Wind Turbine Support Structure project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 781868”.
In SME Instrument Phase 1, the European commission provided a grant of EUR 50,000 for conducting a feasibility assessment with the objective of validating the economic and technical viability, obtain information regarding international markets, partnerships, competitors, business model, and risk management.
Receiving funding from the very prestigious SME Instrument, that is assessed as one of the best business accelerator in Europe, is addressing a quality stamp and thus enabling to attract new investors and partners. The competence and network provided, with links to public authorities, research organisations and potential customers was a catalyst for conducting crucial market and technical activities.
The SME Instrument also provided a business innovation 3 days coaching service. The coach was specially picked on the needed business areas for Offshore Kinetics. As an innovative SME, with a capital-intensive business model, acquiring funding and private capital for testing and scaling, receiving competence and advice on private funding is crucial. The coach facilitated both strategies for receiving funding and how we should structure and develop the company for such tasks. The coach also proposed a business model that could give us competitive advantages.
Thanks to the EU funding, company could use external competence and expertise to determine the technological, practical and economic viability. Together with advice on potential pitfalls, we got the necessary information that allows Company making the business case key decisions, define risk treatment strategy and get on with the business development.
The SME Instrument provides a full-cycle business innovation support. Phase 1 gave us a grip on the R&D, technical feasibility and commercial potential of our concept. We will strongly consider applying for Phase 2 contributing to company realising our business development.