Open Call 2 applications: who are they?
The project’s Open Call 2, that ran between , closed with a total of 147 applications from all over Europe. The following deep-dive into of the applicants provides valuable insights into the geographic origins, target markets, and valuation of the SMEs that applied. The target audiences were small consortia of up to three partners consisting of XR-developing industrial partners, training organizations and XR-application user/adopters.
Countries of origin
A large number of countries were covered, thanks to dissemination efforts in getting participants from eligible countries. So, this Open Call received proposals from 14 eligible countries. Greece (20,5%), Italy (14,5%), Germany (9,6%), Spain (8,4%), France (7,2%), Turkey (7,2%), were the 6 most represented countries.
SME’s ages
The objective of the Open Call #2 is to perform test, piloting, evaluate and validate the user acceptance of new or already developed XR-based applications in real life settings. In consequence, SME’s from various ages, with 69,2% of the companies being 10 years or less.
Raising capital
Regarding scaling-up, it turns out that only 16.8% of the SMEs applying to the open call were actively seeking investment at the time of application. This suggests that a significant portion of applicants may be seeking other forms of support, such as access to markets, mentorship, or technology partnerships, to scale their businesses.
Valuation
The valuation of the applicant SMEs revealed a diverse landscape. A significant portion (35.3%) were valued between 1 and 4 million, indicating a focus on early-stage growth. While 17.6% command a valuation between 20 and 25 million, suggesting more mature and potentially higher-growth companies.
11.8% of the applicants were valued at less than a million, highlighting the presence of early-stage ventures seeking initial traction.
The remaining valuations were distributed across 5-9 million (11.8%), 10-14 million (11.8%), and 15-19 million (11.8%), showcasing a range of company stages and growth trajectories within the applicant pool.
Markets
We can see a range of target markets for the applicant SMEs. Software emerged as the most prominent one, with 31.6% of applicants targeting this sector. XR technologies followed closely with 16.4%, reflecting the core focus of the XR2Learn project. Education and healthcare count as significant markets, with 13.2% and 11.8% of applicants respectively. Artificial intelligence (AI) and 3D applications were also well-represented. Finally, a smaller part of the application focused on data-related solutions, and on blockchain, indicating the growing importance of data-driven approaches and emerging technologies within the XR2Learn ecosystem.
NB: With respect to the targeted sectors, a minimum of 70% will be dedicated to XR-application relevant to industry 5.0 technologies and relevant skills and a maximum of 30% will be allocated to sub-projects targeting other educational sectors (e.g. healthcare and medical, manufacturing, construction and engineering.
Gender balance
The applicant SMEs revealed a significant gender imbalance across leadership and employee levels, as it tends to be the case overall in the ecosystem. Overall, 80.7% of applicants were male-led, while 19.3% were female-led. This disparity was reflected at the leadership level, with 81.5% of CEO positions held by men. While a slightly higher percentage of women were observed in co-founder roles (20.7%), male co-founders still constituted a majority (79.3%). Finally, the employee level also exhibited a similar gender imbalance, with 81.3% of employees being male.
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