The winning projects will each be given €50,000 in order to finance feasibility studies for new products that can disrupt the market. Participants will also receive three days of free business coaching.
The results for Phase 2 of the SME Instrument, where companies receive funding of up to €2.5m to make their products ready for the market, will follow around mid-February.
The next cut-off for Phase 1 is 24 February.
Go here for a full list of beneficiaries.