Mastercard opens door for Strive EU Innovation Fund applications
Magda Purice
Posted On January 23, 2024
Mastercard has today opened the application window for its Strive EU Innovation Fund – a brand-new initiative aimed at accelerating the development of solutions to support European small businesses on their digital journey.
The Strive EU Innovation Fund will provide up to 20 projects from EU member states with equity-free grants of up to €500,000, as well as any technical assistance and mentoring they may need to accelerate the development of their solutions.
Applications are open to entities of all sizes – from startups to those that are more established – provided they are soliciting innovation that helps Europe’s small business community to:
- Unlock working capital and credit through embedded finance;
- Go digital safely by bolstering cybersecurity;
- Navigate evolving consumer preferences & regulatory expectations around environmental sustainability;
- Harness artificial intelligence (AI) to save time and make money.
“Small businesses are the backbone of the European economy and – now more than ever – it is critical that they receive the support they need to join the digital economy,” said Mark Barnett, President of Mastercard Europe. “We are excited to open the application window for the Strive EU Innovation Fund and to hear about some of the best projects coming from Europe’s most innovative minds over the coming months.”
Evolving Strive in Europe
Initially launched in 2021 – and supported by the Mastercard Center for Inclusive Growth – Strive is a portfolio of philanthropic programmes aimed at supporting more than 10 million small businesses around the world to thrive in the digital economy.
Through Strive EU, Mastercard aims to further boost the resilience and growth of Europe’s small business community by supporting new innovations across the EU that help small businesses get capital, go digital, and gain networks and know-how.
Strive EU will build on the strengths of two country-specific initiatives in Europe, Strive Czechia and Strive UK. Since launching in 2021, Strive UK has reached over 1M entrepreneurs, connecting them to resources, training, and mentors to help them navigate the digital economy. Strive Czechia is working to rapidly grow local stakeholder capacities, reaching MSEs across the country with new service lines, including peer shadowing and technical assistance, with the goal of reaching over 250,000 MSEs.
“Digital advances have the potential to serve as a bridge to ensure that everyone, particularly small businesses that power our economies, has the tools to grow and build their businesses and remain resilient. We look forward to taking our learnings from our Strive programmes so far and extending our reach and scale across Europe,” said Payal Dalal, Senior Vice President of Social Impact, International Markets at the Mastercard Center for Inclusive Growth.
Supported by the Strive EU Small Business Council
In addition to the Innovation Fund, Mastercard will establish a Strive EU Small Business Council to convene the European entrepreneurial ecosystem and encourage collaboration. Chaired by Mark Barnett, the Council will comprise 10-15 influential experts, private sector entities and small business representatives, who will be announced in early February.
The Strive EU Small Business Council will play a key role in selecting the final recipients of the Innovation Fund, as well as supporting winners with in-kind and financial resources including mentorship throughout the course of the initiative.
Micro and small business landscape in Romania
“The adoption of technologies and innovations is the key to achieving sustainability in business. While large corporations and public administration have embraced this trend, small enterprises have not fully embraced the possibilities and impact of new technologies. Small businesses form the foundation of our communities and have a significant economic impact. However, managing a small business is more challenging and complicated. Over 40% of small and medium-sized enterprises (SMEs) have been at risk of closure due to the pandemic-related effects, highlighting the need for networks, financing, tools, and resources to thrive in the digital economy. Through Strive EU, we have the opportunity to support the recovery and sustainable development of small enterprises in an ever-changing economic landscape”, said Cosmin Vladimirescu, General Manager Mastercard Romania and Croatia.
For more information on how to apply for the Strive EU Innovation Fund, please visit: https://strivecommunity.org/innovation-fund-eu. The application window will be open until March 11, 2024, 12 noon CET. Judging will take place in June and final grantees will be announced in November 2024.
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