A brand new pilot funding stream has been launched by the European Commission especially for projects that are in the late stages of development and close to being launched on the market.
Typically grants are only available to fund future projects, ranging in maturity levels from blue sky research to the development of a prototype. Some businesses that are less aware of the grant funding landscape can find that by the time they need extra financial assistance, their project is too mature for grants. By this time they may have used up most other funding options such as cash flow and angel investment, so reach a ‘valley of death’ between successfully researching a product and successfully getting it onto the market.
The new ‘Fast Track to Innovation Pilot’ (FTI) scheme is great for business-driven projects that at the later stages of development and closer to commercialisation. The scheme is extremely attractive as it is open to proposals in any area of technology or application. FTI is not restricted to SMEs, but does require strong business involvement. The overall aim of the scheme is to increase the participation of industry, SMEs and first time applicants in Horizon 2020 funding and also to stimulate private sector investment in research and innovation.
This pilot scheme is initially open for two years, with €100m available for 2015 and €100m available for 2016 to high impact projects.
Projects must be mature, with commercialisation achievable within three years of the start date. Also, the project must be collaborative, with a mix of industry and research partners from at least three different EU Member/ Associated States.
FTI funding offers support up to 70% of eligible costs for project of € 1-2m or exceptionally up to € 3m. In both 2015 and 2016 there will be three opportunities to apply.
PNO’s Alice Wharton says about the scheme, “FTI is part of the Horizon 2020 drive to bring more jobs to the EU. This funding can help organisations to quickly translate an idea into a market ready product by accelerating the development of technologies into innovative products, processes or services.”
For more information, contact one of PNO UK’s funding experts on 0161 488 34880161 488 3488 or firstname.lastname@example.org