€1.6 billion funding released today for Europe's next innovation leaders
In the next H2020SME Instrument funding call there’s €1.6 billion of funding available to businesses. So if your SME has a ground-breaking idea that could shape new markets or disrupt existing ones, then read on…
What is H2020 SME Instrument?
SME Instrument acts as an accelerator programme offering funding, coaching and business acceleration services to innovative small or medium-sized business with global ambitions. Since 2014, SME Instrument has become a key accelerator programme and has demonstrated its ability to identify radically innovative businesses in Europe and to invest in their growth.
More than 2800 highly innovative small and medium-sizes enterprises all around Europe have benefited from equity-free financial support, individualised business coaching and targeted business acceleration services.
What type of businesses should apply for funding?
High-risk, high-potential SME’s who need funding to develop and bring to the market new innovative products, services and business models that could drive economic growth.
In the past, topics covered a specific range of technologies, from biotechnology to space research and development. However, in this new call (which opened on 7th November 2017), pre-defined topics have been removed, opening up this competition to new markets and allowing entrepreneurs from all sectors of the economy to apply.
How much funding could be awarded?
Funding received will depend on various factors, including the phase being applied for and the total project cost.
Phase 1 covers the concept & feasibility study – from idea to concept and successful applicants will receive €50000 in funding. Phase 2 covers concept to Market-Maturity - from demonstration and market replication to R&D and product development. The EU will contribute up to 70% of total project costs, between €0.5 and €2.5 million.
What is the application process?
There are four deadlines per year from 2018 - 2020 for both Phase 1 & Phase 2, with the first deadline in January 2018. Various changes have been made to the application process. The submission process has been simplified, with a more business-oriented language being adopted. And face-to-face interviews with selected Phase 2 applicants will give expert-evaluators a better grasp of the proposals and make sure that only the best and most disruptive innovation ideas are selected.
How can businesses improve their chances of success?
SME’s can either apply for funding themselves or employ a grant funding specialist to apply on their behalf. Applicants should ensure they fully research their market and explain how they differentiate against competitors. Quantify the economic, societal, technical and environmental benefits and prove how grant funding will demonstrate value for money.
Employing the services of a grant funding specialist will greatly increase the chances of receiving funding. Granted Consultancy have a much higher than average success rate and have supported many successful applicants including Dashboard – an early stage technology company on track to transform the world's oil and gas pipeline industry and Autto – an easy to use intelligent automation system for legal and professional firms. Successful businesses should receive funding within 4 months for Phase 1 applications and 8 months for Phase 2 applications
How do I know if my project is suitable for funding?
Grant funding applications can be complex and there are many different factors to take into account when considering eligibility.
To examine your project’s suitability, Granted have produced a Research & Development grant information request document which you can request by email or completing our contact form below. If you think that you might be eligible for this fund, complete and return this document to us to receive comprehensive feedback from our Grant Funding Specialists about your project’s suitability for funding.