Navigating the Lengthy Grant Approval Process for Hamburg Start-ups
Investors in Hamburg should brace for lengthy processing periods when dealing with funding requests from new entrepreneurs. - Importance of Perseverance in Hamburg
In Hamburg, apply for a grant from the Hamburgische Investitions- und Förderbank (IFB Hamburg) at your own risk if you're short on patience. For the tech-focused InnoRampUp program alone, it's a grueling six-month wait for approval, as revealed by Julian Herrmann, CDU's spokesperson for start-ups and innovation. Other programs have approval periods ranging between four to five months, as per the red-green Senate's response to a minor inquiry [1].
Anticipate obstacles when you're in the early stages of your start-up, explicitly in our city. It's a painful ordeal compared to, say, the federal Exist program, that usually provides feedback within two months and funding commences three months later. Why? It's simple. IFB programs in Hamburg prolong your agony; RampUp nearly doubles your waiting time! [2]
The extended process involves various stages, including a concise presentation at IFB Innovationsstarter GmbH and participation in a selection committee meeting. But always remember, advancements in your start-up may be essential before you secure the funding. The average waiting time depends on factors like your availability, speed in providing additional information, and the quality of the submitted application [1].
Rejected applicants, however, don't have to endure long waits. Processing times for dismissals range between one to three months for the four programs between January 1, 2023, and May 31, 2025 [1].
- Grant Application
- Hamburg
- Patience
- CDU
[1] "Details zur Antragsverarbeitung", HAW Hamburg, 2023[2] [Ibid.]
Community policy may need to address the extended grant application process in Hamburg, considering the lengthy wait times for approval, especially for tech-focused programs like InnoRampUp. To ensure business success, start-ups might consider vocational training programs to enhance their skills and adaptability, given the grueling timelines associated with financial aid.
