Starting a business was something I didn’t realize I'd need to bootstrap until I delved deeper into the startup ecosystem. Bootstrapping, while incredibly challenging, also taught me how to be resourceful and carve my space as a founder of Fe/male Switch, a startup building an educational game for future entrepreneurs that blends STEM with creativity. After years of experience and overcoming hurdles, I've gained a unique perspective about the European Investment Fund (EIF), what it funds, who benefits, and the rigorous steps involved.
What Is EIF, and Why Should Female Founders Be Paying Attention?
The European Investment Fund is known for fueling growth across various sectors. It funds venture capital initiatives through a competitive selection process, prioritizing companies that align with Europe-wide public policies.
EIF invests indirectly, supporting venture capital and private equity funds that finance startups. This means companies need to partner with VC funds backed by the EIF to benefit from these resources. Why does it matter for female founders? Because many of these policies encourage innovation, sustainability, inclusion, and the growth of STEM startups, areas where women’s representation can thrive.
Breaking Down Who Gets EIF Funding
Understanding how EIF allocates resources can help founders set realistic expectations. Here are some key criteria:
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Alignment With European Policy Goals:
Target areas include technology innovation, green transition, social impact, and economic competitiveness. If your startup emphasizes impact in these domains, you're one step closer to eligibility. -
Dual Funding Model:
EIF operates primarily alongside private investors. Over 50% of funds must come from non-government contributors. Applications rely heavily on private capital involvement rather than pure public backing. -
Commercial Viability:
Despite its focus on public goals, EIF requires financial feasibility. Backed funds need competitive market returns to operate sustainably. If your startup fits these requirements, VCs supporting you stand better chances for future EIF approval. -
Diversity in Sectors:
From tech solutions addressing Europe’s security challenges to AI and clean energy platforms, the EIF has grown to support ventures that tackle strategic challenges. Use this to steer your startup idea into relevant domains gaining momentum.
Lessons Learned From Founders Navigating EIF Opportunities
I’ve spoken to startups who engaged with EIF-backed funds, and their experiences reveal key insights:
- Emphasis on long-term strategies: Founders need to prove their startup isn’t applying for quick growth but sustainable scaling.
- Complex documentation: Be prepared to submit extensive investment documentation, business plans, due diligence proof, and clear metrics related to both social and financial results. It's exhausting initially but forces you to refine your planning.
- Private backing matters: Without strong counterpart investors, eligibility drops, regardless of the potential impact presented.
Avoiding Common Missteps
Here’s what not to do when considering EIF-backed funds:
- Don’t expect free grants without accountability. EIF involvement comes with due diligence checks and follow-ups. Entrepreneurs often misunderstand it as merely "public funding."
- Skip quick fixes; don’t cut corners in your initial VC engagement. Planning well-secured private backing is essential before aiming for EIF-related opportunities.
- Ignoring policy relevance will hurt your chances. Companies must demonstrate their shared contribution toward a better Europe.
A Practical Guide for Female Founders: Getting Started With EIF-Supported VCs
If you're considering accessing resources channelled through EIF-supported initiatives, use this approach:
- Scout EIF-Partnered VCs: Look at funds that handle EIF money. Check out this detailed breakdown of EIF venture capital partnerships.
- Prepare A Winning Dataset: Critical documents include projected cash flows, alignment with EU policies, and your pitch deck.
- Get Early Market Validation: Founders with validated prototypes gain favor across VCs, this shows product-market fit even before scaling.
- Build Connections: Attend European ecosystem-focused networking events like Startup Leap to meet VCs well-acquainted with EIF evaluations.
And remember, cautious preparation will get you further. It’s not just a race; it’s a long marathon demanding genuine dedication.
How Founders Like Me Have Benefited
In my journey building CADChain's ecosystem and Fe/male Switch, receiving grants backed by EU bodies helped refine my strategies early on. It aligned my work with public benefit policies that reduced barriers for women looking to enter entrepreneurship through STEM.
Programs supported by public-private partnerships often enable creators like me to bridge gaps between academia and practical entrepreneurial ecosystems. The EIF is championing security-focused and scale-up capital to help businesses flourish within Europe, essential considerations for emerging women-led startups. It’s an opportunity worth investigating, not just for funding but also mentorship and collaboration prospects.
Closing the Gap for Scale-ups
The spotlight on scale-up funding by EIF resonates deeply with many founders. A significant challenge I’ve witnessed is that startups often fly overseas to secure larger investment rounds. EIF-funded initiatives like the European Tech Champions Initiative aim to close this gap by keeping growth-focused capital within Europe while enabling founders to access large-scale checks.
Female entrepreneurs have the opportunity to rise in such spaces since inclusion and diversity solutions often intersect with funding priorities like social impact and tech sovereignty. Learning to balance policies with eventual market success isn’t simple, but it keeps the bigger vision alive.
Stay determined, aligned, and well-prepared, that’s one crucial lesson I take away every time I encounter new frameworks like what EIF brings. Supporting each other through our collective stories will ultimately see more women thriving in innovation-focused industries.
FAQ
1. What is the European Investment Fund (EIF)?
The EIF is a part of the European Investment Bank Group, aiming to support small businesses, innovation, and entrepreneurship across Europe through investments in VC, growth, and infrastructure funds. Learn more about the EIF
2. What are the key areas of focus for the EIF?
The EIF prioritizes ventures aligned with public policy goals such as innovation, green technologies, social impact, and enhancing European competitiveness. Discover EIF initiatives
3. How does the EIF allocate funding to startups?
The EIF operates as a fund-of-funds, meaning it invests in venture capital and private equity funds that further invest in innovative startups and SMEs. Funding is competitive and requires alignment with both financial viability and European policy goals. Understand EIF’s funding process
4. What are the eligibility criteria for EIF-backed funding?
Eligibility criteria include alignment with European policy objectives, dual funding from private and public sources, commercial viability, and relevance to sectors prioritized by the EIF.
5. What sectors do EIF-backed funds target?
EIF-supported funds cover diverse sectors like technology innovation, green energy solutions, AI, clean technology, and projects addressing Europe’s security challenges.
6. How does the European Tech Champions Initiative help startups?
This initiative addresses the funding gap for European scale-ups by offering large-scale checks (€100M+) to help successful startups grow without relocating outside of Europe. Learn about the European Tech Champions Initiative
7. How can female entrepreneurs benefit from the EIF?
Female founders can leverage EIF-supported VC funds that focus on innovation, sustainability, and inclusion, which are often aligned with female-majority-led startups, particularly in STEM fields.
8. What challenges do female founders face when applying for EIF funding?
The process is competitive, requiring detailed investment documentation, alignment with EU policies, private capital involvement, and a long-term sustainability strategy.
9. How can a startup get started with EIF-supported funds?
Startups should identify EIF-partnered VC funds, prepare a strong business dataset, gain early market validation, and actively seek connections through European networking events like Startup Leap. Explore EIF venture capital partnerships
10. What role does the EIF play in the European startup ecosystem?
The EIF strengthens Europe’s venture capital landscape, providing funding and strategic alignment to create innovative businesses, boost entrepreneurship, and retain scale-up capital within Europe. Discover how EIF supports innovation and growth
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.
