Category: Public funding
Author: Kim Kisenja
Three major factors for a successful Eurostars application
This article focuses on the factors that help create a solid Eurostars application. In case this programme is new to your company, it would be wise to check out the overview of Eurostars programme first.
Considering the feedback on submitted applications that our team has been receiving, a successful Eurostars application must have:
1) A comprehensive and believable business case
2) A demonstrated, strong market potential
3) A deep transnational collaboration
Thought-through business case combined with the experienced team will be a strong start:
- Mention your segment’s or niche’s development speed and trends, existing problem and how your solution can solve this; explain your current business and why do you think you will be able to capture more market share.
- It is important that your company demonstrates strong knowledge of the targeted segment (e.g. published scientific articles, current solutions sold to clients, competitors or solutions substituting your company’s solution) internationally, because experts evaluating your case might not be fully aware of the competing solutions, risks and other details. Therefore, it is important to paint a detailed picture.
- Market understanding and capacity to develop the product or service should be reflected in your team as well as in your partners’ teams. Your team need to show that they are capable of executing planned activities. Outlining a specific niche market for your product is a good strategy. However, beware of narrowing the potential market size too much. Your potential market cannot be too small, e.g. “Our potential market in Europe is 5 MEUR and 20 MEUR globally”. There is no specific minimum, however, potential market indications, which are too small (below 10 MEUR), can lose you points.
- Eurostars programme is also about transnational collaboration. Typically, your company can partner with other SMEs, large companies, universities and other organizations (more specific criteria might vary by country). Regardless of the final setup of the consortium, members must be adding value – a missing ingredient of the winning combination. The partner can bring in completely new knowledge or increase your current expertise in the specific aspect.
- Everyone should be benefiting from the final solution (for example obtaining usage, license or patent rights on developed product or service) and everyone should also contribute financially. In the collaboration the budgets of each organization must be in balance with the output from the project (budget input vs finalized product’s IP, usage or other rights).
So, if your company is able to combine a good market knowledge with an experienced team (yours and partner’s), ambitious market potential with reachable targets and mutually beneficial cooperation with other consortium partners, then your likelihood of getting your application approved raises significantly.
The final three calls of Eurostars programme in the current EU budgeting period will be due on 12.09.2019, 13.02.2020 and 03.09.2020. If your company plans to apply, then make sure you will have sufficient time to gather needed documentation and think through the case.
In case of any questions please contact Kim Kišenja via email email@example.comBack to blogs