The fund will offer up to 20 projects from EU member states equity-free grants of as much as €500,000, along with necessary technical assistance and mentoring to enhance the development of their solutions.

Open to organisations of various sizes, from startups to more established firms, the fund seeks innovations that aid Europe's small business sector in four key areas:

• Facilitating access to working capital and credit via embedded finance;
• Enhancing cybersecurity for safer digital transformation;
• Adapting to changing consumer preferences and regulatory expectations concerning environmental sustainability;
• Leveraging artificial intelligence (AI) to improve efficiency and profitability.

“Small businesses are the backbone of the European economy and – now more than ever – it is critical that they receive the support they need to join the digital economy,” said Mark Barnett, President of Mastercard Europe. “We are excited to open the application window for the Strive EU Innovation Fund and to hear about some of the best projects coming from Europe’s most innovative minds over the coming months.”

Originally initiated in 2021 with the support of the Mastercard Center for Inclusive Growth, Strive is a set of philanthropic initiatives aimed at aiding over 10 million small businesses globally in succeeding within the digital economy.

Strive EU's goal is to enhance the resilience and growth of small businesses across Europe by fostering new innovations. It builds upon the success of Strive Czechia and Strive UK, two country-specific projects in Europe. Since its 2021 inception, Strive UK has connected over 1M entrepreneurs with resources, training, and mentorship, while Strive Czechia is expanding local capacities to reach over 250,000 Micro and Small Enterprises (MSEs) with services like peer shadowing and technical assistance.

Additionally, Mastercard is establishing the Strive EU Small Business Council, chaired by Mark Barnett and including 10-15 experts, private sector representatives, and small business leaders. Set to be announced in early February, the council will play a crucial role in selecting Innovation Fund recipients and providing them with mentorship and resources.

The Strive EU Small Business Council will thus be instrumental in both the selection of Innovation Fund beneficiaries and in offering ongoing support, including mentorship, to the winners throughout the initiative.

"Digital advances have the potential to serve as a bridge to ensure that everyone, particularly small businesses that power our economies, has the tools to grow and build their businesses and remain resilient. We look forward to taking our learnings from our Strive programmes so far and extending our reach and scale across Europe," said Payal Dalal, Senior Vice President of Social Impact, International Markets at the Mastercard Centre for Inclusive Growth.