Start-up companies returned with valuable knowledge and contacts from their study visit to Brussels

In March, Estonian start-up companies travelled to Brussels to meet with entrepreneurs and other key figures in the EU innovation sector. CybExer Technologies, PowerUP Energy Technologies and RAIKU Packaging share their experiences with us.

The Estonian Business and Innovation Agency organised a study visit to attend events at the European Research and Innovation Week. Ten selected Estonian companies took part in the year’s key events in the European Union’s innovation sector, such as the EIC Summit and the Innovative Procurement Conference.

During the visit, both the Estonian cybersecurity company CybExer Technologies and PowerUP Energy Technologies, which produces hydrogen fuel cell-based electric generators, wanted to learn more about applying for funding through the European Innovation Council (EIC). The EIC Accelerator supports start-up and growth-stage deep-tech companies that private capital is not yet ready to fund.

According to Ivar Kruusenberg, founder of PowerUP Energy Technologies, the study visit provided a good overview of what the EIC and the European Commission are looking for. Their goal was to gain a better understanding of the big picture of applying for EIC funding and to receive valuable feedback for their application. “Despite having reached the interview stage with EIC once, we have yet to receive funding,” said Kruusenberg. “However, we will keep trying, as our goal is to achieve funding.”

Additionally, the company wanted to learn more about the European Commission’s decision-making processes and future funding programme priorities. “We went on the study visit hoping to meet the decision-makers behind funding measures and get a better understanding of their vision for the current programmes, such as what the priority topics and biggest challenges are,” Kruusenberg said. “The event proved to be highly beneficial for us. We were able to meet with people involved in decision-making processes and the funding measures.”

According to Kristiina Omri, vice president of special programmes at CybExer Technologies, their goal is to apply for funding from the EIC as well and the study visit was a step in that direction. “It’s a highly competitive funding programme, with only about 5% of applications receiving a positive response, so competition is fierce,” explains Omri. “The study visit provided us with the necessary information on how to prepare our application and we received a lot of advice on what to keep in mind, whether it was preparing for interviews or writing the application. It was exactly what we were looking for.”

Innovation requires connections and networking

Representatives from both companies underscored that the main benefit of the study visit is meeting other participants and hearing other companies’ stories. “Events during Innovation Week and meeting with Estonian companies that have already received funding from the EIC were invaluable to us,” said Omri. “We also received crucial information from companies who have applied but haven’t been successful.”

Besides interacting with officials, Ivar Kruusenberg also emphasised that meeting other businesses to gain a better understanding of their preparations for a successful application was an equally important aspect of the study visit. “In addition to advice, we gained a clearer picture of how mentoring at the EIC works, what we can utilise and its importance,” explained Kruusenberg.

Andi Hektor from the deep tech company GScan shared their fundraising experience at the study visit. According to him, study visits like these are essential for entrepreneurs. “Awareness of innovation is rapidly rising among Estonian entrepreneurs, but we still lag far behind innovation leaders in Europe and around the world,” he says.

The visit also provided an opportunity to get to know the Belgian innovation system. “Innovation often occurs through connections, people and role models,” explains Hektor. “The visit brought Estonian entrepreneurs closer together with their Belgian colleagues, as well as with representatives from universities and organisations.” According to Hektor, events like these bring Estonian entrepreneurs closer together as they can discuss innovation and share experiences in a new environment.

Access to opportunities companies wouldn’t otherwise have

According to Omri, companies wouldn’t have the time or the means to arrange the kind of meetings the programme offered. She found the meetings with Estonian representatives in various EU institutions who shared their experiences to be particularly valuable. “It’s one thing to read official reports, but another to be present, ask questions and engage in discussions,” she said.

Kruusenberg emphasised the opportunities that study visits present for interacting with decision-makers who would otherwise be very difficult to meet. “During our interactions, we learned about relevant opportunities for our companies and ones that might open up in the future,” he said.

Innovation supported by the European Union

According to Karl Pärtel, co-founder of RAIKU, a company producing innovative packaging materials, EIC funding is an excellent initiative of the European Union. RAIKU is among the companies that has received EIC funding and this year, Pärtel joined the delegation to share his story.

He believes that many entrepreneurs are either unaware of funding opportunities or perceive them as distant and unfamiliar. “A study visit like this provides an excellent opportunity to introduce potential companies to the EIC’s funding initiatives,” he said. “During the 2022 Brussels innovators’ study visit, we met many entrepreneurs and EIC advisors and decided to apply. The experiences and recommendations from various companies, as well as assistance from advisors, helped us in the application process.”