Periodic Reporting for period 2 - BLOCKPOOL (Pooling SME adoption and deployment of Blockchain and other DLTs)
Période du rapport: 2020-07-01 au 2021-06-30
The strategic objective of Blockpool (see domain https://blockpool.eu/) was to accelerate the cross-border uptake and deployment of Blockchain and other DLTs by/to European SMEs. By linking supply and demand as well as connecting capabilities across Member States and Value Chains, we aimed to demonstrate the use of BDLTs to European SMEs.
Our consortium accelerated the diffusion and uptake of a technology that lacks a structured framework and relevant connections across the value chains. This ambition lead to a more cutting-edge and competitive European industry as well as to the structuring of the emerging value chain of BDLTs beyond financial markets. Within the project this wass achieved through the combination of several components:
- Financial support (direct funding) for Small to Medium Enterprises (SMEs)
- Mentoring support for the SMEs
- Education and capacity building on BDLT
25 selected SMEs went through an intense mentoring programme of 10 months to reach the Minimum Viable Product stage with their product and company. At the end of the programme 24 of our selected SMEs finalised their MVP. Several of the companies went on to receive further funding from investors, which would not have been possible without the kick-start from the Blockpool project. Particularly the financial support and EU branding helped the SMEs gain traction in the market.
BDLTs are considered the most innovative technologies since the invention of the internet. They cover a disruptive potential for both businesses and society. The project was well positioned to improve the EU’s current technological standing and ensure that it remains competitive in the BDLT space, especially compared to the US and China. In addition, Blockpool led to the selection of projects with key social and environmental ambitions, from energy efficiency and the protection of oceans to enabling democratic processes.
Our consortium accelerated the diffusion and uptake of a technology that lacks a structured framework and relevant connections across the value chains. This ambition lead to a more cutting-edge and competitive European industry as well as to the structuring of the emerging value chain of BDLTs beyond financial markets. Within the project this wass achieved through the combination of several components:
- Financial support (direct funding) for Small to Medium Enterprises (SMEs)
- Mentoring support for the SMEs
- Education and capacity building on BDLT
25 selected SMEs went through an intense mentoring programme of 10 months to reach the Minimum Viable Product stage with their product and company. At the end of the programme 24 of our selected SMEs finalised their MVP. Several of the companies went on to receive further funding from investors, which would not have been possible without the kick-start from the Blockpool project. Particularly the financial support and EU branding helped the SMEs gain traction in the market.
BDLTs are considered the most innovative technologies since the invention of the internet. They cover a disruptive potential for both businesses and society. The project was well positioned to improve the EU’s current technological standing and ensure that it remains competitive in the BDLT space, especially compared to the US and China. In addition, Blockpool led to the selection of projects with key social and environmental ambitions, from energy efficiency and the protection of oceans to enabling democratic processes.
During the two years of the Blockpool project, the project went through four main phases: the set-up, the open call, the SME support phase and the final production of the Minimum Viable Product (MVP). Each of these phases is discussed in more details below.
Set-up
The first step was to set the ground of the project, establishing a common infrastructure so all consortium partners could efficiently share files and communicate. Governance and communication modalities were established as well as a wide range of material such as the visual identity, website of the project.
The project plan was drawn up in line with the proposal and a quality assurance plan was created to ensure the delivery of high-quality output throughout the project. This came along with other plans and strategies ties to the monitoring of the project, its target groups and its beneficiaries, the communication and other legal and ethical parameters.
In its early phase, the project needed advertising to attract applicants to the call and reach a wider audience. Social media channels - YouTube, Twitter and LinkedIn - as well as the project website were created alongside promotional material.
Open Call & Evaluation
After the set-up, the open call was announced. This call gave SMEs (new adopters or specialists operating in BDLT) the opportunity to apply for funding. The open call was structured so that each applicant had to provide information about the company, project and team. A classical cascading model was followed, from the call and evaluation process to the underpinning legal and administrative material due to its fair and efficient deployment.
At the end of the open call 109 applications were received. As a next step each proposal was evaluated by at least three independent experts and given a score (two external evaluators and one internal evaluator). The projects were ranked based on the average score and the best 25 were retained for acceleration support.
SME support
The onboarding process was triggered following the selection. Each company went through the due diligence process and was required to pass all checks before being admitted into the programme. If all checks were passed, the SME awardee was to sign a sub-grant agreement before receiving any funds. At the time of writing (M12) all 25 SMEs received the first instalment and started working on their Blockpool project.
External mentors were onboarded to support the SMEs over 10 months. The external mentors were selected from the list of experts and further screened to ensure that they have the right qualifications to support the SME awardees. Each of the 25 SMEs was allocated one internal and one external mentor.
Minimum Viable Product
At the end of the programme 24 of our selected SMEs finalised their MVP. Several of the companies went on to receive further funding from investors, which would not have been possible without the kick-start from the Blockpool project. Particularly the financial support and EU branding helped the SMEs gain traction in the market.
Research & Education
Blockpool’s additional focus wass to spread knowledge about DBLT to a wider community to trigger the its uptake by other SMEs. During the entire project several knowledge sharing initiatives were completed:
- Industry analysis report of DLT initiatives
- Security report for DLT implementations
- Massive Open Online Course
- Webinar series
- A list of blockchain experts was created, which is hosted on the project website and provides companies with an opportunity to connect with experts in a specific area.
- Series of three bootcamps (each 2 days long) and a pitching series for the SMEs to attract investors
- These items do not detail in full all activities that were conducted such as specific contributions to matchmaking companies, giving presentations at seminars and conferences (Convergence, INNO-INFRA-SHARE, ECN Annual Event, etc.). Still, these highly contributed to create knowledge, connections and advance awareness raising on the matter of BDLT deployment as per INNOSUP ambitions.
Set-up
The first step was to set the ground of the project, establishing a common infrastructure so all consortium partners could efficiently share files and communicate. Governance and communication modalities were established as well as a wide range of material such as the visual identity, website of the project.
The project plan was drawn up in line with the proposal and a quality assurance plan was created to ensure the delivery of high-quality output throughout the project. This came along with other plans and strategies ties to the monitoring of the project, its target groups and its beneficiaries, the communication and other legal and ethical parameters.
In its early phase, the project needed advertising to attract applicants to the call and reach a wider audience. Social media channels - YouTube, Twitter and LinkedIn - as well as the project website were created alongside promotional material.
Open Call & Evaluation
After the set-up, the open call was announced. This call gave SMEs (new adopters or specialists operating in BDLT) the opportunity to apply for funding. The open call was structured so that each applicant had to provide information about the company, project and team. A classical cascading model was followed, from the call and evaluation process to the underpinning legal and administrative material due to its fair and efficient deployment.
At the end of the open call 109 applications were received. As a next step each proposal was evaluated by at least three independent experts and given a score (two external evaluators and one internal evaluator). The projects were ranked based on the average score and the best 25 were retained for acceleration support.
SME support
The onboarding process was triggered following the selection. Each company went through the due diligence process and was required to pass all checks before being admitted into the programme. If all checks were passed, the SME awardee was to sign a sub-grant agreement before receiving any funds. At the time of writing (M12) all 25 SMEs received the first instalment and started working on their Blockpool project.
External mentors were onboarded to support the SMEs over 10 months. The external mentors were selected from the list of experts and further screened to ensure that they have the right qualifications to support the SME awardees. Each of the 25 SMEs was allocated one internal and one external mentor.
Minimum Viable Product
At the end of the programme 24 of our selected SMEs finalised their MVP. Several of the companies went on to receive further funding from investors, which would not have been possible without the kick-start from the Blockpool project. Particularly the financial support and EU branding helped the SMEs gain traction in the market.
Research & Education
Blockpool’s additional focus wass to spread knowledge about DBLT to a wider community to trigger the its uptake by other SMEs. During the entire project several knowledge sharing initiatives were completed:
- Industry analysis report of DLT initiatives
- Security report for DLT implementations
- Massive Open Online Course
- Webinar series
- A list of blockchain experts was created, which is hosted on the project website and provides companies with an opportunity to connect with experts in a specific area.
- Series of three bootcamps (each 2 days long) and a pitching series for the SMEs to attract investors
- These items do not detail in full all activities that were conducted such as specific contributions to matchmaking companies, giving presentations at seminars and conferences (Convergence, INNO-INFRA-SHARE, ECN Annual Event, etc.). Still, these highly contributed to create knowledge, connections and advance awareness raising on the matter of BDLT deployment as per INNOSUP ambitions.
The project supported new, cutting-edge technology across 7 different sectors ranging from automated shipping vessel detection to blockchain-based identity systems.
At the end of the project catapulted most of the 25 SMEs to a state where their companies are viable and fit to survive in the future. Given the industries and topics the companies operate in, the potential impacts are vast. Several companies operated in the environmental industry, so a positive impact on the fight against climate change is expected. Furthermore, several companies relate to the financial services industry (e.g. tokenisation, securitisation or Decentralised Finance), so it is expected that the journey to eliminate intermediaries will be advanced beyond Blockpool as all these companies completed their MVPs and were able to go out into the market to look for further growth opportunities.
The pool of Blockpool projects is considered a lab analysed by our consortium to generate information on the pros and cons of new experiences in deploying BDLT. This constitutes an additional layer of state of the art.
At the end of the project catapulted most of the 25 SMEs to a state where their companies are viable and fit to survive in the future. Given the industries and topics the companies operate in, the potential impacts are vast. Several companies operated in the environmental industry, so a positive impact on the fight against climate change is expected. Furthermore, several companies relate to the financial services industry (e.g. tokenisation, securitisation or Decentralised Finance), so it is expected that the journey to eliminate intermediaries will be advanced beyond Blockpool as all these companies completed their MVPs and were able to go out into the market to look for further growth opportunities.
The pool of Blockpool projects is considered a lab analysed by our consortium to generate information on the pros and cons of new experiences in deploying BDLT. This constitutes an additional layer of state of the art.