Frequently Asked Questions (FAQ) - SME-Submission
They will be rejected with the possibility to resubmit an improved version.
Yes. In principle you can directly apply for phase 2; this really depends on how far advanced you are with your market assessment/business plan (for phase 2 you really need some deep insight into your market and competitors!) At the end of phase 1, you will write a short final report. As summary of your findings, you will come up with a conclusion of your feasibility study.
This can be: yes it is feasible, but we need xyz budget for conducting this and this --> go and apply for phase 2; if you come to other conclusions (no freedom to operate; no market, market not attractive enough or too complicated,...) you will of course NOT continue the development and not apply for phase 2.
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Any SME must be (re)checked, if it was not validated within the last two years.