The path to glory for startups and scaleups is long and quite complicated. Achieving a milestone, such as a pilot or proof of concept (PoC) with a manufacturing corporate is a big deal – a key step toward future market success. To showcase such successes and reward the next generation of European manufacturing innovators, the EIT Manufacturing BoostUp! 2022 competition is back.
Scale Your Company with EIT Manufacturing BoostUp! 2022
We connected with Kaitlin McGovern, Senior Investment Manager of the Business Creation Team at EIT Manufacturing.
Continue reading to learn the motivations behind this competition and its impact on participating companies & the manufacturing sector.
To get everyone up to speed, could you explain what is 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 focused on scaling their solutions to solve today’s most pressing manufacturing challenges.
This year’s competition, BoostUp! 2022, is open to startups that have shown the usefulness of their solution through cooperation with a large manufacturing corporation, either by means of a pilot project or a PoC to demonstrate the validity of their idea. Up to € 170 000 in cash prizes are available, in addition to packages of Business Creation support services provided by EIT Manufacturing.
Tell our readers about your background and how the Business Creation team works within EIT Manufacturing to support startups?
I joined EIT Manufacturing in March 2021 and have a background working in ventures and strategy.
I am part of a 12-person team spread across Europe, supporting high-potential Industry 5.0 startups with a range of business development services. These include client introductions, fundraising preparation, and direct financial investment in return for equity.
Our pan-European presence, the ecosystem of key players in the manufacturing sector that we’re able to convene, our collaboration with other EU institutions, and our commitment to being a long-term strategic 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 specifically targets startups with solutions that fall within one of EIT Manufacturing’s four flagships, which aim to support sustainable, circular, and digital manufacturing solutions. In addition, we have some eligibility criteria that applying companies need to meet:
- You are actively looking to grow
- Your solution is at the Technology Readiness Level 7 or higher
- You have finished a pilot or proof of concept between 31 July 2021 and 31 July 2022 with a manufacturing corporate (2021 global revenues of at least € 50 million)
- You have a dedicated full-time team of at least two people, with a headquarters incorporated in any EU or Horizon Europe-associated country
- Your company was established as a legal entity in 2017 or later
- You generate cumulative commercial revenues of € 5 million or less since the date of legal establishment
How do startups and scaleups benefit from participating in BoostUp! 2022?
BoostUp! 2022 is an exciting competition that gives a boost of public exposure to startups, including those that have not been on EIT Manufacturing’s radar. The objective is to showcase and reward the next generation of European manufacturing innovators and help them scale faster and further.
Twenty finalists will be invited to the BoostUp! 2022 Grand Final on 7 October 2022 to showcase their pilot or PoC and compete for cash prizes and support services. Up to eight startups will be awarded a €20 000 cash prize and a package of services to support them in fundraising and accessing the new market and fundraising markets.
There will also be €5 000 cash prizes each for the top-ranked startup from a Regional Innovation Scheme country and the top-ranked female-led startup.
Taking place in Athens, Greece, the BoostUp! 2022 Grand Final will culminate with an exclusive networking and matchmaking soiree where startup finalists will meet international experts, corporate manufacturing executives, and investors.
Can you tell our readers about previous editions of BoostUp! and how you’ve 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 client introductions, assistance with fundraising, and, in some cases, direct financial investment.
As an example, ADAXIS, one of the winners from our first BoostUp! competition in 2020, successfully raised their first seed round, including an investment from EIT Manufacturing, in 2021. Earlier this month, they were awarded the prestigious i-Lab prize awarded by the French Ministry of Higher Education and Research honoring the best in French innovation.
Do you have any tips for applicants to make their submissions stand out?
You might have just what it takes to be the next winner of our BoostUp! competition. Remember, both your solution and the presentation count! 😉
EIT Manufacturing — Making Innovation Happen!
Have you recently completed a pilot project with a corporate or do you offer a PoC for the manufacturing sector? Apply for BoostUp! 2022 & stand a chance to get rewarded for your innovative solutions.
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