InnoRate deploys a trusted service platform across the EU to support and improve the decision-making processes of private investors, innovation intermediaries, and technology transfer offices (TTOs) for identifying and vetting innovative ventures with high growth potential. The InnoRate Technology Rating System (ITRS) of digital decision support tools provided through this service platform facilitates the commercialisation and scale-up of tech-driven innovations as well as supports the access-to-finance of tech-driven entrepreneurs, projects, start-ups and SMEs.
In fact, the ITRS is underpinned by a well-customised innovation assessment and rating methodology, taking advantage of the KOTEC Technology Rating System (KTRS) that has a track record of assessing over 200,000 cases and helping SMEs acquire more than EUR 75 billion in the Republic of Korea. Therefore, the project leaps forward in evaluating the technological and business potential and risks of high-potential innovations, going beyond the traditional credit-focused approaches. At the same time, InnoRate blends ICT with human expertise through deep-assessment services, where experts bring in the market and technology expertise required to evaluate more hard-to-grasp business aspects. In a nutshell, InnoRate can help:
- Entrepreneurs, projects, start-ups and SMEs to: (i) commercialise and internationalise their innovations in EU markets through increased visibility and collaboration opportunities, (ii) quantify their innovation potential and their strengths, weaknesses and risks; (iii) benchmark their performance.
- Private investors, innovation intermediaries and TTOs to: (i) assess hundreds of innovators using a novel, fast and reliable assessment rating methodology; (ii) identify promising tech-driven ventures, (iii) gain insights about innovators’ ecosystem, (iv) monitor existing portfolios, (v) access to data for further analysis and (vi) reduce the costs and time of assessments.
ITRS, along with its rating methodology and digital decision-support tools, is piloted in the context of investment readiness and matchmaking services offered by the project to interested stakeholders, covering a diverse set of use cases, ranging from investors scouting for and prioritising tech-driven SMEs with high-growth potential for financing, to innovation intermediaries assessing promising ventures for commercialising their innovations. After the piloting phase, the project will elaborate policy recommendations that can help stakeholders adopt the InnoRate’s results.
Ultimately, InnoRate’s vision is to disrupt the largely risk-averse financial sector of the EU, enhancing the innovation capacity of high growth technology sectors and paving the way for disruptive innovations to flourish. InnoRate wants to bring innovation to finance and finance to innovation!