68 top-class innovative companies get €120 million from EIC SME Instrument
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.
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.