Call for Proposals for the egg Start Up

Read the Call for proposals for the 10th egg – enter•grow•go. Find out the framework, terms and conditions to enter the Start Up platform of egg – enter•grow•go.

Preamble

The programme under the title “egg – enter•grow•go” (hereinafter the Programme or the egg Programme or egg) is organised by the company under the corporate name “Eurobank SA” (hereinafter Eurobank) and a unit of the private-law legal entity under the corporate name “Athena Research & Innovation Center in Information Communication & Knowledge Technologies” (hereinafter Corallia). 

Eurobank (www.eurobank.gr) has a long history in carrying out significant corporate social responsibility actions, and constantly updates its actions with new initiatives. This particular initiative aims to support entrepreneurship. Corallia (www.corallia.org) expands the initiatives it carries within the context of the innovation ecosystems it has developed and the innovation centres it operates to support entrepreneurship.

The Programme consists of two distinct and complementary platforms that support entrepreneurship, the “egg Start-Up” platform, which is addressed to business teams or startups with new business ideas, and the “egg Scale-Up” platform, which is addressed to more mature startups seeking to accelerate the development of their products, increase their turnover and/or attract (further) financing. The Programme, in terms of the “egg Start-Up” platform (hereinafter egg Start-Up or the Start-up Platform), is governed by the provisions included in the terms and conditions of this Call for proposals and by the participation agreement, which must be signed by anyone who qualifies to the grow phase of egg Start-Up. The competition process (assessment process) to enter the grow phase of egg Start-Up will be conducted according to the terms and conditions of this Call for proposals, as specified hereinafter. Participating in egg Start-Up constitutes a statement that the participants are fully aware and unreservedly accept these terms and conditions, as well as the assessment judgements and decisions made by the Programme’s competent bodies, which are binding for the participants. The participants waive any relevant opposing claims.

It is explicitly stated that Eurobank and Corallia reserve the right, following a unanimous decision of the Programme’s Steering Committee, to unilaterally amend the egg Start-Up terms and conditions, even cancel it for significant reasons, as well as extend or curtail its duration, by posting the respective notification on the Programme’s dedicated website (www.theegg.gr) or by any other appropriate means. No claim against Eurobank and Corallia may arise as a result of the aforementioned actions or in relation to them.

 

 

1. Programme framework

The egg Programme is a Corporate Social Responsibility initiative aiming to support innovative entrepreneurship and foster sustainable employment prospects for the country's workforce. It currently is the most recognised and comprehensive support framework in Greece for new business ventures during their most crucial development steps towards professional accomplishment and success.

Specifically, egg Start-Up is a comprehensive framework for business launch, incubation and cooperation, providing for one (1) year, as long as the entire grow phase lasts (see further down in this article), a set of supportive actions and tools to help the participants develop and accelerate the transformation of their business plan, their initial idea or prototype into an integrated and marketable product or service. It is mostly addressed to dynamic people who want to become entrepreneurs, as well as to startups having an original idea, which may cover a need or takes advantage of an opportunity to a satisfactory segment of the market, and who are eager to put their business “idea” into “action”.

egg Start-Up consists of the competition part (enter phase, see below, specifically article 8) and of the participation-implementation phase in a narrow sense (grow phase, see below, specifically article 2). The go phase (see right below) follows the official completion of the egg Start-Up and essentially is its capstone. In particular: 

  • enter (the competition phase to be included in the Programme): egg Start-Up is open to people with innovative ideas in all sectors of economic activity. Interested parties should submit, according to the provisions of this Call for proposals (see article 9), a brief business plan in a standardised form with a few pages, which will be assessed in terms of innovation, perspective and viability by distinguished experts with experience in assessing innovative business plans and managing seed-capital financing, and with business acumen and understanding of start-ups. The business teams whose business plan will be positively scored during this phase, in compliance with the terms and conditions of this Call for proposals, will qualify to the next grow phase.
  • grow (the phase of transforming the “idea” into a prototype or service): The business teams that qualify to this phase will initially receive consulting to incorporate the company, which will implement the business plan (if they have not done so), while at the same time they will enjoy a bundle of preparatory activities to further improve their business plans and better prepare / upskill in view of putting their business plan into action. At the same time, and to better support them, the qualifying business teams will be classified, based on the readiness level of their business plan, into suitable business acceleration cohorts, with respectively adjusted milestones and advisory monitoring as part of the Programme. This way, all business teams will have the optimum opportunity to make the most of the entire range of services provided within egg Start-Up based on their actual needs, to fully focus on developing their idea/business, making the most of the infrastructure and services provided by egg Start-Up (see Article 2), to seek partnerships and attempt to achieve synergies with other participants in the context of a developing “ecosystem” and experience “entrepreneurship”, actively proving the potential and value of their business plan. If no company is incorporated to implement the business plan, the business teams which have qualified to the grow phase are eligible to keep participating in egg Start-Up and enjoy the services with the expressed exception of “financing tools and business networking”, as these services are described in Article 2.
  • go (the phase you take your business to the next level): Participation in egg Start-Up is completed with the goal being that all business teams participating in the grow phase have succeeded in developing their business plans and are prepared to take their business to the next level: to capitalise on the value of their idea using their own funds or by raising funds or other forms of capital and/or to participate in more mature innovation ecosystems (e.g. clusters) or in the egg “Scale-Up” platform once the egg Start-Up grow phase is completed and provided they meet all terms and conditions.

2. Programme Benefits

The main egg Start-Up benefits which the qualifying business teams may enjoy, as provided in this Call for proposals, are the following:

  • Business and financial consulting through regular monitoring and guidance to the business teams provided within the Programme – either in person or remotely via a suitable digital platform, depending on the government measures relating to the COVID-19 pandemic – on crucial business plan issues and milestones, such as focusing on the target-market (market research), developing business model canvas, value proposition canvas, pitch deck, prioritising products/services (minimum viable product), corporate branding, product market fit, marketing plan canvas, business planning, financial management issues, such as monitoring corporate expenses, corporate financial planning, financial reporting, financial planning/forecasting etc.
  • Financing tools and business networking to support business operation and the development of new teams to facilitate their financial viability during “incubation” within the egg Start-Up, provided there a company exists to implement their business plan. The aim is to provide the best possible set-up, so that young entrepreneurs may devote themselves to implementing their business plan during the first crucial stage of their development and to make the most out of the other benefits offered by egg Start-Up. For example, the business teams participating in egg Start-Up, provided they meet the requirement for having a company to implement their business plan, will, under certain terms and conditions, will have access to or opportunities for:
  1. Microfinancing through the strategic partnership between the egg Programme and the Action Finance Initiative (AFI) in the context of the EaSI EU programme. Through this partnership, the egg Start-Up businesses have the opportunity to get microfinancing, to raise an initial capital for developing their idea.
  2. Financing by Eurobank through working capital loans (short-term financing) aiming to improve liquidity, and through long-term loans, including loans for facilities and professional equipment.
  3. Raising capital through venture capitals for companies with a particularly competitive and innovative idea, which has reached an advanced development stage, by providing networking and supporting them when pitching their idea to active Venture Capitals in Greece.
  4. Support and networking with potential customers / strategic partners (Β2Β match-making) for the products and services to be developed during the grow and go phases of the egg Start-Up, making the most of the egg Programme contributors’ partnerships with large corporate groups and organisations in Greece and abroad, as well as of the mature innovative ecosystems (clusters) managed by Corallia and/or new theme clusters that will form in the future under the management of the Programme contributors.
  5. Supporting extroversion and exports through the Εxportgate.gr international trade portal, which offers the egg Start-Up businesses that have an exportable product or service the opportunity to network in the global market and look for synergies for their products around the world, as well as to be included in the Trade Club Alliance international business network, which covers sixty (60) countries and is supported by thirteen (13) banking groups.
  • Facilities with fully functional and well-equipped office spaces at 190 Syngrou Avenue, Kallithea, Greece, where young entrepreneurs establish their offices and are based throughout the time they participate in the grow phase of egg Start-Up, subject to any government measures relating to the COVID-19 pandemic. The facilities are easily accessible by public transport, are equipped with the latest technology, and have been set up accordingly to be able to expand in the future and to assist the participants in receiving advisory guidance, support services and business training. Specifically, the Facilities provide:
  1. Office spaces for young entrepreneurs (either as a simple workspace for the team members or as a registered office for the company to be incorporated or as a subsidiary or branch of the company to achieve the Programme goals). The participants in the egg Start-Up grow phase are also provided with: fully furnished offices for each business team, high-speed internet connection (cable and wi-fi), office software licences, web hosting and shared printing/photocopying/scanning equipment.
  2. Collaborative spaces to promote the exchange of ideas, complementarity and cooperation to achieve economies of scale and joint initiatives. The participants in the egg Start-Up grow phase will have access to: meeting rooms, training and brainstorming rooms, and recreational facilities.
  • Mentoring by distinguished and established economists and scientists working in various industries, who provide guidance – either in person or remotely via a suitable digital platform, depending on the government measures relating to the COVID-19 pandemic – on business growth opportunities to each participating business team. These are established professionals with experience and a business background, willing to foster and support young entrepreneurs, who will regularly meet with the participants, in person or remotely as above, aiming to discuss how the business plan implementation is achieved, and to advise, guide, inspire and propose solutions for any challenges the young entrepreneurs may be facing.
  • Business Training in crucial issues for successful business operation, provided in the form of a hands-on and not theoretical predefined intensive training programme (“business bootcamp”), as well as through other dedicated lectures throughout the grow phase of the egg Start-Up. The intensive training programme will be concluded within three (3) months – either in person or remotely via a suitable digital platform, depending on the government measures relating to the COVID-19 pandemic – and will cover the following seven (7) subject areas, which are crucial for the development and viability of a new business:
  1. Lean Start-up Management (Lean Start-up Principles, Agile Methodology, Project Management),
  2. Business Strategy (Business Model Canvas, Business Planning, Product Development, Crisis Management),
  3. Marketing Strategy (Market Research, Marketing Planning & Corporate Communications, Customer Development, New Digital Marketing),
  4. Communications Strategy (Effective Presentation, Public Relations Management),
  5. IP Management (Patents, Copyright & Intellectual Property Law),
  6. Financial & Funding Management (Financial Planning, Funding Capabilities & Opportunities, Funding & Investment Tools),
  7. People Management (Human Resource Management, Talent Acquisition & Retention).

3. Eligible sectors/industries

This Call for proposals sets no restrictions in terms of sectors/industries, provided that the submitted business plan meets the requirements for business innovation, excellence and viability in the context of Greek and international market trends. We particularly encourage business plans that build on long research activity or extensively use innovations in sectors such as Artificial Intelligence / Big Data, Cybersecurity, Tourism Technology and Modern Services, FinTech, Robotics, Virtual/Augmented Reality, Industry 4.0, Biotechnology, Medical Technology and Methods, Agricultural Technology, Environmental Technology, Energy, Education / Modern Methods and Tools, major social challenges (addressing the COVID-19 pandemic, unemployment, healthcare, ageing, nutrition, CO2 emissions etc.).

When submitting their application to participate in the egg Start-Up, applicants are required to select the sector/industry which better matches their business plan, aiming to help and organise the assessment process, as follows:

  • Emerging Financial Technologies (FinTech) and Applications
  • Emerging Internet of Things (IoT) Technologies and Applications
  • Creative and Cultural Industries, Interactive Entertainment, Gaming
  • Earth Observation and Geoinformatics Applications, Space Technologies
  • Cloud and Data Management Applications (Big Data)
  • Telecommunications Applications and Technologies, Advanced Electronic Devices
  • e-Business, New Social Media Services
  • Innovative Tourism, Hospitality and Catering Applications
  • Innovative Medical Applications, Biotechnology, New Pharmaceutical Products
  • Social Entrepreneurship
  • New and Open Educational and Research Platforms, New Knowledge Creation Methods
  • New Energy Technologies and Renewable Energy Sources
  • New Wholesale and Retail Organisational Methods
  • Environmental Technologies and Applications, Modern Waste Management
  • Advanced Construction Products, Sustainable Construction, New Property Management Methods
  • Advanced Materials, New Chemical Products, Nanotechnology
  • Modern Goods Distribution and Storage Methods, Transport, Logistics
  • Modern and Alternative Food and Beverage Production and Processing Methods
  • Technologies and Alternative Forms of Farming, Aquaculture and Stock-breeding
  • Security and Cybersecurity Technologies and Applications
  • Other (as described by the applicant).

4. Business plan assessment criteria

The assessment criteria for the submitted business plans are simple, transparent and business oriented. Specifically, each business plan is assessed based on whether, and to what extent:

  • It is based on an original/innovative idea which offers a solution to a real need and/or constitutes an opportunity to a satisfactory segment of the Greek or international market.
  • The people who will implement the business plan have the necessary skills, knowledge and ability, as well as the appropriate complementary profile, to successfully implement the plan.
  • There is a reasonable and realistic initial action plan which can be implemented in nine to eighteen (9-18) months to establish proof of concept/proof of value.

5. Management – Operation

The following bodies have been established to ensure the unhindered management and smooth operation of egg Start-Up and the Programme in general:

  • Steering Committee: An 8-member committee responsible for overseeing all issues relating to planning, organising, implementing, auditing, monitoring and reviewing the egg Start-Up and the Programme in general, including the egg Start-Up Call for proposals, as well as anything else provided in the terms and conditions of this Call for proposals. Its responsibilities include, inter alia, conducting the formal check of the applications submitted to egg Start-Up, supported by the Programme Secretariat, in accordance with the provisions of this Call for proposals, as well as approving or rejecting them for formalities.

    The Steering Committee is composed of:
  1. Michael Vlastarakis, General Manager, Group Marketing and Corporate Communication, Eurobank,
  2. Nikolaos Vogiatzis, Chief Development and Operations Officer, Corallia,
  3. Panagiotis Kardasis, Division Manager, Corporate Social Responsibility and Special Projects, Eurobank,
  4. Vassilios Makios, General Director, Corallia,
  5. Stavroula Bachtalia, Programme Manager, egg - enter•grow•go, Eurobank,
  6. Jorge-A. Sanchez-P., Chief Strategy and Financial Officer, Corallia,
  7. Dimitris Oikonomou, Deputy General Manager and Head of Small Business Banking, Eurobank,
  8. Michalis Tsarbopoulos, Deputy General Manager, Group Chief Digital Officer and Head of Global Transaction Banking, Eurobank.

In case a member of the Steering Committee is replaced, the replacement will be posted on the Programme website www.theegg.gr.

The Steering Committee convenes following an invitation extended by any of its members, the required quorum is present when all eight (8) members are present and takes its decisions by simple majority of the attending members, unless otherwise provided in these terms and conditions. The Steering Committee may also convene via teleconference.

The Steering Committee and the Programme in general are supported by the Programme Secretariat, which is appointed by Eurobank with the consent of Corallia. The Programme Secretariat provides administrative support to the Steering Committee and all egg Start-Up actions and to the Programme in general, is the contact point between the public and egg (contact details are available on the Programme website www.theegg.gr), and is also tasked with taking minutes at the relevant meetings.

  • Advisory Board: This Committee is composed of scientists and entrepreneurs, and is responsible for: (i) providing guidelines when planning and/or implementing egg Start-Up and the Programme in general, aiming to improve the sought goals and its viability and (ii) assess the major goals, achievements and results of egg Start-Up and suggest any corrective actions.

    The Steering Committee is responsible for appointing the Advisory Board, which is composed of:
  1. Kostas Axarloglou, Dean, ALBA Graduate Business School,
  2. George David, BoD Chairman at Coca-Cola HBC A.G.,
  3. Dimitrios Demos, General Manager and Vice Chairman, DEMO SA, Vice Chairman at the Panhellenic Union of Pharmaceutical Industry,
  4. Georgios Doukidis, Professor at the Athens University of Economics and Business, Director of ELTRUN, 
  5. Stavros Ioannou, Deputy Chief Executive Officer – Group Chief Operating Officer (CΟΟ) & International Banking, Eurobank,
  6. Nelly Katsou, BoD Vice President at Pharmathen SA,
  7. Nikos Kafkas, BoD Chairman and Managing Director, KAFKAS SA,
  8. Michael Bletsas, IT Director, ΜΙΤ Media Lab,
  9. Marie Bountrogianni, Dean of the G. Raymond Chang School of Continuing Education, Ryerson University, 
  10. Nikos Nanopoulos, BoD Chairman at Diorama Investment Sicar S.A., BoD Chairman at EFG Investment & Wealth Solutions Holding AG,
  11. George Xirogiannis, Deputy Director General at SEV Hellenic Federation of Enterprises, CEO at SEV research institute,
  12. Marina Hatsopoulos, Business Angel, AB Member at MIT Technological Innovation Center.

In case a member of the Advisory Board is replaced, removed or added, the respective announcement will be posted on the Programme website www.theegg.gr.

The Advisory Board convenes following an invitation extended by the Steering Committee, the required quorum is present when the majority of its members attends the meeting and takes its decisions by simple majority of the attending members. The Advisory Board may also convene via teleconference. The Advisory Board is supported by the Programme Secretariat, which is tasked with taking minutes at the relevant meetings.

  • egg Programme Manager: A Programme executive who monitors the overall development and progress of egg Start-Up and the Programme in general, and specifically of the participating business teams, making contact and assessing their overall presence in egg Start-Up. This is the highest point of contact between the teams and the Programme and their main responsibility is to solve their problems, manage relationships with suppliers, oversee the proper operation of the Facilities and the Business Training of the teams, ensure the integration of all egg Start-Up benefits, represent the teams before the Steering Committee and inform the Steering Committee about the needs and progress of egg Start-Up and the Programme in general. Ms Stavroula Bachtalia is appointed as egg Programme Manager. In case the egg Programme Manager is replaced, the replacement will be posted on the Programme website www.theegg.gr.
  • egg Operations Manager: A Programme executive who ensures the proper operation of the Facilities and proposes, when required, changes or improvements. This is also the first point of contact for the teams, and their main responsibility is to provide first-level solutions to their problems, monitor that teams adhere to the terms and conditions and monitor their conduct in general, ensure the implementation of all actions taking place within the Facilities, activate the available internal mechanism aiming to optimise services provided within egg Start-Up and the Programme in general, plan and propose amendments to services based on needs, regularly inform the egg Programme Manager, represent teams before the egg Programme Manager, make proposals on decisions to be made by the egg Programme Manager or by the Steering Committee and is responsible to timely forward any requests/information to the egg Programme Manager. Mr Efthimios Georgakopoulos is appointed as egg Operations Manager. In case the egg Operations Manager is replaced, the replacement will be posted on the Programme website www.theegg.gr.

6. Terms and conditions for participation

  • Participation in egg Start-Up is governed by the provisions included in the terms and conditions of this Call for proposals, as well as by the additional terms and conditions provided in the egg Start-Up Participation Agreement (hereinafter Participation Agreement), which must be signed by the participants whose business plans qualify from the enter phase (assessment process for entering) to the grow phase of egg Start-Up. The Participation Agreement will include reasonable terms and conditions, in accordance with the principle of good faith and commercial practices, relating to the conduct expected by the participants with regard to the Facilities and towards other participants, as well as relating to the provision of the other egg Start-Up benefits, as those are described in this Call for proposals (see Article 2), specifying the benefits and how these are provided (for example: description of the required milestones which will prove the participants’ business plan progress in the context of the business advisory, opening hours and access to the Facilities, framework for receiving financial consulting services and making the most of the financial tools, goal setting and description of the Mentoring institution, duration of the Business Training and description of the training units, framework for measuring the participants’ business performance based on certain KPIs, benefits from participating in the Programme etc.). Hereinafter, participating in egg Start-Up means participating in any phase of egg Start-Up. Submitting an application to participate in egg Start-Up constitutes a statement that the participants are fully aware and unreservedly accept the governing terms and conditions.
  • Individuals or groups of people (hereinafter the Business Team, and each member of the team hereinafter the Participant and collectively the Participants), are entitled to apply for egg Start-Up, provided they have a specific business idea, as provided in this Call for proposals, and provided they meet the following criteria on the announcement date of this Call for proposals:
    1. They are between 18-65 years old.
    2. They are Greek citizens or EU citizens or third-country citizens who can legally reside in Greece and participate in egg Start-Up throughout its duration.
    3. They are graduates of or are enrolled in a public or private higher education institute in Greece or abroad.

Members of the Steering Committee, members of the Advisory Board and other executives/employees working in implementing egg Start-Up and the Programme in general, Corallia employees, Eurobank and Eurobank group employees, and incapacitated persons are excluded from applying to participate in egg Start-Up.

  • Note that even though individuals are allowed to apply, it is strongly encouraged that Business Teams which have already forged relationships between them, and have delegated roles and responsibilities among their members, apply. Also, note that hosting at the Facilities and access to the other egg Start-Up benefits is available to the members of each Business Team which has qualified to the grow phase who had been originally nominated when submitting the application, namely the members of the Business Team, as defined above, given that meeting criteria under 1, 2 and 3 is assessed against these persons. Such members of the Business Team should be the main people implementing the business idea and operating the respective company. In extraordinary cases of grounded needs, it is possible to replace and/or add Business Team members, following the approval of the Steering Committee, which has the discretion to reject such requests without justification, provided that the new Participants meet all the criteria under 1, 2 and 3. In addition to these, a Business Team may have other partners, under any capacity, and/or partners who do not meet the aforementioned criteria for applying.
  • For each qualifying application once the enter phase is completed, in accordance with Article 8 of this Call for proposals, to be eligible to receive the “financing tools and business networking” services, as those are described under Article 2, the Business Team should participate in the grow phase through a company (note that sole proprietorships are not included) of any legal form, either existing or new. Note that consulting will be provided, within the Programme framework, to complete the incorporation process. The address of the egg Start-Up Facilities should be the company’s or the subsidiary’s or the branch’s registered office, where, in accordance with these terms and conditions for participation in egg Start-Up, the company or subsidiary or branch should be located during the entire egg Start-Up. Note that it is allowed to incorporate a new or use an existing company with registered office abroad, provided that the registered office is transferred or a subsidiary is incorporated or a branch is established in Greece, as described above. It is also allowed for Business Teams that qualified from the enter phase to participate in the grow phase without incorporating/having a company to implement their business idea. Nonetheless, in the latter case, the Business Team will not be entitled to receive the “financing tools and business networking” services, as described in Article 2.
  • At the same time as the company is incorporated or the registered office is transferred or the subsidiary or branch is established, the Participation Agreement for egg Start-Up should be signed, which, as mentioned earlier, includes the agreement on hosting the Business Teams or their company (either as the main registered office or as a branch or as the registered office of a subsidiary) at the Facilities for a total period of twelve (12) months commencing at the beginning of the grow phase, as this will be announced by the Steering Committee on the Programme website (www.theegg.gr), for the amount of forty five euros (€45) per month for the distinct office space, which the Business Team will occupy – with the option, depending on each Business Team’s needs and the Programme’s capacity, to use additional distinct space by paying an additional forty five euros (€45) for each additional space – as well as the relevant terms in detail on using the egg Start-Up infrastructure and services, and the Programme's infrastructure and services in general, particularly the rules of good and professional conduct, which is expected by the Participants. The entire amount paid by the Business Teams, as provided above, will be used for charities the Business Teams will choose, as well as for further enhancing the Programme benefits for the Business Teams (e.g. extroversion, networking actions etc.).
  • The qualifying Business Teams must accept and sign the Participation Agreement within fifteen (15) days from announcing the Business Teams that have qualified to enter the grow phase. During this time, other actions will also be carried out aiming to prepare the Business Teams, mostly through activating the Mentoring network and providing targeted training on basic concepts that will facilitate the improvement of the business plans, as well as on equipping/upskilling the Business Teams with skills that will prove useful for putting their business plans into action during the grow phase of egg Start-Up.
  • Note that if the Participation Agreement is not signed in due time and/or the Participants do not duly attend the training or other Business Team preparatory actions implemented by and/or identified by the Programme contributors, the Steering Committee may decide not to include such Business Teams in the grow phase and/or, at its discretion, replace them with the next ones in rank order, according to final ranking after the enter phase.
  • Given that the Facilities have limited space capacity, the final number of Business Teams to qualify to the grow phase of egg Start-Up will depend on the number of Participants in each Business Team. In all cases, as many Business Teams as can be hosted at the Facilities will qualify, subject to fully adhering to government instructions and protective measures against the COVID-19 pandemic. Regardless of the final number of Business Teams to qualify, in accordance with the above, selection will be strictly based on their ranking after the score they receive during assessment, as provided in Article 8.
  • The qualifying Business Teams which meet these terms and conditions may receive all egg Start-Up benefits, regardless of the business acceleration cohort in which they are classified (except for when they do not incorporate/have a corporate structure, in which case they will not be entitled to receive the “financing tools and business networking” services, as described in Article 2), as described in this Call for proposals, for twelve (12) months commencing at the beginning of the grow phase of egg Start-Up. Once the 12-month period has elapsed, their participation in egg Start-Up is concluded and they have to leave the Facilities, taking themselves all required steps to transfer the registered office of their company or subsidiary or branch.
  • Any unacceptable conduct in accordance with the terms and conditions of the Participation Agreement, damages due to the Participants’ fault or other Participants’ conduct which violates moral rules and specifically commonly accepted rules of accepted social and professional conduct, as well as any kind of misuse of egg Start-Up and the Programme in general may lead to a Business Team being disqualified from egg Start-Up and the Programme in general, following a proposal of the egg Programme Manager and an approval granted by the Steering Committee. In such case, as in case of any Business Team leaving the Programme, the Steering Committee may replace the Business Team which was disqualified from or voluntarily left the Programme with the Business Team that is next in rank order, following the enter phase of the Start-Up.
  • Each Business Team is entitled to apply for the Programme submitting one (1) or more business plans.
  • The Business Team may submit its business plan to secure funding from national or EU resources, or to participate in other competitions or programmes, without impairing its participation in egg Start-Up. 
  • The Business Team is solely responsible for any applications it submits, as well as for the accuracy and completeness of the information it submits. Eurobank and Corallia are not liable in case a Business Team submits false or inaccurate applications, hides material information or submits business plans with illegal content, of any form.
  • Each Participant declares and guarantees, inter alia, that their participation is submitted legally and in compliance with the terms and conditions of egg Start-Up, and they have obtained all required authorisations, consents and/or licenses. In addition, the Participant declares they hold the legal rights over the submitted business plan and that submitting, using, promoting or in any other way exploiting it, does not infringe intellectual or industrial property rights, commercial or industrial secrets or other third-party, legal or natural person rights, neither in Greece nor abroad.
  • Any costs incurred to prepare the submitted business plans shall be borne solely by the Business Teams.
  • The Participants are fully and solely responsible to patent or protect the submitted business plans in any other way, as well as any rights arising from those. By submitting their application to participate in egg Start-Up, the Participants declare they take all responsibility and release the Programme organisers from any relevant liability. 
  • All information submitted by the Participants within the context of egg Start-Up and the Programme in general will be kept confidential, unless otherwise provided in these terms and conditions.
  • Each Participant explicitly expresses their acceptance of a brief description of their business idea, following their approval of the final text, to be presented in public and promoted through online, printed or other means, within the context and for the purposes of the Programme and its promotion. 
  • Participants reserve all intellectual and other rights over their business plans and their results, in compliance with the law. In all other respects, Participants undertake to provide Eurobank and Corallia with permission to use and promote the progress of their business plan with the sole purpose of implementing, promoting and advertising the Programme for a total period of five (5) years from their inclusion to the Programme.
  • Unless explicitly otherwise agreed on an ad hoc basis (e.g. because it is considered to be beyond the Participants’ control), in each promotion/publicity action and in any communication (by any means, including digital means) relating to the business plan based on which a Business Team was included in egg Start-Up, for a time period of five (5) years commencing on the day the Business Team was included in the Programme, each Business Team undertakes the obligation to mention at least the following information: “The egg – enter•grow•go Programme supported [Business Team name / company name] in developing its business plan during the 2022-2023 period.”
  • Eurobank and Corallia will keep copies of all submitted files and business plans for archiving.
  • All announcements relating to egg Start-Up and the Programme in general are only posted on the Programme website (www.theegg.gr), are effective from the posting date and in case of conflict, they supersede any other information (e.g. information provided via email, letter etc.).

7. Information to personal data subjects

In the context of carrying out and advertising egg Start-Up and the Programme in general, Eurobank and Corallia and/or third parties (either persons processing data on their instructions and on their behalf or third parties to whom the data are disclosed) will process personal data of the Participants in egg Start-Up, in accordance with the provisions of the “Information on the processing of personal data in the context of the egg – enter•grow•go Programme”, in compliance with Regulation (EU) 2016/679, Law 4624/2019 and the other provisions of the Greek and EU legislation on the protection of personal data, which is available on the Programme website (www.theegg.gr).

8. Assessment process

The application and business plan assessment process will be carried out in three (3) phases:

  • Phase A: Checking eligibility criteria – completeness of the application file: Once the final date for submitting an application has elapsed, the Programme Secretariat will record the submitted applications for egg Start-Up and organise them along with the attached documents, to forward them to the Steering Committee that will check the eligibility criteria. The Steering Committee will check whether all eligibility criteria are met in accordance with these terms and conditions and whether the submitted information is appropriate and sufficient, and will then decide to exclude from the remaining assessment process all applications that do not meet the requirements.

    The Steering Committee will then send confidential informational letters to the Participants, whether qualifying to the next phase or not.
  • Phase B: Assessing the Business Plan – Written stage: The Business Teams that qualified from Phase A will be assessed and rated based on three (3) criteria, specifically on whether, and to what extent:
  1. The business plan is based on an original/innovative idea which offers a solution to a real need and/or constitutes an opportunity to a satisfactory segment of the Greek or international market.

    To assess this criterion, the relevant fields of the business template will be taken into account, namely: 
    • Excellence and Innovation of the business plan (degree of innovation / originality of the proposed business idea, documentation of the competitive advantage).
    • Business plan objective and benefits (assessment of specific advantages / impact on an economic and/or social level, documentation of whether the plan leads to new products or services and/or whether it is an intermediate step to develop other products or services.
    • Competition analysis (quality of the initial study / market research in terms of market needs and expected market size, defining the target-audience and assessing the advantages of the business idea compared to existing solutions).
    • Business plan resources and viability (how realistic the forecasts are in terms of capital/resources required to carry out the plan, assessing the capability of scaling up the business plan).

    To assess this criterion, the assessors will consider data such as, including, but not limited to, whether the demand for the planned product/service is initially confirmed, whether the product price will be affordable for customers, the size of the potential market and individual analytical/demographic data, any existing distribution/sales channels, evidence on the functional feasibility of the product, information on actual benefits for the customers, advantages that cannot be easily obtained/copied by competitors, prospects for profitability/divestment (exit) in the near future etc.

  2. The Business Team which will implement the business plan has the necessary skills, knowledge and ability, as well as the appropriate complementary profile, to successfully implement the plan.

    To assess this criterion, the relevant fields of the business template will be taken into account, namely: 
    • The individual qualitative features and experience/expertise of the team members (assessing CVs of the team members in terms of knowledge, skills, experience, and commitment to carry out the business plan).
    • Total qualitative features and team complementarity (assessing whether the team members share the required skills, complementarity and balance to successfully carry out the business plan). If an individual Participant has submitted the business plan, this point will not be taken into account nor will it be rated. Note, though, that the score corresponding to this sub-criterion is not transferred nor shared with the other assessment sub-criteria.

    To assess this criterion, the assessors will consider various parameters, including, but not limited to, sufficient human resources within the Business Team to implement the business plan, skills in product development, management and any previous business/startup experience, whether the members of the Business Team have developed one or more soft skills (see the description of Phase C) etc.

  3. There is a reasonable and realistic initial action plan which can be implemented in nine to eighteen (9-18) months to establish proof of concept/proof of value.

    To assess this criterion, the relevant fields of the business template should be filled in, namely:
    • Business plan timeline (assessing whether the timeline for the major steps to take place during the first nine to eighteen [9-18] months is realistic and feasible).
    • Required resources (financial, human, technological) for the business plan (assessing whether the resources required for the first nine to eighteen [9-18] months are reasonable and necessary).

    To assess this criterion, the assessors will consider various parameters, including, but not limited to, whether there is a plan in place defining and scheduling product development/implementation steps, whether there is a plan in place on addressing competition, whether an initial strategy on patenting intellectual property has been developed (e.g. action plan to apply for patents, brands etc.), whether the capital required for the next phase of the company development has been reasonably estimated, etc.

Each business plan is assigned to two (2) assessors, who will assess each application separately based on the above three (3) criteria. The Steering Committee is responsible for preparing the assessor list and this is not disclosed to the Participants (under no circumstances are the personal details of the assessors for each business plan disclosed). Note that all three (3) criteria are equal and are rated on a scale of one (1) to ten (10), integral scores only. The final score of the business plan will be the arithmetic average of the score provided by the two (2) assessors. Each of these scores will be the average of the score assigned to each of the three (3) criteria. A minimum score of six (6) out of ten (10) is required for a business plan to qualify to the next stage. Note that if the separate scores provided by the two assessors have a margin larger than three (3) points, and one of them is over six (6) while the other one is below six (6), the business plan will be reassessed by a third assessor and this new score will constitute the final score for the business plan.

It is explicitly noted that the Steering Committee may undertake any required initiative to ensure the smooth completion of the assessment process for the submitted business plans, including replacing assessors who fail to fulfil their tasks, at the Committee’s discretion. Note that members of the Steering Committee may also be appointed as assessors. It is also explicitly noted that the Steering Committee will not select natural persons to act as assessors, when such natural persons are connected in any way beyond the Programme to the business plan they will have to assess.

The Steering Committee will then send confidential letters to Participants, whether they qualify to the next phase or not.

  • Phase C: Assessing the Business Plan – Oral stage: The Steering Committee will send a letter to the qualifiers to invite them to present the main points of their business plan before the assessors, in person or via a digital platform, in case of COVID-19-related restrictions. The presentation (pitch) will be up to ten minutes (10’) long, will be conducted as an interview with the assessors asking questions, and will aim to promote the main points of the business plan (innovative idea, people who will put it into action, action plan) which the qualifying Participants believe would attract an investor so they would invest in their business idea, as well as to highlight the ability of the qualifying Business Teams to respond to the questions asked by the assessors.

    Additionally, and aiming to better promote the business profile of the Participants who will implement the business plan, the qualifiers from Phase B will be invited to participate, provided they want to (non-participation does not negatively affect the final assessment of their business plan), in an online digital knowledge and communication game (serious game), which aims to weigh the Participants’ options in different situations (Situational Judgement Test), so as to highlight, based on each Participant's choices and playing, some of their business soft skills, such as: flexibility, adaptability, resilience, decision making, integrity, teamwork, accountability, learning agility etc. Each Participant's features, as these will be highlighted through the game, will also be taken into account by the assessors together with the pitch to make the final assessment on the Business Team’s qualitative features (See criterion 2 above).

    It is explicitly specified that all three (3) criteria of Phase B will be considered to rate the qualifying Business Teams’ business plans in Phase C, yet each assessor will only give a single total score on a scale of one to ten (1-10). The final score will be calculated as the average of the scores given by the assessors. Then, based on these scores, the business plans will be ranked anew. Based on this ranking, in accordance with Article 6, the business plans which received the highest score will be the ones to qualify and be included in the grow phase of egg Start-Up. Their number will depend on how many members each Business Team has, taking into account the hosting capacity of the Facilities.

As mentioned earlier, the final number of the business plans to be included in the grow phase will depend on the number of Participants in each Business Team, taking into account the hosting capacity of the Facilities, subject to fully adhering to governmental instructions and protective measures against the COVID-19 pandemic. In all cases, the final Business Teams to be included will be selected based strictly on their ranking once Phase C of the assessment process is completed, and in no case their number will be higher than the total number of teams that qualified to Phase C.

9. Submitting the application

The application for egg Start-Up is submitted using a standardised form with a few pages (a maximum of 8 pages), which is available on the Programme website www.theegg.gr and which has predefined sections matching and covering the main assessment criteria, as those are described in Article 8.

The Business Teams should submit their application online, via the Programme website (www.theegg.gr), by 03 May 2022 at 15:00 (GMT +2), at the latest, which should consist of:

  1. Application form, filling in all required fields in the online form. Note that to fill in the application form and be able to submit it, the Business Teams need to have previously ticked the relevant field by which they unreservedly accept all terms and conditions of this Call for Proposals, which they should carefully read.
  2. Business Plan, using the template available on the Programme website (www.theegg.gr) during the online application process. The submitted business plan should not be longer than eight (8) pages in total, including graphs, tables and charts, and it should be written either exclusively in Greek (with the exception of international terms, as appropriate) or exclusively in English, using Calibri 11 pt fonts, justified text and page margins set to 2.5 cm.
  3. Solemn Declaration (or Declaration of Honour for non-Greeks) with each person’s signature validated by a competent authority (unless one can prove that such validation is not feasible) (note that the solemn declaration may be issued online through the Greek Single Digital Gateway gov.gr, which is legally equivalent to a solemn declaration with validated signature) – that is for each of the main members who will put the business plan into action and have filled their details in the application form, namely the Participants – whereby they will declare that they meet all major requirements to apply for egg Start-Up. Each solemn declaration or declaration of honour should be digitised and attached at the end (Annex) of the business plan, to be possible to submit it as a single file through the online application form, adhering to the detailed instructions and templates available through the online application process for egg Start-Up.

The Business Teams which will ultimately qualify after the assessment process, as described in detail in Article 8, must submit any supporting documents the competent Programme bodies may require, at their discretion, to verify or certify the accuracy of the submitted information (for example: ID cards, passports, residence permits, proof of CV details, legal documentation of an existing company and any other document is specified in this Call for proposals or may be deemed required on a case-by-case basis).

Note that, as mentioned before, consulting will be provided within the Programme to facilitate the incorporation of any new company and its settling at the Programme Facilities.

The Steering Committee will check all relevant documents, reserving the right to disqualify any application, for which no or insufficient supporting or other requested documents were submitted. The Steering Committee reserves the right, throughout egg Start-Up, to request any additional legal information or document it may consider necessary, in the context and for the purposes of carrying out and implementing egg Start-Up, as well as the right to disqualify a Business Team which never submitted the requested documents or submitted insufficient documents.

10. Timeline

Information about the egg Start-Up timeline, and specifically about the assessment phases (enter phase) will be posted on the dedicated Programme website (www.theegg.gr). The assessment process is expected to be completed by mid June 2022, when the grow phase of the Start-Up platform of the 10th Cycle of the egg Programme is expected to begin.

11. More information

For more information, news and announcements, please visit the Programme website www.theegg.gr.

Call for Proposals for the egg Start Up Call for Proposals for the egg Start Up