EIT Crisis Response Initiative — Calls for Startups
Last week, the EIT Governing Board has decided to mobilize EUR 60 million of additional funding to innovators powering high-impact solutions that tackle this unprecedented social and economic challenge.
As Sabancı University Inovent A.Ş, we are also part of EIT community as InnoEnergy Hub Turkey since 2017 to provide assistance to early-stage entrepreneurs and startups works in energy and clean technologies sectors and ready for global growth.
The financing will support highly innovative start-ups, scale-ups and SMEs crucial to the economy’s fast recovery to benefit from additional funding under the ‘Venture Support Instrument’.
Venture Support Instrument: Start-ups, scale-ups, and SMEs have been enormously impacted by the COVID-19 crisis, with investment drying up and significant cash flow issues emerging. Additional EIT support (financing, technical assistance, and network) will help highly innovative ventures weather the crisis and accelerate their growth.
Here you can check out the open calls of EIT Crisis Response Initiative for startups:
1. EIT RawMaterials — Booster Call for start-ups, scale-ups, and SMEs in response to the COVID-19 crisis:
EIT RawMaterials Booster Call in response to the COVID-19 crisis aims to provide support to high-impact and growth potential start-ups, scale-ups and SMEs during the crisis, as well as help adapt and accelerate in the post-crisis economy with up to EUR 200 000 in funding.
As part of the EIT’s Crisis Response Initiative, this activity directly contributes to the European Union’s response to the COVID-19 pandemic.
The Call is open for start-ups, scale-ups and SMEs affected by the economic consequences of the COVID-19 pandemic and the businesses directly or indirectly contributing to mitigate technological, market and value chain challenges connected to the COVID-19 global crisis.
Application deadline:12 June 2020
Eligibility Criteria
The key targets supported within the open call include:
- Increasing the TRL (from at least TRL 4).
- The building or expanding Intellectual Property.
- Carrying out customer validation or pilot testing. The call also supports initiatives to find potential customers among EIT RawMaterials partners.
- Expanding the market and reaching a global scale.
- Preparing post-crisis economic reality (explore new market opportunities, anticipate new commercial opportunities, maintain employment and innovation capacity).
You can apply for Booster Call here: https://www.lyyti.fi/reg/Covid19-Booster
2. EIT Food — COVID-19 Bridge Fund Call
EIT Food launches COVID-19 Bridge Fund for EU agri-food startups that have been affected by coronavirus as part of the EIT Crisis Response Initiative.
This call is open to all European food & agri startups and scaleups (based in a Member State of the EU or Horizon2020-associated country) that meet the eligibility criteria, including those currently supported by EIT Food and those who have completed prior EIT Food Business Creation programs.
Application deadline: 28 May 2020
The unique funding mechanism will provide timely financial support of between EUR 200 000 and EUR 500 000 to a select number of agri & food ventures addressing one of EIT Food’s focus areas:
- Alternative proteins
- Sustainable Agriculture
- Targeted Nutrition
- Sustainable aquaculture
- Digital transformation of traceability
- Circular food systems
EIT Food will host a webinar about this Call on May 20, Wednesday at 15:30 CET. To join the webinar, please register here. (The webinar will be recorded and published on the EIT Food website on Thursday 21st May.)
You can apply for the call here: https://www.f6s.com/eitfoodcovid-19bridgefund/apply
3. EIT Health Start-up Rescue Instrument
EIT Health’s new Start-up Rescue Instrument was created to alleviate the economic shock posed by the COVID-19 pandemic.
Start-ups can apply to receive up to EUR 500 000 in co-investment from EIT Health, in return for options.
Part of the EIT Crisis Response Initiative, the EIT Health Start-up Rescue Instrument directly contributes to the European Union’s response to the COVID-19 pandemic.
The new instrument aims to support highly innovative ventures by increasing investor firepower and bridging the fundraising gap of start-ups in Series A, Series B, and bridge-financing rounds.
EIT Health will leverage the value of an investor’s commitment and co-invest up to EUR 500 000 in grants for options. For example, if a private investor invests at least EUR 250 000, EIT Health will match this with a EUR 500 000 grant and give the start-up a total cash injection of EUR 750 000.
Through this instrument, EIT Health will enable start-ups to attract further investor commitment and propel their venture’s acceleration. In addition to providing a boost to bridge financing rounds, EIT Health will offer selected start-ups a strong network of partners and introduce them to other opportunities in the EIT Health portfolio programs.
Application deadline: 1 June 2020
Eligibility Criteria
- Investment rounds were affected/postponed by the COVID-19 crisis.
- They are Seeking investment or bridge rounds of ≥ EUR 1 million.
- Pre-money (of current round) or Post-money valuation (of previous round) ≥ EUR 5 million.
- They are in the Series A or B, bridging financing round.
- Private investors are willing and able to co-invest 50% of the value of the EIT Health grant.
- The innovation is at Technology Readiness Level (TRL) ≥ 4 for Biotech innovations; TRL ≥ 6 for Medtech/Digital Health.
- The company was incorporated on or later than 1 January 2013.
- The start-up is active in Medtech, Biotech, and Digital Health areas. Drug development projects are not eligible.
- The start-up is an SME according to the EU’s definition.
- The start-up is registered in one of the EU Member States or countries associated with Horizon 2020.
You can apply here: https://eithealth.optimytool.com/en/
For more information about the EIT Crisis Response Initiative, you can visit EIT’s website here:
https://eit.europa.eu/our-activities/covid-19-response/eit-crisis-response-initiative
Sabancı University SUCool
Follow us, don’t miss the updates!
