Neelie Kroes has opened a new innovation fund to help startups get to the market. UNIIQ is an initiative by the universities Erasmus MC, TU Delft, University of and the regional fund of InnovationQuarter, supported by money from the European Union. There’s €22 million to divide and the terms and conditions are pretty good for early-stage startups. There is one catch though: startups not originating from the province of South Holland need not apply.
Convertible loans for proof-of-concept
Startups from South Holland with a disruptive, or at least unique proposition can apply for a fund of at most €300.000, available for 12 months. This will be a convertible loan. The company has to pay the amount back within three years. Or it can turn the loan into shares valued based on a follow-up investment. The fund is specifically designed for companies in the proof-of-concept stage. Too far in the game to poor your own money into it, yet too early to convince VC’s with a solid product.