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Building on the well-established Technology Rating System of the Republic of Korea (KOTEC Technology Rating System – KTRS), we design and develop the InnoRate Technology Rating System (ITRS) that is reinforced by customised rating methodologies which move away from traditional credit-focused approaches in evaluating the potential and risks of innovations. The ITRS, along with a suite of digital decision support tools and services leveraging the wealth of existing data, semantic technology and in-depth human expertise, will be offered under the umbrella of the InnoRate Service Platform and will be tested across diverse real-life scenarios.

The InnoRate approach builds on several concepts and activities. A brief description of them is provided below:

Developing a forward-looking InnoRate Technology Rating System

We start from a forward-looking technology and innovation assessment and move away from one-size-fits-all solutions that are truly complex and time-consuming. Our users and stakeholders’ needs are the primary reference point for us. Thus, together with InnoRate users, we co-design our demand-driven services, develop a progressive InnoRate Technology Rating System, tailor it to the strengths and weaknesses of SMEs, investors and lenders and support the decision-making process of investors for vetting, prioritising and ultimately financing innovative, tech-driven SMEs.

Investment readiness and matchmaking services

To enable SMEs with high growth potential to connect with suitable investors, we define tailored investment readiness and matchmaking services. By analysing InnoRate users’ needs and profiles, we define our customised services, and along with the novel InnoRate Technology Rating Platform we will provide a suite of digital decision support tools to improve and effectively match innovative SMEs with suitable investors and lenders. To facilitate our co-creative process and build the investment readiness of innovative SMEs, we have planned a series of collaborative actions such as training workshops, webinars, live and online investment fora. To have an overview of what is happening now, why don’t you have a look at our news and events?

Building a pan-European InnoRate Service Platform

All the profiles’ analysis and co-creating will deliver the InnoRate Service Platform: the modular system which will set up the service provision. We will design the system architecture and integration framework for incorporating the users’ requirements and the scoring and decision methodologies developed, offering easy access and cost effectiveness. Ultimately, InnoRate’s vision is to build a pan-European service platform that will function as a single access point for the InnoRate Technology Rating System and the project’s digital tools and services.

Pilot testing and validation in real-life contexts

After understanding our stakeholders’ needs and co-developing well-customised services, the InnoRate Technology Rating System along with its rating methodologies and digital decision-support tools will be piloted, refined and scaled up in 2 escalating rounds. In fact, our pilots will be the key in testing, evaluating and improving our methodologies, tools, and services in real-life settings that cover a diverse set of use cases, ranging from investors scouting for and prioritising high-growth potential, to financial institutions assessing SMEs for loan-based financing. We will make sure that those novel services are not abandoned after the end of the project, but bear fruit supporting disruptive innovations to flourish: we will place Europe in the forefront of the global innovation game.

Policy recommendations and guidelines

Started from our concrete cases, we will elaborate policy recommendations, aiming to help stakeholders adopting the InnoRate results and scaling their impacts in EU and Associated Countries. As a matter of fact, our pilot cases will contribute to develop an initial Policy Recommendations guide and offer practical guidelines on how interested stakeholders can use the benefits and effectiveness of the project’s results. Moreover, this practical knowledge among with the InnoRate’s outcomes will lead to a concrete methodology to be used as a baseline for the needs of interconnecting European innovation and financial ecosystems and facilitating meaningful investments.