Question 1

What are Foundry Calls for Innovation?

Accepted Answer

The Foundry enables large corporates to future proof themselves, increase efficiency and productivity while expanding their portfolio of products and services by leveraging our vast network of early stage cutting edge technology companies from across the globe. We are constantly expanding this network and when we have identified specific needs from a corporate we create a call for innovation which enables invited companies to run a testbed, a tactile demonstration of their technology in a real-life business environment which can lead directly to building a symbiotic revenue generating relationship to the corporate in question. The secondary purpose of this process is to enable innovative companies an expedited means to expand beyond their local markets and quickly adapt their offerings to fit with the European marketplace.

Question 2

What do you mean by a "test" and what is included?"

Accepted Answer

The most effective way to match innovation with market needs is to test the respective solution in a real-world setting. For every case that we announce, we invite startups to test their solutions. To get the most out of these tests, we work with both the startup and European test partner to structure the test itself in the leanest way possible to measure the various qualities that will be used to objectively gauge the solution's potential fit. Every test will be organised as follows: A set of Key Performance Indicators (KPIs) is agreed and assigned which we will monitor throughout the duration of the test. The participant is advised on possible outcomes based on reaching the KPIs that may include commercial activation with the test partner, funding and/or sales support in Europe A structured plan is agreed with a process for setting up the test, a starting date for the test itself, an interim checkpoint for review and end date of the test An interim report will be provided mid-way through the test along with an advisory session on potential outcomes At the conclusion of the test, the participant will receive a report summarising the results of the test and an evaluation that can be shared with stakeholders (e.g. management, shareholder, prospective investors, business partners, potential customers)

Question 3

I am a startup, what is the benefit for me to apply for a call?"

Accepted Answer

Each call is for a specific case where a business or organization is asking for a solution to a clear problem. This is your chance to show that your innovation can be the right solution for this market need. We are providing you a real commercial opportunity to fast track your expansion in Europe. With a successful test not only will you have a potential customer in the test partner, you will have the reference and proof needed to get others in Europe interested and excited such as investors, distributors and partners.

Question 4

What are the costs for participation?

Accepted Answer

The types of costs will be indicated on the official announcement of the call. Here are the various potential costs that may be required for tests. All costs are for the involvement of third-party specialists and are not for the benefit of the test partner in any way.  - Some tests might require support for integration or implementation carried out by local specialists.  - All tests will incur a cost for the design, evaluation and reporting of the tests and their results. This is essential to ensure that there is an objective way to judge the results of the test for supporting the outcome. This also serves to keep the process contained sparing the startup from open-ended trials that could drain resources and lead to misunderstandings between the various stakeholders. This cost is due once the agreement for the test is signed between the participant and the test partner.  - Any travel expense such as flights, hotel, etc... is the responsibility of the participants or their sponsors.  - In cases where hardware or physical products are required for testing, there may be costs associated with transporting or shipping. We can assist in the arrangement of logistics for the test. However, the participant is responsible for all related expenses not covered by the Test Operator.

Question 5

What do you need from me to get started?

Accepted Answer

After you have submitted your application for the Call for Innovation we will get in touch with you within the timeframe given in the official announcement. When we contact you we will first let you know if you qualify as a candidate. We will also give you more information related to the process along with the known and potential parameters for the test. This first contact will also be an opportunity for you to ask us any questions you may have.

Question 6

What are the next steps after my application?

Accepted Answer

Stage 1 - Open call: Applications are accepted until the deadline specified on the official announcement of the call.   Stage 2 - Qualification: Startups receive a notification within 7 working days on their candidature. Each qualifying candidate is invited to attend a Q&A session on a specific date where you will have the opportunity to present yourself and your solution. Following the Q&A session, candidates will be asked for additional information as needed (e.g. whitepapers, technical in-depth interviews, etc...).   Stage 3 - Testing Phase: Following the Q&A sessions, candidates selected to participate in the testing will be notified in the period specified on the official announcement and given a date for the start of the test along with a general agreement for acceptance that includes terms and the options available following the completion of the tests. Before the start of the test, each participant will be asked to attend a working session to plan the test itself and agree on the metrics for evaluating the results. After completing the setup the test will be conducted for the duration specified on the official announcement. Startups receive regular updates on the progress of their test.

Question 7

What are the selection criteria?

Accepted Answer

The criteria for selecting candidates who will be invited to attend a Q&A session with the Test Partner are given in the official announcement. At the Q&A session we will evaluate each candidate on the merits of their solution and make the final selection for testing based on the quality and relative fit of the innovation.

Question 8

Can I opt out before being selected for the test without penalty?

Accepted Answer

There is no obligation to proceed until the agreement for conducting the test is completed between you and the test operator.

Question 9

Can the whole process be done remotely?

Accepted Answer

Yes, probably. But not in all cases. The process for selecting test participants can be managed entirely remotely. There is no need for travel or physical meetings. However, when setting up the tests, there may be a requirement for travel. But that entirely depends on the needs for your particular product or services. Ideally, the whole process can be managed by the "customer" - which would be a great sign to us that you are ready to scale!

Question 10

What happens if sales occur during the test?

Accepted Answer

It is to be expected that sales opportunities in Europe may open up while you are conducting the tests (that is, in the end, why we are doing it). There is no restriction or condition for how to handle that. In fact, we encourage that as it helps us prepare a better case in evaluating the final results.

Any cases related to sales through the test partner will be accounted for in the agreement to be concluded before the start of the test and is one of the anticipated outcomes of the process.