Finland’s CTOs of the Year 2019: Sauli Eloranta of Rolls-Royce Marine and Ilkka Varjos of Canatu12 Mar 2019
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SME Instrument has gained great first results, proving its worth in the European innovation ecosystem, stated European Commission’s report “Accelerating Innovation in Europe”. The SME Instrument is EU’s first research and innovation funding programme for high potential and high risk disruptive innovation in single SMEs. Part of Horizon 2020, the 80 B€ funding program is targeted for small and medium-sized businesses with high growth potential and global ambitions.
AlphaSense, a revolutionary search engine for financial analysts, raised 30 M€ private investment and reported a 690% growth in turnover after receiving SME Instrument funding
What makes the SME Instrument stand out from other SME funding schemes are the world-class business innovation coaching and business acceleration services that boost the chances for successful commercialization of new innovations. The programme aims to accelerate the growth of funded companies by facilitating their access to private investment, engaging in peer-led learning and finding new partners and clients.
Private investment raised after participation in the programme indicates the expected growth and innovation potential of the companies. So far Finnish SMEs have indicated the highest growth potential among all participant countries. Out of the top ten companies that attracted the most private investment after SME instrument funding, four were Spinverse clients – Kiosked, AlphaSense, Swap.com and TactoTek. AlphaSense, a revolutionary search engine for financial analysts, raised 30 M€ private investment and reported a 690% growth in turnover after receiving SME Instrument funding.
“The financial support from the SME instrument program allowed us to speed up our growth, attracting new clients and investing in our technology. This has helped us accelerate our adoption and grow into new market segments” says Jack Kokko, CEO and Founder of AlphaSense.
Find out how Spinverse helped AlphaSense apply for the SME funding.
More information on the SME Instrument:
Photo credit: Justin Lawrence