More than 100 hardware startups apply annually to join Danish Tech Challenge, which since 2014 has been helping entrepreneurs bring their hardware products to market. Last September, 19 of Denmark’s most promising hardware entrepreneurs kicked off the 2022 edition of Danish Tech Challenge, and now Droplet IV stands out as the winner.
Across hospitals, nurses spend time flushing IV lines when patients are receiving intravenous medication. Due to busy schedules, nurses sometimes don’t get the chance to perform the flush, meaning patients don’t receive the intended medication. “Medication should go into people — not the trash” is the motto at Droplet IV, which has developed a new technology that automatically flushes IV lines when patients are receiving intravenous medication. This can free up nurses from many extra minutes of manual work every day.
We are incredibly grateful for all the support we’ve received through Danish Tech Challenge. It’s amazing to be standing here today. It fuels those long, tough workdays, and it’s all worth it when you find yourself working until 5 a.m. Now, we’re moving forward with product development, hiring talented people – and our goal is to take our product to the US.
Innovative hardware solutions are more important than ever before
The reality that entrepreneurs are expected to operate in has changed radically in recent years, with one global crisis following another. This calls for new technologies and innovative product development — especially within climate and MedTech, where advancements are moving rapidly. The five finalists in this season of Danish Tech Challenge, who pitched at the final, are developing products within fields such as MedTech, IoT, and Nanotechnology.
It’s no secret that the road to market for these types of technologies is long and demanding, which is why a program like Danish Tech Challenge can help make that journey a little easier:
“Our foremost task is to support these startups. Our goal is to build strong industrial companies, and there’s no doubt that it’s tougher to be a startup now than just a year and a half ago. Less money is being invested, supply chain challenges persist, we’re affected by inflation, and there’s generally a slowdown in the market. More than ever, it’s crucial to prove that you’re not a risky case. Startups need to have their house in order,” says Steen Donner, CEO of DTU Science Park.
Billions Raised in Investments
Since 2014, Danish Tech Challenge has accelerated 180 startups. Together, they have raised a total of DKK 2.7 billion in funding, created around 1,500 jobs, and today, two out of three are exporting to international markets.
“Entrepreneurship is a tough discipline. And for hardware entrepreneurs, the journey from a good idea to a finished product and on to global export is especially challenging. That’s why it’s fantastic that, with Danish Tech Challenge, we’ve created a program that helps many companies get on the right path—so more of them survive and succeed,” says Sten Scheibye, Chairman of the Danish Industry Foundation.
Throughout the program, entrepreneurs go through all aspects of running a business: business planning, legal matters, auditing, marketing, product development, and more. The program also emphasizes helping startups integrate sustainability into their business models from the very beginning:
“If a company wants to succeed and scale, it’s absolutely essential to think about sustainability from the start. That’s why we’ve made it a core part of Danish Tech Challenge, with a dedicated focus on how companies work with their sustainability profile,” says Steen Donner, CEO of DTU Science Park.
The next edition of Danish Tech Challenge will kick off in the fall of 2023.
About Danish Tech Challenge
Danish Tech Challenge is a five-month intensive program that gives participants access to expert advice from mentors and advisors, prototyping facilities, investors, and a grand prize: the Danish Industry Foundation’s Entrepreneur Award worth DKK 500,000.
Launched in 2014, Danish Tech Challenge is a development program aimed at technological hardware startups working to bring new physical products to market. Each year, more than 100 hardware startups apply for the program. It is run in collaboration between the Danish Industry Foundation and DTU Science Park.
Previous winners of Danish Tech Challenge
Nordic Power Converters (2014), MedTrace (2015), Bifrost Communications (2016), Hydropen (2017) (formerly Rosenby Engineering), MiWire (2018), PentaLock (2019), Athlee (2020) (formerly SwimCam), and Simplewire (2021).
