Fast Track to Market 2024

Accelerating the commercialisation of food products and services in Europe contributing to positive change in our food system.

With the launch of Fast Track to Market, we are looking to fund mature startups and SMEs whose products or services directly contribute to one of EIT Food’s three missions:

• Healthier Lives Through Food

• A Net Zero Food System

• A Fully Transparent, Fair and Resilient Food System

EIT Food is looking for fast-moving, young companies with an existing business case, that has high potential to generate B2B/B2C sales for new or improved food innovation products or services. Through the Fast Track To Market funding programme, you can boost your market readiness to bring your service to new or expanded markets.

Whether expanding to new markets, or growing new products in existing markets, the support of EIT Food can help your company speed up your marketability and potential commercial success.

Who can apply to Fast Track to Market?

Your company is eligible to apply if you:

• Are a legally incorporated entity in one of the EU or Horizon Europe eligible country, and have been for at least 12 months;

• Have a technological product, service, solution that fits within one of the three EIT Food Missions;

• Are classed as a small sized company, as defined in the EU recommendation 2003/361 (between 5 and 49 employees and less than 10 million turnover or balance sheet);

• Have at least 3 full time employees.

• Are past the ideation phase; you are generating revenues from paying customers and not only from pilots.

Applicants already affiliated with EIT Food (FAN and Rising Food Stars) are also welcome to apply.

Timeline

How do I apply to Fast Track to Market ?

If you fit the above criteria, we ask you to fill out and submit the application form by email to FastTrackCall@eitfood.eu, no later than 17 April 2024 at 12.00 noon CET.

Within the application form, you will be asked to submit the following:

• A fully-written business plan, including a pitch deck

• A project plan outlining the activities to achieve the next sales milestones.

• Milestone definition and objective, client profile, commercial roadmap, current status, pending actions, key risks, timeline, and organizational needs (human & capital).

• 1 verified annual report of the company

• Proof of sales intentions: existing, formal and/or mutually agreed-on commercial agreement, e.g. signed partnership agreements and purchase orders.

• Financial statement and forecasts with the budget (and potential gaps) to achieve the milestones, and status on other revenue generating streams.

How does the Fast Track to Market funding work?

How does the Revenue Based Financing Mechanism work?

Selected Fast Track to Market startups/SMEs will need to comply with EIT Food’s Revenue Based Financing Agreement, which consists of a repayment based on the company’s revenue. Repayment is not dependent on the sales of the foreseen marketed innovation.

The Revenue Based Financing Agreement allows us to reinvest in our community. More information on the mechanism can be found in the guidelines and will be explained further during our webinars on 21 February 2024 and 20 March 2024.