68 small and medium-sized enterprises (SMEs) form 19 countries have been selected for funding under the latest round of the European Innovation Council’s SME Instrument strand. The companies will receive a total amount of €119.9 million to share between their projects to get their innovations faster on the market.
Examples of the projects selected include a blockchain-based online payment technology, next generation loudspeakers, a quantum dot material technology for energy efficient screens, an ultrasound technology for bee-keeping and a technology that fights traffic noise.
In this second phase of the SME Instrument, each project, 64 in total, will receive up to €2.5 million to finance innovation activities like demonstration, testing, piloting and scaling up. The companies will also benefit from 12 days of free business coaching and acceleration services.
Most projects selected for funding are in the field of health, engineering, information and communication technology (ICT). Most companies are based in Spain (9), Israel (7) and Germany (5).
The European Commission received 1848 proposals for the 9 January cut-off.
The SME Instrument is part of the European Innovation Council (EIC) pilot that supports top-class innovators, entrepreneurs, small companies and scientists with funding opportunities and acceleration services. Companies can apply for two distinct phases under the SME Instrument, depending on the maturity of their innovation. Under Phase 1 of SME Instrument, each project will receive a lump-sum of €50.000 to carry out a feasibility study. Under Phase 2, each project will receive from €0.5 to €2.5 million to finance innovation activities such as demonstration, testing, piloting and scaling up. In addition, companies under both phases can benefit from free coaching and business acceleration services.