Periodic Reporting for period 2 - INNODEC (Innovation Radar Data-based Identification & Commercialisation)
Período documentado: 2021-05-01 hasta 2022-04-30
Non-EIC projects covered by the European framework programmes face several obstacles: based on the Innovation Radar report, 41.9% of the projects see financing as the main bottleneck to innovation exploitation; but only around 5% of the projects have managed to seek funding, showing that projects lack the knowledge and access to funding and require support and mentorship to achieve it.
The INNODEC proposal was created to close the gap between investors and research projects from both sides. On the one hand, by placing investors/partners in contact with research projects that have the highest commercialisation and market potential and on the other hand, to coach projects on raising capital, identifying and refining their business models, and developing sound go-to-market strategies. Such an approach is meant to ensure scalability while simultaneously addressing the large diversity between the projects and the needs. This is achieved by following a data driven selection process for the high potential projects, followed by tailor-made support. Providing suitable support is needed as ownership structures, backgrounds, market focuses, and challenges vary greatly between projects. For example, some researchers prefer to transfer or license their innovations as opposed to starting and running a company. The key to success is to first understand each innovation, innovator, investor and partner. Only then their needs and their potential can be identified, and they can receive the right kind of support at the right stage.
In order to achieve these aims, this Consortium has brought together market leaders in their respective domains to provide the best resources when it comes to:
1) Data-based selection platforms,
2) Go-to-market support and,
3) Corporate and investor networks.
INNODEC project was meant to support ICT innovators that were not yet supported by the EIC. This would be done by providing coaching and bringing their innovations to market.
The overall objectives of the project are:
a) For Innovators and Innovations, seeking for, screening, selecting, and guiding the most promising projects to their chosen go-to-market path and supporting them to reach investment maturity and market introduction readiness.
b) For investors, solving the information disparity by expanding the innovation radar with both third-party data and curation, which enables investors to discover, assess and get in touch with truly innovative projects. Such a solution lowers the risk premium, as well as the administrative cost for assessment, thereby attracting new investors and increasing access to finance for truly innovative businesses.
The main objective of the project can be summarized as increasing the number of commercialised technologies originating from EU funded research projects.
The INNODEC proposal was created to close the gap between investors and research projects from both sides. On the one hand, by placing investors/partners in contact with research projects that have the highest commercialisation and market potential and on the other hand, to coach projects on raising capital, identifying and refining their business models, and developing sound go-to-market strategies. Such an approach is meant to ensure scalability while simultaneously addressing the large diversity between the projects and the needs. This is achieved by following a data driven selection process for the high potential projects, followed by tailor-made support. Providing suitable support is needed as ownership structures, backgrounds, market focuses, and challenges vary greatly between projects. For example, some researchers prefer to transfer or license their innovations as opposed to starting and running a company. The key to success is to first understand each innovation, innovator, investor and partner. Only then their needs and their potential can be identified, and they can receive the right kind of support at the right stage.
In order to achieve these aims, this Consortium has brought together market leaders in their respective domains to provide the best resources when it comes to:
1) Data-based selection platforms,
2) Go-to-market support and,
3) Corporate and investor networks.
INNODEC project was meant to support ICT innovators that were not yet supported by the EIC. This would be done by providing coaching and bringing their innovations to market.
The overall objectives of the project are:
a) For Innovators and Innovations, seeking for, screening, selecting, and guiding the most promising projects to their chosen go-to-market path and supporting them to reach investment maturity and market introduction readiness.
b) For investors, solving the information disparity by expanding the innovation radar with both third-party data and curation, which enables investors to discover, assess and get in touch with truly innovative projects. Such a solution lowers the risk premium, as well as the administrative cost for assessment, thereby attracting new investors and increasing access to finance for truly innovative businesses.
The main objective of the project can be summarized as increasing the number of commercialised technologies originating from EU funded research projects.
Since the beginning of the project, the consortium managed to create the whole infrastructure behind the project. Although Europe has been hit by the Covid-19 pandemic, the project is still operating according to the plan, with a steadily increasing number of start-ups receiving tailor-made support.
The main activities for this reporting period were:
- Creating infrastructure for the whole project
- Coordinating and managing the overall project implementation
- Setting up common communication channels for the consortium members
- Tracking risks related to the implementation of the project
- Ensuring technical readiness of the project
- Reaching out to start-ups / Raising awareness about the project
- Organising workshops, Ask me Anything Sessions and e-pitching events
- Conducting Due Diligence processes for high potential innovations
- Discussing the needs of high potential projects and supporting them in planning their go-to-market strategy
- Customer and Investor introductions
- Creating profile pages of the supported companies on the platform
- Providing support on investor materials (e.g. pitch-decks or financial models) and strategy
- Promoting the project through social media platforms
Deliverables achieved since the beginning of the project:
- Management plan (D1.1)
- Risk & Mitigation plan (D1.2)
- Project roles and responsibilities (D1.3)
- End of year 1 report (D1.4) (Delivered with the submission of this report)
- Design specification sheet (D2.1)
- API integration live (D2.2)
- Tool integration (D2.3)
- Ranking (D2.4)
- Outreach report (D3.1)
- Business Tools Live (D3.2)
- Accelerator Sessions (D3.3)
- Coaching Session Report (D3.4)
- Profile Pages (D4.1)
- Investor Meeting Report
- Investor Event Report
- First email marketing campaign (D5.1)
- EU Innovative 50 Event (D5.2)
- Communication Activities Report
Within the reporting period, the team reached out to more than 2750 different projects, which resulted in 476 applications. Each of the applications was subject to screening conducted by the team. Currently 77 companies are supported with solutions tailored specifically to their needs (November 2020).
Significant progress has also been made towards achieving Deliverable 3.4 as one-on-one coaching sessions are continuously provided to the selected applicants.
The main activities for this reporting period were:
- Creating infrastructure for the whole project
- Coordinating and managing the overall project implementation
- Setting up common communication channels for the consortium members
- Tracking risks related to the implementation of the project
- Ensuring technical readiness of the project
- Reaching out to start-ups / Raising awareness about the project
- Organising workshops, Ask me Anything Sessions and e-pitching events
- Conducting Due Diligence processes for high potential innovations
- Discussing the needs of high potential projects and supporting them in planning their go-to-market strategy
- Customer and Investor introductions
- Creating profile pages of the supported companies on the platform
- Providing support on investor materials (e.g. pitch-decks or financial models) and strategy
- Promoting the project through social media platforms
Deliverables achieved since the beginning of the project:
- Management plan (D1.1)
- Risk & Mitigation plan (D1.2)
- Project roles and responsibilities (D1.3)
- End of year 1 report (D1.4) (Delivered with the submission of this report)
- Design specification sheet (D2.1)
- API integration live (D2.2)
- Tool integration (D2.3)
- Ranking (D2.4)
- Outreach report (D3.1)
- Business Tools Live (D3.2)
- Accelerator Sessions (D3.3)
- Coaching Session Report (D3.4)
- Profile Pages (D4.1)
- Investor Meeting Report
- Investor Event Report
- First email marketing campaign (D5.1)
- EU Innovative 50 Event (D5.2)
- Communication Activities Report
Within the reporting period, the team reached out to more than 2750 different projects, which resulted in 476 applications. Each of the applications was subject to screening conducted by the team. Currently 77 companies are supported with solutions tailored specifically to their needs (November 2020).
Significant progress has also been made towards achieving Deliverable 3.4 as one-on-one coaching sessions are continuously provided to the selected applicants.
Until now, the Innovation Radar has been identifying the most promising start-ups. Additionally, support programmes have been providing supplementary information and organising webinars. However, scaling up and bridging the valley of death is an extremely challenging issue. Hence, with the Dealflow.eu consortium, we have established venture building services, which can help companies to improve their go-to-market strategies, traction and most importantly – attract investors.
The impact generated by providing tailor-made solutions and support activities for each of the supported start-ups is noticeably bigger than that, that comes from the simple provision of information and access to webinars. By actually supporting start-ups in attracting additional talent and gaining customers, teaching them how to pitch their ideas to the investors as well as providing them with access to the investors, we make it possible for them to scale-up.
The long term expected results of the project are:
1) Increasing the number of digital technology-based spin-offs, start-ups and scale-ups or successfully transferred technology from EU funded projects.
Dealflow’s Consortium, actions and objectives are built around the mission to bridge the gap between investors and innovators. The different actions evolve around both A) preparing, coaching, and introducing innovators to investors and B) around helping the investors to discover and get in touch with the innovators. The results of these efforts will be an increase in the number of successfully commercialised EU funded research projects.
2) Enabling innovative ICT based companies or technology to reach investment maturity and market introduction readiness, and/or winning first time public procurement contracts across the EU.
Supporting companies or technologies to reach investment maturity and market introduction readiness is an essential part of the process needed to achieve expected Impact 1 and it has therefore been one of the core activities of the Consortium. The Consortium partners have a wealth of experience in turning ideas into businesses and have been providing research projects with support related to reaching investor readiness.
The impact generated by providing tailor-made solutions and support activities for each of the supported start-ups is noticeably bigger than that, that comes from the simple provision of information and access to webinars. By actually supporting start-ups in attracting additional talent and gaining customers, teaching them how to pitch their ideas to the investors as well as providing them with access to the investors, we make it possible for them to scale-up.
The long term expected results of the project are:
1) Increasing the number of digital technology-based spin-offs, start-ups and scale-ups or successfully transferred technology from EU funded projects.
Dealflow’s Consortium, actions and objectives are built around the mission to bridge the gap between investors and innovators. The different actions evolve around both A) preparing, coaching, and introducing innovators to investors and B) around helping the investors to discover and get in touch with the innovators. The results of these efforts will be an increase in the number of successfully commercialised EU funded research projects.
2) Enabling innovative ICT based companies or technology to reach investment maturity and market introduction readiness, and/or winning first time public procurement contracts across the EU.
Supporting companies or technologies to reach investment maturity and market introduction readiness is an essential part of the process needed to achieve expected Impact 1 and it has therefore been one of the core activities of the Consortium. The Consortium partners have a wealth of experience in turning ideas into businesses and have been providing research projects with support related to reaching investor readiness.