The European Innovation Council (EIC) and European Commission (EC) offer various funding programs to Small- and Medium-Sized Enterprises (SME) and startups, one of which is the EIC Accelerator funding. This program provides a maximum of €2.5 million in grant and €15 million in equity financing per project, with applications typically supported by consultants, writers or freelancers. However, there are alternative funding options available under the EIC framework.
The EIC's funding programs can be complex due to the different funding arms, topics, budget allocations, funding modes, and application systems. To simplify the selection process, one can consider the technology readiness level (TRL) of the innovation, the topic or industry, the number of applicants, and the financing needs and investor availability as core selection criteria.
The EIC Pathfinder, EIC Transition, and EIC Accelerator are the flagship grant funding programs. To determine which program to choose, one must first identify the level of their current technology according to the TRL’s. After identifying the TRL, the applicant can decide on the funding program. The EIC Pathfinder starts at TRL1 and ends at TRL4, EIC Transition starts at TRL4 and ends at TRL5-6, and EIC Accelerator starts at TRL5-6 and ends at TRL9.
The EIC Work Programme is renewed each year, and the budgets and thematic topics will change annually. The total budget defines how much funding is available in any given year, and the competitiveness of a funding program depends on the number of total applicants, the number of winning projects, and the overall budget size. Applicants should identify the current topics for each funding program before preparing a submission.
The EIC Accelerator is a single-applicant instrument, which means that only a single entity is receiving the funding and must be located in the EU or a country associated with Horizon Europe. For EIC Pathfinder and EIC Transition, the applicants can either apply as a consortium or single applicant. You have chose the EIC Accelerator ? Go have a look on what to consider before applying.
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Know everything about the EIC
The European Innovation Council (EIC) is a European Union initiative that supports innovative projects and companies in their efforts to bring new products and services to the market. It was established in 2017 as a pilot program within the Horizon 2020 research and innovation funding program, and has since become a standalone program with its own budget. The EIC aims to bridge the gap between research and the market, by providing funding and support to innovative projects and companies at all stages of development. It offers a range of funding opportunities, including grants, equity financing, and risk finance instruments, to help companies bring their innovative ideas to market. One of the key features of the EIC is its focus on high-risk, high-impact projects. It is designed to support projects that may be too risky for traditional investors, but have the potential to bring significant benefits and disruptive innovations to society. In addition to financial support, the EIC also provides access to a range of services and resources to help companies succeed. These include mentoring and coaching from experienced entrepreneurs, access to networks and business partners, and help with finding and securing funding from other sources. To be eligible for EIC funding, projects and companies must meet certain criteria, including demonstrating a high level of innovation and a clear plan for commercialization. The EIC is particularly interested in supporting projects in the fields of clean energy, digital technologies, and health, but also considers proposals from other sectors. The EIC has already supported a number of successful projects and companies, including the development of new energy storage technologies, the creation of innovative digital platforms, and the development of new treatments for diseases. Overall, the European Innovation Council is an important source of support for innovative projects and companies in Europe. It helps bridge the gap between research and the market, and provides the financial and support resources needed to bring new ideas to life.
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Composite sketch of a winner of the EIC Accelerator
The EIC Accelerator blended financing, formerly known as SME Instrument Phase 2, provides grant and equity funding for small and medium-sized enterprises (SMEs) and startups in Europe. The provided funding can reach up to €17.5 million per project, and there are consultants available to help assess the project's chances of success and submit the proposal. Here are five key areas that can make a project stand out and increase its chances of receiving funding.
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