A total of 257 small and medium-sized companies (SMEs) from 31 countries have been selected for funding in the latest round of the SME Instrument Phase 1, which is part of the recently launched European Innovation Council (EIC) pilot.
In this phase of the SME Instrument, each project will receive a lump-sum of €50.000 to draft a credible business plan. Based on the document prepared in Phase 1, the SMEs can apply for further funding from €0.5 to €2.5 million in Phase 2 to finance innovation activities such as demonstration, testing, piloting and scaling up. In addition, companies under both phases benefit from free coaching and business acceleration services.
Carlos Moedas, European Commissioner for Research, Science and Innovation, said: “With the European Innovation Council pilot, we set out to support high-flying entrepreneurs with breakthrough ideas and a clear ability to create new markets.”
Most businesses selected for funding in Phase 1 are in the field of health, engineering and information and communication technology (ICT). The projects relate to solar street lights, a software that uses augmented reality to help industrial plants monitor their production chain, a diagnosis tool for sleep apnoea, an innovative mobile payment technology and a custom-made paint vending machine just to name a few.
The next application deadlines for the SME Instrument Phase 1 and Phase 2 are in May 2018. Now is the time to talk to the MSC R&D specialists who can help you through the application process and maximise your chances of obtaining EU funding for disruptive technologies.