The portfolio of companies was selected with these two criteria in mind:
“The selected portfolio of 14 companies, of which 7 will be granted EIT monetary support, allow to address critical manufacturing pain points with expected high societal impact. Those companies bring exceptional values such as high-volume production of critical healthcare supplies, manufacturing flexibility and resilience through automation and collaborative robots, agile ways to customize and design manufacturing products”, said Godwill BANCOLE, Business Creation Director.
The selection of the portfolio was done in several stages; first a pre-selection done in June, and taking into account the companies’ activity, the technology they propose as well as short-term and long-term business plans, ending with final selection at the end of July, putting an emphasis on expected societal impact and innovative digital solutions.
The eight selected companies, currently active across 14 countries, are granted support of between 200K€ and 400 K€ – read more about the companies and their solutions here.
As part of EIT Crisis Response Initiative, this venture activity directly contributes to the European Union’s response to the Covid-19 pandemic. The EIT Crisis Response Initiative launched in May 2020 consists of two main tracks of activities to be implemented by the EIT’s eight Knowledge and Innovation Communities across Europe: Venture Support Instrument for start-ups, scale-ups and SMEs impacted by the COVID-19 crisis and another track, aiming identifying and supporting promising Pandemic Response Projects addressing the COVID-19 crisis directly.
EIT Manufacturing received more than 70 high quality proposals from more than twenty countries covering both activities, and was granted 3.3 MEUR in total to allocate, of which 1.0 MEUR for the Pandemic Response projects and a little more than 2.3 MEUR in Venture support. As a first step in allocating the funding, EIT Manufacturing selected three promising pandemic response projects that directly tackle manufacturing related challenges: developing solutions for safe working conditions & smart medical devices. Read more.