The road to glory is long and complicated for beginners and elites alike. Achieving milestones such as a pilot or Proof of Concept (PoC) with a manufacturing corporate is a big deal – a key step for future market success. To showcase such achievements and reward the next generation of European manufacturing innovators, the EIT Manufacturing BoostUp! The 2022 race is back.
Grow your company with EIT Manufacturing Boost! 2022
Caitlin McGovern, Senior Investment Manager at EIT Manufacturing’s Business Innovation Group
We caught up with Caitlin McGovern, Senior Investment Manager of the Business Innovation Group at EIT Manufacturing.
Read on to learn the motivation behind this competition and its impact on participating companies and the manufacturing sector.
To get everyone up to speed, can you explain what the EIT Manufacturing Enhancement is! Is competition all about?
BoostUp! EIT Manufacturing’s signature is a pan-European startup competition. The BoostUp! The competition seeks to identify and support promising startups focused on scaling their solutions to solve today’s most pressing manufacturing challenges.
This year’s competition, BoostUp! In the year 2022 is open to startups who have demonstrated the viability of their solution in partnership with a large manufacturing corporation to demonstrate the validity of their idea through a pilot project or PoC. In addition to packages of business innovation support services offered by EIT Manufacturing, cash prizes of up to €170,000 are available.
Tell our readers about your background and how the business innovation team at EIT Manufacturing works to support startups?
I joined EIT Manufacturing in March 2021 and have experience working in venture and strategy.
I am part of a 12-person team spread across Europe supporting high-potential Industry 5.0 startups with various business development services. These include customer introductions, fundraising arrangements and direct financial investment for return on equity.
Our pan-European presence, the ecosystem of key players in the manufacturing sector we can gather, our cooperation with other EU institutions and our commitment to being a long-term strategic investor offer companies a unique value proposition. work with
What startups and solutions BoostUp! Are you looking for 2022?
This year’s competition specifically targets startups with solutions that fall under the four flags of EIT Manufacturing, which aim to support sustainable, circular and digital manufacturing solutions. Additionally, we have certain eligibility criteria that applying companies must meet:
- They are actively looking to grow.
- Your solution is at Technology Readiness Level 7 or higher.
- Have completed a pilot or proof-of-concept with a manufacturing corporate between 31 July 2021 and 31 July 2022 (at least €50 million in 2021 global revenues)
- You have a full-time team of at least two people with headquarters incorporated in any EU or Horizon Europe related country
- Your company was incorporated as a legal entity in 2017 or later.
- You will have a total business income of 5 million euros or less from the date of legal establishment
How startups and scale-ups benefit from participating in BoostUp! 2022?
BoostUp! 2022 is an exciting competition that provides public exposure to startups, including those that may not have been on the EIT manufacturing radar. Its aim is to showcase and reward the next generation of European manufacturing innovators and help them scale faster and more.
Twenty finalists will be invited to the BoostUp! 2022 Grand Finale on October 7, 2022 to showcase their pilot or posse and compete for cash prizes and support services. Up to eight startups can win a cash prize of €20,000 and a package of services to fundraise and access the new market and fundraising markets.
There will be cash prizes of €5,000 each for a startup from a regional innovation plan country and a high-profile female-led start-up.
In Athens, Greece, the BoostUp! The 2022 Grand Finale will culminate in an exclusive networking and matchmaking event where finalists will meet international experts, corporate manufacturing executives and investors.
You can tell our readers about previous editions of BoostUp! And how did you work with the winning startups?
BoostUp! 2022 is the fifth edition of BoostUp! Series. Past editions have enabled several dozen startups to be directly supported by EIT Manufacturing with new customer introductions, help with fundraising and, in some cases, direct financial investment.
As an example, ADAXIS, one of the winners of the first BoostUp! In the year In the 2020 competition, they successfully raised their first seed round, including an investment from EIT Manufacturing in 2021. Earlier this month, they were awarded the prestigious I-Lab Award by the French Ministry of Higher Education and Research, honoring the best in French innovation. .
Do you have any tips for making your offering stand out to applicants?
You just might have what it takes to be our next BoostUp winner. Competition. Remember, both your solution and your presentation count! 😉
EIT Manufacturing – Making Innovation Happen!
Have you recently completed a pilot project with a corporation or submitted a POS to the manufacturing sector? Apply for BoostUp! 2022 and stand a chance to be rewarded for your innovative solutions.
Hurry, apply by July 31st!
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