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EIT Food Fast Track to Market 2024

A new opportunity to get your food innovation product or service to market quicker and enhance your commercial success.

Apply by 10th April 2024, 12.00 noon CET

All EIT Food regions
LEUVEN
Deadline: 10 April 2024

Accelerating the commercialisation of food products and services in Europe contributing to positive change in our food system.


Total funding of up to €60k - €400k per company.

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


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. Through the Fast Track To Market funding programme, you can boost your market readiness to bring your service to new or expanded markets.

Whether expanding to new markets, or growing new products in existing markets, the support of EIT Food can help your company speed up your marketability and potential commercial success.

Who can apply to Fast Track to Market?

Your company is eligible to apply if you:

  • Are a legally incorporated entity in one of the EU or Horizon Europe eligible country, and have been for at least 12 months;
  • Have a technological product, service, solution that fits within one of the three EIT Food Missions;
  • Are classed as 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 at least 3 full time employees.

  • You are past the ideation phase; you are generating revenues from paying customers and not only from pilots.


We ask that applicants have a clear case for a 6–10 month project that can significantly accelerate their startup/SME’s commercial success, and that the proposed project must be able to have an immediate impact by bringing their products or services to the market.

Applicants already affiliated with EIT Food (FAN and Rising Food Stars) are also welcome to apply.

Timeline

  1. 7 February 2024

    First Application Open

  2. 21 February 2024

    Webinar 1 for applicants

  3. 13 March 2024

    Webinar 2 for applicants

  4. 10 April 2024 - 12:00 noon CET

    Applications close

  5. 11 April - 2 May 2024

    Expert evaluation

  6. 6-10 May 2024

    Panels

  7. 22 May 2024

    Communication to selected participants

  8. 10 June 2024

    Indicative start of project implementation

Webinar content & dates

  • The first webinar will be held on the 21st of February 2024
  • The second webinar will be held on the 13th of March 2024

How do I apply to Fast Track to Market?

If you fit the above criteria, we ask you to fill out and submit the application form by email to FastTrackCall@eitfood.eu, no later than 10 April 2024 – 12.00 noon CET.

Within the application form, you will be asked to submit the following:

  • A fully-written company business plan and presentation

  • A pitch deck outlining the commercial readiness of your proposed fast-tracked product or solution

  • A commercialisation plan that describes your company’s commercial capacity for current and future assets/products

  • A report attesting to your company’s financial statements and health

  • A project plan outlining the activities to achieve next sales milestones

  • A budget plan outlining the expected costs for the proposed project scope

How does the Fast Track to Market funding work?

Your company can apply for up to €60k - €400k in funding.

Your start up or SME will be the sole funding beneficiary of the funded project and must allocate the funding to eligible costs between the contract signature date (circa June 2024) for a maximum duration of 10 months following the project start date.

Revenue based financing mechanism

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.

The Revenue Based Financing Agreement allows us to reinvest in our community. More information on the mechanism can be found in the guidelines and will be explained further during our webinars on 21 February 2024 and 13 March 2024.

Alberts benefited in many ways from the EIT Food collaboration, especially through the 'Fast Track' market initiative. This grant not only provided financial support for the development and market acceleration of our oat and coco plant-based drinks but also laid out a structured roadmap with partners Alpro and Decathlon. We appreciated the initiative's speed, living up to its name by allowing us to advance swiftly and effectively.

- Dr. Ir. Glenn Mathijssen, CEO & co-Founder, Alberts

Relevant documents

Please find below the pertinent documents for your application:

Contact us

Annick
Annick Ducher

Innovation Programme Manager

Adriano pilla
Adriano Pilla

Innovation Orchestrator

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