48 Spanish SMEs will receive EU funding to boost their innovation projects

A total of 242 small and medium-sized enterprises (SMEs) from 30 countries have been selected to receive funding in the last round of the SME Instrument, in the so-called Phase 1 of the program. The companies will receive a total amount of € 11.95 million to share among their projects to obtain their innovations faster in the market.

Examples of selected projects include a sensory feedback system for phantom pains, a new technology for micromotors, a control system for electric bicycles that extends battery life, a remote communication system for drones, an assessment tool for start-ups based on artificial intelligence, a complementary solution for industrial robots to improve their precision and a new ecological packaging based on straw fibers.

In this phase of the SME Instrument, each project, 239 in total, will receive € 50,000 to write a business plan. Several companies can join to propose a project. Companies will also receive free coaching and business acceleration services. Most of the companies selected for financing are in the field of information and communication technologies (ICT), health and engineering. Most of the companies are based in Spain (48), Italy (21) and France (18).

The 48 selected Spanish SMEs are from Andalusia, Aragon, Asturias, Canary Islands, Cantabria, Catalonia, Madrid, Navarre, the Basque Country and Valencia.

The European Commission received 2149 proposals for the May 3 deadline. The next application period for Phase 1 of the SME Instrument is September 5, 2018. The SME Instrument is part of the pilot program of the European Innovation Council (EIC) that supports innovators, entrepreneurs, small businesses and top-level scientists with financing opportunities and acceleration services.