Government Supports Business Development for DeepTech Startups
October 9, 2023
Starting today, October 9, deep technology startups can submit applications to the Estonian Business and Innovation Agency (the joint organization of EAS and KredEx) for support for their business development projects.
According to Vaido Mikheim, Head of the DeepTech Focus Area at Startup Estonia, the products and services developed by deep technology startups are characterized by a strong scientific foundation.
“Today, the commercialization of science is seen as having significant global potential, both for solving complex challenges and for driving economic growth. Through this new support measure, we aim to encourage the creation of higher value-added products and services in Estonia, as well as support their export,” Mikheim explained.
The goal of deep technology startups is to bring scientific discoveries into society through real-world products and services. Key technology areas typically classified as deep technologies include:
- Advanced materials
- Novel energy solutions, including hydrogen technologies
- Artificial intelligence
- Biotechnology, including synthetic biology and novel foods
- Autonomous vehicles
- Robotics
- Space technologies
Sigrid Rajalo, Head of Development and Innovation at the Ministry of Economic Affairs and Communications, emphasized the importance of supporting technology creators:
“As a country, our goal is to move from being users of technology to becoming creators of technology. This is both capital-intensive and high-risk. For deep technology companies in particular, it is crucial to test potential customers and market niches for their innovative solutions at an early stage. This new support measure encourages exactly that: testing product or service concepts with potential customers and assessing market fit in export target countries.”
The objective of the grant is to increase the creation and export of higher value-added products, services, and technologies within the Estonian economy.
The support is available to deep technology micro and small enterprises that:
- Are registered in the Estonian Commercial Register
- Have been operating for no more than five years
- Employ at least two people
The maximum grant amount is €50,000 per company, and applicants must provide a minimum co-financing contribution of 25%.
The total budget of the measure is €1,000,000, with €250,000 allocated to the first application round.
A deep technology startup is defined as a company developing technologies characterized by a time-consuming and capital-intensive development process, as well as a higher degree of uncertainty and business risk regarding the feasibility or applicability of the technology.
The application round is open from 9 October 2023 at 12:00 until 8 November 2023 at 16:00.
More information:
https://eas.ee/grants/iduettevotja-toetus
Startup Estonia is a national program dedicated to developing Estonia’s startup ecosystem by fostering the creation of startups and supporting their growth into international success stories. The Startup Estonia program is implemented by the joint organization of EAS and KredEx, while the program’s science accelerator activities are carried out by SmartCap. The Startup Estonia program (Project No. EU50651) is funded by the European Regional Development Fund.
