Call for tender – researchers to write a policy study on “The European way of financing innovation scale-up”
Background
FEPS, in cooperation with FES, announces a call for tender for a policy study within the project “EU Investment Capacity 2026-2027”.
In the current policy discussion, there is an implicit assumption that the EU should emulate the US model of innovation financing, in which large-scale capital markets and private venture capital play the key role. However, the EU’s model of innovation differs from that of the US, being more focused on deep tech innovation, which likely requires different approaches to scaling up. Additionally, given its different institutional structure, the EU may not be well positioned to replicate the US model. Moreover, economic security considerations may call for a more strategic and government-steered approach to growing strategic sectors.
Objectives of the policy study
The purpose of this paper is to suggest recommendations for the European way of financing innovation scale-up.
The analysis should be guided by the following questions:
- What more can the public sector do for innovation scale-up in the EU: how can capital investments in innovation be scaled up, and what else should be done (demand side, ecosystem creation etc.)?
- Given the EU’s focus on deep tech innovation (as opposed to high-tech in the US), what kind of financing and ecosystem would be more suitable?
- How can the tension between scale-up and regional development be resolved? Scale-ups imply agglomeration around centers of excellence. Are there any solutions that can resolve, or at least alleviate, this tension? What role can the EU budget play here? What could the role for the promotional banks be?
- What role can the proposed European Competitiveness Fund play in innovation scale-up? How should it be coordinated with existing instruments, both at EU and national level?
- What is the role of the state in financing innovation scale-up? In particular, can government (EU and member states) equity play bigger role? How can a fair distribution of risks and rewards between state and private actors be ensured, so as to avoid the pitfalls of de-risking, whereby the private sector privatizes gains while the public sector absorbs losses? Should the EU copy the US model of exits for start-ups, or could a different approach be taken, in view of economic security considerations?
Applicants are welcome to submit proposals on questions that deviate slightly from the above list but logically fall within the overarching question.
A policy study is aimed primarily at analyst and academic audience and contains some empirical elements (such as interviews, calculations, simulations). At the same time, it should connect the analysis to the ongoing policy debates and propose policy recommendations.
Methodology
The methodology of the research is to be defined by the researcher(s) based on the objectives of the policy study and in collaboration with FEPS and FES.
The methodology could include a literature review, calculations and empirical tests, documentary and press analysis, scrutiny of official plans and policies, and expert/stakeholder interviews.
The researcher(s) must adhere to the FEPS guidelines for a responsible and critical use of AI in their research and writing.
Deliverable
Policy study on “The European way of financing innovation scale-up” (tentative title). Length: 10,000 – 15,000 words.
Contractual details
Type of contract: Service Provision Agreement with FEPS
- Remuneration: 8000 – 12,000 Euro (VAT included). If the desired budget exceeds 12,000 Euro, please indicate reasons.
Note on VAT: FEPS is legally registered in Belgium, hence applicants based in other EU countries and subject to the EU VAT reverse charge mechanism should account for a 21% VAT rate as part of their cost proposal.
Timeline
| Preferred start of the work | October 2026 |
| Detailed outline (with methodology developed) | 2 November 2026 |
| Full first draft | 28 February 2027 |
| Final paper | May 2027 |
The final timeline will be determined taking into account researcher(s) availability.
Application process and timeline:
- Individual or team applications are possible.
Please, submit the following:
- CV of the applicant(s), including a list of relevant publications authored by the applicant(s)
- Description of the proposed focus and methodology (1-2 pages)
- Suggested budget. Also, based on the total amount of working days, please provide your daily rate minding the total budget requested (VAT included).
- Tentative timeline, based on your availability
Please, send the application by email by 3 September 2026 (EOB) to the following people:
- Luis Sáez Jiménez <luis.saez@feps-europe.eu>
- Anna Kolesnichenko <anna.kolesnichenko@feps-europe.eu>
- Jonathan Schnock <Jonathan.Schnock@fes.de>
Interviews will be conducted online in the first half of September, with a final decision by 18 September.
Required profile
- Proven expertise on the topic of innovation financing and/or financing of industrial policy
- Knowledge of the EU financing instruments and policy initiatives on innovation scale-up
- Advanced research skills (qualitative and quantitative)
- Strong communication/presentation capacity
- Ability to deliver in a timely manner and respect deadlines
Contacts
For any questions, please contact:
- Luis Sáez Jiménez, FEPS Project Officer <luis.saez@feps-europe.eu>
- Anna Kolesnichenko, FEPS Policy Analyst <anna.kolesnichenko@feps-europe.eu>
- Jonathan Schnock, FES Policy Officer <Jonathan.Schnock@fes.de>
Annex 1: Legal notice
Participation in the tendering procedure
Tender Process
FEPS reserves the right to conduct the tender process and select the successful tender.
FEPS is not bound contractually or in any way to a bidder to this request for tender until FEPS and the successful winner have entered a written contract.
Assessment
The evaluation criteria used to assess the quality of the applications are the following:
Criterion 1: Quality of the proposal offered by the applicant – 25%
Criterion 2: Expertise and track record on the topic -25%
Criterion 3: Cost – value for money offered by the applicant – 30%
Criterion 5: Availability in the desired timeline – 20%
Terms of payment
Prices must be fixed amounts in Euro.
The amount of VAT must be disclosed on the price offer and invoice.
Costs incurred in preparing and submitting tenders are borne by the tenderers and cannot be reimbursed.
Confidentiality and conflict of interest
The Tenderer undertakes that they will not at any time, either before or after the termination of this service, use or disclose or communicate to any person confidential information relating to the affairs of FEPS.
This restriction shall continue to apply after the termination of the service without limit in point of time.
To ensure the independence of the terms of their contract, the winning tenderer will sign a declaration certifying that they have no conflict of interests in relation to the tasks to be undertaken and undertake to inform FEPS’ Director of Operations should this status change.
Terms and conditions
FEPS reserves the right to reject any and all proposals, in whole or in part, to advertise for new proposals, to abandon the need for services, and to cancel or amend this call for tender at any time prior to the execution of the written contract.
FEPS reserves the right to waive any formalities in the call for tender process. FEPS may respond to questions or provide information from tenderers and is under no obligation to provide such responses or information to all other tenderers.
By submitting a proposal, the tenderer agrees to:
▪ FEPS may copy the proposal for the purpose of facilitating the evaluation of the proposal and agrees that such copying will not violate the rights of any third party.
▪ It will not bring any claim or have any cause of action against FEPS based on any misunderstanding concerning the information provided or concerning FEPS’ failure, neglect or otherwise, to provide the bidder with pertinent information as Intended by this call for tender.
The accomplishment of a tendering procedure imposes no obligation on the FEPS to award the contract.
Should the invitation to tender cover several items or lots, FEPS reserves the right to award a contract for only some of them.
Subcontracting of contractually agreed responsibilities to third parties will only be possible under written approval and at no additional cost for FEPS.
FEPS shall not be liable for any compensation with respect to tenders whose tenders have not been accepted, nor shall it be so liable if it decides not to award the contract.
CONTRACTING AUTHORITY
Foundation of European Progressive Studies (FEPS)
Avenue des Arts, 46 – 1000 Brussels
EUPF 4 BE0896.230.213
This call for tender was launched on 17 July 2026. Please submit your application by 3 September 2026.