The results of the initiative fostered by the Innovation Radar of the EC were presented at the European Parliament in an event hosted by the Vice-Chair of the ITRE committee, the MEP Lina Galvez Muñoz. 89 companies from 25 European countries have been included in the IRSUS portfolio through a selective process with 4 open calls.
The startups, companies and innovators included in the IRSUS accelerator portfolio have raised 16.3M€ in different rounds with investors. The main results of the initiative fostered by the Innovation Radar of the EC were presented this week at the European Parliament in an event hosted by the Vice-Chair of the Industry, Research and Energy (ITRE) Committee of the EP, the MEP Lina Galvez Muñoz. More than 50 attendees interested in the startup and investment ecosystem participated in the breakfast on the Innovation Radar tool.
The breakfast hosted by the MEP was an opportunity to put in the value the methodology of the Innovation Radar, presented by the DG Connect of the European Commission, the accelerators IRSUS and MERLIN, and also, some of the most successful startups included in the portfolio of both initiatives: LeanXcale, and MedVC.
The IRSUS accelerator has been coordinated by ZABALA during the last two years and is an initiative funded by the Horizon2020 Programme of the European Commission. The rationale behind the Innovation Radar strives on the considerable investment in research and innovation by the EC through the Framework Programmes like Horizon 2020. Results emerging from funded actions are often unknown by stakeholders and the general public. It is essential that the results of R&D investment reach the relevant actors who can bring these innovations to the market (start-ups, large companies, investors, venture capitalists or business angels), so that European impact of these investments is guaranteed.
The main goal of IRSUS has been to pave the road to the market to startups linked to H2020 research and innovation funding. In the framework the Innovation Radar, IRSUS project was selected to bring European start-ups to the next level. IRSUS aimed to bridge the gaps faced by startups to reach the market with a feasible, viable and attractive business case and strategy for users, clients, partners, and investors.
IRSUS focus was on startups previously supported by the H2020 funds that were actively seeking to attract new investments, reaching new markets and finding new business partners and customers.
After four different open calls for startups, the IRSUS portfolio of startups was comprised of 89 companies from 25 European countries. In terms of maturity over half of the companies were considered to be pre-seed (52%), one quarter as seed (25%) and the rest were scale-ups (23%).
In addition, more than 50 innovators have been connected with other programmes, most of the companies selected have used customized services (1 to 1), and have participated in 10 events with investors, or focused on the European startup ecosystems.
In this context, participants in the event considered that the Innovation Radar is a key tool for the Innovation in the Members States, and that shows how is possible to encourage more synergies between EC funded programmes across units and DGs. Accelerators like IRSUS or MERLIN are needed to fill the gap from research to the market, this was one of the main conclusions.
Presentations of the Innovation Radar Breakfast at the EP can be downloaded here.