Spanish SME boss explains how the application process to the European investment plan could be made more effective.
Juan Monzón founded his start-up with two friends. They had innovative ideas about how to use cutting-edge technology for medical purposes but lacked both the funds and the resources to pursue it. Eventually, the company received €300,000 from the European investment plan to develop a new prototype and double its workforce, but at what cost? Juan had to dedicate 20 percent of his human resources for two months to the application process. He wishes the EIB and its intermediaries, not only offered funds but also mentoring for young entrepreneurs, to help with administrative tasks. For him, it would be a win-win situation as the company gets valuable advice, and the bank a more accurate look into the project it's funding.
Juan Monzón, CEO, Exovite: Maybe the EIB could provide a mentor to do that, like a person who helps you fill all the forms and all that's needed for this process. Maybe it's a good idea. It's not a great deal of money, because if you train someone to do that, it's going to be faster, and also it's a secure way to better understand the company. You get one person inside and you get more data from the company. I think it's a win-win situation.
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