2024 EU Innovation Fund
Seeking innovative B2B solutions specifically designed or tailored for European small businesses with fewer than 10 employees.
Innovative solutions for European small businesses
This fund invites proposals for digital and data-first solutions that support small businesses in the European Union to:
- Unlock working capital and credit through embedded finance.
- Go digital safely by bolstering cybersecurity.
- Navigate evolving consumer preferences and regulatory expectations around environmental sustainability.
- Harness AI to save time and make more money.
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.
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 eligibility criteria.
Proposed projects must:
- Align with at least one of the four focus themes: embedded finance, cybersecurity, environmental sustainability, and AI.
- Target small businesses (with fewer than 10 employees) as customers or end users.
- Leverage digital and data-first solutions.
- Be implemented in at least one EU market.
- Be at least in the Product Definition stage and ready to demonstrate a more mature phase has been achieved by the end of the project.
- Must not focus on capacity building, such as training or mentorship.
Applicants:
- Can be startups, established companies, nonprofits, or social enterprises of all sizes.
- Cannot be government entities or academic institutions.
- Must be registered and operating in at least one of the 27 EU member states.
- 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.
Applicants must:
- Comply with EU and US sanctions, laws, and regulations, including data and privacy regulations.
- Be registered and operational, demonstrating at least 1 year of legal and ethical operations and commendable performance.
- Be compliant with all applicable laws, including adhering to fundamental human rights and all international and EU labor standards.
- Be fully compliant with business licensing, taxation, employee, and other regulations in all countries of operation.
- Be financially healthy with adequate reporting systems.
- Have no involvement in unethical activities such as arms production or tobacco.
- Comply with the terms and conditions of funding.
Benefits
Mastercard Strive and Mastercard expertise
Mentorship from best-in-class experts relevant to their innovation
Opportunities for exposure and publicity in collaboration with Mastercard and Mastericard Strive
Our goal
The program aims to accelerate digital, data-driven innovations that help European small businesses grow, become more resilient, and operate more efficiently.
By the numbers
Selection criteria
1. Significance & impact
- What impact could be achieved if the project is successful?
- Is the solution trialing something truly new or innovative?
- Additional consideration will be given to proposals addressing inequality based on gender, race, class, disability, and/or ethnicity.
Selection criteria
2. Applicability & transferability
- Does the project have the potential to scale beyond the grant period or catalyze capital from alternative sources following the end of the grant?
- Can other organizations benefit from the learnings and insights generated by this project?
- Can the solution or insights be applied, adapted, or transferred broadly?
Selection criteria
3. Feasibility & sustainability
- Does the project plan seem suitable for reaching the desired outcomes?
- Does the requested budget seem reasonable for the project proposed?
- Where applicable, does the match funding demonstrate buy-in and confidence from the applicant and investor community?
- Does the project center on an idea that has financial viability beyond the life of the grant?
Selection criteria
4. Additionality
- Would the innovative solution, insights, and/or body of evidence be realized without this funding?
- Would the project be implemented in an improved way with this grant?
- Is the funding inspiring something truly innovative by de-risking it for the awardee?
Timeline
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
More innovation funds
2023 Global Innovation Fund
Seeking innovative solutions that support small businesses’ growth in the areas of Environmental Sustainability and Data for Market Access.
2025 USA Innovation Fund
Award grants to organizations that are testing new products and services that improve the financial health of small businesses with high potential for impact and scale.
