Supporting early-stage entrepreneurs in Europe is gaining remarkable traction, highlighted by the recent launch of “Project Europe” in March by podcaster and venture capitalist Harry Stebbings. This initiative introduced a modest $10 million fund aimed at backing founders aged 25 and under, following the model of the Peter Thiel Fellowship. In a significant development, a new fund, EWOR (short for “entrepreneurship without risk”), aims to surpass this with a substantial commitment of €60 million, equating to around $68 million.
EWOR’s entrepreneur fellowship offers selected innovative founders €500,000 in funding for a 7% equity stake, compared to Project Europe’s €200,000 for a 6.66% stake. The fund claims that its alumni typically raise between €1 million and €11 million during their fellowship period. Each year, 35 entrepreneurs will benefit from this initiative, specifically targeting visionaries, technical experts, driven operators, and seasoned entrepreneurs.
EWOR fellows will have access to a virtual-first support system that includes one-on-one mentorship, featuring 1 to 5 hours weekly with a successful ‘unicorn’ founder, and a network encompassing 2,000 mentors, venture capitalists, and industry experts. In comparison, Project Europe connects its fellows with 128 backers.
Established in 2021, EWOR is managed by a team of six entrepreneurs from reputable companies such as SumUp and Adjust. Daniel Dippold, one of the founders, highlighted in discussions with TechCrunch that EWOR supports participants from the earliest stages of their entrepreneurial journey, contrasting with Project Europe’s focus on those with at least an idea.
Each €500,000 investment consists of €110,000 from EWOR GmbH and €390,000 via an investment fund through methods like uncapped convertible notes. Previous successful startups include Aspect Health, which attracted funding from Silicon Valley and New York, ultimately reaching a valuation of $50 million.
Dippold explained their unique approach to support, describing a system capable of processing 50,000 applicants to pinpoint candidates with specific skills, exemplified by a single query that identifies individuals with extensive coding experience.
The inaugural cohort has welcomed ten founders so far, including UK innovator Mark Golab, who is applying 3D printing technology to organ transplants through Cambridge Surgical Models, and Viktoria Izdebezka from Vienna, focusing on lead generation with Salesy. Previous fellows have seen substantial exits, such as Ricky Knox with Azimo and Tandem Bank, and Tim Seithe, who directed Tillhub to a nearly €100 million exit.
Fellow Jörgen Tveit remarked that the founders of EWOR possess deep technical expertise and comprehend the complexities of developing transformative tech companies, underscoring the initiative’s commitment to nurturing the next generation of entrepreneurial talent.
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