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H2020 GA #780460
Sander van der Molen
Vilnius, October 2018
Helping	today’s	researchers	
create	tomorrow’s	enterprises
This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 780460
SME Growth Webinar 1 –
Access to Finance
H2020 GA #780460
2/33
About MERLIN project
MERLIN project aims to stimulate the interest in the creation of startups, spin-offs, patents and licensing
agreements among ICT researchers, providing them with the business skills that would help them to
commercialize their research findings and successfully introduce them to the market, and introducing
them to their local and European entrepreneurial ecosystems
https://merlin-ict.eu
http://bit.ly/merlinVideo
Organization of more than 40
practical thematic
workshops in several European
cities, including Cambridge,
Madrid, Poznan, Vilnius, Berlin,
Warsaw, Bucharest, Tallinn
Participation in 5
international
conferences,
organizing workshops
and forums
Organization of 8
meetups with potential
customers, commercial
partners, and investors
Preparation of 4
webinars on SME growth
and PPP business models
H2020 GA #780460
3/33
Learning objectives
Understand the
advantages and
disadvantages of
different types of
funding
Understand the
appropriate sources
of finance for your
growth plans
H2020 GA #780460
4/33
Webinar Guidelines
š How to ask a question š Access to slidesš Will be recorded
H2020 GA #780460
5/33
Agenda
Understanding the financing landscape
Introduction to EU grants
Main SME funding schemes
European Structural and Investment fund
Advice for proposal writing
Q and A
H2020 GA #780460
About the Presenter
6/33
Sander van der Molen
• Innovation professional with focus on developing startups,
scale-ups and innovation ecosystems
• Areas of expertise – innovation policy, digitalization,
business modelling, technological foresight, technological
transfer
• Experience working in and with companies, sector
organizations, research institutions and public authorities in
different countries and regions in Europe
H2020 GA #780460
Landscape: Funding Ladder
7/33
Friends,
family,
neighbors
Business
angels
Co-
investment
funds
Grants
Crowdfunding?
Seed /
Hybrid
Funds
Capital
needed
Maturity /
time
Pre-seed Seed Startup Early growth Sustained growth
”Valley of
Death”
HIGH RISK
LOW RISK
“Real”
Venture
Capital
Expansion
Capital
Exit IPO /
Trade sale
Bank
Finance
H2020 GA #780460
Landscape: Funding Ladder
8/33
Friends,
family,
neighbors
Co-
investment
funds
Grants
Crowdfunding?
Capital
needed
Maturity /
time
Pre-seed Seed Startup Early growth Sustained growth
”Valley of
Death”
HIGH RISK
LOW RISK
“Real”
Venture
Capital
Expansion
Capital
Exit IPO /
Trade sale
Bank
Finance
Business
angels
Seed /
Hybrid
Funds
H2020 GA #780460
The Most Important Source of Funding
9/33
customers
clientes ‫ﻞﯿﻤﻋ‬ ‫نﻮﺑز‬
kunde
ग्राहक
顧客
müşteri
‫עניוק‬
‫نﻮﺑز‬
cwsmeriaid
parokyano zákazník
klient
客戶
klienci
klientai
klanten
client
clienti
H2020 GA #780460
Different Firms, Different Profiles…
10/33
H2020 GA #780460
Financing – The Essentials
š You won’t get money just because you need it
š You must be ”funding-ready”
š Your finances (or financial projections) must look good
š Right source at the right time with the right story
11/33
H2020 GA #780460
GRANTS
12/33
H2020 GA #780460
What are Business Grants for?
In Europe, business grants are mainly available for:
š Technology R&D
š Product commercialization
š Social enterprises
š Environmental issues
š Assisted areas
13/33
H2020 GA #780460
Some Pros & Cons of Grant Funding
Some good things:
1. Cash
2. No repayments
3. No giving out equity
4. Persuade equity investors
5. Support collaboration
14/33
H2020 GA #780460
Some Pros & Cons of Grant Funding
Some not so good things:
1. May not suit your business
2. Time- and effort intensive
3. Available for early-stage projects
4. Strict rules
5. Late cost reimbursement
6. Match funding
15/33
H2020 GA #780460
How to Approach Grant Funding
The wrong way
“I’ve heard there’s a grant available - what do I need to do to get it?”
The right way
“I know what I want to do and how to do it, now let’s see is there a scheme that aligns well
with my plans?”
16/33
H2020 GA #780460
European Grant Funding
EIC – European Innovation Council: “supports top-class innovators, entrepreneurs, small
companies and scientists with bright ideas and the ambition to scale up internationally.”
http://ec.europa.eu/research/eic/index.cfm
17/33
Main funding schemes for SMEs
SME Instrument EUROSTARS
Fast Tract to
Innovation (FTI)
Other funding schemes:
COST actions, Marie Curie Actions, EUREKA, COSME, LIFE, regional/national support schemes
H2020 GA #780460
SME Instrument
The SME Instrument is for small and medium-sized enterprises
(SMEs – including start-ups) with high-potential innovations that
can create new markets or revolutionise existing ones.
There are three phases:
š concept and feasibility grants of €50,000 to assess the
viability of an innovation (Phase 1)
š demonstration, testing, piloting and scaling grants of up to
€2.5 million with a 70% co-financing rate (Phase 2)
š Networking, training, matchmaking with business partners,
access to finance and markets, knowledge sharing (Phase
3)
Coaching support provided with Phase 1 and Phase 2 grants
http://ec.europa.eu/programmes/horizon2020/en/h2020-
section/sme-instrument
18/33
H2020 GA #780460
SME Instrument – Phase 1
The first phase comprises a concept and feasibility assessment, proving technical
and commercial viability of the project
Activities:
• Risk assessment
• Description of bottlenecks
• Market study
• User involvement
• Exploration of IP regime
• Partner search
Initial business plan based on proposed
idea / concept
Results:
• Report: business innovation plan
• Recommendations for additional
innovation activities
• Private financing needs
• Solution exists on the market
Duration:
6 months
Time to grant:
3 months
Funding:
Lump sum 50 000 EUR
Coaching:
3 days
19/33
H2020 GA #780460
SME Instrument – Phase 2
In Phase 2 innovation activities are carried out like demonstration, testing,
prototyping, clinical studies, piloting, scaling up, miniaturization and design.
Activities:
• Demonstration
• Testing
• Prototyping
• Clinical studies
• Piloting
Results:
• Development of new product,
process, service that can be
deployed and launched on the
market
• Business plan containing detailed
commercialization strategy,
financing plan explaining the
investment of private investors
Duration:
1-2 years
Time to grant:
±6 months
Funding:
70% funding rate: 0,5-2M EUR
Coaching:
12 days
• Scaling-up
• Miniaturization
• Design
• Market
replication
20/33
H2020 GA #780460
SME Instrument – Phase 3
The Phase 3 aims to promote the implementation and successful commercialization
of obtained project results. In Phase 3, the SME Instrument does not provide grant
support to SMEs.
Support via:
• Networking
• Training
• Information
• Addressing IP
management
• Knowledge
sharing
• Dissemination
Results: • No direct funding, but benefit
from indirect support measures
Help provided:
Place new product, service,
process on the market
• Matchmaking
with business
partners
• Access to
finance
solutions
• Access to
markets
21/33
H2020 GA #780460
SME Instrument Tips
Top Tips;
š Read the guidance before beginning
š Focus on the commercial benefits
š Get external critique
š Get in touch with your SME Instrument
National Contact Point (NCP) or local
Enterprise Europe Network Team (EEN)
š Persevere- Don’t give up!
22/33
H2020 GA #780460
EUROSTARS
Eurostars supports international innovative projects led by R&D-performing SMEs.
Eurostars supports the development of rapidly marketable innovative products,
processes and services that help improve the daily lives of people around the
world. Part of EUREKA instruments.
23/33
Applicants: R&D performing SMEs
Activities:
Funding:
Country specific, 35-80%
• Applied research
• Technological development
Consortium: Project must be done in a consortium with at
least 2 partners independent of each other
from Eurostars countries (SME or
university/research institute)
Duration:
Up to 36 months, usually less
All of the rules vary depending on the country, for more detail check
https://www.eurostars-eureka.eu/eurostars-countries/europe!
H2020 GA #780460
EUROSTARS
24/33
Typical
Eurostars
project:
3-4 partners
2-3 countries
Duration – 30 months
Budget – 1,4 M EUR
H2020 GA #780460
Fast Track to Innovation (FTI)
For more mature ground-breaking technologies, concepts and
business models which are close to market
25/33
https://ec.europa.eu/programmes/horizon2020/en/h2020-section/fast-track-innovation-pilot
Applicants:
All legal entities in the Horizon 2020 countries with
relatively mature and innovative ideas
Activities:
Funding:
70% funding rate for for-profits, 100%
for non-profits
Max EU contribution – 3M EUR
For products at demonstration stage through to
market uptake
Consortium:
Project must be done in a consortium of 3-5 different
legal entities independent of each other
Duration:
Up to 36 months
• Piloting
• Test-beds
• System validation in
real-world working
conditions
• Validation of business
models
• Pre-normative
research
• Standard-setting
Other considerations:
• At least 60% of budget to
consortium partners from industry,
or
• Min. 2 industry partners in
consortium of 3-4, or
• Min. 3 industry partners in
consortium of 5
H2020 GA #780460
26
Overview of EU Grants and other funding
opportunities
Initial idea Business plan
Marketable
product
Commercialization Expansion
Public
Instruments
Private
Instruments
Horizon 2020 Grants
ESA ARTES 20
EU Innovation Procurement
SME Instrument Phase 1 SME Instrument Phase 2 SME Instrument Phase 3
Horizon Prize
Eurostars Grants
Programme for the Competitiveness of Enterprises and SMEs (COSME)
Horizon 2020 Fast Track to Innovation Pilot
European Investment Bank Intermediated Loans
European Fund for Strategic Investment
Competitions
Business Angels
Business Incubators
Start-up Accelerators
Equity Crowdfunding
Venture Capital
Private Equity
Business Loans
Debt Crowdfunding
H2020 GA #780460
European Structural and Investment Funds
Over half of EU funding is channeled through the 5 European Structural and Investment funds
(ESIF)
The ESIF mainly focus on 5 areas:
š Research and Innovation
š Digital Technologies
š Supporting low-carbon economy
š Sustainable management of natural resources
š Small businesses
27/33
The next webinar will cover the European Structural and Investment funds
H2020 GA #780460
Support Programmes
28/33
Startup Europe – one-stop-
shop for connecting
startups, investors,
accelerators, entrepreneurs,
corporate networks,
universities and media in
Europe and abroad
http://startupeuropeclub.eu
Enterprise Europe Network –
helps companies innovate
and grow internationally,
find partners
https://een.ec.europa.eu/
Innovation Radar Support
Service (IRSUS) introduces
business-related elements to
research and innovation
activities, provides training
for selected innovations
https://irsus.eu/
H2020 GA #780460
Startup Europe Projects
29/33
Access2Europe NAP Soft-Landing
MyGateway Startup Lighthouse
Startup Europe Partnership
Scale EUp2 Program’s
events called
DeepTech4Good
H2020 GA #780460
Final advice
š Always read the call thoroughly
š Raising money always takes longer than you anticipate
š You’ll rarely get all the money you require to begin with
š It’s always easier to raise money when you don’t need it
š Always clearly state what problems your product solves
š Use visuals!
30/33
H2020 GA #780460
Q and A
Any questions?
31/33
H2020 GA #780460
Upcoming Merlin Events
32/33
Upcoming Webinars;
SME Growth – Scale Up
Date – TBA
Public private partnerships -
TBA
Find the next Workshop
near you!
See our website to find the
dates and locations of our
upcoming workshop-
Entrepreneurial Mindset
H2020 GA #780460
Reading List
Show Me the Money: How to Raise the Cash to Get Your Business Off the Ground, 2015, D. Gill A.
Barrell & M. Rigby.
All EU funds and descriptions through the following links;
š EU funding- https://europa.eu/european-union/about-eu/funding-grants_en
š Access to finance for SMEs- https://ec.europa.eu/growth/access-to-finance_en
š European Structural and Investment Funds- http://ec.europa.eu/regional_policy/en/funding/
š Access to Finance- loans and venture capital supported by the European Union
Business Support Info-hubs- https://europa.eu/youreurope/business/funding-grants/access-to-
finance/
š European Small Business Portal- http://ec.europa.eu/small-business/index_en.htm
š Your Europe for Business- http://europa.eu/youreurope/business/index_en.htm
š Enterprise Europe Network - https://een.ec.europa.eu/
š European Business Network - https://ebn.eu/
š European Small Business Alliance - https://www.esba-europe.org/
š Startup Europe - https://ec.europa.eu/digital-single-market/en/news/startup-europe-at-web-
summit
33/33

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MERLIN Webinar "SME Growth (I): grant opportunities"

  • 1. H2020 GA #780460 Sander van der Molen Vilnius, October 2018 Helping today’s researchers create tomorrow’s enterprises This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 780460 SME Growth Webinar 1 – Access to Finance
  • 2. H2020 GA #780460 2/33 About MERLIN project MERLIN project aims to stimulate the interest in the creation of startups, spin-offs, patents and licensing agreements among ICT researchers, providing them with the business skills that would help them to commercialize their research findings and successfully introduce them to the market, and introducing them to their local and European entrepreneurial ecosystems https://merlin-ict.eu http://bit.ly/merlinVideo Organization of more than 40 practical thematic workshops in several European cities, including Cambridge, Madrid, Poznan, Vilnius, Berlin, Warsaw, Bucharest, Tallinn Participation in 5 international conferences, organizing workshops and forums Organization of 8 meetups with potential customers, commercial partners, and investors Preparation of 4 webinars on SME growth and PPP business models
  • 3. H2020 GA #780460 3/33 Learning objectives Understand the advantages and disadvantages of different types of funding Understand the appropriate sources of finance for your growth plans
  • 4. H2020 GA #780460 4/33 Webinar Guidelines š How to ask a question š Access to slidesš Will be recorded
  • 5. H2020 GA #780460 5/33 Agenda Understanding the financing landscape Introduction to EU grants Main SME funding schemes European Structural and Investment fund Advice for proposal writing Q and A
  • 6. H2020 GA #780460 About the Presenter 6/33 Sander van der Molen • Innovation professional with focus on developing startups, scale-ups and innovation ecosystems • Areas of expertise – innovation policy, digitalization, business modelling, technological foresight, technological transfer • Experience working in and with companies, sector organizations, research institutions and public authorities in different countries and regions in Europe
  • 7. H2020 GA #780460 Landscape: Funding Ladder 7/33 Friends, family, neighbors Business angels Co- investment funds Grants Crowdfunding? Seed / Hybrid Funds Capital needed Maturity / time Pre-seed Seed Startup Early growth Sustained growth ”Valley of Death” HIGH RISK LOW RISK “Real” Venture Capital Expansion Capital Exit IPO / Trade sale Bank Finance
  • 8. H2020 GA #780460 Landscape: Funding Ladder 8/33 Friends, family, neighbors Co- investment funds Grants Crowdfunding? Capital needed Maturity / time Pre-seed Seed Startup Early growth Sustained growth ”Valley of Death” HIGH RISK LOW RISK “Real” Venture Capital Expansion Capital Exit IPO / Trade sale Bank Finance Business angels Seed / Hybrid Funds
  • 9. H2020 GA #780460 The Most Important Source of Funding 9/33 customers clientes ‫ﻞﯿﻤﻋ‬ ‫نﻮﺑز‬ kunde ग्राहक 顧客 müşteri ‫עניוק‬ ‫نﻮﺑز‬ cwsmeriaid parokyano zákazník klient 客戶 klienci klientai klanten client clienti
  • 10. H2020 GA #780460 Different Firms, Different Profiles… 10/33
  • 11. H2020 GA #780460 Financing – The Essentials š You won’t get money just because you need it š You must be ”funding-ready” š Your finances (or financial projections) must look good š Right source at the right time with the right story 11/33
  • 13. H2020 GA #780460 What are Business Grants for? In Europe, business grants are mainly available for: š Technology R&D š Product commercialization š Social enterprises š Environmental issues š Assisted areas 13/33
  • 14. H2020 GA #780460 Some Pros & Cons of Grant Funding Some good things: 1. Cash 2. No repayments 3. No giving out equity 4. Persuade equity investors 5. Support collaboration 14/33
  • 15. H2020 GA #780460 Some Pros & Cons of Grant Funding Some not so good things: 1. May not suit your business 2. Time- and effort intensive 3. Available for early-stage projects 4. Strict rules 5. Late cost reimbursement 6. Match funding 15/33
  • 16. H2020 GA #780460 How to Approach Grant Funding The wrong way “I’ve heard there’s a grant available - what do I need to do to get it?” The right way “I know what I want to do and how to do it, now let’s see is there a scheme that aligns well with my plans?” 16/33
  • 17. H2020 GA #780460 European Grant Funding EIC – European Innovation Council: “supports top-class innovators, entrepreneurs, small companies and scientists with bright ideas and the ambition to scale up internationally.” http://ec.europa.eu/research/eic/index.cfm 17/33 Main funding schemes for SMEs SME Instrument EUROSTARS Fast Tract to Innovation (FTI) Other funding schemes: COST actions, Marie Curie Actions, EUREKA, COSME, LIFE, regional/national support schemes
  • 18. H2020 GA #780460 SME Instrument The SME Instrument is for small and medium-sized enterprises (SMEs – including start-ups) with high-potential innovations that can create new markets or revolutionise existing ones. There are three phases: š concept and feasibility grants of €50,000 to assess the viability of an innovation (Phase 1) š demonstration, testing, piloting and scaling grants of up to €2.5 million with a 70% co-financing rate (Phase 2) š Networking, training, matchmaking with business partners, access to finance and markets, knowledge sharing (Phase 3) Coaching support provided with Phase 1 and Phase 2 grants http://ec.europa.eu/programmes/horizon2020/en/h2020- section/sme-instrument 18/33
  • 19. H2020 GA #780460 SME Instrument – Phase 1 The first phase comprises a concept and feasibility assessment, proving technical and commercial viability of the project Activities: • Risk assessment • Description of bottlenecks • Market study • User involvement • Exploration of IP regime • Partner search Initial business plan based on proposed idea / concept Results: • Report: business innovation plan • Recommendations for additional innovation activities • Private financing needs • Solution exists on the market Duration: 6 months Time to grant: 3 months Funding: Lump sum 50 000 EUR Coaching: 3 days 19/33
  • 20. H2020 GA #780460 SME Instrument – Phase 2 In Phase 2 innovation activities are carried out like demonstration, testing, prototyping, clinical studies, piloting, scaling up, miniaturization and design. Activities: • Demonstration • Testing • Prototyping • Clinical studies • Piloting Results: • Development of new product, process, service that can be deployed and launched on the market • Business plan containing detailed commercialization strategy, financing plan explaining the investment of private investors Duration: 1-2 years Time to grant: ±6 months Funding: 70% funding rate: 0,5-2M EUR Coaching: 12 days • Scaling-up • Miniaturization • Design • Market replication 20/33
  • 21. H2020 GA #780460 SME Instrument – Phase 3 The Phase 3 aims to promote the implementation and successful commercialization of obtained project results. In Phase 3, the SME Instrument does not provide grant support to SMEs. Support via: • Networking • Training • Information • Addressing IP management • Knowledge sharing • Dissemination Results: • No direct funding, but benefit from indirect support measures Help provided: Place new product, service, process on the market • Matchmaking with business partners • Access to finance solutions • Access to markets 21/33
  • 22. H2020 GA #780460 SME Instrument Tips Top Tips; š Read the guidance before beginning š Focus on the commercial benefits š Get external critique š Get in touch with your SME Instrument National Contact Point (NCP) or local Enterprise Europe Network Team (EEN) š Persevere- Don’t give up! 22/33
  • 23. H2020 GA #780460 EUROSTARS Eurostars supports international innovative projects led by R&D-performing SMEs. Eurostars supports the development of rapidly marketable innovative products, processes and services that help improve the daily lives of people around the world. Part of EUREKA instruments. 23/33 Applicants: R&D performing SMEs Activities: Funding: Country specific, 35-80% • Applied research • Technological development Consortium: Project must be done in a consortium with at least 2 partners independent of each other from Eurostars countries (SME or university/research institute) Duration: Up to 36 months, usually less All of the rules vary depending on the country, for more detail check https://www.eurostars-eureka.eu/eurostars-countries/europe!
  • 24. H2020 GA #780460 EUROSTARS 24/33 Typical Eurostars project: 3-4 partners 2-3 countries Duration – 30 months Budget – 1,4 M EUR
  • 25. H2020 GA #780460 Fast Track to Innovation (FTI) For more mature ground-breaking technologies, concepts and business models which are close to market 25/33 https://ec.europa.eu/programmes/horizon2020/en/h2020-section/fast-track-innovation-pilot Applicants: All legal entities in the Horizon 2020 countries with relatively mature and innovative ideas Activities: Funding: 70% funding rate for for-profits, 100% for non-profits Max EU contribution – 3M EUR For products at demonstration stage through to market uptake Consortium: Project must be done in a consortium of 3-5 different legal entities independent of each other Duration: Up to 36 months • Piloting • Test-beds • System validation in real-world working conditions • Validation of business models • Pre-normative research • Standard-setting Other considerations: • At least 60% of budget to consortium partners from industry, or • Min. 2 industry partners in consortium of 3-4, or • Min. 3 industry partners in consortium of 5
  • 26. H2020 GA #780460 26 Overview of EU Grants and other funding opportunities Initial idea Business plan Marketable product Commercialization Expansion Public Instruments Private Instruments Horizon 2020 Grants ESA ARTES 20 EU Innovation Procurement SME Instrument Phase 1 SME Instrument Phase 2 SME Instrument Phase 3 Horizon Prize Eurostars Grants Programme for the Competitiveness of Enterprises and SMEs (COSME) Horizon 2020 Fast Track to Innovation Pilot European Investment Bank Intermediated Loans European Fund for Strategic Investment Competitions Business Angels Business Incubators Start-up Accelerators Equity Crowdfunding Venture Capital Private Equity Business Loans Debt Crowdfunding
  • 27. H2020 GA #780460 European Structural and Investment Funds Over half of EU funding is channeled through the 5 European Structural and Investment funds (ESIF) The ESIF mainly focus on 5 areas: š Research and Innovation š Digital Technologies š Supporting low-carbon economy š Sustainable management of natural resources š Small businesses 27/33 The next webinar will cover the European Structural and Investment funds
  • 28. H2020 GA #780460 Support Programmes 28/33 Startup Europe – one-stop- shop for connecting startups, investors, accelerators, entrepreneurs, corporate networks, universities and media in Europe and abroad http://startupeuropeclub.eu Enterprise Europe Network – helps companies innovate and grow internationally, find partners https://een.ec.europa.eu/ Innovation Radar Support Service (IRSUS) introduces business-related elements to research and innovation activities, provides training for selected innovations https://irsus.eu/
  • 29. H2020 GA #780460 Startup Europe Projects 29/33 Access2Europe NAP Soft-Landing MyGateway Startup Lighthouse Startup Europe Partnership Scale EUp2 Program’s events called DeepTech4Good
  • 30. H2020 GA #780460 Final advice š Always read the call thoroughly š Raising money always takes longer than you anticipate š You’ll rarely get all the money you require to begin with š It’s always easier to raise money when you don’t need it š Always clearly state what problems your product solves š Use visuals! 30/33
  • 31. H2020 GA #780460 Q and A Any questions? 31/33
  • 32. H2020 GA #780460 Upcoming Merlin Events 32/33 Upcoming Webinars; SME Growth – Scale Up Date – TBA Public private partnerships - TBA Find the next Workshop near you! See our website to find the dates and locations of our upcoming workshop- Entrepreneurial Mindset
  • 33. H2020 GA #780460 Reading List Show Me the Money: How to Raise the Cash to Get Your Business Off the Ground, 2015, D. Gill A. Barrell & M. Rigby. All EU funds and descriptions through the following links; š EU funding- https://europa.eu/european-union/about-eu/funding-grants_en š Access to finance for SMEs- https://ec.europa.eu/growth/access-to-finance_en š European Structural and Investment Funds- http://ec.europa.eu/regional_policy/en/funding/ š Access to Finance- loans and venture capital supported by the European Union Business Support Info-hubs- https://europa.eu/youreurope/business/funding-grants/access-to- finance/ š European Small Business Portal- http://ec.europa.eu/small-business/index_en.htm š Your Europe for Business- http://europa.eu/youreurope/business/index_en.htm š Enterprise Europe Network - https://een.ec.europa.eu/ š European Business Network - https://ebn.eu/ š European Small Business Alliance - https://www.esba-europe.org/ š Startup Europe - https://ec.europa.eu/digital-single-market/en/news/startup-europe-at-web- summit 33/33