Dictionary
We believe in being straightforward and honest. Here's what all those technical terms actually mean--explained in plain language.
Deep-Tech
Companies built on substantial scientific or engineering breakthroughs that take years to develop. Examples include advanced materials, biotechnology, quantum computing, and clean energy solutions. Unlike typical software startups, deep-tech ventures require significant R&D investment and longer development cycles.
TRL (Technology Readiness Level)
A scale from 1 to 9 that measures how developed your technology is. TRL 1 is just an idea on paper, TRL 5-6 means you have a working prototype tested in relevant conditions, and TRL 9 means your technology is fully proven in real-world operations. Most European funding programs look for TRL 6-7 or higher.
IP (Intellectual Property)
Legal protections for your innovations, including patents, trademarks, copyrights, and trade secrets. Strong IP strategy shows funders that your technology is defensible and gives you competitive advantage.
Market Traction
Proof that customers actually want your product. This includes pilot projects, letters of intent, paying customers, partnerships, or demonstrated demand. It shows you're not just building something cool--you're building something people will buy.
Pilot Program
A small-scale, real-world test of your technology with actual customers. Pilots help prove your solution works outside the lab and provides valuable feedback before full commercialization.
Unit Economics
The basic math of your business: how much it costs to acquire and serve one customer versus how much revenue that customer generates. Positive unit economics means you make more money per customer than you spend--a key indicator of business viability.
Path to Profitability
Your realistic plan for when and how your company will start making more money than it spends. Investors want to see you've thought through the journey from burning cash to generating sustainable profits.
Go-to-Market Strategy
Your plan for actually reaching and selling to customers. Who are they? How will you find them? What channels will you use? How will you price your product? It's the bridge between having a great technology and building a successful business.
MVP (Minimum Viable Product)
The simplest version of your product that still solves the core problem and can be tested with real users. It's about learning fast without building everything--get feedback early so you build what customers actually need.
Product-Market Fit (PMF)
That magical moment when you've built something people desperately want. You know you have it when customers are pulling your product from you rather than you pushing it to them. Sales become easier, word-of-mouth grows, and retention improves.
EIC (European Innovation Council)
The EU's flagship innovation program that provides grants and equity investments to high-risk, high-impact innovations. The EIC Accelerator offers up to €2.5 million in grants plus €15 million in equity for breakthrough technologies that can scale globally.
Horizon Europe
The EU's main research and innovation funding program (2021-2027) with a budget of €95.5 billion. It supports everything from basic research to market-ready innovations across all scientific fields.
Trade Secrets
Confidential business information that gives you competitive advantage--like formulas, processes, or customer lists. Unlike patents, trade secrets aren't publicly disclosed, but you must actively protect them. Think Coca-Cola's recipe.
Benchmarking
Comparing your company's performance against similar companies or industry standards. We use benchmarking to show you how your readiness stacks up against previous successful Nordic applicants.
Impact-Driven Innovation
Technologies and businesses designed to solve major societal or environmental challenges while building profitable companies. Examples include climate tech, health tech, and sustainable materials. European funders increasingly prioritize innovations that create both economic and social value.