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.
7 February 2024
First Application Open
21 February 2024
Webinar 1 for applicants
13 March 2024
Webinar 2 for applicants
10 April 2024 - 12:00 noon CET
11 April - 2 May 2024
6-10 May 2024
22 May 2024
Communication to selected participants
10 June 2024
Indicative start of project implementation
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.