Hungarian company Virtual Solutions Ltd is receiving Horizon 2020 SME Instrument Phase 1 grant for developing an open source enterprise software development framework

Invent Baltics consultants supported a Hungarian software development company Virtual Solutions Ltd in preparing a successful SME Instrument Phase 1 proposal to the European Commission Horizon 2020 research and innovation funding program. The proposal was successful under the SME Instrument “New business models for inclusive, innovative and reflective societies” topic.

Virtual Solutions Ltd is developing a unique open source software development framework that enables small and medium sized developers to enter the enterprise software industry. During the Phase 1 project, Virtual Solutions will focus on technical and economic feasibility studies, including an associated intellectual property study for launching the framework on a global scale.

SME Instrument is a dedicated funding instrument under the Horizon 2020 Research and Innovation programme that supports innovative SMEs in Europe. The instrument aims to fill the gaps in funding for research and innovation at early stages and thereby accelerate the exploitation of novel solutions to address key societal challenges. Applications are expected in various topics and companies can apply for funding as single applicants or with partners. Subcontracting is allowed both in Phase 1 and Phase 2 projects.

The SME Instrument phase 1 funding supports SMEs to cover the funding for initial feasibility assessment and business modelling for the novelty. Phase 2 funding is targeted to SMEs with particular focus on product development, demonstration activities and market replication.