How to secure free funding for your startup in Europe? (Part III)
Free money you say? Maximize your startup’s potential with a complete guide to applying for free European funding programs, with detailed application steps and tips for your funding succes.
Hi there!! I’m Conrad, a VC and startup enthusiastic, and I’m happy to have you here!
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Today’s deep dive: How to secure free funding for your startup in Europe?
Navigating the complex landscape of grants and funding programs can be challenging. This post will guide you through the essential steps and provide you with the knowledge you need to successfully apply for various European funding opportunities.
This is the third piece of research on the Spanish and European Startup Ecosystem, consisting of three parts:
Part I: Spanish Startup Law 28/2022
Part II: Creating a startup Step by Step in Spain
Part III: Public funding in Europe: free money?
Let’s start with the structure of the post, a quick overview, and the key funding programs. We'll then cover detailed application processes, essential tips for success, and final advice for maximizing your chances of securing funding.
Structure of this Post
Brief explanation
A quick overview of the importance and benefits of securing free funding through European grants and programs.
European funding programs
An introduction to notable funding opportunities available to startups in Europe.
Detailed application processes
Step-by-step guides on how to apply for each grant or program.
Tips for successful applications
Expert advice on preparing your applications to increase your chances of success.
Recap and final thoughts
A summary of the key points covered and concluding advice for startup founders preparing to apply for funding.
In this episode of How to land in Venture Capital, we will explore the most significant funding opportunities for startups and how to apply for them effectively. Subscribe for more:
Brief explanation
Securing free funding is a crucial step for startups looking to innovate and grow. This guide aims to help you navigate the application processes for various European grants and programs, ensuring you can access the resources needed to bring your vision to life.
European funding programs, and some warnings
Before diving into the application processes, it's essential to understand the primary funding opportunities available. These programs offer substantial financial support and resources to help startups succeed, but there are a few warnings to keep in mind:
Ensure your project aligns with the program’s goals. These grants fund projects that provide societal, environmental, or technological benefits. Ensure you understand and meet these criteria before applying to avoid wasting time and effort on a non-eligible application.
Projects should have a clear, positive impact on society or human well-being and address specific challenges.
These programs are highly competitive, often receiving numerous applications from across Europe. Be prepared to provide detailed documentation, including business plans, financial projections, and technical specifications. Incomplete or poorly prepared documents can lead to immediate disqualification. Pay close attention to the quality and detail of your application materials. A well-prepared and compelling proposal is essential to stand out.
The application process can be lengthy and complex, often requiring significant time investment for research, preparation, and submission.
Applying for these funding programs can be a complex and time-consuming process. Each program has specific requirements and stringent evaluation criteria. It's crucial to thoroughly prepare your application and ensure that your project aligns with the funding objectives.
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How to get free funding and where to apply to get funds from the European Union?
Detailed Application Processes
Here are the complete processes for applying to key European funding programs for startups:
1. Horizon Europe for Startups
Horizon Europe is the EU's key funding program for research and innovation with a budget of €95.5 billion from 2021-2027. It focuses on various thematic areas, including health, digital transformation, and climate change. It offers several grants tailored for startups aiming to innovate and conduct research.
How to apply:
Read the Online Manual.
Identify the relevant call for proposals under the Horizon Europe Work Programme.
Prepare a detailed project proposal following the guidelines provided in the call document.
Submit the proposal through the Funding & Tenders Portal of the European Commission.
Webpage:
2. European Innovation Council (EIC) Accelerator
The EIC Accelerator provides substantial financial support and coaching to startups and SMEs with groundbreaking innovations that have the potential to create new markets or disrupt existing ones. The grant can cover up to 70% of the project costs.
How to apply:
Create a profile and submit an application via the EIC's AI platform.
If selected, proceed with a full application including a detailed business plan and pitch deck.
The selection process includes a remote evaluation and, if successful, an interview with an EIC jury.
Webpage:
3. EUREKA Eurostars
Eurostars is a funding program for R&D-performing SMEs that wish to collaborate on transnational innovation projects. The program supports innovative projects that can be quickly commercialized.
How to apply:
Form a consortium with at least one other Eurostars country.
Submit a project proposal through the Eurostars application platform.
If successful, the project will receive funding support from the national funding bodies of the participating countries.
Webpage:
4. LIFE Programme
The LIFE Programme supports environmental, nature conservation, and climate action projects across the EU. It provides funding for innovative projects that contribute to environmental sustainability and climate resilience.
How to apply:
Visit the CINEA LIFE Programme website to identify the most relevant sub-programme for your project.
Draft an application outlining the project’s environmental or climate impact, objectives, and implementation plan.
Use the online submission platform to submit your application by the deadline specified.
The proposal will be evaluated based on its contribution to EU environmental and climate goals, innovation, and sustainability.
If approved, negotiate and sign the grant agreement.
Webpage:
5. Innovation Fund
The Innovation Fund focuses on large-scale projects in renewable energy, carbon capture and storage, and low-carbon technologies. Startups with innovative solutions in these areas can benefit from substantial funding.
How to apply:
Monitor the calls for proposals published on the Innovation Fund website.
Prepare and submit a comprehensive project proposal in accordance with the call requirements.
The selection process includes a detailed evaluation of the project’s potential impact and feasibility.
Webpage:
6. Startup Europe
Startup Europe is an initiative by the European Commission that connects startups with investors, accelerators, and corporate networks. It does not provide direct funding but offers access to various funding schemes, mentorship, and networking opportunities.
How to apply:
Register on the Startup Europe website.
Participate in events, competitions, and programs listed on the platform to connect with potential funding sources.
Webpage:
Tips for successful applications
Prepare, prepare and prepare:
Ensure your business plan, financial projections, and project proposal are well-prepared and align with the specific grant's objectives.Follow guidelines:
Carefully follow the application guidelines and criteria provided by each funding program. Use this manual for preparing better your application.Seek for professional help:
Consider hiring a consultant or attending workshops related to grant applications to improve your chances of success.
These tips will help you navigate the application process and increase your chances of securing funding.
Recap and final thoughts
Securing funding through European grants and programs is a valuable opportunity for startups to innovate and grow. By understanding the available funding options, following detailed application processes, and preparing thoroughly, you can increase your chances of success. Remember, these programs are not just about financial support; they offer access to networks, mentorship, and resources that can significantly boost your startup's potential.
If you have any doubts on this exercise or you need something specific from me, do not hesitate in texting me or email me to conrad.carbonell@iese.net.
Hope I helped you and get free funding very soon! See you next week.
Disclaimer 1: I am not gaining any financial or other personal benefits from announcing or promoting this startups. My purpose is solely to provide information based on the available data.
Disclaimer 2: the information provided is for informational purposes only and does not constitute investment advice. I encourage readers to conduct their own research and due diligence before making any investment decisions.