A EUREKA project usually starts with a business idea. This idea has to be transformed into a concrete project description -generally split into a definition phase and an implementation phase- which highlights adequate market prospects and clear objectives. It details the involvement of sound partners from different EUREKA member states and outlines proper project management, including a realistic budget, the availability of sufficient resources and a solid cooperation agreement.
Running an international project successfully means dealing effectively with different cultures and different languages. This is best achieved by ensuring a clear objective, appropriate structure and effective management during the entire project timeframe. Successful projects need good planning and hard work.
The main advantages of EUREKA projects are:
- Projects can be launched in virtually all technological areas. They must have a civilian nature.
- Projects are bottom-up: the partners are totally free in their choice of topic, partner(s) and timeframe, provided there is market potential for their idea. They are never bound to a strict research programme and there are no centralised calls for proposals.
- Project participants retain complete ownership of Intellectual Property Rights (IPR).
- EUREKA projects can be of any size, ranging from several hundred thousands of euro to tens of millions. However they should involve a minimum of 2 independent partners from 2 different EUREKA Member States.
- EUREKA is very flexible: projects are approved approximately four times per year and the EUREKA label (EUREKA’s seal of approval) is awarded once a year, at the end of the current Chair’s term of office (this is usually in June).
- There are only limited reporting obligations. EUREKA tries to be as non-bureaucratic as possible.