Exciting news for B2B innovators in the EU! Mastercard is rolling out the red carpet by announcing its Strive EU Innovation Fund, designed to surface new innovations that can support small businesses on their digital journey.

With an offer of equity-free grants reaching up to €500K, the Strive EU Innovation Fund is inviting up to 20 innovative solutions from EU member states to step forward. This initiative is not just about financial support; it includes invaluable technical assistance and mentoring tailored to accelerate the development of your groundbreaking solutions.

Open to B2BInnovators in the EU

Whether you’re leading a growing startup or managing a well-established company, this opportunity is for you. Innovators and entrepreneurs from businesses of all sizes and industries are invited, as long as your digital solution supports the digitalization of small businesses in Europe. Your innovation should enable European small businesses to:

1. Unlock working capital and credit through embedded finance;
2. Go digital safely by bolstering cybersecurity;
3. Navigate evolving consumer preferences & regulatory expectations around environmental sustainability;
4. Harness artificial intelligence to save time and make money.

Mark Barnett, President of Mastercard Europe, stated: “Small businesses are the backbone of the European economy and – now more than ever – it is critical that they receive the support they need to join the digital economy.”

Don’t miss out on this opportunity to drive change and lead the digital transformation for small businesses across the EU. Applications are now open until March 11, 2024, at noon CET.

The Innovation Fund is the latest development of Mastercard’s global Strive programme – and the first dedicated activity for Strive EU, which was launched in November last year and will be implemented by Caribou Digital.

Initially launched in 2021 – and supported by the Mastercard Center for Inclusive Growth – Strive is a portfolio of philanthropic programmes aimed at supporting more than 10 million small businesses around the world to thrive in the digital economy. Payal Dalal, senior vice president of social impact, International Markets, at the Mastercard Center for Inclusive Growth, stated: “Digital advances have the potential to serve as a bridge to ensure that everyone, particularly small businesses that power our economies, has the tools to grow and build their businesses and remain resilient. We look forward to taking our learnings from our Strive programmes so far and extending our reach and scale across Europe.”

Who can apply?

The Strive EU Innovation Fund is seeking applications from organizations developing innovative solutions, so long as they:

• Offer innovations in any of the four focus areas: embedded finance, cybersecurity, environmental sustainability, and AI.
• Target small businesses with fewer than 10 employees as their customers or end users. If not, they should be willing to tailor their product to meet small business needs.
• Can Implement their solution in at least one EU market.
• Have a solution that is at least at the product definition stage.
• Operate, and are registered, in at least one of the 27 EU member states. If not, they can join a consortium with other organizations, given that the main applicant is based within the EU. 

Winners will be able to develop and validate their solutions over a period of 12-18 months. Check the full eligibility criteria here.  For more information on how to apply for the Strive EU Innovation Fund, click here. Remember, the application deadline is March 11, 2024, at noon CET.

Note: Government entities and academic institutions cannot apply to this fund; and capacity-building projects, such as training or mentorship, cannot be funded.

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• Source: https://www.eu-startups.com/2024/02/mastercard-strive-eu-innovation-fund-calling-eu-startups-with-b2b-solutions-to-apply/