run, will create jobs and helps to improve the regional economy. After a first impression we have exchanged business cards, handed out our business plan and took the opportunity to get important tips, advices, contacts and have interesting discussions regarding business foundation and businesses in general. The ZAB organized a coaching for founders for us (Innovations require courage and economical Know How), invitations for Pitch-Events, advised us on how to finance our idea and basically created the foundation ”Gründung innovativ“ (foundation innovative).
We are deeply grateful for this great support and would like to show our appreciation: In future you will find the following logo on our website, production facility, offices, etc. which informs about our funding: