Is your SME ready for the fast track?
You have invested in development of a breakthrough technology, product or service. You are almost ready to shake up the market, but you need a final push. With funding up to €3M, the Fast Track to Innovation (FTI) program is an attractive opportunity to support close-to-market activities of breakthrough innovations. However, having a disruptive product or service is not enough. In this article our expert Leanne Schmitz helps you evaluate if you are ready for a FTI grant.
The Fast Track to Innovation (FTI) is an innovation support programme, part of the Horizon 2020 framework of the European Commission. It aims to reduce time from breakthrough idea to market, helping partners co-create and test innovative products, services or business processes that can revolutionise existing or create new markets.
Besides the criteria for participation, there are things to keep in mind when deciding if you are ready for a FTI.
Are you ready for an FTI?
A complementary, experienced executive team should be in place to generate confidence that you have what it takes to commercialize your product. Do you have a visionary CEO with an excellent track record, a CFO responsible for the economic strategy and a CTO that is experienced in transfer of technologies into commercial products? In addition, consider expanding your business development and marketing team to extend your market reach.
Before you apply for funding ask the important question: ‘What partnerships do we need? Be sure to identify the missing links in the value chain. FTI is a consortium program open for large companies and public institutions. A successful FTI consortium presents all the expertise required to reach the market. Consider partners that offer the capacity and network to validate, scale up, distribute or sell your technology.
Business case and financial plan
Finally, the key to a successful FTI is a solid business case. Did you identify all stakeholders in the market? What is your business model and revenue model? The business case should go hand in hand with detailed financial plan and financial projections for the next 5-10 years. Provide a realistic overview of the investments required to enter the market and the expected return on investment.
Are you interested to apply for the Fast Track to Innovation grant? We can help you assess if your ideas are a good fit for this funding instrument, and help you mold them into a successful project. Our dedicated experts believe in your innovation, and can find you partners to complement your consortium, as well as take care of the whole submission process. Contact us