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Here at Furthr, we have been providing Acceleration, Funding and Connecting opportunities for innovative start-up and scale-up enterprises for the last 35 years.
Right now, in Ireland, identifying funding opportunities for our start-up clients, particularly at pre-seed level, is as difficult as it has ever been. Angel investment activity in H1 2023 is down year on year.
In our relentless pursuit to support our clients, we have been looking outside Ireland. EIT Digital is a Knowledge and Innovation Community (KIC) of the European Institute of Innovation and Technology (EIT). EIT Digital invests in strategic areas to accelerate the commercialisation and scaling of research-based digital technologies focusing on Europe’s key societal challenges.
EIT Digital’s Open Innovation Factory invests up to €400K in start-up enterprises. November 13th 2023 is the cut-off date for the current call for applications and decisions will be made by December 13th 2023.
In summary, the Open Innovation Factory
- Offers €400K “grant funding, with an equity consideration” for start-ups. Typically the equity consideration is in the range of 2%-15%.
- Is intended for commercialisation purposes, not product development.
- Targets start-ups incorporated in an EU country after 01/01/2019 and currently generating revenue.
- Must have received investment already, but importantly, this could include Enterprise Ireland’s Pre-Seed Start Fund or other public funds.
- Must be part of a “consortium” including at least two entities in two EU countries. An Irish start-up is one entity, the other could be a client company, partner company, academic partner or investor in another EU country.
- Co-funding required from start-up but Important to note that this can be sweat equity.
Process and Timelines
- Complete an EIT Digital Open Innovation Factory Proposal Preview here. (1 page application form).
- You will be contacted in regard to the Open Innovation Factory Proposal
- Workshops take place on 11th & 26th of October 2023.
- Cut-off date for applications: 13th November.
- Decisions made and communicated by 8th December.
- It is intended that received funds are spent in the period 1st January to 30th June 2024.
Support from Furthr
Furthr is available to discuss this funding opportunity with you and to assist you with your application. Contact us here.
