Starter Business Owners in Hamburg Need to Embrace Persistence with Grant Applications
Funding requests from entrepreneurs in Hamburg necessitate a degree of forbearance from the founders - Urgent call for forbearance in Hamburg city
Got time on your hands? That's what it takes when you're applying for grants from the Hamburgische Investitions- und Förderbank (IFB Hamburg). "Take, for instance, tech-driven start-ups waiting a whopping average of 174 days, about half a year, for the green light on the InnoRampUp funding program," says Julian Herrmann, CDU's spokesperson for start-ups and innovation, to the German Press Agency. According to Senate data, the approval timeline for other funding programs from January 1, 2023, to May 31, 2025, ranges from 129 to 166 days.
Herrmann stresses that this wait can be especially difficult for local founders, particularly in the early stages. "Comparatively, the Exist federal funding program delivers final feedback within two months and kicks off regular funding after three," he points out, "while IFB funding programs in Hamburg drag on, with RampUp mirroring the extended wait!" Up to €150,000 can be granted through the program.
The Senate attributes the long waiting period to a multi-stage process, including a brief presentation at IFB Innovationsstarter GmbH and subsequent selection committee meetings. Often, founders need to fine-tune their start-up before it qualifies for funding.
"The waiting time for funding applications is indeed influenced by various factors," emphasizes the Senate. "These factors include the founders' availability, their speed in providing additional information or making necessary improvements to their start-up, and the quality and completeness of the details they submit."
Good news for rejections, though—those come speedy: between 28 and 56 days on average for the same funding programs from January 1, 2023, to May 31, 2025.
- Wait Time for Funding Approval: Ranges from 129 to 174 days on average across different programs.
- Founder Availability: Affects the speed of information provision and start-up improvements.
- Quality of Information: A factor in the processing time of grant applications.
- CDU: Conservative political party in Germany.
- German Press Agency: Official press agency in Germany.
- Start-ups: New businesses, especially those that are high-tech or innovative.
Community policy could include measures to streamline the application process for vocational training programs, such as business-related courses, to help tech-driven start-up founders expedite their development. Finance, technology, and vocational training may be intertwined in these policies, as investors and entrepreneurs require business acumen, technical knowledge, and up-to-date training for success in a competitive landscape.
