Prototron spring round open for applicants – €75,000 to be distributed

Prototron Fund, Estonia’s first fund dedicated to financing prototype development, has launched a new competition aimed at finding companies eager to transform their ideas into practical solutions. A total of €75,000 will be distributed among the best applicants, with applications open until 28 February.

Prototyping is one of the first and most crucial steps for a company, as it provides valuable feedback on whether the developed product is needed and can serve as the foundation for building a business. ‘Prototyping is one of the riskiest investments a company can make, but it is essential for determining whether a product has any potential. With Prototron’s support, companies can develop their first prototype and take their first steps in the business world,’ said Brait Pilvik, CEO of Prototron. 

To apply, the startup must have a (technologically) innovative idea, the prototype must have market and international growth potential, the company must have a well-thought-out business model and a strong team ready to execute it. If all these criteria are met, there is a good chance of receiving funding to bring the idea to life.

‘While determination and a hard-working team are crucial to starting a business, it is very difficult to test many ideas without funding. Over the years, Prototron has supported 106 teams in building their first prototypes, distributing a total of €1,428,000. Additionally, they have raised more than €85,000,000. I am excited to see which success story we can contribute to in this spring round,’ said Triin Preem, Startup Segment Manager at Swedbank.  

Last year, a total of 400 applications were received across two rounds, with 20 startups advancing to the final. In each round, four companies received funding: ILUS Bike, Sciflux, Audiocat, and TraynMe in the spring, and Expand, Laflow, MastSmart, and ChargeIQ in the autumn. Previously, the Prototron Fund has helped bring to life ideas that have evolved into internationally recognised companies, including UP Catalyst, Lingvist, Bikeep, Fusebox and many others.

According to Caroline Aruoja, Startup Manager at TalTech, many teams from the university are expected to join Prototron in the coming years. ‘In recent months, student activity in launching businesses and supporting fellow entrepreneurs has noticeably increased. Last year, driven by TalTech programmes, students founded more than twice as many companies as in previous years and a new student entrepreneurship organisation Startup Garage was launched. Students have even taken the lead in running IGNITER, a free business idea development programme for fellow students and high schoolers. We can surely expect many competitive teams from the university to apply to Prototron in the coming years,’ noted Aruoja. 

Startups that have completed Prototron have the opportunity to continue their entrepreneurial journey at Tehnopol Startup Incubator.

Applications can be submitted by 28 February at www.prototron.ee. 

The Prototron Fund was established by Swedbank, TalTech and the Tehnopol Science and Business Park to develop and fund the creation of prototypes for technological ideas. Over the past decade, Prototron has funded 106 projects with approximately €1.4 million and the teams have subsequently raised more than €85 million in follow-up investments.