Three-Phase Innovation Funnel

To address this issue, RISE put in place a three-step process that progressively narrowed a broad base of regional organisations down to a pipeline of investment-ready projects. 

Step 1 – Mapping the landscape and gathering ideas 

The project team began by mapping the innovation landscape in regions participating in RISE. Around 1000 companies, research centres, clusters, and other organisations were identified as relevant stakeholders using the European Cluster Collaboration Platform database, national cluster registers, and partner networks.  

For each participating region in RISE, the team carried out an analysis covering regional innovation priorities, relevant actors, and value chain strengths and gaps. This led to the identification of three main priority areas: Bioenergy, Sustainable Building and Mineral Raw Materials. 

An open call for project ideas was then launched, which received 41 submissions. Of these, 84% were directly related to the three priority areas. 

Step 2 – Developing project outlines through engagement 

To help participants connect and develop their submitted ideas, RISE organised a series of topic-specific online events. These included live pitch sessions and on-site matchmaking opportunities. Events were organised around each region’s level of development and Smart Specialisation priorities, so that organisations with complementary strengths and gaps could connect. 

This step produced 30 project outlines (referred to as project fiches) from 109 participants across 20 countries, with 23 potential working groups formed as a result. 

Step 3 – Coaching projects towards investment-readiness 

A review of the 30 project outlines identified three recurring challenges that the coaching programme was designed to address: projects were not yet mature enough, interregional partnerships were limited, and most had not sufficiently integrated the full value chain to ensure market readiness. 

All 30 outlines were scored independently by three evaluators using a six-area framework covering: the business opportunity, the project overview, market analysis, investment project management, financials, and projected effects and impacts. Projects were then grouped into three thematic clusters matching the areas from Step 1, so that coaching could focus on peer learning and value chain alignment within each group. 

Fifty coaching sessions took place between March and August 2025, supporting all eligible project outlines across three rounds: group onboarding and alignment, structured project development coaching, and intensive technical and business planning support. 

The progression through this process produced the following results: 

• 15 investment-ready projects 
• 3 applications for EU funding programmes (LIFE, I3 and Horizon Europe) 
• 2 funding mix pilot projects, one in Finland and one in Bulgaria, advanced to active investment planning 
• A projected total investment pipeline of at least €5 million 

The independent scoring system provided an objective basis for deciding which projects to prioritise and for extending coaching support to all eligible project outlines. This was particularly significant for companies from less developed regions, showing that the process was effective in bringing forward investment potential from parts of the European ecosystem that typically struggle to reach this stage without targeted support. 

The coaching also helped to clarify business models, financial needs and partnership structures, with the potential to generate value beyond the project’s lifetime through the networks and investment pipeline established. 

The three-step methodology developed in the RISE project is well suited to replication because the full process is clearly documented, from the initial mapping through to the final investment pipeline. This makes it straightforward for other projects to understand what was done, how decisions were made, and what results were achieved at each step. 

The tools and methods used throughout are available as a reference that other projects can draw on. This includes the open call, the matchmaking events, the scoring framework, the clustering approach, and the phased coaching structure. Each of these can be easily adapted to a different topic area or geographic context. 

Future Strand 2b applicants would benefit from using the RISE model as a starting point, as it is designed to address the barriers that most commonly prevent projects in less developed regions from reaching investment-readiness (e.g. weak business models, low technology readiness, fragmented partnerships and limited financial planning capacity). The model tackles barriers through a step-by-step support process rather than one-off interventions.