Entrepreneurs at Slush have funding on their minds. The EU’s innovation programme is changing and young companies wonder how they will be affected.
One of the hottest topics at Slush Helsinki is the support – or lack thereof – young companies receive from Europe. Slush is one of the world’s leading startup and technology events, and many of the entrepreneurs in attendance are apprehensive about the future.
The European Commission proposed a budget increase for research, technological development and innovation in the Horizon Europe programme, but there are concerns if funding will go to the right places and be easy to access by growing businesses.
“There are plenty of programmes for early stage companies, but once they are out of the startup phase and ready to scale up it can become more difficult to get EU funding,” says Maria Papina, Director at Spinverse. “This problem has been recognised and things are slowly improving.”
For years there have been concerns that private venture capital isn’t being encouraged as effectively in Europe as it is in the United States. In many cases national and EU funding must fill the gap left by private capital.
There is public funding available for every stage of the company’s development, but it is not simple to access. Spinverse can help SMEs apply for the appropriate funding instrument and ensure the necessary documentation is done correctly. A key point to any application is having a viable business plan to succeed.
“When a company has outgrown the startup phase they need a solid plan and strategy on what to do next,” Papina says. “We can help develop and implement a growth strategy. We can assist you to identify what you want to achieve and how to reach your goals in concrete steps.”
Papina points out that Spinverse has industry-specific experts who aren’t afraid to ask tough questions about a company’s plans, such as if they are focusing on the right customers or if their business model really works. This process can have many benefits, even if the goal of receiving EU funding is not achieved.
“Spinverse has a unique background in the strategy and growth of young companies,” says Papina. “In the future I hope more Nordic and European institutions will support growth companies, and of course Spinverse will be there as well to offer all the help we can.”
On 21 November at Slush a panel discussion will explore the topic “Is Europe doing enough to support its startups?” If you are at Slush and would like to learn more how Spinverse can assist your company grow and succeed, please get in touch.
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