The FINANCIAL–Two small and medium-sized enterprises (SMEs) – one from Armenia and one from Ukraine – have recently been selected for funding under the first phase of the European Innovation Council’s (EIC) pilot of its SME Instrument.
The companies will receive funding and free coaching to develop and implement their business ideas.
The European Commission received 2,149 proposals before the first deadline in May. The next deadline, for Phase 1, was on 5 September.
In total, 242 SMEs from 30 countries (mainly in the EU) will receive funding. The total budget of the funding under the instrument is €12 million. It will be distributed between the companies’ projects to get their innovations onto the market more quickly.
The majority of the companies selected for funding are in the fields of information and communication technology, health and engineering.
The SME Instrument is part of the EIC pilot to support 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 how developed their project already is. More information can be found here.