Short answer: YES
Some companies tend to conceal information about the competition to appear more innovative. Others are so focused on their own project that they are either not aware or not interested in other solutions. And that is a mistake.
SME Instrument evaluators are sector professionals who will never believe the claim that “there is no competition in the world”.
You stand to lose more than you can gain with such an omission. Including competition in your SME Instrument proposal is a good way to prove to evaluators that:
- You are aware of and following market trends (local, European and global)
- You are a mature company that knows its market and is ready to compete
- Your project is better than similar solutions
- You are not afraid of competition and truly believe in your innovation
- You can actively respond to competitor actions
- You are truly innovative, not a copycat
- You put yourself in context and solve important problem is important
In other words, an honest appraisal of the competition shows you are well-prepared and ready for whatever life (or market) throws at you.