EU seeks SMEs to join “champions’ league” of innovation
The European Union is recruiting the most innovative small and medium enterprises (SMEs) to join an elite group dubbed the "champions' league" of European innovation. The group will help ideas move from labs to the market, bolstering Europe’s efforts in the fields of research and innovation. The group is part of the EU's SME Instrument, an offshoot of the funding programme Horizon 2020, which provides funding and support for innovation projects.
Specifically, the group is searching for SMEs that have an innovative prototype close to being ready for market, particularly those which will be a "game changer" for Europe and beyond. Companies interested in applying to join the group will also need to outline why they, and not their competitors, will be successful in bringing their innovative project to market. The SME Instrument further asks applicants to detail how they will monetise their innovation, thereby creating a bankable product.
It is noted that firms that have been established for four years or more tend to have higher success rates than younger companies, while organisations with six or more staff are more likely to receive funding. Although this level of experience and staffing are not requirements, they have proven to be useful indicators in the past, writes the SME Instrument.
For more information, visit the EASME website.