SME Instrument is composed of 3 phases:
- Concept and Feasibility Assessment
The purpose of Phase 1 is to understand the technical feasibility and commercial potential of your innovative idea. Therefore, you will be required to draft an initial business proposal. The objective is to propose a new product, service or process that is innovative and has market value.
- Demonstration, Market Replication, R&D
The purpose of Phase 2 is to further develop your proposal into a sound business plan and come up with a strategy for implementation. You will be required to underline the innovation activities and how you plan on implementing them.
Furthermore, Phase 2 funding allows you to create designs and prototypes that are suitable for market replication.
The Phase 3 aims to help you commercialize your product and enter the market. This is more of a consultation procedure provided by the European Commission in order to help your product become a marketable one. This can include support for investment readiness, links to private investors, networking to find customers and application to other funding.