Bio Base NWE helps SMEs to bring biobased innovations to the market
129 small and medium-sized enterprises (SMEs) from 25 countries have been selected for funding in the latest round of the Horizon 2020 SME Instrument.
The funding is provided under Phase 1 of the instrument, which means that each project will receive €50,000 to finance a feasibility study for innovative products that can disrupt the market. Companies applying also receive business support services and up to three days of free business coaching.
The European Commission received 2 165 proposals by the cut-off date of 3 May. The 129 SMEs selected for funding proposed 128 projects in total (multiple SMEs can be involved in one project).
Most of the projects funded were in the area of ICT (30), followed by transport (24) and low-carbon and efficient energy systems
Small and medium-sized enterprises (SMEs) are the backbone of Europe's economy. They represent 99% of all businesses in the EU. In the past five years, they have created around 85% of new jobs and provided two-thirds of the total private sector employment in the EU.
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