Financer sa R&D sans dilution, mode d’emploi pour startups innovantes
The Strategic Guide for Innovative Startups
You’re building a breakthrough technology, product, or deeptech solution? Before giving away equity to investors, you should know: there are powerful public and fiscal tools to fund your R&D without dilution.
This is a strategic move: the more you progress with non-dilutive funding, the more traction, credibility, and future valuation you build. In short, more runway and less pressure during your next raise.
Here’s a 5-step playbook to fund R&D without equity dilution.
1. Leverage R&D Tax Credits (CIR / CII)
France offers two major tax credit schemes for innovation:
- CIR (Crédit d’Impôt Recherche): recover up to 30% of eligible R&D expenses (salaries, materials, approved subcontracting, patents…).
- CII (Crédit d’Impôt Innovation): recover up to 20% of innovation expenses, capped at €400k.
- These credits are accessible even before you’ve acquired customers.
Caution: a poorly prepared file can trigger tax audits. Strong scientific and technical justifications are essential.
2. Tap into Innovation Grants
France has a broad range of public grants to fund prototyping, proof-of-concept (POC), and early industrialisation.
- Key players:
- Bpifrance: French Tech grants, innovation loans, repayable advances.
- Regional governments: local innovation and economic development grants.
- France 2030: strategic national innovation programs.
- ADEME: focused on energy, climate, and ecological transition projects.
- Flag Tip: many grants can be combined with CIR/CII, if well structured.
3. Claim the "Jeune Entreprise Innovante" (JEI) Status
The JEI status offers major tax relief for early-stage R&D-focused companies.
- Benefits:
- 100% exemption on employer social contributions for R&D salaries (first year).
- Corporate tax exemptions in the early years.
- For companies <8 years old with significant R&D activity.
Official info: Statut JEI – service-public.fr
More free cash flow to reinvest in innovation.
4. Use Innovation Loans & Co-Financing
- Beyond grants, Bpifrance offers innovation loans with attractive terms:
- Funding from hundreds of thousands to millions of euros.
- No personal guarantees required.
- 5–8 years repayment, with deferred amortisation options.
Perfect to complement non-dilutive funding and bridge to your next equity round.
5. Build a Smart Funding Roadmap
- Non-dilutive financing is complex, but with the right roadmap, it lets you:
- Extend runway pre-equity.
- Present stronger KPIs to investors.
- Minimise dilution at higher valuation.
Mix tools like CIR, regional grants, Bpifrance loans, JEI, and more. Each has specific criteria and timing, and combining them demands expert strategy.
Flag's Role: Expert Guidance for Non-Dilutive Strategy
- At Flag, we help you:
- Identify the most relevant non-dilutive tools for your R&D.
- Build compelling technical and financial files for funders.
- Integrate non-dilutive financing into your overall equity strategy to maximise leverage.
Conclusion: R&D Without Dilution Is Not Just Possible, it’s Strategic.
Whether you’re in POC, prototyping, or scale-up mode, these 5 levers help you fund R&D without giving away equity.
It’s the smartest way to: strengthen your credibility, protect your cash flow, raise under better conditions.
Not sure where to start? Reach out, we’ll walk you through it.
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