With the launch of the new Call for Startups – a phase in which startups can submit their applications on the dedicated website – the third edition of FAROS officially begins. FAROS is an accelerator of the National Accelerator Network CDP Venture Capital, established in 2021 to promote a marine economy in Italy in support of sustainable development.

For this edition, the selected startups will be offered an acceleration program with masterclasses, one-to-one coaching activities, mentoring with industry experts, networking with national and international stakeholders; moreover, the best solutions will have the opportunity to engage in open innovation activities with corporate partners; the startups will receive an investment in the form of a convertible note starting from 75,000 euros with potential follow-on up to 400,000 euros.

The goal of FAROS is to identify the most interesting national and international entities that develop products or services impacting on eight focus areas of the marine economy:

• Ocean Data: intelligent systems and innovative technologies for the collection, monitoring, and evaluation of data from the sea and oceans
• Ocean Energy Systems: creating an energy mix based on ocean resources
• Sea Health & Restoration: activities for the prevention, protection, restoration, and monitoring of the marine environment and ecosystem
• Smart Ports & Green Shipping: digital and automated processes for optimizing port activities and decarbonizing maritime transport
• Sustainable Aquaculture: farming and processing of fish, algae, and mollusks for the food chain
• Innovative use of marine resources: for industrial applications and processes
• Shipbuilding: innovative and sustainable processes in the shipbuilding supply chain
• Coastal Tourism: services for the development of a more sustainable tourism supply chain

Teams can submit their applications by June 16, 2024, and the selection process will culminate in July 2024 with the Selection Day, during which up to 10 of the best entities will access the acceleration program that will last 4 months (November 2024 – February 2025) and will conclude with the final Demo Day event, scheduled for March 2025.

APPLICATIONS

The regulations of the call with details on eligibility criteria, conditions, and methods for submitting applications are available here. The Call closes on June 16, 2024.

FAROS is the first accelerator in Italy dedicated to this sector, created by the initiative of CDP Venture Capital Sgr in collaboration with the Port System Authority of the Ionian Sea – Port of Taranto and is managed by a|cube, an accelerator for social and environmental impact enterprises, and the local manager Wylab. With a national and international scope, FAROS promotes its activities through two significant Italian hubs, Taranto and La Spezia.