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How Europe is Helping Startups Succeed · EU-Startups Podcast

• 0:00
  Speaker 0: You are now listening to the EU Startups podcast.
• 0:13
  Speaker 1: Hello, and welcome to this episode of The EU Startup's Podcast.
• 0:16
  Speaker 1: as always I'm your host Dave Sengarcia, the editor at EU startups today a child with mom chill sabbath.
• 0:23
  Speaker 1: He is the director Of the EIC and Ismael i'd never actually pronounced Ismae before had only ever seen have written eis mea but most of you might be I imagine familiar with the EIC, The European Innovation Council and maybe even Isman.
• 0:43
  Speaker 1: They work they do for startups first scale ups And just a wider innovation ecosystem within Europe.
• 0:50
  Speaker 1: Obviously this is a branch of the commission that works on providing guidance mentorship and importantly funding to important and rising companies in Europe.
• 1:03
  Speaker 1: So I'm chair.
• 1:03
  Speaker 1: now we're able to chat on that kind of policy side things which is Missing, I think in my opinion especially within this very podcast series.
• 1:12
  Speaker 1: representatives of these organizations that kind of clarify how the funding works where?
• 1:17
  Speaker 1: The funding comes in what their requirements are or What they're interests are.
• 1:21
  Speaker 1: so he was able to shed light on all Of this and we were able to talk also just his wider Opinion.
• 1:27
  Speaker 1: On how he sees the whole ecosystem developing next five to ten years And how Europe stacks up when it comes too international comparisons, and even specific companies that he thinks are good examples of successful European innovation.
• 1:44
  Speaker 1: So I hope you're looking forward to that.
• 1:47
  Speaker 1: Hello MomChil!
• 1:48
  Speaker 1: And welcome to the EU Starbs podcast.
• 1:51
  Speaker 1: it's a pleasure have you on today.
• 1:53
  Speaker 0: Thank You very much David.
• 1:54
  Speaker 0: It is a pleasure to be here.
• 1:56
  Speaker 0: thank you for your kind invitation.
• 1:58
  Speaker 1: Of course, of course.
• 1:59
  Speaker 1: I'm very much looking forward to today's conversation.
• 2:02
  Speaker 1: We so often have entrepreneurs and we're so often had VCs on here But actually the policy The EU Commission side is Unfortunately kind of lacking sometimes which is why?
• 2:14
  Speaker 1: We actually had such a push from our end.
• 2:16
  Speaker 1: just want to get you on here Today.
• 2:18
  Speaker 1: with that in mind i am obviously kind of getting little bit of spoilers as To who You are but if you'd like to give the audience A bit of background On you know sure they would appreciate it.
• 2:28
  Speaker 0: Thank you.
• 2:28
  Speaker 0: Thank You David.
• 2:29
  Speaker 0: well My name is Montreal Sabbath.
• 2:32
  Speaker 0: I'm the director of his mayor, which is the European Innovation Council and SME executive agency.
• 2:40
  Speaker 0: It's a long name But that's essentially the implementation arm Of the European innovation council and some of the small and medium enterprise programs of The Commission.
• 2:56
  Speaker 0: basically.
• 2:57
  Speaker 0: So we focus on innovation, but not only.
• 3:01
  Speaker 0: And maybe I will have an opportunity to explain a little bit later what exactly we do?
• 3:08
  Speaker 1: Sure!
• 3:08
  Speaker 1: Well touch a little background of what you've done before this because that actually ties pretty well into the way your going be answering some questions and topics were gonna talk about today.
• 3:21
  Speaker 0: Certainly David...I mean i've done alot things throughout my career..i had my own company.
• 3:27
  Speaker 0: It's true it wasn't in deep tech, but it was a classic production and manufacturing.
• 3:34
  Speaker 0: I've been consultant through two of the big four now In an international court of justice... ...I have been in commission for quite awhile dealing with different policy areas.
• 3:49
  Speaker 0: But you know i always try to get closer citizens or companies in terms of impact, starting let's say from far removed policy development and coordination.
• 4:06
  Speaker 0: And gradually... From the area of taxation in particular.
• 4:10
  Speaker 0: then I moved on to regional policies.
• 4:13
  Speaker 0: now as mayor and in particular DIC where we are very close you can't be closer than that directly assist companies who are taking the big leap.
• 4:30
  Speaker 0: Investing everything that they have in most cases, not only capital but also time energy dedication to get their ideas created built and then to scale and try to make it Not Only in Europe But globally And I love that.
• 4:53
  Speaker 1: Yeah, you have a very rounded background them from.
• 4:56
  Speaker 1: I'm hearing because and for what?
• 4:57
  Speaker 1: You've said in the corner my notes here.
• 4:59
  Speaker 1: There's DG Reggio DG Taxu D Even The European Court of Human Rights.
• 5:05
  Speaker 1: So yeah, you really kind of stepped all over the place Here.
• 5:09
  Speaker 1: What then led you into And i've never heard this actually pronounced before Ismia.
• 5:15
  Speaker 1: I've always looked at it and read, if never heard of pronounced Ismia what led you into EIC?
• 5:20
  Speaker 1: And Ismia then from that kind of background of touching all these different points...
• 5:25
  Speaker 0: I think was kind of realizing as a said have always tried to get closer and closer to the direct impact That the European Union has on citizens and companies and i don't Think You can Get Closer than this.
• 5:44
  Speaker 0: What I love about the EIC and ISME is that we have a direct connection to the companies That are taking as i said, The big step.
• 5:54
  Speaker 0: because every time.
• 5:54
  Speaker 0: I meet entrepreneurs or innovators?
• 5:58
  Speaker 0: I admire their um courage dedication To invest.
• 6:04
  Speaker 0: As i said some of the people Have invested everything that they have in terms Of capital their own uh initially of course their knowledge, they're dedication.
• 6:17
  Speaker 0: They are time... Their life to making these companies succeed and I see us as helping them along the way which i love.
• 6:28
  Speaker 0: And there more companies that we can assist The better it is for them.
• 6:32
  Speaker 0: And
• 6:38
  Speaker 1: we're still here chatting over everything that you've done.
• 6:40
  Speaker 1: But throughout all this time, has your understanding of what companies need in terms of assists changed during that time?
• 6:48
  Speaker 1: Because from our side... From the journalism side where I see mostly through funding Right?
• 6:54
  Speaker 1: That's kind of what makes into articles.
• 6:57
  Speaker 1: Most people, most entrepreneurs hear about and they're interested in.
• 7:00
  Speaker 1: frankly of course but that kinda make me think is the main assist founders and entrepreneur look for a need.
• 7:11
  Speaker 1: has this changed?
• 7:12
  Speaker 1: it always been same.
• 7:14
  Speaker 0: It's mixture things.
• 7:16
  Speaker 0: obviously funding essential because when you get to certain scale personal capital or money that you can borrow from friends and family is not enough.
• 7:31
  Speaker 0: And then, you need real assistance.
• 7:34
  Speaker 0: Unfortunately the venture capital in high-risk capital in Europe is lacking... ...and especially for deep tech even personal capital obviously isn't enough.
• 7:47
  Speaker 0: You need a lot of assistance scaling in terms of not even scaling, in terms technological development to get a product which is viable for the market.
• 8:00
  Speaker 0: And funding is essential.
• 8:02
  Speaker 0: you cannot succeed without it.
• 8:05
  Speaker 0: but that's definitely not enough.
• 8:09
  Speaker 0: and We have also expanded the way we are supporting entrepreneurs and innovators to provide them with as many of the other support mechanisms that they need in particular.
• 8:22
  Speaker 0: Things like matchmaking, things like training themselves and their teams how to pitch?
• 8:30
  Speaker 0: How to reach out to investors.
• 8:32
  Speaker 0: but most importantly In order to grow you need customers.
• 8:38
  Speaker 0: without customers You cannot achieve the high hopes that you have for your endeavor.
• 8:45
  Speaker 0: So there we are also trying to assist our back companies to succeed.
• 8:52
  Speaker 0: and if you look at how what is mad does because it's not only just it, so don't leave us the IC.
• 8:59
  Speaker 0: We're also a support.
• 9:02
  Speaker 0: innovation ecosystems were also supported single market program which was one part of this D European Enterprise Network.
• 9:12
  Speaker 0: So if you imagine the innovation kind of steps or funnel, we assist in building the necessary ecosystems to allow for the birth of new innovations through programs such as the European Innovation Ecosystems.
• 9:39
  Speaker 0: And once there is an idea, then we have the necessary funding along the way including at the end possibility for equity ranging all the way up to a thirty million.
• 9:54
  Speaker 0: and Then Once you do have the possible kind of first clients You know.
• 10:01
  Speaker 0: You have a growing market.
• 10:04
  Speaker 0: We can help you expand even further with the business acceleration services that we offer so, That you can grow both within Europe but also globally.
• 10:15
  Speaker 0: and The European Enterprise Network Also comes after that when You are really now an established let's say But maybe small SME.
• 10:26
  Speaker 0: We Can Help You Continue With Those Contacts And Growth.
• 10:31
  Speaker 0: And along the way, as I mentioned we help with things like IP registration.
• 10:37
  Speaker 0: How do you build your business model?
• 10:40
  Speaker 0: how can you make money out of the intellectual property that you have and everything else which may need a long-dway?
• 10:49
  Speaker 1: Okay so May there's an important moment here too.
• 10:53
  Speaker 1: kind and is man because I have to imagine that entrepreneurs who are watching this, have seen the EIC mention at very least if not.
• 11:07
  Speaker 1: Have wanted to engage with it on some level.
• 11:11
  Speaker 1: There's something that I've found to be very common whenever I meet people who are involved in European innovation on a commission level, and policy-level.
• 11:18
  Speaker 1: They're always trying get people know they are understand what you do because sometimes there is lot of money left on the table.
• 11:25
  Speaker 1: And theres alot funding, alot opportunity left off the table Because there isn't enough understanding Of what it is.
• 11:31
  Speaker 1: institutions within Europe Do with their focus what they have to do with each other.
• 11:37
  Speaker 1: So I think it's a good opportunity to talk about the distinction between EIC and Ismael?
• 11:41
  Speaker 1: You're
• 11:43
  Speaker 0: completely right, that...I think to the outside world.
• 11:47
  Speaker 0: And then let say there are citizens or companies.
• 11:49
  Speaker 0: It's probably very confusing sometimes But that is why There is a good project ongoing.
• 11:55
  Speaker 0: This is the plan of The Commission for the next programming period That we simplify things Combine programs Make sure that the rules Are the same For most of them or as many of them is possible to make it easier for citizens and companies to apply for either funding, Or other support that they need because To the outside To the companies in the citizens.
• 12:21
  Speaker 0: It should not matter which Dg or Which agency's taking care?
• 12:26
  Speaker 0: Of the possible funding will support mechanisms at big that we provide They need.
• 12:32
  Speaker 0: they have an issue they have a problem which they're looking to solve.
• 12:37
  Speaker 0: And we should be able to step in, in a simple way, speedy-way... ...to give that
• 12:43
  Speaker 0: assistance.".
• 12:45
  Speaker 0: So at the moment as I mentioned Ismail is in charge of implementing several programs.
• 12:53
  Speaker 0: The EIC is the main one.
• 12:55
  Speaker 0: That's definitely where we intervene most actively In the innovation ecosystem of Europe especially in deep tech, with both the funding and as I mentioned business acceleration services which i already talked about.
• 13:15
  Speaker 0: It's a logical intervention meaning it is not one of innovation ecosystems are there as well.
• 13:26
  Speaker 0: European enterprise network and single market program.
• 13:29
  Speaker 0: so its continuous support mechanism to ensure that the companies have the necessary funding, services they need in order to develop and prepare themselves for expansions scaling up.
• 13:46
  Speaker 0: And challenging their big players on-the market In order to succeed... Hopefully stay in Europe not having a need because they're not receiving that in Europe To go somewhere else.
• 14:04
  Speaker 1: Yeah, it's.
• 14:05
  Speaker 1: but you mentioned two things here that I think are interesting.
• 14:08
  Speaker 1: one is this effort to kind of simplify the Help and simplify.
• 14:14
  Speaker 1: The understanding what there is on innovation scale in Europe because we so often hear that the main problem Is regulation.
• 14:21
  Speaker 1: right then?
• 14:22
  Speaker 1: That's where holds Europe back as its regulation versus the rest of the world.
• 14:27
  Speaker 1: And and overcomplication of bureaucracy, all these levels.
• 14:33
  Speaker 1: And so kind.
• 14:35
  Speaker 1: with that in mind here... You've already spoken about the one to get more funding out there?
• 14:42
  Speaker 1: What would you say is the main challenge that startups, scale-ups new companies face within Europe?
• 14:49
  Speaker 1: Is it overregulation or lack of funding?
• 14:52
  Speaker 1: Or do you spot something else on them?
• 14:56
  Speaker 0: I think its a mixture.
• 15:00
  Speaker 0: Funding we covered, definitely there's not enough funding available in Europe for deep tech startups.
• 15:07
  Speaker 0: For disruptive technology.
• 15:09
  Speaker 0: We see that and to some extent That is why IsMEA and the EIC In particular exist.
• 15:15
  Speaker 0: because unlike The US ,we do Not have high risk capital which is willing To back innovation or ideas Which are not yet proven.
• 15:28
  Speaker 0: So we do need to continue with that.
• 15:33
  Speaker 0: In terms of regulation, it depends on the area that innovation is being developed in.
• 15:42
  Speaker 0: obviously some areas such as let's say medical are very heavily regulated for a very reasonable purposes.
• 15:55
  Speaker 0: others In other areas, if it's a new technology they may not even be regulation.
• 16:02
  Speaker 0: Maybe that is also the problem and its not clear how companies need to develop their products.
• 16:11
  Speaker 0: And yes, regulation does not help especially when company start expand beyond there member state then try sell in another countries If there are regulatory barriers.
• 16:26
  Speaker 0: that gets in the way.
• 16:27
  Speaker 0: That is an administrative burden, also costs sometimes as well.
• 16:34
  Speaker 0: but I also see it As an opportunity because if you are able to scale To expand beyond your borders In Europe then You're ready for global expansion Because this Is what we Are supporting as Well.
• 16:54
  Speaker 0: It's not only becoming The best company in Europe but also becoming a global leader.
• 17:01
  Speaker 0: And if you can make it, little bit like New York... If you could make in the EU with different regulations and different jurisdictions or languages You can make anywhere.
• 17:14
  Speaker 1: I liked that!
• 17:15
  Speaker 1: That's good slogan.
• 17:19
  Speaker 1: It's a question that I think is always important to ask, almost any bit it comes on this podcast because usually the answer quite different.
• 17:26
  Speaker 1: You'd say there would be kind of homogenized response to issues in Europe and when it come innovation.
• 17:32
  Speaker 1: but usually isn't And there are differing opinions onto especially you know cause for talking about funding.
• 17:37
  Speaker 1: then we're talk with somebody who provides funding Intrinsically going to be more different and uh, More nuanced than somebody who's out there looking for fun.
• 17:47
  Speaker 1: So it It's interesting topic And while we're continuing on that I did have a quick look over our own coverage of the EIC in this year because i was curious To see how often you'd popped up right.
• 17:59
  Speaker 1: so just see well How active are they truly?
• 18:04
  Speaker 1: You know, there's plenty of stories we don't cover.
• 18:06
  Speaker 1: There are things that we miss.
• 18:07
  Speaker 1: so this is no way to say it was the only thing you've been involved in.
• 18:10
  Speaker 1: but from when I had a look at... ...there were around twenty-two rounds so far this year That we kind of covered and mentioned EIC.
• 18:18
  Speaker 1: And then you start getting into these specificity on what that means.
• 18:22
  Speaker 1: Are we talking about equity?
• 18:24
  Speaker 1: Are we talk about grants?
• 18:28
  Speaker 1: Accelerator, are we talking about fund?
• 18:31
  Speaker 1: You know.
• 18:31
  Speaker 1: and all of a sudden it starts expanding more and more.
• 18:34
  Speaker 1: but who's around one point three billion that I saw.
• 18:37
  Speaker 1: so i think It's safe to say you're an important player.
• 18:40
  Speaker 1: And That uh...you're definitely involved and your you're Definitely showing up in these different companies that seem To be notable.
• 18:49
  Speaker 1: Yeah
• 18:52
  Speaker 0: In fact David in terms Of deep tech We have the most active government funding agency out in Europe.
• 19:02
  Speaker 1: So then where do you think the EIC makes?
• 19:06
  Speaker 1: The biggest difference or and is may as well.
• 19:09
  Speaker 1: I don't just want to eliminate There's.
• 19:14
  Speaker 1: there's VCs yeah, right private vcs and investment vehicles that are raising Plenty of funds at our investing plenty of companies.
• 19:23
  Speaker 1: so what's the difference there?
• 19:24
  Speaker 1: That you see for what you provide versus what a typical VC might.
• 19:30
  Speaker 0: Sometimes we complement each other or work on the same topics and technologies but what we provide in our mandate, mission is to fund and support deep tech disruptive non-bankable technology meaning technologies which show promise very high risk, and nobody else is willing to back them.
• 20:03
  Speaker 0: So by intervening... By providing the funding as a first step I would say we are de-risking that project for other VCs to then say okay maybe there is something here too.
• 20:16
  Speaker 0: have look at.
• 20:18
  Speaker 0: And what we've noticed well following our funding A lot of VCs then consider that as almost an acknowledgement to invest in some of the EIC-backed companies, which is a very good indication.
• 20:37
  Speaker 0: our very rigorous selection process.
• 20:41
  Speaker 0: Which following up and providing additional support they need because we do not.
• 20:51
  Speaker 0: Our aim, our objective is not to make entrepreneurs and companies use only EU funding.
• 21:04
  Speaker 0: They should have the objective of being able after our funding get the necessary VC capital and survive without intervention from EIC or other... similar funds.
• 21:22
  Speaker 0: So we can give them the boost, and from there on ideally they need to survive in the VC world.
• 21:33
  Speaker 0: get the necessary funding grow scale Get more customers And that it?
• 21:39
  Speaker 0: We've seen that already with some very good successes such as Pascal or IQM which have become unicorns without, I would say moving their headquarters outside of Europe.
• 21:55
  Speaker 1: Yeah Pascal that was today.
• 21:57
  Speaker 1: actually they listed on the NASDAQ.
• 21:59
  Speaker 1: yeah
• 22:01
  Speaker 0: and That is a very good success story.
• 22:04
  Speaker 0: The more we have with them...the better it will be And then we'll be happy too to support them along the way.
• 22:15
  Speaker 0: But you were asking as well at what stage companies need the most funding.
• 22:22
  Speaker 0: There's a lot of funding available at research level, and here we have to praise European innovation and research in general because we have amazing academics researchers who have a lot ideas.
• 22:44
  Speaker 0: In fact deep tech I think were even leading US startups.
• 22:49
  Speaker 0: But it's at the latest stage when, when the company start growing and especially a scaling Stage where they need to big push.
• 22:57
  Speaker 0: The big funding that support services And thats why we have the accelerator which you also mentioned Which is one of instruments within the EIC To give them that support ,to give them That push and allow them grow as much As possible.
• 23:16
  Speaker 0: After that, as I said we have the EIC fund.
• 23:19
  Speaker 0: We have the scale-up Europe Fund so you can see that DEU is building a logical chain of support mechanisms to help companies all along the way.
• 23:34
  Speaker 1: Yeah and i think the narrative is catching up today.
• 23:37
  Speaker 1: You mentioned Scale Up Europe Fund And it's something incredibly big right now.
• 23:42
  Speaker 1: Yeah, absolutely.
• 23:44
  Speaker 0: And it's already made two or three very sizable investments?
• 23:49
  Speaker 1: Yes definitely.
• 23:51
  Speaker 1: and then apart from investing in funding there is the element which we've touched on that their support goes beyond.
• 23:59
  Speaker 1: And there's support that goes into networking, into partnerships and to industry contacts depending on what the company is innovating at the moment.
• 24:09
  Speaker 1: So it has to be an important aspect of which you offer as well because we were mentioning here VCs before.
• 24:16
  Speaker 1: not many take that extra step right?
• 24:20
  Speaker 1: Many will maybe involved in their board directors and they'll provide early state funding.
• 24:25
  Speaker 1: great but Oh, you develop sustainable packaging?
• 24:30
  Speaker 1: Well here are packaging companies out of Bulgaria that are interested in these kind things.
• 24:35
  Speaker 1: And I understand the EIC does involve themselves on this step.
• 24:39
  Speaker 0: You know absolutely.
• 24:40
  Speaker 0: we try to help them with anything they need depending upon their stage of development.
• 24:48
  Speaker 0: Coaching We offer as an additional service mentoring support new investors, connecting them to corporates as well because I mentioned at a certain point customers is essential.
• 25:06
  Speaker 0: Without that you cannot survive without funding and thats why the development of customer base is essential.
• 25:15
  Speaker 0: so connecting then to corporate helping with procurement mechanisms also The peer developing appear network as you were saying is a very strong element that we're trying to connect not only our companies with Companies outside of our funding sphere, but also With companies who?
• 25:41
  Speaker 0: We have backed.
• 25:43
  Speaker 0: So That Network is further the bit being developed to ensure that companies that have as I said received our type of funding, maybe can find another one which is also backed by the EIC but isn't in other country as you were saying.
• 26:01
  Speaker 0: Which they can partner with or maybe they can develop products together and grow?
• 26:07
  Speaker 0: And we have... We are seeing more and more that.
• 26:12
  Speaker 0: Maybe one thing I forgot to emphasize was internationalization.
• 26:19
  Speaker 0: I'm taking companies from our portfolio to specific events outside of Europe as well, so that they can connect the corporates outside.
• 26:31
  Speaker 0: So then they can expand their customer base and we're seeing very positive results.
• 26:40
  Speaker 1: And I think this leads us naturally into something I also want to mention is the EIC community program.
• 26:47
  Speaker 1: That's something that we're involved in and yeah, i'll do our horn here for a little bit just In the sense that uh We think it's what you were saying Here?
• 26:56
  Speaker 1: That kind of peer network Community at work Is so crucial To say The other side Of that coin of that is the funding importance.
• 27:06
  Speaker 1: then on the Other Side as well You need to be able implement that funding in a way that grows the companies, gets you customers get to the right relationships.
• 27:14
  Speaker 1: And we very much do believe in that and try involve ourselves.
• 27:18
  Speaker 1: That kind of leads me maybe to question what's specific for our end-of things.
• 27:23
  Speaker 1: but how do you see media playing role on all this?
• 27:26
  Speaker 1: Because there is no vacuum.
• 27:32
  Speaker 1: I want hear your understanding about organizations like you.
• 27:35
  Speaker 1: startups or any media branch can help in that kind of network, pure connection and community?
• 27:44
  Speaker 0: I think it's getting the message out.
• 27:47
  Speaker 0: And clarifying what is available... There are misunderstandings sometimes about how we offer it.
• 28:01
  Speaker 0: The more innovators, entrepreneurs or startups learn we in the EIC and ISMEA can offer them, uh... The better they can prepare their company for expansion.
• 28:17
  Speaker 0: And for growth.
• 28:20
  Speaker 0: obviously sometimes They have to take a decision.
• 28:23
  Speaker 0: Do I go for EU funding?
• 28:25
  Speaker 0: do i look For VC funding?
• 28:28
  Speaker 0: Obviously EU Funding is Sometimes more administratively burdensome But We are trying To simplify that as much As possible And to make it closer, even the analysis we undertake is close to what VCs are doing.
• 28:47
  Speaker 0: That again contributes to the objective that were trying to intervene or help companies but also prepare them To be able to survive without EU funding and to go and raise money from VCs or pension funds, or other sources.
• 29:10
  Speaker 0: So communication I think is essential clarification because what i have seen in my experience so far even though we've been active on the European innovation ecosystem for five years There is still lack of knowledge in certain parts of Europe Of what we do.
• 29:34
  Speaker 0: What funding even?
• 29:35
  Speaker 0: Is available that We are targeting funding at a very from a very early stage to the scaling upstage and In terms of the procedures.
• 29:46
  Speaker 0: so, we need to do much better in terms of communicating Who we are.
• 29:52
  Speaker 0: What we offer How we offer and especially the business acceleration services.
• 29:57
  Speaker 0: These are so critical for companies at that stage of development.
• 30:03
  Speaker 1: Yeah, yeah We're involved with a basses well in different months So let's address That here.
• 30:10
  Speaker 1: then If someone if there is a company right now they just get started They're watching this episode What how?
• 30:16
  Speaker 1: Are they better educated?
• 30:18
  Speaker 1: Is it by going on the IC website?
• 30:20
  Speaker 1: what would you recommend be The best way to figure out what they can benefit from.
• 30:26
  Speaker 0: Yes, I mean certainly i didn't go into the specifics of each and every instrument but the best thing would be for them to go on their website EIC and discover What are the funding options available?
• 30:39
  Speaker 0: The business acceleration services are available once you do become an EIC backed company.
• 30:45
  Speaker 0: so it's not something that all companies Each company has to honestly assess at which stage of development they have their products.
• 30:59
  Speaker 0: Are they?
• 31:00
  Speaker 0: At the very early stage, are they a minimum viable product stage?
• 31:05
  Speaker 0: or do there already some customers and looking to expand?
• 31:09
  Speaker 0: so once you Have it proper an anonymous assessment where You aren't.
• 31:16
  Speaker 0: in terms of Stage Development then There are two various instruments Which we provide.
• 31:21
  Speaker 0: We call them Pathfinder, Transition and Accelerator.
• 31:26
  Speaker 0: And they are linked to your stage of development.
• 31:28
  Speaker 0: so even if it's a very early-stage you have good idea.
• 31:34
  Speaker 0: there is funding available from us.
• 31:37
  Speaker 0: If you're at the state where you looking for scaling up we also have possibility to intervene in help All along the way, we can provide grants of up to two point five million.
• 31:54
  Speaker 0: And at the stage of de-accelerate which is the scaling uh... stage We Can Provide Also Equity Which Is A Novel Approach For The Commission Up To Thirty Million In Certain Cases.
• 32:09
  Speaker 0: So We Do Have The Opportunity For Real Funding To Be Provided To The Companies When They Need It.
• 32:19
  Speaker 0: I very much encourage you go to our website, subscribe to the newsletter that we have.
• 32:24
  Speaker 0: Follow us on LinkedIn as well.
• 32:27
  Speaker 0: There's always something happening.
• 32:29
  Speaker 0: We have a lot of podcasts similar to this one To provide information On different programs and the different funding opportunities.
• 32:38
  Speaker 0: And once you do become hopefully an EIC back company You will have access As i mentioned in business acceleration services and we can help you even further.
• 32:49
  Speaker 0: But please, I implore everybody do make an honest assessment whether you are ready for EIC funding because at the moment We see an explosion of applications And we could only fund The very best Even though our budget is not small.
• 33:08
  Speaker 0: It's ten billion for this Programming period.
• 33:12
  Speaker 0: Hopefully it will be tripled For next programing.
• 33:16
  Speaker 0: But we have so many good applications, then we can only fund a very few.
• 33:21
  Speaker 1: So
• 33:22
  Speaker 0: apply but Only if you're very good please.
• 33:26
  Speaker 1: Okay well I hope that through our podcast here today We're also getting helping and getting that message out to a lot of people because there is so much interest in VC funding And private investment vehicles, but i've noticed this as my own personal opinion just That There Is Kind Of Not a lack of interest, but the lack of knowledge that leads to a lack in interest.
• 33:49
  Speaker 1: And I think if more people understood just all different support there can be around this whole narrative about Europe is weak or Europe has not as many opportunities like
• 34:00
  Speaker 1: U.S.,
• 34:01
  Speaker 1: China and we're birthing less companies...I think it would diminish My own personal opinion, but it is my understanding.
• 34:08
  Speaker 1: So with all this in mind I'm gonna ask you one last question here and i think that'll be a nice place to wrap up.
• 34:14
  Speaker 1: And its uh...I think probably the only real question task at the very end of This Is Where Do You See These Organizations?
• 34:22
  Speaker 1: Five To Ten Years From Now?
• 34:23
  Speaker 1: What Marks For You As Success?
• 34:27
  Speaker 1: we have invested in more companies, is it that then a European narrative of being lesser and global innovation?
• 34:35
  Speaker 1: That's disappeared.
• 34:36
  Speaker 1: What what does success for you?
• 34:39
  Speaker 0: I think the success from here Is that We continue our intervention to help innovators And entrepreneurs in Europe and that we're seen as a facilitator.
• 34:51
  Speaker 0: As i said they are The ones who take the big risk that through our assistance more and more companies in Europe will be able to grow, expand scale not only regionally but also globally.
• 35:10
  Speaker 0: And we'll stay in Europe!
• 35:12
  Speaker 0: If we continue the trend I think we can guarantee technological sovereignty security as well as social model.
• 35:21
  Speaker 0: so i very much look forward And Ishmael can help in that respect.
• 35:30
  Speaker 1: Great, okay well thank you very much mom too.
• 35:33
  Speaker 1: it's been a pleasure to have you on.
• 35:35
  Speaker 1: yes as I said at the beginning i hope to have even more people from The Commission and More People From EIC and Ishmaela because It's of importance To us to make sure That People Know Of Your Existence In What You Do.
• 35:50
  Speaker 1: so Thank You Very Much For Explaining It Today.
• 35:52
  Speaker 1: All Right
• 35:53
  Speaker 0: Keep In Touch.
• 35:55
  Speaker 1: Okay Have A Good Day
• 35:56
  Speaker 0: Bye-bye.