There is support provided for SME’s in three different stages covering the innovation cycle. The phases are outlined below
- PHASE 1: A feasibility study will allow for an assessment of the technological and commercial potential of a project (proof of concept). Funding is provided in the form of a lump sum of €50,000
- PHASE 2: A main grant will support an innovation project focusing on activities such as demonstration, testing, prototyping, pilot lines, scale-up studies, miniaturisation, design, performance verification etc. and market replication. Funding is provided up to €2,000,000
- PHASE 3: The commercialisation phase is supported indirectly through facilitated access to debt and equity financial instruments as well as various other measures, for example on IPR protection.
Successful completion of one stage will allow an SME to move on to the next; each stage is open to all SMEs. In addition, a coaching and mentoring scheme is provided exclusively to beneficiaries of the instrument in order to accelerate the impact from the funding provided, thus equipping the company with the skills and capacities for innovation-driven growth. The service will be provided by specially-recruited business practitioners and will be accessible through the Enterprise Europe Network