For the second year in a row, the European Data Incubator (EDI) is looking for big data startups and SMEs to support through its €5M fund and connect to its corporates network. Up until June 19 companies from all over Europe can apply to be among the 50 selected to participate in the eight months long program and receive up to €100K equity free funding.
Data startups, SMEs or teams of up to four members can choose between three tracks – to work on an existing challenge, bring along their challenges and use the data sets provided by EDI, or work on their problem together with their data provider.
Final destination: MVPs and funding
Companies across the EU, but also from Balkans, Georgia, Ukraine, and the Nordics are eligible to participate. in the first phase of the program 50 ventures will be selected for an exploration phase between September and October and will receive €5K each. This phase will help the startups to clearly define their concept of the experiment with the data providers. Initial training on Big Data technologies and the data available will be organized. At the end of the phase, a datathon will be held to prepare the first mock-ups of the applications.
In November, only 17 teams will remain and get up to €80K to develop their minimum viable products (MVP). They will have access to dedicated coaches and mentors, a technical infrastructure with a set of tools ready to be used, a different set of training modules on Big Data and personalized business development support. At the end of this phase, the teams will participate in a pitch contest, after which the projects with a significant market potential will be invited to enter the last stage of the incubation.
The last phase is for the seven best startups and SMEs with a solid MVP, and market potential will access the last step. This phase is dedicated to building solid partnerships and detecting real investment opportunities for the top companies in the call. The projects will be encouraged to gain enough traction for the next investment phase in terms of sales, prospects, users, markets, and customers.
Connecting Startups & Corporates
Last year, which was the pilot one for EDI the incubator also aimed to facilitate the collaboration between startups and corporates. The role of the corporations is to provide challenges and data sets so teams, startups, and SMEs can work on real-life solutions. In the course of the program, 30 startups were selected to receive support and services but also €100K grants each. Also, €2.3M were raised for their further development. In the same time, 15 corporations and large organizations from different sectors such as Volkswagen (Navarra), Portuguese retail leader Sonae, the largest power distribution company in Slovenia Elektro Ljubljana.