EU gives out €7.75 million for SME innovation studies

Commissioner Máire Geoghegan-Quinn hailed the first wave of grants to SMEs. 5 March, 2010. [Lisbon Council/Flickr]

EU funding worth €7.75 million will be given to 155 small and medium-sized enterprises from 21 countries, including Israel and Turkey, for innovation studies, it was announced yesterday (24 July).

2,666 businesses applied for the first round of grants under the EU's SME Instrument, submitting a business plan. Spain was the most successful, with 39 proposals selected, followed by the UK with 26, Italy with 20, Germany with 11, and Ireland with ten. Eight non-EU businesses will receive a total of €400,000 in EU money. While Israel (four proposals), Norway (two proposals), and Turkey (two) are not in the EU, they are part of the Horizon 2020 programme.

The SME Instrument is worth €3 billion over seven years and is part of Horizon 2020, the EU's biggest ever research and innovation framework with a seven year budget worth nearly €80 billion.

Projects selected for funding in first wave of grants. [EC]

The EU will also provide three days of business coaching to successful applicants. They can apply for further funding at later stages of the company’s development (see infographic below). The two later phases cover areas such as research and development and commercialisation.

Applicants will be formally notified in August, and publicly announced by the Executive Agency for SMEs, which manages the programme.

Innovative businesses sometimes struggle to get the finance they need to grow, especially after the financial crisis. The EU believes that SMEs and innovations are drivers of growth, jobs, and the economic recovery.

The SME Instrument aims to be a simple and fast way for high-growth business to get investment and support. The focus is on “potentially disruptive” businesses, like the digital music service Spotify, for example, that can revolutionise their market.

The Instrument is aimed at high-growth, SMEs with ambitions of reaching a global market. About 645 projects should be funded in 2014, rising to 670 in 2015. Applications can be submitted at any time but are evaluated four times each year.

European Commissioner for Research, Innovation and Science Máire Geoghegan-Quinn said, "The response to the new SME Instrument is encouraging. There is clearly demand out there for this kind of support. We hope many of the business plans being financed will mature to become real products and services, generating growth and jobs for our economies."

The European Commission and European Investment Bank said earlier this week that banks will be offered €21 billion of EU funding guarantees to encourage lending to small and medium-sized enterprises (SMEs), which don’t have enough collateral to secure loans.

The Commission and EIB also want to encourage banks and other financial intermediaries to lend or provide equity to innovation-driven companies through “InnovFin – EU Finance for Innovators.”

Earlier this week, a new €100 million Fast Track to Innovation (FTI) prize, offering grants to consortiums of three to five organisations who need the money to give promising ideas the last push to get to market, was announced.

€21 billion of EU loan guarantees for banks to boost SME lending on EurActiv

€21 billion of EU loan guarantees for banks to boost SME lending

More on EurActiv »
  • 24 Sept. 2014: Next cut-off dates for evaluation of proposals.
  • 9 Oct. 2014: Next cut off date for "phase two" proposals.
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AR's picture

I am Alberto Rodrigues and economical and digital science researcher


i have to tell you that for more than 5 years Europe Union Governement and officials had been talking about making the economy to grow and create jobs but unfortunatly they had demonstrate they do not know what must be done

In order to solve youth problems EU had implemented more than 7 different projects but none of them had brough result

Recently Angela Merkel had admited that they had failed to solve youth unemployment problems

Because of those and some others reazons i Alberto Rodrigues an economic and digital science researcher i had decided to make researchees and create a viable economic model EU can use to create a large number of jobs in very short time ,and in the same time help companies to get high profit

Apart of this in order to help Europe Union to solve millions of some other problems which are affecting the economy and people lives i had identified them and then find solutions to solve them

In one of them i had observed that EU had been blocking funds in different projects which do not bring profit in short time and create large number of jobs

In order to solve this problem i had tryed to identify different economic activity domains where money invested monday will start to bring high profit in Friday and create a large number of jobs in more than 15 differents economic activities

After i had identified those economics activities domains i had combined at least five of them in a single project and create a genuine economic model which works as a machinary to create a large number of jobs in short time and generate high profit


I do not have possibility to register this and dozens of some other researches works Because ofthis in this description i am not presenting all informations about how this economic model will work and as a negative consequence of this you can not realise how usefull it will be and how it will help Europe Union and any other world wild country to solve majors problems which had been affecting them


After i had created such a machinary to generate a large number of jobs in short time and bring high profit i had decided to use this machinary also to solve different other problems which are affecting Europe Union
For example
1) Europe Union is paying companies who employee people and this is a stupid mistake
2) Europe Union is giving garante for cedit taken by companies and this is another mistake because Europe Union supose to give those garantees just for businesses models which had been tested beford by researchers because this way it will eliminate for example businesses which will make Europe Union to become more dependent from Russia energy and which will make pollution ,those which do note bring high profit in short time and create a large number of jobs etc In this contest Europe Union supose to pay for those who will employe people in economics activities which do not consume resources and create poluution ,and those where money invested monday can strat to bring high profit friday create a large number of jobs in more than 15 differents economic domains and give possibility for a big parte of employes to work from home take care with their kids ,spend more time with their family etc
As i had tols you i had made researches in order to identify those economic domains where money invested can bring in a very short time hgh profit an create a large number of jobs and them i had combined at least 5 of those domains and create a machinary to generate a large number of jobs in short time and bring high profit

Now ,in order to help Europe Union to solve some others problems i need to collaborate with different EU Universities and businesses schools

By this occasion i will teach pupils and students how to use the machine to work and bring high profit in a short time for companies and create a large number of jobs

Like this a large number of EU companies will like to employe part time pupils and students ,and pay them good money and when they will finish their study they will continue working for the company and get a big amount of money This way Europe Union will solve in a very inteligent and efficient mode youth unployment ,and in the same time ,solve different problems which are affecting European Union education system

evad666's picture

Perhaps if the Commission stopped giving money to non EU countries it might help?
The Commission might also benefit from time in an SME so they can see for themselves the vast benefits the EU brings to small companies in terms for regulation and access to finances? (That's sarcasm)