The Prototron Fund, the first in Estonia to finance prototype development has announced a competition to find companies that need support in turning ideas into solutions for the programme starting in the autumn season. 75,000 euros will be awarded to the best ideas, and applications are open until 31 August.
Prototron’s CEO, Brait Pilvik, believes that an idea without a solution is just an idea, and such ideas often end up forgotten in a drawer. ‘Many good ideas never reach the prototyping and development stage due to a lack of skills and knowledge. To create a commercially successful light bulb, Thomas Edison had to create about 10,000 prototypes, which meant years of commitment to his idea’s feasibility. Inventive ideas will receive support from experts and funding through Prototron, enabling them to progress from vision to prototype and then to a commercially viable solution much faster than Edison managed,’ says Pilvik.
Prototron is aimed at startups registered in Estonia that want to take the first steps in bringing their idea to life. ‘At TalTech, all students acquire basic entrepreneurial knowledge during their studies, and every year hundreds of business ideas are generated. We have been contributing to Prototron for many years to turn the ideas of students, researchers, alumni, and other entrepreneurs into reality,’ says Caroline Aruoja, head of TalTech’s Startup Centre, adding that recognised experts support entrepreneurs during the development period. ‘We select the best candidates who will have the opportunity to go through the accelerator programme. Over three months, we offer participants training in sales, marketing, intellectual property protection, financial management, and prototyping. In addition, several renowned experts provide empowering guidance to refine ideas and develop a market entry strategy,’ Caroline Aruoja adds.
Over the years, the fund has financed numerous ideas, some of which have now developed into acknowledged companies with international reach, such as Comodule and Lingvist. ‘By founding and supporting Prototron, Swedbank’s goal has been to help ventures that have the potential to drive innovation and boost the growth of the startup sector. In collaboration with Prototron, we support ideas that have the potential to become international success stories,’ says Triin Preem, head of Swedbank’s startup segment.
In the spring season, four highly diverse companies were recognised among the best. For example, Sciflux aims to produce a blood test-based Alzheimer’s disease prevention technology, while Audiocat is developing smart games for the visually impaired. Alongside them, ILUS Bike worked on a solution to provide a simple modular electric bike for rental service providers. In the creative sector, innovation was led by TraynMe, a company providing efficient computational power for 3D and video media rendering via the network.
According to Anne-Liisa Elbrecht, head of the Tehnopol Startup Incubator, interest in Prototron is very high. ‘I am pleased to say that Prototron receives more than 200 strong applications each season, which demonstrates how valued and trusted Prototron is. I am even more pleased with what I see in the application forms. Every year, there are exciting and revolutionary ideas among the proposals that would remain in the idea phase without a supportive hand,’ Elbrecht said. She added that startups that have successfully passed Prototron are welcome to apply for the Startup Incubator accelerator. This is where they can further develop their ideas and raise funds.
Applications for Prototron are open until 31 August. To submit your application, visit https://prototron.ee/.
Swedbank, TalTech, and the Tehnopol Science and Business Park have jointly established the Prototron Fund to develop and fund the creation of prototypes for technological ideas. Over the past decade, Prototron has funded 102 projects with approximately €1.3 million, and the teams have subsequently raised more than €85 million in follow-up investments.
Prototron provides companies with expert knowledge throughout the development period, collaborating with top industry players such as Hedman Partners Law Firm, Tallinn City, Utilitas, Environmental Investment Centre, and other partners who value innovation.
Press release photo – https://www.dropbox.com/scl/fi/hk55f29cb3u26772rgc6u/KM__1723-kaarel.jpg?rlkey=5hzh2wtepg31h7ixj5zesl7j8&dl=0
Additional information:
Brait Pilvik
CEO of Prototron MTÜ
Phone: +372 520 8200
