Beschreibung der Beschaffung
Apart from funding, EIT Health provides comprehensive support for innovations that show the potential to have a positive impact on healthcare. The ultimate goal is to transform promising ideas into commercially viable products through a multi-disciplinary approach, involving business, medicine, IT and other fields of knowledge.
EIT Health operates through recruiting collaborative projects to its portfolio (
https://www.eithealth.eu/innovation_projects) by publishing once a year a call for proposals in business creation, education and innovation programmes. Only project consortia consisting of EIT Health Partners (from 2 different European countries at least) can apply.
In the call for proposals 2021 EIT Health introduces the start-up amplifier Instrument that provides opportunity for start-ups at the core of an Innovation project to benefit from extended funding of up to 500 000 EUR in Innovation projects in return for options. This instrument contributes to EIT Health's sustainability strategy and makes EIT Health a magnet for healthcare and life sciences start-ups in Europe for the benefit of our partners.
In the evaluation process (please see Annex 3 for the overview of the EIT Health's evaluation process), EIT Health will evaluate the proposal itself (as it currently does) and the start-up through a due diligence process. Both elements will be taken into account to define the level of success of an innovation project. If start-up passes the due diligence (none or minor issues identified during due diligence) it will be considered for EIT funding as a part of an Innovation proposal. If start-up does not pass the due diligence (major issues identified during due diligence), Innovation proposal will not be considered for EIT funding.
In parallel with due diligence, a valuation analysis should take place. Valuation analysis should use the established methodologies and result in the pre-money valuation number, that will be communicated to the start-up before it presents Innovation proposal at the hearings.
To deliver these services, EIT Health seeks to engage a service provider who will perform due diligence and valuation analysis for the start-ups that as a part of an Innovation project with Start-up Amplifier are invited to the hearings.
The following services are subject of the contract, in particular within these timeframes:
— valuation analysis: between 1.5.2020-14.5.2020,
— due diligence: between 1.5.2020-1.6.2020.
2.2 Due diligence and valuation analysis output
The 2 deliverables should be produced as a result of the performed services:
— a due diligence report (2 pages max) including, but not limited to:
— evaluation of the market need, team, product, business model (including transparent and objective scores per each element),
— review of the financial and legal aspects (including list of risks and red flags),
—general traffic light per start-up and recommendations,
— a valuation analysis report (2 pages max) with the explanation of the methodologies used and the final valuation number.
Additional services/deliverables that the provider finds suitable can be offered but need to be clearly labelled as ‘optional’ in the concept and pricing table.
2.3.2 Due diligence and valuation services
For delivering on the tasks the service provider will bring together and manage experts with business, financial, and healthcare/life sciences background and leverage as required depending on necessary skillsets, and shall:
— independently conduct due diligence and valuation analysis for between 15 and 30 start-ups that are invited to the hearings, in particular:
(a) valuation analysis:
— performing in-depth, state-of-the-art valuation analysis, writing the valuation analysis report and sharing it with EIT Health by 14.5.2020.
(b) due diligence:
— performing in-depth, state-of-the-art due-diligence assessment of the team (qualifications, background, experience etc.), product (specifications, feasibility, IP, scalability etc.), market (market need, market size, competition etc.) and business model (feasibility, sustainability),
— facilitating legal self-assessment by start-ups and highlighting risks and red flags,
— if needed, conducting alignment calls with start-up founders to clarify any open questions or assumptions,
— finalizing the due diligence report and sharing it with EIT Health by 1.6.2020,
— report to the responsible innovation manager at HQ on a weekly basis on the progress of the tasks,
— keep responsible innovation manager at HQ in all the communication with the start-ups,
— in case any issues occur, immediately inform EIT Health and jointly with EIT Health take measures to remedy the issue.
All members of the service provider's team including external experts need to guarantee the exclusion of conflict of interests (example of the code of conduct provided in Annex 4). It shall be deemed a conflict of interest if a team member has, directly or indirectly, a financial, economic or other personal interest which might be perceived to compromise their impartiality and independence in the context of the contract performance, e.g. in relation to a start-up in start-up amplifier Instrument. In this case the team member must be withdrawn from the tasks concerning this start-up.
2.3.3 Project management
Service provider shall also be responsible for the project management, in particular by providing qualified and experienced management staff, which includes:
— assigning service provider's experts for valuation analysis and due diligence according to the start-up's domain and product/service in the core of an Innovation projects,
— securing written guarantees of the experts on the absence of conflicts of interest. Before any interaction of experts and start-ups, potential conflicts of interest of service provider and/or experts assigned for the service must be disclosed in writing to the EIT Health,
— facilitating the signature of NDA, etc.