site.btaEuropean Innovation Council Supports Six High-risk Startups from Bulgaria

A total of six Bulgarian high-risk startups have so far been supported by the European Innovation Council (EIC), said Policy Officer Albena Kuyumdzhieva on Thursday in Varna (on the Black Sea coast). She noted that the funded startups are in various fields, including a company in the agricultural sector developing special robots to remove weeds.

According to Kuyumdzhieva, six startups from Bulgaria is not bad at all, considering the country's population. "If you look at the percentage of companies that applied and those that succeeded, the ratio is very good", she added. "Our country lacks more candidates, more people to understand that this opportunity is offered", said Kuyumdzhieva, noting that around 500 companies in the European Union are supported by the EIC.

Kuyumdzhieva also said that for the first time the EU not only gives grants, but also invests in startups. She explained that up to EUR 17.5 million can be given to a high-risk startup, while the ceiling for grant funding for the development of a project is EUR 2.5 million. "We look for companies that are high-risk, don't have a product that's on the market yet, need a long time to reach some kind of profit, and private investors at this point in their development aren't particularly enthusiastic about investing in them", she pointed out.

Kuyumdzhieva participated in the Space, Innovations, Startups Forum in Varna, organized by the regional administration, the Naval Academy and Varna Technical University, with the support of the European Innovation Council and Bulgarian Business Forums.