Mastercard Strive: Up to 500,000 euros subsidy to EU companies and startups. for the development of digital solutions
Mastercard stands by European small businesses and offers through the Strive EU Innovation Fund funding with a total value of 4.5 million euros to projects that concern the development of B2B solutions for small businesses, aiming at their financing, their digital transformation and their access to networks and expertise.
The Innovation Fund is the latest evolution of Mastercard’s global Strive program – and the first dedicated activity for Strive EU. Strive, launched in 2021 and supported by the Mastercard Center for Inclusive Growth, is a portfolio of philanthropic programs aimed at supporting more than 10 million small businesses worldwide to grow in the digital economy.
Program applications are already open and interested companies can submit their participation on the platform, until March 11, 2024.
The Strive EU Innovation Fund will provide up to 20 EU member state business projects with grants of up to €500,000, as well as technical support and guidance for the rapid development of their solutions.
Specifically, the Innovation Fund is looking for solutions that help small businesses with up to 10 employees to:
- unlock working capital and credit through embedded financing
- enhance their cyber security and go digital
- adapt to consumer preferences and environmental sustainability regulatory requirements
- take advantage of artificial intelligence to operate more efficiently and save time and money
Candidates can be start-ups, established companies, non-profit organizations or social enterprises of all sizes. They can also apply as a consortium with other organisations, provided that the main applicant is registered and operating in at least one of the 27 EU member states.
In particular, through Mastercard’s Strive EU, the Innovation Fund provides the following:
Access to capital: Small businesses often face difficulties in obtaining the necessary capital for their growth and expansion. To this end, the program offers financial support of up to €500,000 to enable companies to develop their solutions within 12 to 18 months.
Transition to the digital age: Digital technologies open new horizons for small businesses, offering opportunities to grow, streamline operations and increase efficiency. However, many of these businesses face challenges in acquiring digital skills and resources. The Innovation Fund is looking for solutions that will enable businesses to capitalize on these opportunities, through educational programs, digital marketing tools and e-commerce platforms.
Networking and expertise: Small businesses can benefit from participating in business networks, mentoring and expert support, such as through the Mastercard StartPath program.
Alongside the Innovation Fund, Mastercard has created the Strive Council EU for Small Businesses, with the purpose of promoting synergies in the European business ecosystem and the development of further partnerships. Under the leadership of Mark Barnett, President of Mastercard in Europe, the Council consists of 15 distinguished experts, representatives of the private sector and small businesses. It plays a key role in the selection of the final beneficiaries of the Innovation Fund, as well as in supporting the winning projects with financial resources and means, including guidance throughout the initiative.
For more information on how to apply for the Strive EU Innovation Fund, visit: https://strivecommunity.org/innovation-fund-eu. The application deadline will last until March 11, 2024. The evaluation will take place in June and the final beneficiaries will be announced in November 2024.