
EIT Food is looking for fast-moving, mature companies with an existing business case that has high potential to generate B2B/B2C sales for new or improved food innovation products or services. 




Goals


With the launch of Fast Track to Market, EIT Food is looking to fund mature startups and SMEs whose products or services directly contribute to one of EIT Food’s three missions:






Healthier Lives Through Food










A Net Zero Food System










A Fully Transparent, Fair and Resilient Food System.






The purpose of the Fast Track to Market is to accelerate the commercial activities of mature Start-ups and SMEs resulting in impactful technologies, products, and services reaching the market and scaling further in the food sector.


Eligible Applicants


The Fast Track to Market is open to Start-ups and SMEs. 


The Fast Track to Market is addressed to a single legal entity, or mono-beneficiary, therefore proposals must be submitted by one single entity only.


Each applicant must:




Be a legally incorporated entity in one of the EU or Horizon Europe eligible countries for a minimum of 12 months of business activity


Be a SMALL sized company as defined in the EU recommendation 2003/361 (between 3 and 49 employees and less than 10 million turnover or balance sheet)


Have a minimum of 3 full-time employees (3 FTEs)Comply with requests for documents during due diligence/validation


Provide a PIC Number (https://www.eitfood.eu/files/PIC-Guidance.pdf).




Eligible activities 


The proposed projects should aim to significantly shorten the time to market while guaranteeing as much as possible a marketable outcome for the SME’s innovation or product.


Eligible activities will therefore be related to post-trial completion and consumer marketing, including but not limited to sales development, consumer promotions, merchandising, trade advertising, establishment of distribution channels, etc.


Budget and Type of Aid




Selected Fast Track to Market startups/SMEs will need to comply with EIT Food’s Revenue Based Financing Agreement, which consists of a repayment based on the company’s revenue. Repayment is not dependent on the sales of the foreseen marketed innovation.


Selected SME’s will receive the funding in two pre-financing rounds. The first release of 60% is scheduled upon signature of the sub-grant agreement. The second release of 40% is scheduled upon the successful completion of the project (i.e. sales transaction). The minimum repayment equals the first pre-financing amount.




Total funding available for each selected SME: up to €60k - €400k per company.


Timeline


Application Close: 10 April 2024 – 12.00 noon CET


Indicative Start of Project Implementation: 10 June 2024


Second Application Open: Dates to be announced.


Links


Fast Track to Market - Call Documents


EIT Food


EIT Food:  2024 Fast Track to Market Initiative


EIT Food is looking for fast-moving, mature companies with an existing business case that has high potential to generate B2B/B2C sales for new or improved food innovation products or services. 




Goals


With the launch of Fast Track to Market, EIT Food is looking to fund mature startups and SMEs whose products or services directly contribute to one of EIT Food’s three missions:






Healthier Lives Through Food










A Net Zero Food System










A Fully Transparent, Fair and Resilient Food System.






The purpose of the Fast Track to Market is to accelerate the commercial activities of mature Start-ups and SMEs resulting in impactful technologies, products, and services reaching the market and scaling further in the food sector.


Eligible Applicants


The Fast Track to Market is open to Start-ups and SMEs. 


The Fast Track to Market is addressed to a single legal entity, or mono-beneficiary, therefore proposals must be submitted by one single entity only.


Each applicant must:




Be a legally incorporated entity in one of the EU or Horizon Europe eligible countries for a minimum of 12 months of business activity


Be a SMALL sized company as defined in the EU recommendation 2003/361 (between 3 and 49 employees and less than 10 million turnover or balance sheet)


Have a minimum of 3 full-time employees (3 FTEs)Comply with requests for documents during due diligence/validation


Provide a PIC Number (https://www.eitfood.eu/files/PIC-Guidance.pdf).




Eligible activities 


The proposed projects should aim to significantly shorten the time to market while guaranteeing as much as possible a marketable outcome for the SME’s innovation or product.


Eligible activities will therefore be related to post-trial completion and consumer marketing, including but not limited to sales development, consumer promotions, merchandising, trade advertising, establishment of distribution channels, etc.


Budget and Type of Aid




Selected Fast Track to Market startups/SMEs will need to comply with EIT Food’s Revenue Based Financing Agreement, which consists of a repayment based on the company’s revenue. Repayment is not dependent on the sales of the foreseen marketed innovation.



Selected SME’s will receive the funding in two pre-financing rounds. The first release of 60% is scheduled upon signature of the sub-grant agreement. The second release of 40% is scheduled upon the successful completion of the project (i.e. sales transaction). The minimum repayment equals the first pre-financing amount.




Total funding available for each selected SME: up to €60k - €400k per company.


Timeline


Application Close: 10 April 2024 – 12.00 noon CET


Indicative Start of Project Implementation: 10 June 2024


Second Application Open: Dates to be announced.


Links


Fast Track to Market - Call Documents


EIT Food


EIT Food is looking for fast-moving, mature companies with an existing business case that has high potential to generate B2B/B2C sales for new or improved food innovation products or services.

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