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My company has an innovation project. How to finance the feasibility study?

2 October 2018 - 14:36

These days innovation is more than beneficial for companies. It is even essential, as markets change so fast. On the other hand, it is very important to validate whether an idea is really viable. This approach is not for free, if often requires important investments without being certain of a return on investment.  Finding external financial support can be a solution if you wanted to test whether an idea is feasible yes or no.

SME Instrument

As part of their Horizon 2020 program, The European Union has introduced an initiative called SME Instrument, a program which needs to support small and medium enterprises (SME) in the launching of innovation projects. This support includes financial subsides to fund the feasibility study, but foresees also professional coaching to accelerate the project.

The program is open to small and medium enterprises and proposes a flat rate of 50.000 euros per project. The company will have had the chance to elaborate a feasibility study, both from a technical and a commercial perspective. If the study is successful, the company can apply for the second phase of the SME project Horizon 2020.

Innoviris

Innoviris does the same thing via its action evaluate, by which they support -using cash grants- companies that want to launch an innovation project and find out how feasible their idea is, mostly with regards to patents and intellectual property. In order to be eligible for this project,

the company needs to be able to demonstrate that their scientific research project or experimental development project, will have a favorable impact on the economy or sustainable development in the Brussels-Capital Region.

The National Contact Point

In order to assist you in quickly finding the support you need, the Brussels Capital Region has implemented the National Contact Point. Their mission consists in helping companies, universities, research centers and other actors in the Brussels Capital Region that want to launch innovation projects, getting access to the funds of the European Union, namely to the funds for research and innovation. They accompany project leaders during all stages of the project, from the request to the constitution of the file and the submission of deliverables, without forgetting the execution of the development strategy.

The lifetech.brussels’ experts can help you identify which source of financing is most adapted to your project and can put you in touch with entrepreneurs’ networks, both public and private.

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