EIT InnoEnergy Will Go Ahead With PowerUp! Challenge
Date: April 7th 2020
EIT InnoEnergy will go-ahead with its PowerUp! Challenge selection programme for acceleration and business development to find and fund the most promising startups, scale-ups and SMEs in Central Eastern Europe. “This year’s record number of applications and the bleak economic outlook underlines the need for support for regional ventures to be able to stabilise and grow,” states a press release from InnoEnergy. The national selection process and the country finals will be conducted online from early April until late May. A decision on the timing and venue of the international grand finale will be made in the upcoming weeks depending on the status of governments’ restrictions on events within the region.The Challenge offers the opportunity of investments amounting to multi-million euros in innovative ventures and the possibility to join the EIT InnoEnergy network. These companies will get a variety of support opportunities such as product enhancement and development, pilot projects, commercialisation strategies, international market introduction, expansion, and further funding opportunities.
“From among the Challenge applicants, this year will see a record number of 360 eligible startups competing for the national title Startup of the Year in their respective countries. Those teams competing for the title will also have the chance to receive financial prizes up to EUR 65,000 and other valuable offers from key partners such as Amazon Web Services, Revolut or the SpeedUp Group,” added the press release.
“It was a tough decision to call in terms of wanting to proceed with our event despite the Europe-wide lockdown aimed at containing the COVID-19 virus,” said InnoEnergy Central Europe’s CEO, Jakub Miler. “We decided to go ahead precisely because of it – although doing everything online in a safe and responsible manner. We want to keep supporting innovative ventures to help them survive, develop and thrive at a time when the economic outlook is rather grim. While many channels and sources on the market might dry up for them, with the backing of the European Institute of Innovation and Technology, we are here to continue our support for innovative entrepreneurs with finance, know-how, and valuable partnerships.”