Understanding the Evolution
The EIC Accelerator, once a straightforward avenue for startups and SMEs to secure substantial funding, has evolved into a more intricate program. With significant changes introduced by the European Innovation Council (EIC) and European Commission (EC), it's crucial for innovative business owners to grasp the resubmission mechanisms of the application process.
Pre-2021: Infinite Opportunities
In the past, the EIC Accelerator allowed applicants to resubmit their proposals indefinitely, regardless of rejection. This meant that persistence could eventually lead to success, with companies securing funding after multiple attempts. However, this unrestricted resubmission process placed a heavy burden on evaluators and necessitated repetitive assessments of the same proposals.
The 2021+ Paradigm Shift
To streamline the application process and ensure fairness, the EIC Accelerator implemented freezing periods starting in 2021. These freezing periods prohibit companies from submitting the same or similar proposals for 12 months, introducing higher stakes and an additional layer of complexity.
- A Second Chance: Exploring the New Rules Under the updated guidelines, each applicant is granted a second chance for every submission stage. If the initial application to Step 1 is unsuccessful, a second attempt is permitted. However, consecutive rejections in the same step trigger a freeze period, barring the company from reapplying for 12 months.
- Navigating the Steps: A Roadmap for Success Understanding the resubmission process across the three steps is essential. If a company fails in Step 1, it must reapply to Step 1. A second rejection in Step 1 activates the freeze period. Similarly, Step 2 follows the same pattern, with a rejection requiring a resubmission to Step 2, and a second rejection triggering the freeze period.
- Unveiling Step 3: The Interview Impact Step 3 carries its own unique dynamics. If a company faces rejection in Step 3, it is required to reapply to Step 2 (or directly to Step 3 if invited). Notably, if a company progresses to a particular step, it typically won't be sent back unless the rejection occurs during the Step 3 interview.
Illuminating the Path with a Fresh Example
To shed light on the resubmission process, let's explore another illustrative case. Imagine a company that undergoes the following journey within the EIC Accelerator:
Step 1: Initial Application The company submits its proposal for Step 1 but unfortunately receives a rejection. However, this setback doesn't deter them from pursuing their innovative vision.
Step 2: Building Momentum Undeterred by the initial rejection, the company takes the opportunity to refine its proposal based on the feedback received. With renewed determination, they resubmit their improved application to Step 2. This time, their efforts bear fruit, and they receive approval to proceed.
Step 3: The Crucial Interview Thrilled by their progress, the company advances to Step 3, where they face a comprehensive interview. The evaluators carefully assess their proposal, seeking to uncover its true potential. Despite the company's best efforts, they receive a rejection at this stage.
Step 2 Redux: A Second Chance After the disappointment of Step 3, the company is not discouraged. They are directed to return to Step 2 and refine their proposal based on the feedback and insights gained from the interview. Embracing the opportunity for growth, they diligently address the areas of improvement.
Step 3: Rising from the Ashes Armed with a revised and strengthened proposal, the company once again finds itself at Step 3. This time, they navigate the interview with confidence, leveraging their refined strategy and addressing previous concerns. Their tenacity and perseverance pay off as they finally receive the much-awaited approval.
Embark on Your EIC Accelerator Journey with Confidence
Understanding the intricacies of the resubmission process is key to maximizing your chances of success in the EIC Accelerator program. By grasping the evolving rules and following a strategic approach, innovative startups can navigate the application journey with confidence, ensuring their groundbreaking ideas receive the recognition and support they deserve.
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