The Black Sea Accelerator (BSA) is a comprehensive initiative designed to support innovative projects aimed at promoting a sustainable blue economy in the Black Sea region, offering a unique opportunity for scaling up regional business capacity.
This initiative was conceived in alignment with the Common Maritime Agenda (CMA) goal number 3, on "Fostering Investment in the Black Sea Blue Economy," and the Strategic Research and Innovation Agenda (SRIA), which serves as the scientific pillar of the CMA.
In a strategic collaboration between the Horizon 2020-funded sister projects, BRIDGE-SA and DOORS, both of which are implementing projects of the SRIA, the idea was to create a mechanism to transform scientific knowledge into future business opportunities. This vision aimed to foster a sustainable, innovative, and circular blue economy in the Black Sea region and led to the development of the Black Sea Accelerator (BSA). The BSA is designed to bridge the gap between science and business. The first call for applications under the BSA was launched in June 2023, marking a significant step forward in driving the blue economy in this vital maritime region.
The response to the BSA's inaugural call was very positive. A total of 30 applications were received, with 90% of them coming from the Black Sea region, and the remaining 10% from countries like Italy, Spain, Greece, and Germany. This demonstrates a growing recognition of the Black Sea as a hub for business and innovation.
The projects submitted cover all sectors of the blue economy, including aquaculture, fisheries, blue biotechnologies, maritime transport, and waste management. Remarkably, approximately one-third of the proposed solutions are at advanced Technology Readiness Levels (TRL 7-9), indicating a strong potential for application.
Of these applicants, 10 were selected for further support from BRIDGE-BS and DOORS. They benefited from tailored training sessions aimed at enhancing their innovative solution, including business analysis, planning, and building their skills to effectively present their project to investors. This support has been crucial in helping them refine their market strategies and prepare for a successful market entry.
Many participating companies have highlighted how the BSA has significantly enhanced the potential of their innovative solutions and their ability to present these effectively to potential investors. Roger from Tresoil Company in Romania shares, “We aim at pushing plastic recycling and renewable energy to boost port operations in the region and the BSA is helping us understand how to approach international investors and partners.”
Despite their busy schedules, participants have made time to attend the BSA training sessions, which have enriched their entrepreneurial journey. Kubilay from QBIONTECH in Türkiye notes, “Macroalgae aquaculture has important economic potential in the Black Sea. We want to scale up our expertise in macroalgae-based blue biotech, and BSA made an excellent contribution by structuring our business model." Similarly, Irina from 4GEOFISH in Georgia adds, "We aim to offer affordable and quality feeding to Georgian aquaculture practices, and the BSA has exposed us to a number of good practices in setting up innovative businesses for a sustainable blue economy."
The success of the first call has paved the way for future developments. The BSA applicants’ projects will be showcased during the High-Tech Summit for the Black Sea (HTS4BS), on 16 October 2024, in Sofia, Bulgaria. This event will provide a platform for selected companies to pitch their solutions to investors and receive symbolic awards. The summit will focus on ocean digitalisation, Industry 4.0, and will feature discussions on topics such as renewable maritime energy, sustainable aquaculture, and environmental monitoring. It aims to create a supportive environment for startups, organisations, and universities to exchange ideas, showcase innovations, and generate new business ideas, with the support of the BSA.
A second BSA call was launched in July 2024, targeting more advanced technologies/TRL and already established SMEs/Startups. This ongoing effort underscores the BSA's commitment to driving innovation and sustainable growth in the Black Sea region’s blue economy.