The European PropTech Association, which was co-founded by our CEO Dirk Paelinck, and whose HQ is located at our EU District location, is promoting the European Commissions's Fast Track to innovation program, providing up to €3 million in funding per PropTech project for startups and scale-ups together with Finnova.
The Fast Track to Innovation program provides funding for bottom-up proposals for close-to-market innovation activities in any area of technology or application.
This funding can help partners to co-create and test breakthrough products, services or business processes that have the potential to revolutionise existing or create entirely new markets, under the helm of the Enhanced European Innovation Council (EIC) pilot.
The objectives of this program are as follows:
- - To reduce time from idea to market
- - To stimulate the participation of first-time applicants to EU research and innovation funding
- - To increase private sector investment in research and innovation
For which PropTech Companies?
All proposals for funding must be submitted by consortia comprising between three and five legal entities established in at least three different EU Member States or countries associated with Horizon 2020.
This industry involvement points to either the allocation of at least 60% of the budget to industry participants in the consortium, or the presence of a minimum number of two industry participants in a consortium of three or four partners, or of three industry participants in a consortium of five partners.
Deadline and Budget: UP TO €3 MILLION
The program offers a total budget of €300 million and stems from the Horizon 2020 priority “Societal Challenges” and the specific objective “Leadership in Enabling and Industrial Technologies (LEITs)”.
The funding level is fixed at 70% of the eligible costs, with the maximum EU contribution per action set at €3 million. The expected maximum time-to-grant period for participants is set at six months at most.
How to apply?
Applications remain open until October 27, 2020.
Proposals must be set up and submitted by a representative/contact person of the applying organisation.
The proposal itself consists of two main parts:
- - Administrative forms (structured information of the basic administrative data, declarations of partners, organisations and contact persons, etc.)
- - Technical annex, which is the detailed description of the planned research and innovation project outlining work packages, costs, etc