Phase 1: Explore
This call is for start-ups who consider that they already have an innovative offering (at TRL 4-6) – and who see an opportunity in rapidly developing this offering to the exploration, mining, mineral processing, metal and mineral, steel-making and recycling industries as well as suppliers of equipment and tools to these industries.
Phase 1 is about building proof of concept for the business model in the targeted raw materials market segments. It starts with ideas at TRL 4-6 and aims to find a market niche, to develop a financial model, and to build a business model. Selected start-ups will receive EUR 15 000 as funding to cover their costs for participating in Phase 1 of the RawMaterials Accelerator.
Objectives for Phase 1:
- identify beachhead market, market size, customer pain
- identify key value drivers, good margin/product and margin/year, estimate financial needs
- compose a founding team, identify roles and coming needs for the team
Phase 1 – Explore has a three-month duration. It starts with a workshop, followed by bi-weekly calls with experts. It ends with a Graduation Day, where the start-ups pitch their idea. Graduation Day is also the stage-gate to Phase 2 in the RawMaterials Accelerator.
Phase 2: Build
The purpose of Phase 2 is to validate customer needs and verify business assumptions. The offering provided by the selected start-ups should be at TRL 5-7 and CRL 5. Selected Start-ups receives up to EUR 30 000 funding to cover the costs of participating in Phase 2.
Objectives of Phase 2:
- validate customer needs, market size and beachhead market, identify regulations and other specific criteria for technical and market entrance
- validate key value drivers, build a five-year financial forecast supporting/financing needs and strategy
- complete a team supporting the next step
The RM Accelerator Phase 2 – Build programme duration is 6 months depending on individual start-ups’ development, acceleration, constraints and opportunities. It starts with a two-day workshop and continues with bi-weekly calls and monthly P2P sessions/expert talks. The progress of the start-ups will be evaluated at a mid-assessment day and after three months, followed by individual assessment of the start-ups to ensure they fulfil the criteria and stage-gate to continue to Phase 3.
Please note, Phase 2 is only open for teams that previously graduated form Phase 1 of the Accelerator programme. If you want to apply for Phase 2, please contact your Business Development Manager at EIT RawMaterials.
Phase 3: Grow
Phase 3 aims to get the business ready for launch. The offering of the start-ups should at the start be at a TRL 7-9 and heading for market entrance. Selected start-ups will receive up to EUR 45 000 as funding to support their participation in Phase 3.
Objectives of Phase 3:
- move from early adopters to early majority market, start exploring follow up markets
- significant sales or financing deals
- expand the team
Phase 3 starts with a workshop to set tailored project plan for each team. It comprises goals and support actions, in order to develop the start-up’s activities in the next 9-12 months.
In addition to the continued support of a Business Development Manager from the local Innovation Hub, other support actions could be a user of the infrastructure of our partners for tests and pilot studies as well as further linking and introduction to EIT RawMaterials industry partners as validation partners and potential customers. These and similar types of activities are envisaged as a means to prepare the start-up for future investment rounds as well as providing the basis to scale their business.
Please note, Phase 3 is only open for teams that previously graduated form Phase 2 of the Accelerator programme. If you want to apply for Phase 3, please contact your Business Development Manager from EIT RawMaterials.
The application deadline has been extended to 10 October 2021.