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What does it involve?
The SME-Instrument, as part of the European Innovation Council pilot (EIC pilot), is available to small and medium-sized companies located in Europe or a partner country, with an international vocation, so that they can grow and move forward through the market-oriented innovation projects developed. With a total budget of 1.6 trillion euros for the period 2018-2020, this instrument gives financial support to new ideas for products, services or processes in a progressive way, without pre-established research topics.
Phases: What aid is available?
Concept and feasibility study of the project (stage 1, optional): Fixed amount of €50,000.
A duration of 6 months is foreseen for this phase (results in 2 months and funds in 4 months), which includes activities of technical and commercial feasibility studies, including design and market research. This phase must conclude with a business plan. If the project has the right potential to be put on the market and additional financing is required for its development, the SME-Instrument Phase 2 begins.
Development and demonstration (Phase 2): between 500,000 and 2.5 million euros (70% of the project cost).
The activities comprised in this phase include the prototyping, design, testing and validation of commercial applications among others. Results are expected in 4 months and funds in 8 months. This phase concludes with the innovation obtained and a business plan that incorporates the marketing strategy and its relevant financing plan.
Business Coaching free of charge (optional) with the aim of supporting and improving the capacity of innovation and its alignment with strategic business needs. It is offered parallel to the phases 1 and 2 of the SME-Instrument.
Access to facilitative and risk-financing services.