5 strong reasons for European deep-tech scaleups to apply for EIT Digital Challenge 2018

5 strong reasons for European deep-tech scaleups to apply for EIT Digital Challenge 2018

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Europe’s leading accelerators for the tech startups, EIT Digital all set to write the next tech success story. The leading player in digital innovation and education is prepping up to announce the famous contest for European deep tech innovators – the EIT Digital Challenge 2018.

This is the fifth year of the EIT Digital Challenge, and the organization is looking for the most innovative deep tech scaleups or companies which can be awarded to take the next step.

The contest is now open for entry and the application deadline is 14 June 2018.

Before you give a second thought, here are 5 compelling reasons why the Europe’s deep-tech scaleups should participate in this exciting challenge.

#1 Exciting Prizes

At the EIT Digital Challenge 2018, the best ten companies will receive prizes totaling €750,000, including comprehensive international growth support.

#2 Scaling up in EU

Fast-growing startups that already have customers – so called scaleups – are invited to enter their successful technology products in one of the following five categories: Digital Industry, Digital Cities, Digital Wellbeing, Digital Infrastructure and Digital Finance.

In each category, the best two companies will receive a full year of dedicated support from the EIT Digital Accelerator. The winner in each category will also receive a cash prize of €50,000.

The most comprehensive prize package with a total value of €750,000.

 #3 Substantial Accelerator team

The Accelerator will comprise a team of around 40 experienced business developers and finance experts operating from 13 cities across Europe, along with a hub in Silicon Valley. Since 2012, the EIT Digital Accelerator has supported more than 270 startups to access new markets and raise capital.

#4 Focus on deep tech companies to drive Europe’s digital transformation

Both the Accelerator and the contest focus on deep tech innovations: cutting edge technologies which are built around unique and differentiated scientific or technological advances, and which are often protected or hard to reproduce.

#5 How to Apply

To successfully apply for the EIT Digital Challenge, companies must fulfill the following criteria: they must be based in one of the member states of the European Union, they have to be in the growth stage (to be proven by showing annual revenue of over €300,000 or at least €2m in total funding), and they should be in their first ten years of existence.

The best entrants will be invited to a final event in the autumn to pitch in front on an expert jury. Since its launch in 2014, the EIT Digital Challenge has attracted more than 1,600 entries from 27 EU countries. Most of the winning scaleups have gone on to become internationally successful companies.

“Deep tech scaleups develop disruptive solutions that are crucial for Europe’s future as they fuel digital transformation,” said Chahab Nastar, Chief Innovation Officer of EIT Digital.

He further added, “But even though VC investment into deep tech companies is growing fast, these companies face unique challenges. Within the EIT Digital Accelerator, the winners will receive the specific support that they need to acquire European customers and raise capital.”

“As a European deep tech entrepreneur, it’s hard to find tailored events and startup competitions where people understand your product, so we were delighted to find out about the EIT Digital Challenge,” says Marcel Etzel, who won with his agile cloud platform ApiOmat last year. “Now it’s great to have the experts of the EIT Digital Accelerator support our international expansion.”

For further information and an application form, you can visit the official EIT Digital website.  

For more information, visit the official website of EIT Digital Accelerator.

For more information on what’s the latest happening in the tech startup world, stay tuned to Silicon Canals.

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