2020 SME Instrument (Open Disruptive Innovation Scheme) Phase II proposal –
Lingvist (Keel 24 OÜ)
Keel 24 OÜ, an Estonian company, received 2,2 Million funding from the Horizon 2020 SME Instrument Phase 2, for developing its language-learning software. Keel24 OÜ is known for its accelerated language-learning brand Lingvist. Lingvist is a computer-based language-learning software, which uses statistical and mathematical optimization methods for tailoring the software to each individual so as to maximize their learning efficiency and effectiveness. During the Phase 2 project Keel24 will be increasing the algorithm efficiency, adding new languages, and scaling up the software for entering larger target markets.
Project proposals were submitted to highly competitive “Open Disruptive
Innovation Scheme” SME Instrument topic, in which 14 applications were selected
for funding from altogether 191 project proposals
The SME Instrument is a part of the Horizon 2020 Research and Innovation programme specifically targeted at innovative Small and Medium-sized Enterprises (SME) in Europe and associated countries. 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 or enabling technologies. 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 initial marketing activities.
Invent Baltics coordinated the whole proposal preparation process assisting Lingvist in defining the product development plan, conducting the necessary economic feasibility assessments (market surveys, competition analyses, revenue calculations) and formulated a winning project proposal.