Nordic Innovation defines innovation as: new products, services, markets, processes or organisational models that create financial benefits or are otherwise of value to society. This calls for a broad approach to innovation, whereby there may be a number of sources of innovation and a number of types of innovation. Nordic Innovation is keen to encourage innovation in all industries and sectors, including in public administration.

Nordic Innovation funds projects that directly or indirectly lead to commercial use and meet the following criteria:

• the project must include partners form at least three Nordic countries
• the project must be at least 50 % self-financed (either in form of working hours or direct funding)
• the project period must not exceed 36 months
• the project must lead to concrete results (new concept, product or service) that may be communicated and shared on an Nordic and international level

Ideally the project includes up to five Nordic countries and is more than more than 50 % self-financed. The project should be based on national priorities and initiatives and should relate to other Nordic or international projects and activities.

A project should demonstrate genuine originality, create new contacts and promote emergence of new markets.

Nordic Innovation has two types of applications: the applicant can apply for funding through Calls for proposals or apply through an independent application not based on a call. Project proposals for independent applications can be sent in all year round.