Periodic Reporting for period 1 - ICKEAM-5 (Establishing services enhancing the innovation management capacity of SME's in the Enterprise Europe Network)
Reporting period: 2020-01-01 to 2021-12-31
The main objectives of this project are to provide efficient assistance to enable SME Instrument-, Fast Track to Innovation- (FTI) and Future and Emerging Technology Open (FET) grant beneficiaries under Horizon 2020 to increase the efficiency and effectiveness of innovation processes within these small and medium sized enterprises
The specific object of this project was to identify bottlenecks to the creation of economic impact in companies benefitting from EIC pilot grants and address these bottlenecks with the help of capable coaches. It is important for the society and the economy to increase the efficiency and effectiveness of innovation processes in SMEs with growth potential and with significant innovation activities that could potentially become international.
Most frequently mentioned bottlenecks hindering the implementation of the SMEs business ideas in Iceland were usually the same for all the Icelandic SMEs. Main bottlenecks mentioned was access to finance, demand for simplification on service provided by the SME ecosystem and valuable resources such as the right staff.
The consortium has ensured and monitored the activities' performance through regular contact with the SMEs and the coaches, to ensure that both parties were happy with the services received from the KAM and the coach.
The specific object of this project was to identify bottlenecks to the creation of economic impact in companies benefitting from EIC pilot grants and address these bottlenecks with the help of capable coaches. It is important for the society and the economy to increase the efficiency and effectiveness of innovation processes in SMEs with growth potential and with significant innovation activities that could potentially become international.
Most frequently mentioned bottlenecks hindering the implementation of the SMEs business ideas in Iceland were usually the same for all the Icelandic SMEs. Main bottlenecks mentioned was access to finance, demand for simplification on service provided by the SME ecosystem and valuable resources such as the right staff.
The consortium has ensured and monitored the activities' performance through regular contact with the SMEs and the coaches, to ensure that both parties were happy with the services received from the KAM and the coach.
A total number of twelve SMEs were offered KAM and EIMC services, eight SME instruments, two Fast Track to Innovation, and two EIMC services. In addition three SoE companies out of the six companies contacted received mentoring and coaching in order to finalize their EIC accelerator application. Ten cases in total were completed in the reporting period, three SME Instrument phase II beneficiaries receiving grants in the reporting period and five SME Instrument phase II beneficiaries receiving grants in previous periods, and two innovative SMEs received EIMC services. Six companies receiving the Seal of excellence were signposted to general COSME services, and three of the companies received expert advice on EIC funding applications, and other potential access to finance options.
The recipients of EIC pilot grants have all been able to enhance their innovation projects successfully and the grants ensure the sustainable growth of the projects and the companies themselves. Through discussions with the companies the access to the funding has enabled them to attract private investors which significantly contributes to their growth and profitability potential. These results are contributory to the company's sustainable growth beyond the EIC grants.
SMEs stories have been collected and shared on the Network LinkedIn page, the companies are very happy and are disseminating the positive feedback on the Networks work on their own social media platforms.
The recipients of EIC pilot grants have all been able to enhance their innovation projects successfully and the grants ensure the sustainable growth of the projects and the companies themselves. Through discussions with the companies the access to the funding has enabled them to attract private investors which significantly contributes to their growth and profitability potential. These results are contributory to the company's sustainable growth beyond the EIC grants.
SMEs stories have been collected and shared on the Network LinkedIn page, the companies are very happy and are disseminating the positive feedback on the Networks work on their own social media platforms.
It can frankly be said that almost all clients and the experts in Iceland, have been very happy about the experience relating to the H2020 services. The KAM experts in Iceland have met the most innovative and forward-thinking SMEs in Iceland, most of these SEMs have happily received expert advice and utilized the business coaching services offered by the EU.
State of the art progress is seen to be the successful synergy between KAM and COSME services securing future collaboration and trustworthy business relationship.
The impact is wide for a small economy like Iceland, ensuring the sustainable growth of the projects and the companies themselves.
State of the art progress is seen to be the successful synergy between KAM and COSME services securing future collaboration and trustworthy business relationship.
The impact is wide for a small economy like Iceland, ensuring the sustainable growth of the projects and the companies themselves.