The EIT Digital Challenge is Europe’s flagship DeepTech competition for emerging digital scaleups. 20 companies developing solutions across any of their five thematic areas will be shortlisted. Finalists will pitch their solutions to win from a prize package totaling €350.000.
The competition intensifies this year with 1 winner across all focus areas standing the chance to receive €100.000, furthermore, five companies will be selected to join the EIT Digital Accelerator for 12 months (€250.000 overall incentive).
Why Your DeepTech Scaleup Should Apply
The EIT Digital Accelerator will support the EIT Digital Challenge winners with a team of 40+ business developers and fundraising experts operating from 17 cities across Europe as well as a hub in Silicon Valley to support international growth, helping them to secure target customers and raising capital. Since 2012, the Accelerator has supported 300 startups which have raised a total of more than €800 million in venture capital. In addition, your business gains:
- Access To International Markets
- Access To Funding & Strategies
- Access To Networking with 200+ Pan-European Innovation Partners
- International Visibility
The shortlisted scaleups will pitch their solutions in front of a panel consisting of international corporates and investors.
Focus Areas For Digital Innovation
The EIT Digital Challenge 2020 focuses on emerging B2B scaleups innovating in five main categories:
- Digital Technology: Inventing the digital future with core technologies providing secure, robust, responsive, and intelligent communications and computation.
- Digital Cities: Serving the cities with digital technologies addressing urban mobility, citizen inclusiveness and engagement, and city safety.
- Digital Industry: The digital transformation of the industry, from production to logistics to retail.
- Digital Wellbeing: Safeguarding health for the youth, the working professional, and the elderly by analyzing sensor data.
- Digital Finance: The disruption of digital transactions and institutions with technologies that allow transparency, efficiency, security, and trust.
EIT Digital Challenge 2020 Eligibility Criteria
Apply for the challenge if you are developing solutions in any of the 5 focus areas and also meet the following eligibility guidelines:
- A member of the EU 27 States or UK
- A member of the H2020 Associated Countries
- Less than 10 years since founding, and
- A minimum revenue of €300,000 in 2019, or
- A minimum revenue of €300,000 in 2020 until date of submission, or
- A minimum total funding of €2,000,000 until now.
Building On A Successful Track Record
Since its launch in 2014, the EIT Digital Challenge has received a total of 2.100 applications from 35 countries. With 279 scaleups from 33 countries, 2019 saw a record 40% jump in the number of participants, making the EIT Digital Challenge Europe’s flagship DeepTech competition.
Ioannis Bizimis, CFO & Co-Founder QuoScient, shares his experience with EIT Digital: “QuoScient is honored to receive the award by EIT Digital. The momentum of the digital transformation keeps progressing and growing. While new opportunities, technologies, and innovation are created, risks and threats increase with it as well. We need to collaboratively defend the digital economies in Europe, and QuoScient is the ideal partner due to our technology, capabilities, and experts. The support of the EIT Digital Accelerator will enable us to grow even faster and make an important contribution to the cybersecurity of the European economies.”
Leveraging the EIT Digital Challenge prize package LORIOT joined the EIT Digital Accelerator’s scaleup growth program. Already active in Eastern and Central Europe, DACH region and the Nordics, LORIOT plans to use EIT Digital’s support to further expand in other European countries, such as France, Italy, Spain and UK (where already significant steps forward have been taken) and to prepare for the next fundraising round. “The EIT Digital team has been extremely supportive by opening up to its network of companies and investors and giving us the opportunity to participate in international tech events. We are confident that we will soon be able to tell some great success stories. The best is yet to come!” says Yannik Kopp, Business Development Lead at LORIOT.
Apply for the EIT Digital Challenge 2020 by June 7 to take your scaleup international!
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