We are glad to announce that Zaphiro Technologies has been selected as a beneficiary for the Phase 1 of SME Instrument in Horizon 2020! The EIC SME Instrument is a public funding programme that funds risk innovation in small businesses. It funds market-creating innovation in disruptive small businesses that have significant growth potential and global ambitions. The EIC ME Instrument is part of Horizon 2020 – the EU's 80 billion € funding programme for Research and Innovation for 2014-2020. The SME instrument in Horizon 2020 supports close-to-market activities with a strong aim to boost breakthrough innovation. The instrument supports those applicants that have a clear commercial ambition and a potential for high growth and internationalization.
The European Commission received 2596 proposals from 43 countries for SME Instrument Phase 1 before the cut-off date on 9 November 2017 with an acceptance ratio of approximately 7%.
Thanks to this achievement, we will receive a lump-sum of €50’000 to finance a feasibility study (Phase 1 of the SME instrument) for innovative products that can disrupt the market. In addition, we will also receive business support services and free business coaching for up to three days. Should the outcome of this feasibility study be that the concept has the potential to be developed into commercialization; we will further apply for phase 2 (with a funding up to € 2.5M).
Only the most innovative companies get selected. Until now, out of 30.000 applicants 2500 companies have been funded. This shows how intense the competition is under the programme and demonstrates the high quality of the proposals funded. 25% of the companies funded under the EIC SME Instrument are in the 10% fastest growing companies in Europe according to Venture Radar. Additionally, it was shown that almost two out of three companies funded by the SME Instrument have put their innovation out on the market and meet first successes. We just have to make it happen!