When a small business with a visionary idea needed a helping hand, Enterprise Europe Greece steered them onto the road to success.
Greek SME Crypteia Networks was set up by a highly skilled team of engineers and academics who wanted to turn research results into commercial business products and services. Their goal was to create the next big thing in digital security.
While the company had plenty of technical expertise, it lacked the practical business support to reach its goal. This is where the European Enterprise Network partner in Athens - National Documentation Centre (EKT/NHRF)- was able to help.
Firstly the EKT/NHRF team provided business mentoring and coaching workshops and helped them to draft a business plan. It then set to work on researching the requirements for submitting patents in different markets and advised on which would be most suitable. To complement the business strategy, EKT/NHRF then provided guidance on relevant EU research funding opportunities and followed this up with help-desk support while proposals were being submitted.
In addition, the EKT/NHRF team provided access to Venture Capital partners in Greece and abroad, as well as a direct channel of communication with major international security partners.
Thanks to this comprehensive service, the company was able to create its first sustainable business line, turning research results to a commercial product (MOREAL) with 90 clients in Greece. It has also expanded internationally with 35 active clients outside Greece, filed two patents and established partnerships with key stakeholders in the market, including Fortinet (US), Radware, WatchGuard and FireEye. In addition, Crypteia Networks has won two proposals through Greek Structural Funds and achieved pre-seed funding through EIF Venture Capital partner in Greece.
The company is currently valued by Venture Capital partners at EUR 5 million and is well placed to grow further in a market that is aimed to be worth EUR 15 billion by 2015."We had no idea that we could find such quality business support services for free", said the Crypteia Networks team "Enterprise Europe Network has proven to be our most valuable ally in the war against digital threats - and we hope they will continue to be!"