Investment criteria

Before the investment assessment, the project must undergo a two-stage verification confirming compliance with general and specific criteria.
1. Innovativeness of the project

A technological or non-technological innovation applies.

2. Industry profile of the project

Compliance with the industry profile of the Funds (regional smart specializations “RIS” of the Lublin Voivodship).

3. Headquarters

The company has or intends to establish an office in the Lublin voivodeship.

4.SME status

A company meets the definition of SME in accordance with Regulation 651/2014, not listed on the stock exchange, conducts its business for no longer than 3 years and meets at least one of the following conditions:

  • it is not active on any market (it has not made its first commercial sale on any market within the meaning of point 52 (xi) of theGuidelines on State aid to promote risk finance investments Official Journal of the European Union 2014/C 19/04));
  • did not pay dividends.
5. Exclusions

a. The company is not in difficulty within the meaning of point 20 of the Guidelines on State aid for rescuing and restructuring non-financial undertakings in difficulty (OJ of EU C 249/1 of 31/07/2014).

b. There is no obligation on the company to return the aid resulting from the decision of the European Commission recognizing the aid as unlawful and incompatible with the common market or the ruling of a national or EU court.

c. The company is not subject to exclusion from the possibility of access to public funds on the basis of legal regulations or persons authorized to represent it are not subject to such exclusion.

The project must meet all of the above criteria to be qualified to the second verification stage.

1. An extensive target market

2. Strong IP

3. Technology that creates added value

4. Scalability

5. A clear go to market path

6. Clear exit strategy

7. Highly skilled founders

8. Opportunities to raise external funds for further development

The project should stand out in at least 4 points to be qualified to the investment assessment.


After meeting the general and then detailed investment criteria, the project is passed to the investment assessment made by the Fund’s Team and the Investment Committee.

As part of the investment assessment, the project will undergo in-depth due diligence process. Depending of the due diligence result the Investment Committee makes a positive or negative decision.