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European Commission commits €7.1m to startup data accelerator

European Commission commits €7.1m to startup data accelerator

The European Commission has agreed to provide €7.1m in finance to a startup data accelerator over the next three years, with the aim of connecting data heavy businesses and organisations with data accelerators capable of making sense of the wealth of info they hold.

Launched today Data Pinch will perform precisely this role, mediating between 50 European startups and SMEs by offering mentoring, investment opportunities and data access.

In a statement the EC said: “The ambition is to create an innovation ecosystem for Europe, where larger organisations work closely with agile startups to innovate and learn from each other, using data as an enabler to solve problems.”

The project is being delivered by The University of Southampton, the Open Data Institute, Portuguese accelerator organization Beta-i and French data marketplace platform Dawex with startups allowed to apply to take part in the scheme from 1 July.

UK startups will be allowed to apply for the programme despite the triggering of Article 50 last month with the British government stepping in to cover any loss of funding after the country exits.

Startups have become an acquisition target for brands of late as a quick and ready means of providing an injection of fresh thinking.

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