Тhis is the blog of the open network EDIT, launched by MOVE.BG. The articles are also available on the official website of MOVE.BG.
EIT Digital, which is part of the European Institute of Innovation and Technology (EIT), has opened a call for late-stage innovative startups that want to scale to a European and international level. Called EIT Digital Challenge, the initiative offers a 12-months accelerator program and up to $100,000 award. The call is open until June 14.
“EIT Digital is calling fast-growing startups with existing customers – so-called scaleups – to apply for the sixth edition of the EIT Digital Challenge. This year, in addition to companies from EU28 member states also companies from countries associated with Horizon 2020 can apply,” the EIT Digital says.
The startups must be at the growth stage but less than 10-years old. They must develop projects in one of the five EIT Digital categories: Digital Industry, Digital Cities, Digital Wellbeing, Digital Tech, or Digital Finance. Moreover, applicants must meet one of the following requirements:
- have a minimum revenue of EUR 300,000 in 2018;
- have EUR 300,000 until the date of the submission in 2019;
- have a minimum EUR 2,000,000 of total funding.
The accelerator
EIT Digital would select five companies per category to pitch their ideas in front of a European jury, comprised of EIT’s experts, investors, and other external business investors. They would select the two best startups per category for participation in the 12-months accelerator program and would give financial support of EUR 50,000 for each of those teams.
All ten finalists would get individual lead creation support at additional corporate matchmaking events, investors dinners, and in a personal introduction to international customers and venture capitalists. The five first-prize winners would also receive a cash prize of another EUR 50,000 and thus totaling their growth package to EUR 100,000.
“In addition to this growth package, the winners will gain access to EIT Digital’s pan-European innovation network with more than 150 partners and will enjoy international publicity and greater visibility by means of EIT Digital’s network channels,” the organizer explains.
MOVE.BG and the innovation economy
MOVE.BG supports the startup ecosystem via several initiatives. Our program EDIT: Economic Development via Education and Technology is dedicated to enhancing culture and knowledge about the innovative economy.
Also, MOVE.BG is the local partner of European accelerator “Social Innovation to Tackle Energy Poverty,” organized by international network Ashoka and Schneider Electric Foundation. Two projects, including innovative electric bicycle, developed by 17-years old students, will participate in a 5-month mentorship program.
Moreover, the founder and chairwoman of MOVE.BG’s Board, Ms.Sasha Bezuhanova, is one of the members of the EIT Governing Board.