After helping thousands of SMEs across Europe access funding to fuel their innovation, the SME Instrument is soon to change radically.
On the 18 March 2019, the European Commission revolutionised the traditional framework to support innovation in SMEs, by signing off the updated version of the Enhanced European Innovation Council (EIC) pilot for the period 2019-2020 of Horizon 20202 programme. With an allocated budget of 2 billion euros, this important update to the framework programme, will prepare the ground for the upcoming Horizon Europe 2021-2027 programme.
Besides including other calls and actions – such as Fast Track to Innovation and the Horizon Prizes – the Enhanced EIC Pilot sanctioned:
- The end of the Phase 1 SME instrument, with a final deadline for applications issued to be 5 September 2019;
- The replacement of the current Phase 2 SME Instrument with the new EIC Accelerator Pilot, starting from October 9th, 2019. From this deadline the programme will cease to provide only grant support, to move to a mixed model in which grants-only and blended finance(combining grant and equity) opportunities will be equally provided.
- Starting from the 9 October 2019 single beneficiary only (a single company, not a consortium) can apply for Phase 2/EIC Accelerator.
The SME Instrument was launched in 2014 and since then, it has become a very popular and competitive instrument that has firmly established itself on the European SME and startup scene. By the end of 2018, the instrument has invested in more than 3,200 ambitious SMEs in the amount of 1.3 billion euros and created a network of 750 business coaches to advise the beneficiaries.
If you are looking for funds and you are a SME, there is still enough time for you to apply the SME Instrument programme! Don’t miss the chance to win €50,000 up to €250,000 worth of funding to support your innovation. Contact us at info@redknightconsultancy.co.uk to find out how.
