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Innovation Elgibility Criteria

"Innovation Eligibility Criteria” means one of the following criteria:


(i)  The Company intends to use the Transaction to invest in producing or developing new or substantially improved products, processes or services that are innovative and where there is a risk of technological or industrial failure as evidenced by an evaluation carried out by an external expert;

 

(ii)  The company  is a "fast-growing enterprise" which is a SME or MidCap operating in a market for less than 12 years following its first commercial sale and with an average annualised endogenous growth in employees or in turnover greater than 20% a year, over a three-year period, and with ten or more employees at the beginning of the observation period;

 

(iii)  The Company has been operating in a market for less than 7 years following its first commercial sale and its R&I Costs represent at least 5% of its total operating costs in at least one of the three years preceding the company's application for the Transaction, or in the case of a start-up enterprise without any financial history, according to its current financial statements;

 

(iv)  The company shall have a significant innovation potential or be an "R&I-intensive enterprise", by satisfying at least one of the following conditions:


(a)  The company's Research & Innovation annual expenses are equal or exceed 20% of the Transaction amount as per the company's latest statutory financial statements, under the condition that the company’s business plan indicates an increase of its Research & Innovation expenses at least equal to the Transaction amount;

 

(b)  The company undertakes to spend an amount at least equal to 80% of the Transaction amount on Research & Innovation activities as indicated in its business plan and the remainder on costs necessary to enable such activities;

 

(c)  The company has been formally awarded grants, loans or guarantees from European R&I support schemes (e.g. Horizon 2020 or FP7) or through their funding instruments (e.g. Joint Technology Initiatives or “Eurostars”) or regional, national research or innovation support schemes over the last thirty-six (36) months, under the condition that the Transaction is not covering the same expense;

 

(d)  The company has been awarded over the last twenty-four (24) months an Research & Development prize or Innovation prize provided by an EU institution or an EU body;

 

(e)  The company has registered at least one technology right (such as patent, utility model, design right, topography of semiconductor products, supplementary protection certificate for medicinal products or other products for which such supplementary protection certificates may be obtained, plant breeder’s certificate or software copyright) in the last twenty-four (24) months, and the Transaction purpose is to enable, directly or indirectly, the use of this technology right;

 

(f)  The company is an early stage SME and has received an investment over the last twenty-four (24) months from a venture capital investor or from a business angel being a member of a business angels network; or such venture capital investor or business angel is a shareholder of the company at the time of the company's application for the Transaction;

 

(g)  The company requires a risk finance investment which, based on a business plan prepared in view of entering a new product or geographical market, is higher than 50% of its average annual turnover in the preceding 5 years;

 

(h)  The company’s Research &Innovation Costs represent at least 10% of its total operating costs in at least one of the three years preceding the company's application for the Transaction, or in the case of an enterprise without any financial history, as per its current financial statements; or

 

(i)  The company is a Small Mid-cap and its Research & Innovation Costs represent:


(A)  Either, at least 15% of its total operating costs in at least one of the three years preceding the company's application for the Transaction;

 

(B)  Or, at least 10% per year of its total operating costs in the three years preceding the company's application for the Transaction.