EIT DIGITAL VENTURE PROGRAMME TO SUPPORT EARLY STAGE ENTREPRENEURS

EIT Digital is the Digital Business Unit of the European Institute of Innovation and Technology (EIT). Through its Venture Programme, which has launched its sixth edition, early-stage entrepreneurs will be able to get support.

The program is open to teams of at least two people who have an innovative business idea, concept or prototype in the fields of digital technology, finance, cities, health. Companies from Eastern Europe, including Bulgaria, are welcome to apply. At the same time, the application process is open for the EIT Digital Challenge programme, which aims to attract more experienced start-ups dealing with deep technologies, according to an interview conducted by the newspaper Capital.

The aim of Venture Capital is to support entrepreneurs from 22 countries – the Baltics, Southern and Eastern Europe. The pre-accelerator program should provide the basic necessities to turn a business idea into a startup, which can easily reach the MVP (Minimum Viable Product) phase. The idea is then for companies to raise capital from an investor for further development.

All teams will receive an initial €5,000 support, then a further €10,000 for those who complete the programme and set up their own company. In addition, the top ten companies in the programme that manage to raise at least €50k in private funding by the end of November will also receive an additional €10k from EIT Digital, meaning that a company can receive up to €25k in total.

The EIT Digital Venture Program reminds that there are a number of successful companies that have gone through the program, including from Bulgaria.