EIT Virtual Incubation Program Now Open!

The EIT Digital Venture Incubation program (formerly Venture Program) is back to support new innovative projects in the field of digital technology, helping them move from the prototype phase to investment phase in less than a year, through mentoring, training, and monetary prizes up to 30,000 euros.

Designed for the Baltic and Eastern and Southern European countries, the EIT Digital Venture Incubation aims to support early-stage entrepreneurial teams on their journey to the market. To participate, it’s not necessary to have an incorporated startup, but ateam of at least two individuals with an innovative business idea and a prototype in the fields of Digital Industry, Digital Technology, Digital Wellbeing, Digital Finance, or Digital Cities. Applications are now open for Portugal and 23 other European countries (full list
here).

Selected teams will be part of an intensive eight-week online pre-acceleration program. During this period, they will receive training and guidance, focusing particularly on developing a Minimum Viable Product (MVP), establishing a legal entity, and securing investment from potential investors. The program also includes exclusive events such as Demo Days, where teams will have the chance to validate their solutions with investors, potential clients, and experts from the technology and entrepreneurship community.

The list of countries supported are: Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Malta, Montenegro, North Macedonia, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Turkey and Ukraine.

Acceleration with Reward Levels

The Venture Incubation is divided into three phases, each with distinct activities and prizes. Upon selection, all teams will have access to an initial grant of 5,000 euros if they complete the first stage, consisting of two bootcamps and specialized mentoring.
An additional 10,000 euros will be awarded to teams that complete the first phase, present a strong Minimum Viable Product (MVP), and incorporate their company within the specified period. Finally, the first companies that receive the initial 10,000 euros and achieve funding or commercial traction by November 24, 2024, will have the opportunity to receive an extra award of 10,000 euros (if they have secured an investment of at least € 50,000) and another 5,000 euros (if they have achieved sales of at least € 10,000 or gained 200 satisfied users to their solution).

In Portugal, BGI Sustainable Ventures will once again be responsible for driving the EIT Digital Venture Incubation. The 2023 edition featured six teams: DeCarbon8+, Bots Ever, Veganistik, Hortee, Super Save, and ESG Lake. So far, the program has held five editions in Portugal, supporting 34 projects, of which 20 (59%) were successfully incorporated and remain active. Examples include startups like FootAR, Full Venue, Volvero, and Parqist. Applications for this new edition are already open until April 28th.

For more information, visit: www.eitdigital.eu/venture-program.