To address the low start-up survival rate and the lack of funding in “modest” and “moderate” innovation ecosystems within Europe – namely in Central and Eastern European countries - the consortium (led by EIT Health in collaboration with InnoStars, Civitta and other entities, as well as an advisory board including the EIF) will use their individual expertise to implement activities that build critical mass on both the investor and venture-building front. Given the investment challenges in early-stage ventures, the Project will seek to collaborate with local start-up support organizations to provide capacity building initiatives as well as to derisk local innovators to set the foundations for modest and moderate regions to become sustainable and competitive with more dynamic regions within the European ecosystem. The project will be structured around the impact pathway methodology (scoping, engaging and implementing). The specific objectives are: 1) to build robust and sustainable early-stage investment ecosystems and increase critical mass; 2) to increase venture investments through a) cultivating life sciences local investment and b) attracting foreign investors into the local innovation ecosystem; 3) to provide de-risking and investment readiness support for Dealflow exchange to increase syndication, and 4) to disseminate and implement project outcomes, create European foundation to address fragmentation in EU market and support cross-border investments In addition to said objectives, as well as the expected outcomes set out in the call, the Project will aim to impact wider European goals, including furthering the European Innovation Agenda, increasing investment competitiveness, start-up as wells as job creation, knowledge transfer, and widening European outreach. Furthermore, project results are expected to be applicable to other regions and non-health related industries and scope a Pan-European funding initiative for health tech ventures rich in assets.

The general purpose of PRECISEU is connecting innovation ecosystems across Europe to efficiently advance towards a truly personalised healthcare, transferring practices and solutions from region to region and scaling up deep-tech healthcare innovations based on advanced therapies medicinal products and health data across Europe. The PRECISEU consortium is composed of Regional Authorities and innovation players from 9 NUTS 1 and 2 regions, supported by clusters, universities, research centres and infrastructures, NGOs and networks, and engaging regional and European innovators, scientists and entrepreneurs across the EU health innovation space. Also involved as partner in the consortium, one Ukrainian Region, Rivne, represented by the Rivne Medical Cluster, has a relevant role as Ukraine is open for cooperation, innovation and joint projects for reconstruction. The European continent faces a set of challenges in terms of the swift and effective implementation of medical care, which were brought sharply into focus during the COVID-19 pandemic. Healthcare remains a concurrent gap between innovation leaders and emerging and moderate innovators (classification according to the Regional Innovation Scoreboard, RIS), which impacts all spheres (economics, social and living standards), and which requires significant expertise and knowledge as well as expansive collaboration between innovation networks and all stakeholders and communities across Europe. PRECISEU is aware that taking next steps in the development and organisation of PM is a key issue for Europe, and that more coordination efforts between key European stakeholders is necessary to foster its implementation. By focusing on health data and advanced therapies as key drivers of personalized medicine models, PRECISEU will not only provide regional ecosystems with European connectivity but will most importantly address the significant and urgent needs of the regions.