- Strive EU Innovation Fund aims to help small businesses through digital tech
- Investment in Irish SMEs reached record levels but fell by 16% in the last quarter
- Strive EU Innovation Fund offers equity-free grants of up to €500,000 for digital solutions
- Projects eligible for the fund should focus on key areas like cybersecurity and AI integration
- Dalal emphasizes the importance of digital technology in empowering small businesses and narrowing economic divides
Unlocking Working Capital and Credit through Embedded Finance
In today’s fast-paced business world, access to working capital and credit is crucial for the growth and sustainability of small businesses. The Strive EU Innovation Fund, a collaboration between Mastercard and the EU, aims to address this need by providing equity-free grants of up to €500,000 for projects that focus on unlocking working capital and credit through embedded finance solutions. Payal Dalal, senior VP of social impact and international markets at Mastercard’s Center for Inclusive Growth, emphasizes the importance of supporting small businesses in thriving in the digital economy.
Dalal highlights the significance of digital and data-first solutions in aligning with the fund’s objectives. Projects that can demonstrate a clear impact on addressing challenges faced by small businesses with fewer than 10 employees are encouraged to apply. These solutions should also differentiate themselves from existing ones and showcase their potential to drive meaningful change in the small business ecosystem.
Bolstering Cybersecurity for Small Businesses
As businesses increasingly rely on digital technologies, cybersecurity has become a critical concern. Small businesses, in particular, may lack the resources and expertise to effectively protect their data and systems from cyber threats. The Strive EU Innovation Fund seeks projects that focus on bolstering cybersecurity for small businesses, ensuring that they can navigate the digital landscape securely.
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Dalal emphasizes the need for innovative solutions that can help small businesses go digital safely. By harnessing the power of AI and other advanced technologies, these projects aim to enhance cybersecurity measures and safeguard sensitive information. Through the fund, recipients not only receive financial support but also gain access to mentoring, resources, and opportunities for exposure in collaboration with Mastercard and Strive.
Navigating Evolving Consumer Preferences and Regulatory Expectations
Understanding and adapting to evolving consumer preferences and regulatory requirements is essential for the success of small businesses. The Strive EU Innovation Fund supports projects that focus on helping small businesses navigate these changes effectively. By developing solutions that enable businesses to stay agile and compliant, the fund aims to empower small enterprises to thrive in a competitive market.
Dalal highlights the importance of addressing challenges related to consumer preferences and regulatory expectations. Projects that can provide innovative approaches to meeting these demands are encouraged to apply for the fund. By leveraging digital technologies and data-driven insights, these solutions aim to equip small businesses with the tools they need to succeed in a rapidly changing business environment.
Harnessing AI to Enhance Efficiency and Growth
Artificial Intelligence (AI) has the potential to revolutionize how small businesses operate and grow. By harnessing AI technologies, businesses can automate processes, analyze data more efficiently, and make informed decisions that drive growth. The Strive EU Innovation Fund is seeking projects that focus on harnessing AI to save time and make money for small businesses.
Dalal emphasizes the transformative power of AI in enhancing operational efficiencies and expanding market reach for small enterprises. By developing AI-driven solutions that cater to the specific needs of small businesses, projects funded by the Strive EU Innovation Fund aim to drive innovation and sustainable growth in the small business sector. Through mentorship, technical assistance, and access to resources, recipients of the fund can accelerate the development of their AI solutions and make a meaningful impact on the industry.
The Strive EU Innovation Fund represents a valuable opportunity for small businesses to access funding, support, and expertise in developing innovative solutions that address key challenges in the digital economy. By focusing on unlocking working capital, bolstering cybersecurity, navigating evolving consumer preferences, and harnessing AI, the fund aims to empower small businesses to thrive and succeed in an ever-changing business landscape. If you are a small business looking to drive innovation and make a difference in your industry, consider applying for the Strive EU Innovation Fund and take the first step towards a brighter future.
Links to additional Resources: 1. https://www.mastercard.com/ 2. https://www.payal-dalal.com/ 3. https://www.strive.eu/