Almost 1500 startups have received EU funding in January 2014 – May 2016, as part of Horizon 2020 Programme and we are content to say that we have an important contribution to this number. We want to find out straight from our clients, beneficiaries of the SME-Instrument, how the process went, therefore we asked them for a small and short roundup.
Our first article is dedicated to Michael Grupp, CEO of PANTAVISION – a startup that received EU funding for Phase 1 in 2015:
You are amongst the beneficiaries of the SME-Instrument, Phase 1. Could you briefly explain the innovation of your project?
The Project – PANTAVISION Digital Diagnostics – is an image-based decision support software for Radiologists. It is based on one of the largest image database available today and allows medical imaging specialists to render diagnoses faster, easier and more accurately. The core innovation of the software is the quality and quantity of the images, a semantic search function and the integration into a state-of-the-art Viewer software.
Nowadays, other private and public funding opportunities are available. Why did you decide to apply for the SME-Instrument?
It seemed well fitted for our purposes, both in terms of timing and content. We have recently completed the EU Commission FICHE FIWARE Funding Program, so we were open for another EU Program. Also, we were still in the process of detailed market entry planning. I think, especially in the healthcare sector, planning has a lot of weight and private funding relies more on defined milestones – which we were/are just establishing.
You have been working together with the EUSS Team. How does the application process look like from the Startup-perspective?
From our view, it was very smooth. Our product is complex and we are in a rather niche market so, of course, we had to produce some documents with product description etc. But aside from this, our participation in the application was manageable. The EUSS Team did most the work quickly and thoroughly, communication is effortless, hands-on and to the point, pretty much what you are looking for as a young company. It is a good balance between the necessary collaboration for a detailed application and the individual work of the EUSS team.
Phase 1 is meant for a close to the market feasibility study. What does the term “feasibility study” mean? In your case, what did you use the grant for?
After R&D and product development, we have a transition phase before market entry with testing, licensing and restructuring, where the SME Instrument Phase 1 just fits in nicely. High-level market entry strategy had been established, but the product needed beta-testing and our strategy needed detailed adjustment. We were just completing the spin-off process from the Berlin Charité University Clinic. Just the right time for the Phase 1.
Michael is one of the clients who tried to get finance for his project and who trusted the competencies and services EU Startup Services offers. If you are interested in finding out more about our services and our expertise, check out our website.
Moreover, we put at your disposal a free eligibility check. Your responses to the questions in this form will help us determine the eligibility of your project / startup / SME for EU H2020 SME Instrument funding.