BioeconomyVentures

Summary

The bioeconomy sector is one of EU’s largest, employing almost 19 million people and generating an annual turnover in excess of €2 trillion. It is also a key strategic sector for the EU in its efforts to establish a genuinely sustainable society, one that makes full use of existing resources. It will also play a key role in realising the EU’s ambitions in the fight against climate change.

As with many dynamic sectors, the biobased economy attracts a large number of innovative start-ups and businesses. However, the failure rate of such companies is a concern – it can be as high as 90% in this field. Research has shown that that there are two main causes of this high failure rate. One is an inability to access the funding required to remain viable until they gain sufficient momentum or achieve critical mass necessary to survive. The other reason is a lack of the entrepreneurial and leadership talent required to turn a good idea into a sustainable business.

The BioeconomyVentures project aims to address these issues. It will establish the definitive reference platform for bioeconomy-based start-ups and spinoffs seeking to access finance and business insights. It aims to become the main meeting point for the European bioeconomy through a threefold approach. First, it will establish and leverage the first bioeconomy entrepreneurship ecosystem of its kind, reinforced by an ambassador programme. Second, it will create and validate a methodology for qualifying and quantifying the needs of the start-ups and spin-offs. Third, it will develop and execute a one-stop-shop to act as a main meeting point for stakeholders in the bioeconomy entrepreneurship field. This will offer high-quality services geared to unlocking the innovation potential and uncovering opportunities to build relationships and partnerships that will help fully realise this ambition.