Periodic Reporting for period 1 - VENTURES THRIVE (Deeptech startup support programme to facilitate ventures thriving in the European Widening area)
Reporting period: 2022-11-01 to 2024-10-31
The Ventures Thrive, funded by the European Innovation Council (EIC), is a pan-European initiative designed to strengthen the innovation capacity of deeptech startups in Europe’s “Widening” regions—areas that traditionally have limited access to venture capital, mentorship, and technical resources. Recognizing that deeptech solutions, like those in AI, biotechnology, and sustainable materials, are essential for addressing major global challenges, Ventures Thrive aims to bridge the gap by providing these startups with the support they need to advance and scale their innovations. The project’s context is rooted in the EU’s goal to drive technological competitiveness and create inclusive economic growth by expanding support for innovation in underserved regions.
The project’s primary objective is to equip startups from the Widening regions with resources, mentorship, and a structured development path that includes equity-free funding, access to an expert network, and strategic guidance. Over its two-year span, Ventures Thrive will support 32 startups in advancing from early development stages to market readiness, with a strong focus on creating sustainable, high-impact solutions. Through the phased Growth Program, startups are guided through individual Master Plans and a series of structured milestones to refine their product development, market strategies, and investment readiness. By empowering these startups, Ventures Thrive is addressing a critical need to equalize innovation opportunities across Europe, enabling more regions to contribute to the EU’s high-tech and sustainability goals.
The project’s primary objective is to equip startups from the Widening regions with resources, mentorship, and a structured development path that includes equity-free funding, access to an expert network, and strategic guidance. Over its two-year span, Ventures Thrive will support 32 startups in advancing from early development stages to market readiness, with a strong focus on creating sustainable, high-impact solutions. Through the phased Growth Program, startups are guided through individual Master Plans and a series of structured milestones to refine their product development, market strategies, and investment readiness. By empowering these startups, Ventures Thrive is addressing a critical need to equalize innovation opportunities across Europe, enabling more regions to contribute to the EU’s high-tech and sustainability goals.
The Ventures Thrive project provided comprehensive mentoring, coaching, and financial support to deeptech startups from Europe’s Widening regions, aimed at accelerating their technical and business growth. The project’s structured Growth Program included three main pillars: Individualized Master Plans (MPs), thematic mentorship and masterclasses, and Selection and Demo Day events. Each startup developed customized Master Plans, setting ambitious KPIs to advance product development, investment readiness, and strategic business milestones.
Technical support through one-on-one mentoring, targeted masterclasses, and thematic workshops enabled startups to refine product strategies, navigate IP management, and scale their prototypes. This hands-on guidance from industry experts and mentors facilitated advancements in diverse fields such as biotechnology, sustainable materials, and AI. Startups also received KPI-driven coaching, aligning their goals with clear, measurable outcomes crucial for achieving market readiness and investor interest.
To fuel these developments, Ventures Thrive offered equity-free financial support, with selected startups eligible for up to €100,000, which included initial grants and service vouchers to support technical and strategic growth activities. This funding helped startups overcome key financial barriers, focusing on high-impact innovation without equity dilution.
The program’s phased approach culminated in Demo Days, where startups pitched to investors, securing essential funding and industry partnerships. With a sustainable model combining financial backing, structured mentoring, and a KPI-based framework, Ventures Thrive empowered startups to progress from prototypes to market-ready solutions, strengthening Europe’s position in deeptech innovation.
Technical support through one-on-one mentoring, targeted masterclasses, and thematic workshops enabled startups to refine product strategies, navigate IP management, and scale their prototypes. This hands-on guidance from industry experts and mentors facilitated advancements in diverse fields such as biotechnology, sustainable materials, and AI. Startups also received KPI-driven coaching, aligning their goals with clear, measurable outcomes crucial for achieving market readiness and investor interest.
To fuel these developments, Ventures Thrive offered equity-free financial support, with selected startups eligible for up to €100,000, which included initial grants and service vouchers to support technical and strategic growth activities. This funding helped startups overcome key financial barriers, focusing on high-impact innovation without equity dilution.
The program’s phased approach culminated in Demo Days, where startups pitched to investors, securing essential funding and industry partnerships. With a sustainable model combining financial backing, structured mentoring, and a KPI-based framework, Ventures Thrive empowered startups to progress from prototypes to market-ready solutions, strengthening Europe’s position in deeptech innovation.
By project’s end, Ventures Thrive effectively combined financial support, technical guidance, and access to a collaborative ecosystem to advance deeptech startups in Europe. The initiative’s structured approach in financing, mentoring, and KPI-driven growth has accelerated these startups’ readiness for commercialization, establishing a replicable model for deeptech innovation and contributing to Europe’s competitive edge in science and technology sectors.
Key Results and Impacts
Ventures Thrive delivered targeted results that include:
Product Development and Maturity: Supported startups progressed to Technology Readiness Levels (TRLs) 6-8, transforming early-stage prototypes into market-ready solutions.
Financial Support and Investor Engagement: Startups collectively received over €2 million in equity-free funding, alongside more than 170 meetings with investors and corporate partners, resulting in essential funding commitments and strategic partnerships.
Collaborative Ecosystem Integration: The project built a collaborative network, connecting startups with investors, corporate partners, and sector-specific mentors, creating sustainable pathways for future growth and market access.
Key Needs for Further Uptake and Success
Several areas are crucial to ensure sustained growth and impact for these startups:
Ongoing Research and Development: Continuous R&D is essential for startups to refine their innovations and meet industry standards, particularly in high-tech sectors.
Market Pilots and Demonstration: Access to real-world testing environments will allow startups to validate their technologies at scale and increase market confidence.
Financing and Market Access: Maintaining connections to funding and investor networks will help startups meet capital needs as they scale.
Commercialization and IPR Support: Tailored support for intellectual property management and commercialization will secure and strengthen market positioning.
Internationalization and Regulatory Guidance: Assistance with regulatory compliance and entry strategies will aid startups in expanding globally, especially in highly regulated industries.
Key Results and Impacts
Ventures Thrive delivered targeted results that include:
Product Development and Maturity: Supported startups progressed to Technology Readiness Levels (TRLs) 6-8, transforming early-stage prototypes into market-ready solutions.
Financial Support and Investor Engagement: Startups collectively received over €2 million in equity-free funding, alongside more than 170 meetings with investors and corporate partners, resulting in essential funding commitments and strategic partnerships.
Collaborative Ecosystem Integration: The project built a collaborative network, connecting startups with investors, corporate partners, and sector-specific mentors, creating sustainable pathways for future growth and market access.
Key Needs for Further Uptake and Success
Several areas are crucial to ensure sustained growth and impact for these startups:
Ongoing Research and Development: Continuous R&D is essential for startups to refine their innovations and meet industry standards, particularly in high-tech sectors.
Market Pilots and Demonstration: Access to real-world testing environments will allow startups to validate their technologies at scale and increase market confidence.
Financing and Market Access: Maintaining connections to funding and investor networks will help startups meet capital needs as they scale.
Commercialization and IPR Support: Tailored support for intellectual property management and commercialization will secure and strengthen market positioning.
Internationalization and Regulatory Guidance: Assistance with regulatory compliance and entry strategies will aid startups in expanding globally, especially in highly regulated industries.