Expanding into international markets can be one of the most exciting—and challenging—growth opportunities for small and medium-sized enterprises (SMEs). With the Innowwide program, European SMEs now have access to funding that helps them explore new markets, reduce risks, and validate the commercial potential of their innovative products, processes, or services.
What is Innowwide and How Does It Work?
Innowwide is a European initiative designed to support SMEs looking to expand internationally by providing funding for feasibility studies. These studies help businesses assess the viability of their innovations in new global markets, offering a chance to test or launch projects abroad while collaborating with local experts.
Innovative SMEs from EU member states, as well as Iceland, Israel, Norway, Türkiye, and the United Kingdom, can apply for grants of up to €60,000. This funding allows businesses to carry out a six-month market feasibility study abroad, where they can refine their product or solution and understand its potential in international markets.
How Innowwide supports SMEs
Innowwide is more than just a funding program; it’s an opportunity to collaborate with local experts and gain first-hand knowledge of market conditions. The program helps SMEs navigate the complexities of entering new markets by covering the costs of crucial feasibility studies and market analyses. This support minimizes the financial risk of launching abroad without understanding the local market dynamics.
Through an Innowwide-funded study, SMEs can:
- Gain insights into local demand and customer preferences
- Understand regulatory and legal requirements
- Assess the competitive landscape
- Identify local partners and distribution channels
These steps provide SMEs with a strong foundation for entering international markets with a solid business plan and a clearer financial outlook.
Key Elements of a Market Study for Agri-Food sector
For sectors like agri-food and bioeconomy, conducting a market feasibility study involves a deep dive into various technical, market, legal, and socioeconomic factors. Some key elements include:
- Demand Analysis: Identify trends in sustainable, organic, or locally sourced products, which are becoming increasingly valued in these sectors.
- Competition and Barriers to Entry: Understand the competitive landscape, including key players, product offerings, pricing strategies, and market gaps that your innovation can address.
- Regulatory and Certification Requirements: Understand local food safety standards, environmental regulations, and any required certifications or labelling for your product or service.
How does it work? Requirements to apply
Innowwide funding is selective, so it’s important to meet specific criteria to ensure your project aligns with the program’s goals. Here’s what you need to know:
- Local Partnerships: You must identify a local counterpart in the target region to establish vital connections and insights that will support your project.
- Eligibility: The program is open to innovative SMEs from the EU, Iceland, Israel, Norway, Türkiye, and the United Kingdom.
- Focus on Innovation: Your project must involve a unique product, process, or service with international market potential.
- In-Depth Local Analysis: The funded activities must assess local technical and market conditions, ensuring your approach is well-suited to the target market.
Each year, Innowwide funds around 70 high-impact projects. The program is mono beneficiary, meaning a single SME leads the project. Subcontractors participate without being direct parties to the grant agreement, though they must receive a minimal portion of the budget.
The program covers up to 70% of the minimum eligible project costs, with a funding cap of €86,000, reducing the financial burden for SMEs looking to test their ideas abroad.
Tips for a successful proposal
To increase your chances of securing funding, focus on these key elements when preparing your proposal:
- Define Your Innovation: Clearly explain what makes your product, process, or service innovative and how it addresses a specific need in the target market. Back it up with data and market research.
- Choose the Right Local Partner: Find a partner with expertise, local insights, and networks that will help you succeed in the new market.
- Conduct Thorough Research: Include insights into local market conditions, consumer preferences, and regulatory requirements.
- Show Long-Term Impact: Highlight how your project will create lasting value in the target market and contribute to sustainability or other positive long-term outcomes.
- Demonstrate Technical Feasibility: Address any potential challenges and explain how you’ll overcome them.
- Complete Your Application: Make sure all necessary documents are submitted, including a clear work plan. Ensure your local counterpart has validated the application and accepted the terms and conditions.
By following these tips and aligning your proposal with Innowwide’s goals, you can maximize your chances of securing funding and successfully launching your innovative project abroad.