In recent years, the global economy has witnessed significant changes due to various factors such as technological advancements, globalization, and environmental concerns. These developments have led to a shift in consumer behavior towards sustainability and environmental responsibility. As a result, businesses and organizations across the world have realized that they need to adapt their strategies and approaches to meet these new demands.
One of the key challenges facing companies is the need to secure funding for research and development (R&D) projects. This can be challenging when it comes to securing large investments from investors who value long-term returns over short-term gains. In response to this challenge, some companies have turned to the use of big spenders as a way to secure capital. However, the process of signing with big spenders can be time-consuming and expensive, which may not always be feasible for small or medium-sized enterprises (SMEs).
European Qualification (EQ) is a mechanism used by the European Union (EU) to promote innovation and entrepreneurship through financial support for R&D projects. The EQ program provides grants to SMEs in Europe to conduct R&D activities. The grant amount varies depending on the type of project, but it typically ranges between €25,000 and €1 million per year.
The European Qualification program has been successful in providing support to many SMEs in Europe, including those in the technology sector. However, there are still challenges associated with the program. One major issue is the lack of transparency and accountability in the program. Many SMEs may not know whether they will receive any funds, how much they will receive, or what criteria they must meet in order to receive the grant.
Another challenge is the difficulty in accessing the EQ program. While the program offers many benefits, it can be difficult to access the funding needed to conduct R&D activities. Some SMEs may struggle to find qualified mentors, advisors, or other resources required to successfully pursue their projects.
To address these challenges, some SMEs have started exploring alternative ways to secure funding for R&D projects. One approach is to seek out large spenders who share similar values and priorities as SMEs. These potential partners could offer more flexible terms and conditions than traditional EQ programs, which may make it easier for SMEs to secure funding.
Furthermore, SMEs can also explore the possibility of leveraging existing EU funding schemes, such as the Horizon 2020 programme and the Research and Innovation (RI) fund. These schemes provide funding to SMEs for specific types of research and development activities, such as basic research, clinical trials, and infrastructure projects.
In conclusion, the use of big spenders as a way to secure funding for R&D projects is becoming increasingly popular among companies. However, there are still challenges associated with the process of signing with big spenders. To overcome these challenges, SMEs can explore alternative ways to secure funding for R&D projects, including seeking out large spenders who share similar values and priorities. Additionally, SMEs can leverage existing EU funding schemes, such as the Horizon 2020 programme and the Research and Innovation (RI) fund, to access additional funding.