The road to glory for startups and scale-ups is long and quite complicated. Reaching a milestone such as a pilot or proof of concept (PoC) with a manufacturing company is a big deal – an important step towards future market success. To showcase such successes and reward the next generation of European manufacturing innovators, the EIT Production BoostUp! 2022 competition is back.
Scale your business with EIT Manufacturing BoostUp! 2022
We got in touch with Kaitlin McGovern, Senior Investment Manager of the Business Creation Team at EIT Manufacturing.
Read on to learn more about the motivations behind this competition and its impact on participating companies and the manufacturing sector.
To keep everyone informed, please explain what the EIT Manufacturing BoostUp! competition all about?
BoostUp! is EIT Manufacturing’s signature pan-European competition for startups. The BoostUp! competition seeks to identify and support promising startups that focus on scaling their solutions to solve today’s most pressing manufacturing challenges.
This year’s competition, BoostUp! 2022, is open to startups that have demonstrated the utility of their solution by partnering with a major manufacturing company, either through a pilot project or a PoC to prove the validity of their idea. Up to €170,000 in cash prizes are available, in addition to Business Creation support services packages provided by EIT Manufacturing.
Tell our readers about your background and how the Business Creation team within EIT Manufacturing works to support startups?
I joined EIT Manufacturing in March 2021 and have a background in enterprise and strategy.
I am part of a 12-person team across Europe, supporting promising Industry 5.0 startups with a range of business development services. These include customer introductions, fundraising preparation, and direct financial investments in return for equity.
Our pan-European presence, the ecosystem of key manufacturing players that we can convene, our collaboration with other EU institutions and our commitment to being a strategic long-term investor provide a unique value proposition for the companies we work with.
What kind of startups and solutions is BoostUp! 2022 looking for?
This year’s competition is specifically aimed at startups with solutions that fall within one of the four flagships of EIT Manufacturing, which aim to support sustainable, circular and digital manufacturing solutions. In addition, we have some eligibility criteria that companies must meet:
- You are actively looking for growth
- Your solution is at Technology Readiness Level 7 or higher
- You have completed a pilot of proof of concept between July 31, 2021 and July 31, 2022 at a manufacturing corporate (2021 worldwide turnover of at least € 50 million)
- You have a dedicated full-time team of at least two people, headquartered in an EU or Horizon Europe associated country
- Your company was incorporated as a legal entity in 2017 or later
- You generate cumulative commercial income of €5 million or less since the date of legal incorporation
How do startups and scale-ups benefit from participating in BoostUp! 2022?
BoostUp! 2022 is an exciting competition that will boost the public exposure of startups, including those that were not on EIT Manufacturing’s radar. The aim is to showcase and reward the next generation of European manufacturing innovators and help them scale faster and further.
Twenty finalists are invited to the BoostUp! 2022 Grand Finale on October 7, 2022 to showcase their pilot or PoC and compete for cash prizes and support services. Up to eight startups will receive a cash prize of €20,000 and a package of services to support them in fundraising and access to the new market and fundraising markets.
There will also be €5 000 cash prizes each for the top-ranked startup in a Regional Innovation Scheme country and the top-ranked female-led startup.
The BoostUp! takes place in Athens, Greece. The 2022 grand finale will conclude with an exclusive networking and matchmaking soiree where startup finalists will meet international experts, business leaders and investors.
Can you tell our readers about previous editions of BoostUp! and how you have worked with the winning startups?
BoostUp! 2022 is the fifth edition of the BoostUp! series. Previous editions have resulted in several dozen startups being supported directly by EIT Manufacturing with new customer introductions, fundraising assistance and, in some cases, direct financial investments.
As an example, ADAXIS, one of the winners of our first BoostUp! competition in 2020, have successfully raised their first seed round in 2021, including an investment from EIT Manufacturing. Earlier this month, they received the prestigious i-Lab Prize awarded by the French Ministry of Higher Education and Research to honor the best in French innovation.
Do you have any tips for applicants to make their submissions stand out?
Maybe you have just what it takes to be the next winner of our BoostUp! contest. Remember, both your solution and the presentation count!
EIT Manufacturing – Enabling Innovation!
Have you recently completed a pilot project with a corporate or do you offer a PoC for the manufacturing industry? Apply for BoostUp! 2022 & have a chance to be rewarded for your innovative solutions.
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