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Description
The objective of the project is to support Romanian SMEs on their journeys to increase value creation and sustainable growth from radical innovation, by delivering individual and tailor-made mentoring packets within the Green Industry Innovation and Blue Growth.
The project is structured on 8 activities, involving the Applicant and Norwegian partner throughout process design, selection of SME beneficiaries, implementation of the mentoring programme with a focus on climate innovation, organisation of the exchange mission to Norway (including selected SMEs) and thematic workshops, drawing up of a pre-feasibility study for a technology transfer VC fund, as well as creating an online community of practice for climate innovators.
The proposed project implies the building up of a lasting collaboration between LUMINSPINO Romania and VINCO INNOVATION Norway, as companies with a similar profile in terms of business strategy, focus on innovation management services, and internal human capabilities.
By engaging Romanian and Norwegian companies at least during the exchange mission to Norway, the Applicant and Partner aims to pave the way towards strengthening bilateral relations between the SMEs that will take part in the project, as well as stakeholders directly connected to climate innovation topics.
Summary of project results
The project aimed to address several challenges faced by Romanian SMEs, particularly in the realm of climate innovation. These included the insufficient valorization of the potential for climate innovation in Romania, low resource productivity, and the lack of support and investments in sustainable products and technologies. The project sought to create a niche market in Romania and challenge the lack of climate innovation support
The project, titled "Breakthrough to Scale - Advanced Process Mentoring for Climate Innovators," involved several key activities and outputs. Design of the Mentoring Package: The "Breakthrough to Scale" process mentoring package was designed, focusing on five key drivers and three enablers, alongside a horizontal climate-specific component. Selection of Beneficiary SMEs: Eight Romanian SMEs were selected based on specific criteria related to green and blue innovation. Mentoring Rollout: The mentoring program was rolled out, covering drivers such as technology maturity, innovation strategy, lifecycle management, go-to-market, and scaling roadmap, as well as enablers like funding strategy, internationalization, and digitalization. Workshops and Exchange Visits: Joint theme-specific workshops were organized, and an exchange visit to Norway was conducted. Pre-feasibility Study: A pre-feasibility study for a technology transfer venture capital fund was drawn up.
The project achieved several significant outcomes and impacts for the beneficiary SMEs: Innovation Management: SMEs integrated innovation management practices into their everyday work, developed innovation strategies, and created roadmaps for innovation lifecycle improvement. Market Readiness: Companies improved their go-to-market strategies, mitigated product launch risks, and prepared for scaling. Collaboration and Networking: Beneficiary SMEs engaged in joint research and innovation projects, and established collaborations with other companies. Funding and Financial Planning: SMEs developed funding strategies and project concept notes for future funding applications . Internationalization: Companies focused on international reach and compliance with trade regulations. Specific Beneficiaries: The project supported nine Romanian SMEs, including four women-led enterprises, covering various sectors such as drone technology, climatology, circular design, and AI solutions.
Summary of bilateral results
The project benefited significantly from having a partner, Vinco Innovation AS from Norway. The collaboration provided relevant know-how within innovation and sustainability, and supported the successful deployment of the project activities1. The main results included:Knowledge Sharing: The Norwegian partner contributed expertise and best practices in innovation management and sustainability.Exchange Visits: The exchange visit to Norway facilitated knowledge exchange and networking between Romanian and Norwegian companies.Future Collaboration: The project laid the foundation for long-lasting collaboration between LUMINSPINO and Vinco Innovation, with plans to extend the mentoring program and include additional services such as access to international laboratories and support for new value chains