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This fund seeks projects that depart from business-as-usual operations and that support the growth of small enterprises. We aim to fund the development of novel solutions or business model innovations with a clear potential for scale. Projects must be implemented within an EU market. Projects developing and delivering training will not be considered. Eligible projects should be at least in the <a href="https://strivecommunity.org/docs/innovation-fund-eu-terms#13-appendix-ii-project-life-cycle" rel="noopener noreferrer" target="_blank">Product Definition stage</a> and ready to demonstrate that a more mature phase has been achieved by the end of the project. Projects requesting higher grant amounts must demonstrate high potential for scale.

What are we looking for?

Have a look at the <a href="https://strivecommunity.org/innovation-fund-eu/frequently-asked-questions" rel="noopener noreferrer" target="_blank">FAQs</a>.

Want to learn more?

<ul><li>Align with at least one of the four focus themes: <a href="https://medium.com/@thestrivecommunity/grants-available-to-improve-access-to-credit-for-european-small-businesses-4a51cb27acbe" rel="noopener noreferrer" target="_blank">embedded finance</a>, <a href=" https://medium.com/@thestrivecommunity/grants-available-for-small-business-cybersecurity-solutions-6ead598b5d8b" rel="noopener noreferrer" target="_blank">cybersecurity</a>, <a href="https://medium.com/@thestrivecommunity/grants-available-to-help-small-businesses-manage-rising-sustainability-demands-fb98a57a654f" rel="noopener noreferrer" target="_blank">environmental sustainability</a>, and <a href="https://medium.com/@thestrivecommunity/grants-available-for-ai-solutions-for-small-businesses-481784eebc60" rel="noopener noreferrer" target="_blank">AI</a>.</li><li>Target small businesses (with fewer than 10 employees) as customers or end users.</li><li>Leverage digital and data-first solutions.</li><li>Be implemented in at least one EU market.</li><li>Be at least in the <a href="https://strivecommunity.org/docs/innovation-fund-eu-terms#13-appendix-ii-project-life-cycle" rel="noopener noreferrer" target="_blank">Product Definition stage</a> and ready to demonstrate a more mature phase has been achieved by the end of the project.</li><li>Must not focus on capacity building, such as training or mentorship.&nbsp;</li></ul>

Proposed projects must

Project eligibility

<ul><li>Can be startups, established companies, nonprofits, or social enterprises of all sizes.</li><li>Cannot be government entities or academic institutions.</li><li>Must be registered and operating in at least one&nbsp;of the&nbsp;<a href="https://european-union.europa.eu/principles-countries-history/country-profiles_en" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">27 EU member states</a>.&nbsp;</li><li>Can apply as a consortium with other organizations, provided that the main applicant is registered and operating in at least one of the 27 EU member states.</li></ul>

Applicants

Organizational eligibility

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<ul><li>Comply with EU and US sanctions, laws, and regulations, including data and privacy regulations.</li><li>Be registered and operational, demonstrating at least 1 year of legal and ethical operations and commendable performance.</li><li>Be compliant with all applicable laws, including adhering to fundamental human rights and all international and EU labor standards.</li><li>Be fully compliant with business licensing, taxation, employee, and other regulations in all countries of operation.</li><li>Be financially healthy with adequate reporting systems.</li><li>Have no involvement in unethical activities such as arms production or tobacco.</li><li>Comply with the <a href="https://strivecommunity.org/docs/innovation-fund-eu-terms" rel="noopener noreferrer" target="_blank">terms and conditions</a> of funding.</li></ul>

Applicants must

Due diligence requirements

Eligibility

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€4.5 million in grants available

Seeking innovative B2B solutions specifically designed or tailored for European small businesses with fewer than 10 employees.

Mastercard Strive EU Innovation Fund

This fund invites proposals for digital and data-first solutions that support small businesses in the European Union to:<ol><li>Unlock working capital and credit through <a href="https://medium.com/@thestrivecommunity/grants-available-to-improve-access-to-credit-for-european-small-businesses-4a51cb27acbe" rel="noopener noreferrer" target="_blank">embedded finance</a>.</li><li>Go digital safely by bolstering <a href="https://medium.com/@thestrivecommunity/grants-available-for-small-business-cybersecurity-solutions-6ead598b5d8b" rel="noopener noreferrer" target="_blank">cybersecurity</a>.</li><li>Navigate evolving consumer preferences and regulatory expectations around <a href="https://medium.com/@thestrivecommunity/grants-available-to-help-small-businesses-manage-rising-sustainability-demands-fb98a57a654f" rel="noopener noreferrer" target="_blank">environmental sustainability</a>.</li><li>Harness <a href="https://medium.com/@thestrivecommunity/grants-available-for-ai-solutions-for-small-businesses-481784eebc60" rel="noopener noreferrer" target="_blank">AI</a> to save time and make more money.</li></ol>Read more about the focus areas using the links above. Successful applicants will receive up to €500,000 to validate and develop their solutions over 12 to 18 months. Applications for €250,000 and above will require a minimum of 10% match funding. See <a href="https://strivecommunity.org/docs/innovation-fund-eu-terms" rel="noopener noreferrer" target="_blank">terms and conditions</a> for more information.

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Overview

Innovative solutions for European small businesses

<ul><li>What impact could be achieved if the project is successful?</li><li>Is the solution trialing something truly new or innovative?</li><li>Additional consideration will be given to proposals addressing inequality based on gender, race, class, disability, and/or ethnicity.</li></ul>

Significance & impact

<ul><li>Does the project have the potential to scale beyond the grant period or catalyze capital from alternative sources following the end of the grant?</li><li>Can other organizations benefit from the learnings and insights generated by this project?</li><li>Can the solution or insights be applied, adapted, or transferred broadly?</li></ul>

Applicability & transferability 

<ul><li>Does the project plan seem suitable for reaching the desired outcomes?</li><li>Does the requested budget seem reasonable for the project proposed?</li><li>Where applicable, does the <a href="https://strivecommunity.org/innovation-fund-eu/frequently-asked-questions" rel="noopener noreferrer" target="_blank">match funding</a>&nbsp;demonstrate buy-in and confidence from the applicant and investor community?</li><li>Does the project center on an idea that has financial viability beyond the life of the grant?</li></ul>

Feasibility & sustainability 

<ul><li>Would the innovative solution, insights, and/or body of evidence be realized without this funding?</li><li>Would the project be implemented in an improved way with this grant?</li><li>Is the funding inspiring something truly innovative by de-risking it for the awardee?</li></ul>

Additionality

Four criteria will be used to select proposals

Selection

Applications open 

Applications close 

Applicants shortlisted

Shortlisted applicants submit mini proposals

Finalists selected

Finalist applicants pitch

Winners notified (Extended to July 08, 2024)

Projects start

Winners announced

Timeline

Startups, established companies, nonprofits, social enterprises, or other organizations can apply. Organizations must be registered and operating in one or more of the twenty-seven EU member states. Government entities and academic institutions are not eligible to apply. Read more about the <a href="https://strivecommunity.org/innovation-fund-eu/eligibility" rel="noopener noreferrer" target="_blank">eligibility criteria</a>.

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Who can apply?

Winners will have access to several benefits in addition to the grant, including:<ul><li>Strive and Mastercard expertise.</li><li>Access to select <a href="https://www.mastercard.com/global/en/business/fintech/fintech-programs/startpath.html" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">Mastercard Start Path</a> resources.</li><li>Mentorship from best-in-class experts relevant to their innovation.</li><li>Opportunities for exposure and publicity in collaboration with Mastercard and Strive.</li></ul>

Mastercard Strive EU Innovation Fund

Selection

1. Significance & impact

2. Applicability & transferability

3. Feasibility & sustainability

4. Additionality