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Routes for startups to obtain funding

02/09/2016 09:45
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"Creando startups con éxito" was hosted at the BBVA Innovation Center in Madrid. During this event, attendants were introduced to some of ways entrepreneurs can obtain funding and make their project come true.

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The first presentation was given by Beatriz Torralba from the Center for Industrial Technological Development(CDTI). Torralba gave an overview the CDTI programs for funding innovative projects. She stated that the projects which are more likely to obtain funds are R&D projects.

She looked closer at the Neotec program which awards 10 million euros to technology companies. Beatriz Torralba explained that this is a very demanding program; however, " 588 projects were submitted during the last call for applications, and on average 40 projects are funded because maximum funding is 250,000 euros”.

Torralba clarified that Neotec seeks to foster the development of innovative companies "that have a close connection with technology: ICTs and Biotechnology." To be able to apply for funding, companies need to have been formed within four years before the call for projects. Torralba mentioned that this funding is different from other initiatives in that it "allows for costs which are not traditionally included such as rent or utilities." She ended her presentation by saying that projects submitted to Neotec must "have relevant R&D content and be based on developing pilots or prototypes." The next call for projects will be around June.

Erasmus+ was another of the projects discussed at the event for companies and public agencies. Also, the Lean Startup technology was presented.

And there was also time for crowdfundingMiguel Moya, vice chairman of the association of crowdfunding companies, stated that "this type of funding rises by 200% every year and 34,000 million dollars have already been raised worldwide." He mentioned that crowdfunding is still unstoppable and reflects "the changes in society which favor positive social impact over economic impact."

And he listed the following types of crowdfunding: donation (cause and reward); reward (all or nothing, everything counts, recurring); loans (project and fund); and investment (percentage in a project and percentage in a company). 

By BBVA Innovation Center. 

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