What do Social Innovation Tournament (SIT) winners Arborea (UK), which industrialises photosynthesis to expand the world’s food supply, Nuventura (Germany), which reduces greenhouse gases produced by industrial switchgears, and Glowee (France) (pictured), which produces bioluminescent liquid from algae, all have in common?
Following their participation in the tournament which rewards Europe’s best social entrepreneurs, all have benefited from additional support from the European Innovation Council accelerator, a Horizon Europe programme with a budget of over €10 billion for 2021-2027 to develop and expand breakthrough innovations.
And they are not alone. Twenty-two SIT alumni have received or are receiving funding from the European Union, ranging from a €50 000 grant for a feasibility study to a maximum of €2.5 million made available for the implementation of all technical and commercial developments.
An investment component, usually in the form of direct equity, can be added to the grant. Seven SIT alumni are currently benefiting from blended financing of this kind.
The Institute also helps SIT alumni projects to increase their visibility, improve their pitching and fundraising strategies, and connect with business angels and investors at a host of investor forums, including EVPA and Change Now.
“This is wonderful news for all of our SIT alumni” says Luisa Ferreira, Head of the Social Programme at the Institute. “It shows that the SIT is only the starting point for scaling up innovative ventures and helping make the world a better place. It also shows that the SIT has firmly established itself in the EU startup ecosystem.”
The final edition of the 2022 Social Innovation Tournament will take place in Vienna on 29 September.