Letter of Intent for the EXIST application: structure, tips & the value of individual LOIs

An LOI is a non-binding statement of intent between two parties that documents the key points of a potential collaboration before a main contract is concluded. For the EXIST application: at least three LOIs from potential customers or partners show that genuine interest exists and your idea is market-ready. This is relevant for B2B business models. For B2C you need other proof of market need – surveys, pre-registration numbers, or willingness-to-pay data.

Reviewers look for tangible evidence. LOIs prove concrete intentions from the business world and reduce the perceived risk of your project. Without LOIs, even the best idea reads as theoretical and less convincing. An LOI also demonstrates that you can approach people, hold conversations with target customers, and get a signature – soft skills that matter throughout the founding journey.

A standard LOI contains: parties (your startup and the partner company), purpose and subject (brief description of the project or service), confidentiality (a note that all details are handled confidentially), review process (timeline for technical and legal review), legal effect (clarification that no binding commitment arises), and signatures (location, date, signatures from both sides).

To make your LOIs maximally convincing they should not all look identical. Each letter of intent should carry its own header design with the partner company's logo, colours, and contact details; an adapted footer with specific contacts and references to their website; and slightly different body text with different examples or phrasing so it reads as though the company itself authored it. Individual LOIs signal genuine, tailored partnerships rather than mass mailings. When you send the template, let partners know they can copy it into their own letterhead.

1. Too generic: 'We look forward to a cooperation' with no specifics. 2. Missing deadlines: no clear statement of when the review should be complete. 3. No confidentiality clause: especially problematic for sensitive technologies. 4. Uniform layout: every LOI looks the same. 5. Signature missing or illegible: creates credibility problems with the reviewer.