#Innovation #EIT Jumpstarter #start-ups #Budapest #Hungary

EIT Jumpstarter: A Launchpad for Innovation in Start-ups

The EIT Jumpstarter program concluded with its Grand Final held on November 28, 2024, in Budapest, Hungary. This pivotal event saw the recognition of 24 newly established start-ups that were selected from an impressive total of 49 teams representing 21 different countries. Competing across nine distinct categories, these start-ups showcased their scientific-based projects aimed at addressing some of the most urgent challenges facing society today.

The Grand Final awarded prizes totaling €150,000, highlighting the importance of innovative ideas in today's landscape. Over the course of the program, which is organized by the European Institute of Innovation and Technology (EIT), a significant milestone was achieved: a total of 1,180 participants have undergone training, leading to the establishment of 124 new start-ups in emerging markets, which have collectively created around 2,100 jobs. Notably, these start-ups have attracted €150 million in external investments so far. This illustrates not just the success of individual enterprises but also the overall impact on economic growth in their respective regions.

Martin Kern, director of EIT, emphasized the growing number of start-ups emerging from non-Western countries through programs like EIT Jumpstarter. Many businesses from previous cohorts have reached valuations in the millions, closing the funding gap within the European innovation ecosystem. According to Piotr Boulange, a representative of the EIT Jumpstarter program, for every Euro invested in the program, a staggering €30 in external funding is generated for the newly founded start-ups. This statistic underscores the program's role as a crucial platform for aspiring entrepreneurs.

Throughout the seven-month program, participants worked on identifying and refining the most viable business models for their scientific innovations, ultimately turning them into market-ready entities. Each category recognized three winners, with notable achievements including:

• - NEAMO from Latvia (EIT Food)
• - BIOCHIP-PATHFINDER from Portugal (EIT Health)
• - StoreNow from Portugal (EIT InnoEnergy)
• - Yapar3D from Turkey (EIT Manufacturing)
• - Total Energy from Croatia (EIT RawMaterials)
• - Urbix Hub from Bulgaria (EIT Urban Mobility)
• - POWAR STEAM from Spain (New European Bauhaus)
• - Drone NonDestructiveTesting from Ukraine (Rebuild Ukraine)
• - WellscanPro from Kosovo, which was awarded the special prize for the Western Balkans.

The ultimate accolade for the most outstanding EIT Jumpstarter alumni went to Lightly from the Czech Republic.

Looking ahead, the program has ambitious plans for 2025, targeting additional support for talented individuals from Ukraine, the Western Balkans, the Mediterranean region, and innovators located in the EU’s most peripheral areas. This strategic expansion will further solidify EIT Jumpstarter’s commitment to fostering entrepreneurial talent and innovation across Europe.

EIT Jumpstarter's next program cycle is set to commence in January, allowing interested applicants the opportunity to pre-register. Such initiatives not only perpetuate the entrepreneurial spirit but also help address substantial societal challenges effectively.

In conclusion, the EIT Jumpstarter program represents much more than a competition; it is a vital tool for budding entrepreneurs seeking to make a difference in their communities and beyond. With the continuous support from the European Union and various stakeholders, the potential for future innovations remains boundless.