Startup Competition for European Deep Tech Scaleups
The EIT Digital Challenge, a competition for European digital deep tech companies, is now accepting applications. Fast-growing startups with existing customers – called scaleups – can apply in one of the following five categories: Digital Tech, Digital Cities, Digital Industry, Digital Wellbeing, and Digital Finance.
“Among all applicants to the competition, we will select 25 companies, that is five per category, and invite them to an exclusive event in Brussels where they will pitch to a jury of high-profile corporates and investors,” says Dolf Wittkamper, Head of the EIT Digital Accelerator.
“A total of 10 winners will be announced during this event: in each category, the jury will pick the best two companies; both will receive a full year of tailored support from the EIT Digital Accelerator, valued at €50,000. In addition, the top winner in each category will receive a cash prize of €50,000.”
The competition is focusing on ‘deep tech’ scaleups, with a differentiating product offering that leverages sophisticated, hard-to-reproduce digital technologies.
The EIT Digital Accelerator consists of a team of around 40 experienced business developers and fundraising experts operating from 13 cities across Europe, along with a hub in Silicon Valley. Since 2012, the EIT Digital Accelerator says it has supported over 300 fast-growing startups to sign up customers and raise capital.
To successfully apply for the EIT Digital Challenge, companies must fulfill the following criteria: They must be based in one of the member states of the European Union, they have to be in the growth stage (to be proven by showing annual revenue of over €300,000 or at least €2m in total funding), and they should be in their first ten years of existence.
The best entrants will be invited to an exclusive final event in the autumn to pitch in front on an expert jury. Since its launch in 2014, the EIT Digital Challenge has attracted more than 1,800 entries from all 28 EU countries. The deadline for applications is 14 June 2019.