Deadline: 1 June 2020
The Embassy of Sweden in Tirana is seeking applications for the Window 1 of the “Innovation Challenge Fund 3rd Call”, providing an opportunity for funding for Albanian start-ups created around innovative business concepts. It includes both businesses in early stage of development and small innovative enterprises in a scaling-up phase.
The “Innovation Challenge Fund 3rd Call” objective is to boost start-up creation and improve the innovation ecosystem in Albania. This is done by offering an opportunity for access to finance through an open, transparent and competitive application process, which provides applicants with a one-off, limited-duration grant to overcome the uncertainties that inhibit innovation, research, and development. The assumption is that without challenge-fund support, such activities are either unlikely to happen, or will occur at a later stage, with reduced developmental effects.
The “Innovation Challenge Fund 3rd Call” supports gender equality improvements in employment rate, increased number of women entrepreneurs, women founded start-ups and gender diversity in the team. In the evaluation process additional value will be given to women founded start-ups, women-owned businesses and gender diverse teams. Women led business ventures are therefore especially encouraged to apply.
Categories
Window 1 is open to three subcategories of start-ups:
- idea stage start-ups, i.e. a founder or a team in the early stages of implementing an innovative business idea (no registered entity needed).
- early stage start-ups, i.e. a registered business entity within the first 0-12 month of operation (from the official registration of the business entity to the date of publishing the Call for Proposals).
- scale-ups, a registered business entity within the first 13-36 month of operation (from the official registration of the business entity to the date of publishing the Call for Proposals.
Funding Information
Under Window 1 the three subcategories are eligible for a grant of the following amount:
- For idea stage start-ups up to 7 000 EUR (a founder or a team in the early stages of implementing an innovative business idea).
- For early stage start-ups up to 15 000 EUR (a registered business entity within the first 0-12 month of operation (from the official registration of the business entity to the date of publishing the Call for Proposals)).
- For scale-ups up to 25 000 EUR (a registered business entity within the first 13-36 month of operation (from the official registration of the business entity to the date of publishing the Call for Proposals)).
Duration
The period for the implementation of the project will be up to 12 months and the grant must be utilized within the project period.
Eligibility Criteria
Apart from falling under one of the three above-mentioned start-up categories, the applicant must also satisfy the following eligibility criteria to be eligible for a grant under Window 1 of the “Innovation Challenge Fund 3rd Call”:
- be a natural or legal person;
- already be established in Albania or ensure that the start-up will operate and be registered in Albania during the project period (hence also Albanian diaspora, and non-Albanian residents in Albania would be eligible to apply as along as the business is assured to take place in Albania). If the start-up is registered outside of Albania, it has to have (or open) a registered branch in Albania;
- not have performed registered activity for more than 36 months from the official registration date until the date of publication of the Call for Proposals,
- must provide minimum 50% of cost share (of the total value of the project);
- be directly responsible for the preparation and implementation of the activities outlined in the application.
Evaluation Criteria
- Innovation Criteria – the uniqueness of the business concept in the Albanian context and its innovative character.
- Feasibility and Sustainability Criteria – commercial viability, the credentials and past business record of the entrepreneur, the qualifications of the team and their organizational and technical capacity, the correlation between the activities, the resources and the expected results, the potential for fast growth, the willingness of the entrepreneur/team to share the costs of the business project, as well as the likelihood of sustainability.
- Additionality Criteria – the ability to generate employment and business linkages, diverse teams and women led ventures, improved quality of life for the beneficiaries, positive environmental impact, development of local value chains, linkages to academia, other businesses and relevant research, secured additional funding, and start-ups located outside of Tirana.
For more information, visit http://challengefund.euforinnovation.al/apply/