The European Commission awarded €103.82 million to 71 small and medium enterprises (SMEs) in the latest round of the Horizon 2020’s SME Instrument Phase 2. The amount will be distributed between 66 projects, each will receive up to €2.5 million (€5 million for health projects) to finance innovation activities.
Spanish SMEs are the most numerous in receiving European funding with 19 projects selected, followed by Germany and Ireland, five projects each. Most projects focus on ICT and transport (10 projects each) followed by 9 projects in the field of low-carbon and energy efficient systems.
Phase 2 of the SME Instrument allows companies to invest in innovation activities such as demonstration, testing, piloting, scaling up and miniaturization, in addition to developing a mature business plan for their product. The companies will also benefit from 12 days of business coaching.
For the first funding part of Phase 2, the European Commission received 1534 project proposals by 18 January 2017. Since launching in 2014, the instrument has helped to fund 641 small and medium enterprises.