ENABLING INDUSTRY 4.

0 IN
SMALL EUROPEAN ENTERPRISES

A Guide for the

Practical Implementation
of Industry 4.0

Project No. 2019-1-PL01-KA202-064936

The European Commission's support for the production of this publication does not constitute an endorsement
of the contents, which reflect the views only of the authors, and the Commission cannot be held responsible for
any use which may be made of the information contained therein.
This Guide for the Practical Implementation
of Industry 4.0 has been developed by the
following Project Partners:

2
 Contents
A brief outline

1. Why Industry 4.0 for SMEs?

2. State of Play
3. Challenges and Benefits for your Company
4. Cyber Security Issues of Industry 4.0 Factories
5. Choosing an Industry 4.0 Business Model
6. Practical Implementation ‘Recipes
7. Sources of funding to help SMEs implementing Industry 4.0

3
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 INDUSTRY
1.0
INDUSTRY
2.0
INDUSTRY
3.0
INDUSTRY
4.0

Steam power
(1784)
Mass Production
(1870)

Automated Production
(1969)
Cyber Physical Systems
(2011)

1. WHY INDUSTRY 4.0?

Industry 4.0 refers to a new phase in the Industrial Revolution that focuses heavily on interconnectivity,
automation, machine learning, and real-time data.

Images reproduced from https://www.flaticon.com/

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 Industry 4.0
Industry 4.0 as a Revolution
Industry 4.0 facilitates the gathering and analysis of
data across machines, enabling faster, more flexible,
and more efficient processes to produce higher-quality
products at reduced costs.

This manufacturing revolution thereby increases

productivity, shifts economics, fosters industrial growth,
and modifies the workforce profile, ultimately changing
the competitiveness of companies, both small and
large.

Image reproduced from 5

https://www.abcfinance.de/blog/2017/03/07/digitalisierung-alles-eine-frage-der-finanzierung/
Industry 4.0
Impact of Industry 4.0 on SMEs
Industries are under constant pressure:
▪ to improve product quality,
▪ boost factory efficiency,
▪ stay competitive,
▪ enhance safety, security & sustainability,
▪ remain profitable.

In view of the above, SMEs will have challenges to address the following
▪ Networking and reduction of barriers
▪ Increased flexibility to meet virtualisation requirements
▪ Decentralisation of decision making and steering away from individualised mass production
▪ Real-time capability as against local production and build to order to control inventory turns
▪ Strategically change the orientation to providing a service whilst retaining low pricing
▪ Move towards a modular approach in view of larger economies of scale for bigger companies
▪ Data Analytics – value chain cannot remain fragmented; more of a globalised approach

Image reproduced from https://blog.4stepstudio.com/2018/06/20/advantages-of-digital-marketing-for-small-business/ 6

 The Need for Change & Motivation
What are the Benefits & the Challenges?

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 Service
Orientation

Interoperability Virtualization

Industry 4.0
Key Features

Big Data Decentralization

Analytics of Decision
Making
Modularity &
Real Time
Capability

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 The Challenges for SMEs
What are the risks and hardships in Summary

• Resource capacity allocation to get the required training cascaded

without adversely impacting the day-to-day operations
• Capital Investment is more controlled – heavily impacting the bottom
line
• Task Force– the skill set within a small to medium organisation is far
more limited than a global corporate organisation. Sustaining Training
and Development is more difficult.
• Data Security - Concerns over and confidence around the managing of
cyber security is seen as an issue for many small firms. The IT
infrastructure would have its limitations
• Business Tools: there are difficulties in assessing the performance and
potential in terms of business return

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 Main Requirements to Face
this Digital Transformation
How do we Implement Industry 4.0?

Digital
Transformation Work
Organization

Technology
Availability
Availability of Investment –
Skilled Research and
Personnel Training

New Business Procedures

Models and
Dissemination

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 The Importance of this Guide
Why should you read this guide?

The main aim of this guide is to:

• Strengthen key competencies, required by Industry 4.0, of SMEs owners and
managers through the development of innovative training material.
• To equip SMEs owners and managers with Industry 4.0 relevant knowledge,
skills and competences, to better gain competitiveness. This is imperative given
today’s and future business market conditions.
• The content produced by this project will be tailored to the needs of learners
through case studies and best practices gathered from the field where SMEs
operate.
• The practical applicability of the training material makes it distinct to the
material already available, which is not as applicable within an SME setting.

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2. State of Play
A closer look at Industry 4.0, Technology & Skills Requirements
applicable in SME settings, Successful Transformations of SMEs

12
A closer look at Industry 4.0

The concept of Industry 4.0

(I4.0) was initially
Industry 4.0 is a vision that
introduced in Germany in
evolved from an initiative The aim was the realization
2011 referring to the
aimed at making the of a system in which all the
integration of physical
German manufacturing processes are integrated
objects, human actors,
industry more competitive and information is shared in
intelligent machines,
(‘Industrie 4.0’) to a globally real time
production lines and
adopted term.
processes across
organizational boundaries.

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A closer look at Industry 4.0
Industry 4.0. is characterized by:

Increased degree of automation levels than in the third

industrial revolution

The bridging of the physical and digital world through

cyber-physical systems, enabled by Industrial IoT

A shift from a central industrial control system to one

where smart products define the production steps

Closed-loop data models and control systems and

personalization/customization of products
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A closer look at Industry 4.0

Productivity

Three highlighted
Profitability
benefits of Industry 4.0:

Personalization

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Technology & Skills
Requirement
New technologies and new business models are
revolutionizing the future of industry.

Miniaturization, for instance, is making everyday

objects smarter. Digitization, on the other hand, is
generating an ever-increasing amount of data.

As technology becomes increasingly complex in the

Industry 4.0, so do the skills required to govern it.
The hunt for new and young talents has just begun.

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© Source: Europeanbusinessreview, 2018
Technologies of

I4.0
Industry 4.0 has made the smart factory a reality,
thanks in part to the widespread use of digital
technologies in formerly manual processes.
Connectivity, automation, and optimization are
driving the Industry 4.0 digital transformation. But
many technologies are coming together to realize the
full potential of the manufacturing 4.0 movement.

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Technologies of
Nine technology trends form the building blocks of Industry 4.0

I4.0 These are:

Industrial
Internet of
Things
(IIoT)
Automatio Big Data &
n Analytics
Artificial
Intelligenc The Cloud Robots
e

Cybersecurity Augmented Reality

Simulation
s

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Skills & Requirements
1. Knowledge about ICT
▪ Basic Information Technology
knowledge
• Ability to use and interact with
computers and smart
machines like robots, tablets
etc.
• Understanding machine to
machine communication, IT
security & data protection
3. Technical know-how
• Inter-disciplinary & generic
knowledge about technology
• Specialized knowledge about
manufacturing activities and
processes in place
• Technical know-how of
machines to carry out
maintenance related activities
2. Ability to work with data
• Ability to process and
analyze data and
information obtained from
machines
• Understanding visual data
output & making decisions
• Basic statistical knowledge
4. Personal Skills
• Adaptability & ability to
change
• Decision making
• Working in a team
• Communication skills
• Mindset change for
lifelong learning
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Who is successfully transforming

Which region is ahead with

Industry 4.0 adoption?

North America Europe Asia

North America is clearly European manufacturers Asian manufacturers

leading Europe and Asia also showed higher than showed a higher adoption
when it comes to overall average adoption of of collaborative robots
Industry 4.0 adoption, cloud, but they trailed in but a much lower than
with 36% of respondents Industry 4.0 adoption of average adoption of cloud
indicating the Industry 4.0 other technologies such and IoT technologies.
technology was either as collaborative robots
“extensively” or “fully” (cobots) and edge
rolled out in operations. computing.

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Who is successfully transforming

Which industry is ahead with

Industry 4.0 adoption?

Automotive 39%

Comp. Elctronic & Electric 29%

Metals & Mining 29%

Process industries 29%

Machinery & Equipment 26%

Energy 25%

Other discrete industries 24%

Other hybrid industries 24%

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3. Challenges and Benefits for
your Company
In this unit we will study what you will encounter in your Industry 4.0 journey, including
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both challenges and benefits of the process.
Challenges of 4.0
Implementation in
SMEs
What should we consider when
implementing Industry 4.0 in
our business
When beginning an Industry 4.0 journey,
several differing challenges shall be
encountered. These have been qualified into
4 different categories: business culture;
digital skills literacy; data security; and
collaborative environments.

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Challenges of 4.0
Implementation in SMEs
What should we consider when implementing
Industry 4.0 in our business

Business Digital Skills

Training and
Culture Literacy

Data Creation of
Collaborative
Security Environments
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 Business Culture
Companies are often afraid of change: why should they modify their production chain
if the current one works? This fear of change is fueled by a lack of knowledge about
new online environments and the incredible possibilities offered by the modernisation
and digitalisation of production chains. This concept can be visualized hereunder.

OBSTACLES
• Productivity • Decentralization
• Efficiency • Virtualization
• Growth • Fear of change • Interoperability
• Connectivity • Lack of • Service
knowledge orientation
• Investment

BENEFITS RESULTS

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 Digital Skills Training and Literacy
Several threats appear within the introduction of Industry 4.0 within the workforce.
Digitalizing your business requires formation and training for current employees (as
well as, nearly in most cases, hiring new people), and the process has to strike a
balance between the training required and the day-to-day operations, as formation
requires time and effort from workers. Finding a proper balance between those two
activities is key for success in the process of the implementation of Industry 4.0:

Production Training

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 Data security
As data and information gains importance with the increased popularization of Industry 4.0, its
value increases exponentially, which is an opportunity for cybercriminals.

An employee with insufficient knowledge, lacking training and formation in cybersecurity

concepts, is more likely to be susceptible to hackers, both for information technology (pure
information, regarding different areas and topics) and operational technology (information
related with the production chain of your business).

Breaching any of the above can endanger the Systems security, which might lead to Intellectual
Property theft, the most valuable piece of information Industry 4.0 businesses tend to manage.

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 Data security
Access
Information
Technology

Threat

Threat
Intellectual
Feedback
Property

Unwitting
Employee

Operational
Technology
Access

Threat (*) Graphic based on “Industry 4.0 and the Escalation of Cyber-
28
Physical Vulnerabilities”, by Bruce Sussman.
 Creation of Collaborative
Environments
Collaboration between industry, the technology sector and the research-academic field is key,
as it allows the generation of synergies that lead to innovation. In order to foster such
collaboration, the creation and development of collaborative environments and platforms
must be encouraged. A collaborative environment allows the sharing of experiences, ideas and
problems. These environments should respond to a double objective: on the one hand, to
orient the development of digital technologies to the needs of the industry; and, on the other,
to improve the practical implementation of these digital technologies.

Research
& Science

Technology
Sector

Industry

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What are you going
to encounter in your
Industry 4.0
Journey?
Main benefits of Industry 4.0
The aforementioned challenges are not the only
thing Industry 4.0 is going to bring forward to the
organisation, as crucial benefits come along with
the process. These benefits and their implications
on the business shall now be analysed.

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Main benefits of Industry
4.0
Logistic Benefits

Economic Benefits

Benefits for the

customer
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 Main benefits of Industry
4.0

Logistic Benefits Economic Benefits Benefits for the

• Automatized and • Efficiency customer
uninterrupted • Profitability • Increased production
production • Competitivity flexibility
• Quality levels • Internationalisation • Problem solving
standardized capability
• Growth
• Improvement in security • Sustainable production
• Faster production times • Faster adaptation to
• Interoperability changing market needs
• Information flow
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Image Credit
1. Photo by Arno Senoner on Unsplash
2. Photo by Marcin Jozwiak on Unsplash
3. Photo by Elevate on Unsplash
4. Photo by Michael Dziedzic on Unsplash
5. Photo by David Levêque on Unsplash
6. Photo by Lars Kuczynski on Unsplash
7. Photo by Patrick Tomasso on Unsplash

References
1. Matt, Dominik & Modrák, Vladimír & Zsifkovits, Helmut. (2020). Industry 4.0 for SMEs: Challenges,
Opportunities and Requirements. 10.1007/978-3-030-25425-4.
2. Buisán, M., & Valdés, F. (2017). La industria conectada 4.0. ICE, Revista de Economía, (898).
3. Sussman, B. (2019) Industry 4.0 and the Escalation of Cyber-Physical Vulnerabilities. Article uploaded
on SecureWorldExpo.com, available here.
4. Bakuei, M & Flores, R & Kropotov, V & Yarochkin F (2019) Securing Smart Factories: Threats to
Manufacturing Environments in the Era of Industry 4.0. TREND Micro, available here.
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 4. Cyber Security Issues of Industry 4.0 Factories
Understanding why cyber security is so important for the proper functioning of a company

https://pixabay.com/pl/illustrations/bezpiecze%C5%84stwo-cybernetyczne-1784985/ 34
 Cybersecurity
Why it is so important?
It protects your company and your resources from various types of external attacks which may
aim, among other things, at stealing your data or working methods or may lead (cyber attack) to
a loss of reputation and credibility and as a result, to the collapse of your business.

Icons made by Freepik from www.flaticon.com

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Icons made by Eucalyp from www.flaticon.com
 Popular threats
What you should be particularly careful about:

Malware
Software which is designed to damage your devices (PC, servers and so on). It includes:
trojans, viruses, worms, spyware, etc.

Phishing
This is a type of cyber attack in which scammers impersonate some well-known
institutions/person (banks, government agencies, work colleague, etc.) with the intention
of extracting your confidential data.

Man-in-the-middle attack
MITM is type of attack where hackers try to get in position between the victim and a
certain application (for example, a bank) and his purpose is to intercept your data and
remain unnoticed.
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 Which Sectors in Industry 4.0
are most exposed to attack?
It is not easy to answer this question, because we are all at risk of a cyberattack
(regardless of whether we are a private person or a company). However, there are
industries more frequently attacked than others, like:
❑ Manufacturing
❑ Energy
❑ Water
❑ Transportation

Icons made by Freepik from www.flaticon.com 37

New threats in Industry 4.0

Industry 4.0 has introduced many new solutions but there are also new problems
related to the development of areas such as AI, machine learning, cloud computing
and IoT.

Amongst them we can list:

❑ Cloud Vulnerability;
❑ AI Fuzzing;
❑ Machine Learning Poisoning;
❑ IoT-Based Attack;
❑ Deepfake.

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 Why is Industry 4.0
particularly exposed to cyber
attacks?
One of the problems in cyber security in Industry 4.0 is the scale of the connected devices.
Hundreds (and more) of devices are connected, sending information to each other, which
increases the risk of any of them being infected with the virus or attacked by other cyberattacks.

and then the company’s entire

One infected connected to may hack this infrastructure.
device a company device
computer

Icons made by Freepik from www.flaticon.com 39

Icons made by Eucalyp from www.flaticon.com
 How can you protect
your company?
Good practices

Education Data protection

Risk prevention

Icons made by Freepik from www.flaticon.com

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Icons made by Flat Icons from www.flaticon.com
 Company staff
Why training company personnel on cyber
security principles can save your business 4.0

People are the most important resource. Well-trained

staff will drastically reduce the risk of cyber attacks.
Unfortunately, statistics currently show that as much
as 95% of cyber attacks are due to human error.

That is why appropriate steps are to be taken to

resolve this problem. One of these, of course, is
education. It is also worth taking care of appropriate
company policies and preparation of risk mitigation
plans to support any potential cyber attacks.

Photo from: https://pixabay.com/pl/vectors/kobieta-biznesu- 41

afroamerykanin-4530909/
Good practices
For employees

There are a few things your employees should pay attention to in order to increase
safety:

❑ Keep your software up to date

❑ Use antivirus software
❑ Use complex passwords and not reuse them
❑ Open websites and emails only from trusted sources

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Good practices
For employers

There are a few things your employees should pay attention to in order to increase
safety:

❑ Make sure you have working backup of your important data

❑ Organize regular staff trainings related to cybersecurity
❑ Create procedures and schemes for various types of threats
❑ Consider introducing additional security measures, like biometric identity, smart
cards
❑ Implement the ”security by design” principle

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5. Choosing an Industry 4.0 Business Model
In this unit you can find: How Industry 4.0 changed the business model , Traditional
company vs. Industry 4.0 company, Solutions for the new business model, Result of
Industry 4.0 business model, Technologies that must be integrating into the business,
Steps to build a Business Model in Industry 4.0 context, The advantages of adopting an
Industry 4.0 business model for SMEs.

44
How Industry 4.0 change the
business model
Industry 4.0 completely changes production processes, products, supply chain relationships
but also business models in companies .

➢ Introduction of new technologies

➢ Networking - people, machines and objects are

inter-connected.

45
Traditional company vs. Industry
4.0 company
Traditional company Industry 4.0 - Company

Separate departments Interconnected departments

Separate products development Customer feedback

and manufacturing processes networking collaboration

Misunderstanding and information

Integrated IT-systems
loss
46
Solutions for the new business
model
Horizontal
and vertical
integration,
process
analysis

Use of
standardized
data model and
communication
paths
Connected
Manufacturing and
Connected Supply
Chain using IoT

Digital transformations in many companies

allow them to use the potential of Industry 4.0
components in the new business models. 47
Industry 4.0 – business model
framework

Machine automation Equipment connectivity

Industry 4.0
provides Value-added

Process visualization Predictive maintenance

48
Result of Industry 4.0
business model

Improved
planning and
Real time production ,
Management Data security

More
accurate
forecasts

49
 Technologies that must be
integrating into the business

Artificial
Intelligence Internet of
Virtual reality Robotics Things
- to predicting
the future - new - to increase - to assist the
behavior of technologies business process
the clients adaptable to efficiency in
repetitive - to collect
- to increase future trends customer
tasks
customers data
engagement

50
Steps to build a Business
Model in Industry 4.0 context

Product
Supply
Business and Technology Customer
chain
Stradegy services strategy feedback
strategy
strategy

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The advantages of adopting an
Industry 4.0 business model
✓ improved efficiency

✓ lower costs

✓ new sales opportunities

✓ improving the supply chain

✓ less wasted materials

✓ more efficient operation

✓ provides exactly what customers need

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6. Practical implementation "Recipes"
Information, case studies and best practices related with Industry 4.0 implementation, applicable in SME
settings.

53
Case Studies in Industry
Concrete examples relevant for SMEs

4.0

54
IoT and Servitization
Case-study

AXTech (NO) - delivers heavy lifting equipment for oil&gas industry

Challenge
Solution
Drop in demand for
lifting equipment New business
model based on
Customers’ Servicing & IoT
Oil price liquidity shortage equipment
collapse

Results and Benefits

New services offering New revenue streams
New possibilities for
Preventive maintenance
monetization of data
Remote operation Renting out equipment
IoT addresses customers’
Remote diagnosis Servitization
equipment low ability to invest

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AR in e-commerce
Case-study

SoffaDirekt (SE) - furniture & decoration e-commerce company

Challenge
Solution
No product feel Augmented Reality to
allow clients see product’s
Low conversion rate 3D model and place it in
their own home
Online - Poor customer environment.
only store experience AR

Results and Benefits

Sales increase

59% increase in mobile conversions

56
 Management &
entrepreneurship Communication

Quality, risk Innovation

& safety

Industry 4.0
crucial Emotional
Technical
competence intelligence
categories

Skills & Knowledge

What skills and knowledge do you need to implement Industry 4.0?

57
Essential skills
Key skills for Industry 4.0
The success of Industry 4.0 implementation depends on employees’ skills &
knowledge. The needed skill set is determined by job requirements, but it should
be a combination of know-how related to the specific job with IT competences and
certain soft skills.

• Analytical thinking and innovation

• Active learning and learning strategies
• Creativity, originality and initiative
• Technology design and programming
Key skills in • Critical thinking and analysis
2022 • Complex problem-solving Adapted from “The Future
of Jobs Report 2018”,
• Leadership and social influence World Economic Forum
• Emotional intelligence
• Reasoning, problem-solving and ideation
• Systems analysis and evaluation

58
The “recipe”
Skills & knowledge

SMEs must act to:

• Retrain the existing workforce
• Identify and plan the workforce they need
• Recruit suitable skilled people
• Set reskilling and upskilling strategies

59
 Discover
Define requirements
➢ Practical uses in SMEs
➢ Case studies (SEE4.0 toolkit) ➢ Equipment, space, utilities
➢ I4.0 elements (SEE4.0 toolkit) ➢ Staff, skills
➢ Identify suitable application ➢ Budget

Design
Launch
➢ Feasibility assessment
➢ Selection of providers
➢ Selection of software, ➢ Testing
hardware, etc. ➢ Optimization
➢ Documentation ➢ Deployment

How do you implement?

Practical “recipes” for Industry 4.0 implementation

60
Industry 4.0 elements
Some practical uses in SMEs

Cloud Cyber
IOT 3D Printing Robotics AR / VR
computing Security

Access
Data Increase
Control and File storage Education Inspection
protection productivity
Security

Dynamic
Assets Reduce Quality
Inventory File sharing Prototyping
Management protection error control

Avoid Enhance
Preventive
maintenance
Backup financial Production work Training
loss conditions

Avoid
Energy Remote Art/Jewellery E-
reputation
Management working / Fashion commerce
loss

Remote
Protect Proof of Support for
control and Collaboration
operations concept maintenance
operation

Technology Remote
Spare parts
access diagnosis

Medical/
Data
Cut IT costs Dental /
visualisation
Prosthetics 61

Simplify IT
Tooling
infrastructure
 Cloud computing
Implementation solutions

Cut Working
costs from
anywhere
•IT costs
•Simplified IT •Remote work
infrastructure •Collaboration
•File sharing

File Technology
storage access

•Accessibility •Software applications

•Backup •Business processes SaaS: access to
•Collaboration software applications
•Security IaaS: access to hardware
computing resources
PaaS: environment for creating 62
new software applications
3D printing
Implementation solutions

1. Learn about 3D printing technology

Prototyping 2. Find suitable applications
Art/Jewellery/ 3. Requirements analysis: space,
Fashion Production utilities, staff, budget, etc.
4. Decide on the right
Marketing implementation solution
Education
samples

Spare
parts Proof of
concept
Tooling Medical/
Dental 3D printers acquisition
3D printing bureaus
3D printing repositories
CAD/CAM systems 63
3D scanning
AR / VR
Implementation solutions

1. Learn about AR/VR technologies

2. Find suitable applications
Expert diagnosis & 3. Develop application or partner
guidance with a developer
Training
4. Decide on the right
Data implementation solution
visualisati E-commerce
on

Logistics
Inspection /
Quality
control
AR/VR software development
kits & tools

Headsets, wearables 64
Image Credits

Vectors created by macrovector - www.freepik.com

https://www.freepik.com/free-photos-vectors/business

Images from Ludor Engineering’s archive

65
7. Sources of Funding to Help SMEs
Implement Industry 4.0
National Funding, Structural Funds, EU Funding, Private Funding to kick start an SME within Industry 4.0.

66
Photo : https://en.unesco.org/youth/toptips/planner/fundraising
 Introduction

• Industry 4.0 requires capital investments, and sources of funding are necessary to
start an innovative business or to achieve enterprise development and growth.

• Enterprises need advanced planning and strategy to be Industry 4.0-ready to avoid

falling behind.

• The key components of Industry 4.0 are technology and data.

National Funding /
Structural Funds
Five Funding Instruments

• European Regional Development Fund (ERDF).

• European Social Fund (ESF).
• Cohesion Funds (CF).
• European Agricultural Funds for Rural
Development (EAFRD).
• European Maritime and Fisheries Fund (EMFF).

Photo : http://www.fundingsupport.eu/
National Funding / Structural Funds
NSRF / RIS3 / Innovation – Development Funds

The main scope of EU’s 2020 Strategy is investing more in

Entrepreneurship
Research Innovation

The priorities set out for Strategy 2020 are smart growth based on knowledge and innovation,
sustainable development and inclusive growth.
 LEADER Initiative
Innovation is a priority for EU’s Rural Development
Policy and through the LEADER CLLD initiative,
which is funded by the EAFRD funding tool and
aims at sustainable development of rural areas.
LEADER CLLD, is implemented under the National
or Regional Rural Development Programmes and
provide direct funding to entrepreneurs based in
rural areas of Europe (Commission, n.d.).

Source : https://www.ta-ad.biz/en/tindutrie-4-0
 EU Funding
Horizon 2020 is the biggest EU Research and Innovation programme ever with nearly €80
billion of funding available over 7 years (2014 to 2020)

Main Priorities are

Excellent Industrial Societal

Science Leadership challenges

EIC Accelerator pilot (Previously SME Instrument) is part of the European Innovation
Council (EIC) pilot that supports top-class innovators, entrepreneurs, small companies and
scientists with funding opportunities and acceleration services.
Its indicative budget for 2020 is € 819.04 million
https://ec.europa.eu/easme/en/section/sme-instrument/eic-accelerator-funding-opportunities

Photos : https://ee.uth.gr/el/content/ereynitika-erga-pth-sto-horizon-2020-2019-12-03
 EU Funding
COSME is the EU programme for the
Competitiveness of Enterprises and SMEs,
running from 2014 to 2020, with a budget of
€2.3billion. SME’s can use two financial
instruments that COSME applies :
Loan Guarantee Facility (LGF) and Equity Facility
for Growth (EFG).

EEA Grants Iceland, Liechtenstein and Norway

grants support Business Development,
Innovation and SMEs by supporting a large
variety of topics, ranging from climate change
and energy to cultural cooperation and civil
society support in 15 countries in Europe.
http://www.newslettereuropean.eu/smes-access-to-public-procurement-supported-under-cosme

Source: http://res-eeagrants.com/en/eea-en/grants-2009-14-en 72
 Private Funding
Business Angels or Angel investors

Own funds

Investment funds
https://www.investopedia.com/terms/i/inves
tment-fund.asp

Business angel networks

The European Trade Association for Business Angels,
Seed Funds and Early Stage Market Players
(EBAN) https://ec.europa.eu/growth/access-to-
finance/funding-policies/business-angels_en

Source: https://betweenborders4.wordpress.com/tag/business-angels/
 Where You Can Get Help

Enterprise Europe Network, is a network that consists of 3.000 entrepreneurial consultants in 63

countries and provides services for international business partnerships, information on European
policies, innovation and technology transfer and fosters the participation of SMEs in European
Programs for Research and Technology.
 Where You Can Get Help
A chamber of commerce is a form of Chambers of Commerce
business network, for example, a local
organization of businesses whose goal is
to further the interests of businesses.
https://en.wikipedia.org/wiki/Chamber_of_commerce

Members of chambers can get help in many

ways such as: advise, extroversion activities
and access to funding schemes

Banks are also institutions where an

entrepreneur or a firm can refer in order to:
▪ Get a loans or to have access to funding
schemes, get information on national or
Banks EU programs, or get information on the
COSME funding tool.

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Image Credits

Vectors created by macrovector - www.freepik.com

https://www.freepik.com/free-photos-vectors/business

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