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EU Funding Programmes, Any one used it?

Recently a friend of mine told me about EU’s new program for funding new innovative small businesses/startups.

I read about it in EU’s website, which provided useful brief on what & how. It seems interesting.

Has anyone used the service here? what are the real benefits & challenges you faced? How does it cover IT startups? Is there any mentoring / consultation services?

I’d appreciate any relevant bit of information / real-life experience.

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