FAQ // EIT Digital

FAQ

Please make sure to read our Contest Conditions. For your convenience, we have collected answers to the most common questions below:

Who can apply?

Innovative scaleups incorporated in one of the 28 member states of the European Union are eligible. Companies need to be in the growth stage, which has to be proven by showing either minimum revenues of €300,000 in 2017, or in 2018 until the date of application, or by having raised total funding of min. €2,000,000. Lastly, the company needs to be in operation for less than ten years.

What are the deadlines?

The call for applications will open on 16 April and close on 14 June 2018 at 23:59 CET. Due to a tight schedule, we will not be able to offer a deadline extension.

What information has to be provided?

You will have to provide information regarding your company and team, your innovative technology, your business model, your target market as well as your financial estimates.

Can I apply in more than one category?

You can only apply for one category. We therefore recommend to carefully read the category descriptions. However, if our experts feel you are a better fit for another category, we will inform you and move you to that category.

How are you evaluating applications?

All submissions will be evaluated by internal and external industry experts. We will examine the market and internationalization potential of your product or service as well as the quality of your core team. We will also consider the fit of your product or service to our categories and the impact our support could have on your business.

How do you deal with Intellectual Property?

Your information is treated with absolute confidentiality. The information you provide will be used solely for the purpose of selecting the most innovative scaleup in the frame of this contest.

When will I be informed about the status of my application?

After the end of our application phase, our experts will do a first review based on the information that was submitted. Roughly two weeks after the application phase, a shortlist of companies will be invited to a 60 minutes call with our evaluators. After these calls, the finalists will be selected and announced on 1 August.

What if I am selected for the final event?

If you are among the lucky finalists selected, you will have to organize your trip to the final event. You will have to prepare a pitch in English and be ready to present in front of our expert jury. Any details regarding the timing and setup at the final event will be sent to you in due time.

What about travel expenses?

You will receive a lump sum of €1,000 to cover your travel costs. The amount will be transferred to you after the final event. We do not require any receipts or bills from you. No additional costs will be covered.

What is included in the €100,000 prize package?

The 10 best companies in the EIT Digital Challenge receive 12 months of dedicated support in the EIT Digital Accelerator. Our team of experienced business developers and financing specialists will support you in securing international target customers and providing fundraising support. The regular base fee of €50,000 for the Accelerator program will not apply for the winners as it is part of the prize package. However, success fees for successful deals and investments facilitated by our Accelerator team do apply. We also provide greater international visibility through our powerful network channels and leading European media outlets and access to the pan-European EIT Digital innovation network. In addition, the first prize winner in each category will receive €50,000 in cash, bringing the total value of the prize package to €100,000.

Who is part of EIT Digital’s pan-European network?

For more infomation, please click here.

Where can I find more information on the EIT Digital Accelerator?

For more information, please click here.

How can I reach you if I have a question that hasn’t been answered here?

Please contact us anytime at challenge@eitdigital.eu

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