HomeSponsoredEIT Digital Challenge 2022: What’s the big deal?

EIT Digital Challenge 2022: What’s the big deal?

On the lookout for Europe’s most promising and exciting startups and entrepreneurs, the EIT Digital Challenge has launched its 2022 edition – and they want to hear from you. The challenge aims to support Europe’s top up-and-coming innovators within the deeptech ecosystem. This year there will be more winners and even more access to support up for grabs. Apply today to fast-track your journey to success!

Europe’s leading competition for digital deeptech startups, EIT Digital Challenge is on the hunt for innovators and game-changers that will become Europe’s next big success story. And this year, the stakes are higher than ever before. 

With five winning slots up for grabs, EIT Digital Challenge champions will gain access to the EIT Digital Accelerator programme – which is sure to supercharge your startup to success. 

EIT Digital Accelerator

With a network of over 1000 investors, the EIT Digital Accelerator has directly facilitated over €130 million in investment for its portfolio companies and the portfolio alumni have so far closed about €1 billion – a pretty cool club to be part of!

The EIT Digital Accelerator, co-funded by the European Union, is uniquely positioned to help startups scale and accelerate growth plans thanks to a blend of profound knowledge of funding processes and investor requirements, as well as an extensive international network. Sometimes it is all about who you know and what you know and the EIT Digital Accelerator can provide this to ambitious innovators and entrepreneurs. 

What’s more, the EU brand is known by pretty much everyone, everywhere, and it is recognized that players belonging to this ecosystem are serious, credible and professional. This means EIT Digital is able to open doors that might otherwise be locked shut. 

EIT Digital Accelerator’s mission is to accelerate the growth of deep tech European digital scale-ups and build successful pan-European companies. By joining the EIT Digital Accelerator program, scaleups seeking to raise funds and grow internationally will benefit from the support of a dedicated team of specialists that know what it takes for digital ventures to enter new markets and secure funding from professional venture capital investors.

Two-Phase Process

EIT Digital is committed to helping companies get investment ready, then connect them to the right VC and corporate funds. The programme provides support to raise €2-20 million in Series A / Series B funding, enabling startups to scale and achieve untapped potential. They do this through a two step process – creating investment readiness followed by an outreach and connection phase. 

  • Investment Readiness: The Accelerator will review and discuss with the selected startups the fundraising material they need. It will then help the team to present this accurately in business terms and in a structure familiar to financial investors – a process that can be otherwise opaque to newcomers in the field. The fundraising material includes a crisp two-liner, a one-page teaser and a pitch deck. In addition, the accelerator programme coaches the management team of the startup via individual and group-training sessions to professionalize their presentation techniques and skills in order to make the best impression on potential investors. Only once the fundraising documents are finalized and the founders feel confident enough to pitch their business in front of potential investors, will the Accelerator then start with phase 2  – meeting the investors. 
  • Meeting investors: Armed with necessary documents and know-how to charm investors, Phase 2 is the chance to meet and connect with investors from across EIT Digital’s ecosystem. The startup will get to choose from a list of handpicked investors proposed by the Accelerator before approaching them. The objective of these introductions is to trigger interest from potential investors that will be enticed to request follow-up meetings and discussions. If successful, these interactions will lead to due diligence, negotiations and finally a raise.

Additional Benefits

The Accelerator provides considerable growth and scaling support and services to startups that enhances their ability to expand throughout Europe and beyond. These extra benefits are split between three distinct areas:

Market Readiness: The programme gives support to the startup to launch its business in chosen target markets, with the dedicated support of business developers. Whether it be in Europe, the US, or elsewhere, the programme has you covered. 

Strategic Coaching: For any ambitious startup or innovator, having a mentor and sound advice goes a long way. The accelerator provides expert coaching and strategic support to accelerate growth and go-to-market strategies that will facilitate commercialization of mature technologies and innovative solutions.  

Business Development: Not only does a startup need to identify new markets and plan their expansion, they must also gain access, which can be a challenge. EIT Digital has an impressive network, an international reputation, and strategic contacts in these markets. Giving startups a helping hand provides a support system to access international prospects. 

The entire process, from fundraising to business development, has been designed to tackle the challenges that most startups face when trying to raise funding and scale. With the EIT Digital Accelerator, startups get the support and coaching they need to be ready to embark on this long and challenging journey. 

Apply to participate here before September 19th! You can also find more details on the Challenge here

Editor’s Note: This post has been created in collaboration and with financial support from EIT Digital. If you’re also interested in partnering with us, just reach out.

Patricia Allen
Patricia Allen
is the Head of Content at EU-Startups. With a background in politics, Patricia has a real passion for how shared ideas across communities and cultures can bring new initiatives and innovations for the future. She spends her time bringing you the latest news and updates of startups across Europe, and curating our social media.

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