The European Innovation Council Impact Report 2023: a €70 billion deep-tech portfolio
The European Innovation Council (EIC) has recently released its annual Impact Report for 2023, showcasing its pivotal role in nurturing deep tech innovation throughout Europe. The report emphasises the EIC's status as a key investor in European innovation, with investments exceeding €1.2 billion in 2023 alone. Notably, these investments have catalysed an additional €3.5 billion in capital, demonstrating the EIC's substantial leverage in mobilising funds for ground breaking projects.
One of the report's key highlights is the significant growth in the total portfolio value of enterprises supported by the EIC, which has grown to nearly €70 billion. This exponential increase reflects the EIC's success in identifying and supporting high-potential start ups and scaleups in the deep tech sector.
Iliana Ivanova, Commissioner for Innovation, Research, Culture, Education and Youth, has lauded the EIC for its transformative impact on Europe's innovation landscape, emphasising the creation of a robust ecosystem conducive to critical technologies, which is vital for maintaining Europe's competitiveness on the global stage. Commissioner Ivanova said:
“The European Innovation Council (EIC) has emerged as a game-changer in supporting deep tech innovation in Europe. This Impact Report shows how the EIC supports the growth of high potential startups while at the same time building a European community of deep tech investors. This is crucial to ensuring the future of our companies and strengthening EU leadership in critical technologies.”
Moreover, the report highlights the EIC's role in driving the growth of supported companies, leading to substantial increases in valuation, employment rates, and revenue generation. Additionally, the EIC has played a crucial role in fostering unique innovations and facilitating strategic partnerships, further solidifying its position as a driving force in deep tech innovation across the continent.
Key impacts to date of the EIC include:
- An overall portfolio value of EIC supported companies of nearly €70 billion, an increase of over €20 billion in just over a year;
- Impact on scaling up companies, with over 150 “centaurs” (valuation above of €100 million), 15 of whom have a valuation above €500 million including 8 over €1 billion (unicorns);
- EIC companies averaging 35% employment growth and 68% revenue growth in the first 2 years following EIC support;
- Attracting over €12 billion of follow-on investments, primarily from venture capital, corporates, and national promotional banks.
- 1686 unique innovations generated from EIC research projects (Pathfinder and predecessors);
- EIC companies and projects matched to corporates, procurers and potential investors resulting in over 125 signed deals.
For those interested in delving deeper into the comprehensive document which offers insights into the EIC's activities, successes, and future directions, you can download it here: EIC Impact Report 2023. You can download the key impacts summary here: EIC Key Impacts 2023.
Ofgem Strategic Innovation Fund (SIF) Round 4 Challenges
The Strategic Innovation Fund (SIF) is an Ofgem programme managed in partnership with Innovate UK. Its purpose is to support energy network innovation that will help achieve Net Zero rapidly and at lowest cost; deliver real net benefits to energy network users and consumers; and help the UK to become a 'Silicon Valley' of energy. The next round of SIF is being launched next week, with 4 new targeted innovation challenges.
Innovators will be invited to submit an Expression of Interest (EoI), outlining their idea to address the challenges. The EoI stage will give Innovate UK an opportunity to engage innovators in developing ideas before submission into the Call for Ideas; opening on Innovate UK’s Innovation Funding Service portal on 1st May 2024.
Successful ideas will have an opportunity to pitch their idea to the energy networks. Networks will then invite the most suitable pitches to partner with them to develop their idea further, with the aim of applying to the Discovery phase of Round 4.
Innovate UK will be hosting two introductory webinars to give a more in-depth view of the new challenges and explain next steps on how to get involved in this exciting new round of the SIF:
- Thursday 7 March @ 11:00 am
- Friday 15 March @ 9:00 am
You can register your attendance for the Round 4 Challenges Launch Webinars to ensure you are informed of the new challenges.
EIC Summit and R&I Week
The European Innovation Council Summit 2024, will take place on 18th and 19th March as part of the Research & Innovation week.
Celebrating the 40-year journey through the Research and Innovation Framework Programmes, the R&I Week 2024 will debate the future of R&I and shape the contribution to EU political priorities, in particular the EU Tech Sovereignty and Competitiveness.
Tuesday 19th March will be fully dedicated to EIC beneficiaries with workshops covering diverse issues for researchers and entrepreneurs, such as intellectual property rights, investments, or scaling up your company. Discover the full programme and list of speakers.
The R&I week also includes the Belgian Presidency event on Innovative Procurement, taking over from the EIC Summit on the late afternoon of 19 March and continuing until the afternoon of 20 March. After that, it’s the start of the Research and Innovation Days providing a full R&I related programme, closing at the end of 21st March.
To register, click here.
EIC Accelerator Updates
EIC Applicants that have received a ‘GO’ after submission of their short (Step 1) proposal can now familiarise themselves with the annexes in view of preparing their full application for the 13 March 2024 cut-off. These annexes include for example the simplified financial plan and equity needs, a detailed budget table for lump sum calculations and the ownership control declaration. In addition, ‘Part A’ of the full application form is being updated to ensure automatic collection of key data for the EIC, such as gender of the CEO/CTO/CSO of applicant companies, requested type of funding, and consent to share application data with EIC National Contact Points and the Enterprise Europe Network. This will further facilitate support to future applicants.
The updated Part A of the application form as well as all annexes are expected to be available on the Funding & Tenders Portal of the European Commission by mid February for eligible applicants who receive an automatic notification in the Funding and Tenders Portal with the submission links. In the meantime, applicants are advised to familiarise themselves with the application forms and annexes in preparation of their application, but to wait with uploading the forms until the final versions are available on the Funding and Tenders Portal.
Annexes for applicants to the EIC Accelerator full proposal:
Tpl_Annex_Mandatory data and consent (HE EIC Accelerator full application)
Tpl_Application Form (Part B) (HE EIC Accelerator full application)
Tpl_Detailed Budget Table (HE Lump Sum - EIC)
Tpl_Annex Ownership control declaration (HE EIC)
Tpl_Annex_Financial plan and equity needed (HE EIC Accelerator)
Eureka Programme Support & Partner Brokerage Event - 7th March 2024
Are you an innovative company based in the UK considering applying for an upcoming Eureka Network opportunity? The Eureka Programme Support & Partner Brokerage event aims to provide innovative UK companies with information on funding opportunities within the UK Eureka Network and support the building of international consortia through project idea pitching to broker partnerships.
The Eureka Network is an intergovernmental network connecting 47 countries through a joint platform for international cooperation in innovation. Organisations and companies applying to a Eureka programme can access funding and support from national and regional ministries or agencies for their international R&D projects.
Benefits of attending the event include:
- Finding Eureka programme partners to form strategic international collaborations for submission to the upcoming Eureka calls.
- Meeting experts in breakout rooms that are currently working on project ideas and pitch presentations. In addition, speaking with the UK Eureka Programme Management team who will be able to answer specific questions about applying for a Eureka opportunity.
Discover more about the upcoming Eureka funding opportunities including Eureka Eurostar's supporting SMEs and Eureka Clusters for supporting industry-led international communities focused on strategic technology areas including next-generation communications, low carbon energy, software innovation, advanced manufacturing & production and electronic components and systems development.
To register for the event, click here.
New EIC Board holds its first plenary meeting
The recent inaugural meeting of the new European Innovation Council (EIC) Board, held on January 10 and 11, 2024, in the prestigious imec facility in Leuven, Belgium, marks a significant milestone in the journey towards fostering innovation across Europe. This event symbolises the commitment of the European Union (EU) to spearhead innovation and sets the stage for strategic advancements in European research and innovation.
Appointed by the European Commission (EC) on December 13, 2023, the new EIC Board, under the leadership of its President, Michiel Scheffer, holds a pivotal role in guiding the direction of the EIC. The Board’s responsibilities extend beyond advisory roles; they encompass shaping the strategy, work programme, thematic portfolios, and, upon the Commission's request, advising on broader innovation policy matters. This structure ensures a comprehensive approach to innovation, integrating strategic insights with practical implementations.
The EIC Board is scheduled to convene five to six plenary meetings annually. These sessions are crucial for deliberating on the EIC's strategic and operational frameworks and advising the EC on various matters within their mandate. The recent meeting marked the first plenary session with the new Board membership. The primary agenda was to establish the priorities for the Board’s work in 2024, especially focusing on strategizing and implementing the EIC's objectives for the latter half of the 2024-27 programme. This session was attended by Iliana Ivanova, Commissioner for Innovation, Research, Culture, Education, and Youth, who engaged with Board members in a fruitful exchange on the EIC’s priorities within the broader context of EU policies and the mid-term review of Horizon Europe. Horizon Europe, the EU's flagship funding programme for research and innovation, is integral to the EIC's mission, underscoring the importance of aligning the EIC's strategies with the overarching goals of the EU.
The composition of the EIC Board reflects a blend of continuity and fresh perspectives. Members serve in a personal capacity, with their terms set for two years, renewable twice. This structure facilitates the rotation of approximately one-third of the members every two years, ensuring a dynamic infusion of ideas and experiences. The current Board, comprising 10 members with renewed mandates from the 2021-23 period and 10 new members selected from a reserve list, represents a diverse and experienced group of individuals committed to steering Europe towards a brighter, innovation-driven future.
The mandate of these new and renewed members, extending until December 2025, symbolises a period of opportunity and challenge. As Europe navigates through complexities of the modern world, the EIC Board's role becomes increasingly vital. It embodies a strategic think-tank, poised to influence the direction of European innovation, making substantial contributions to the development and implementation of policies that nurture research, innovation, and education.
As the Board embarks on its journey to shape the future of innovation, its decisions and strategies will undoubtedly play a critical role in determining the trajectory of Europe's innovation landscape. With a balanced mix of continuity and new insights, the EIC Board is well-positioned to drive significant advancements in research and innovation, ultimately contributing to the prosperity and competitiveness of the EU on the global stage.
Pioneering the Future of Research Funding: Learn more about UKRI's Innovation and Research Caucus
In June 2023, UK Research and Innovation (UKRI) launched an ambitious move to revolutionise research and innovation funding by establishing the Innovation and Research Caucus (IRC). This initiative, backed by a £7 million investment, signifies UKRI's commitment to elevating the United Kingdom as a global leader in research excellence. The IRC aims to become a world-leading centre of excellence, shaping the future of research and innovation through evidence-based strategies and investments.
The IRC is conceptualised as a think tank and strategic unit within UKRI, dedicated to enhancing the effectiveness and impact of research and innovation funding. Its establishment responds to the growing need for a more evidence-driven approach in funding decisions, ensuring that investments are aligned with both national and global research priorities. The IRC will serve as a hub for gathering, analysing, and utilising robust evidence and insights, directly influencing UKRI's strategic direction over the next three years.
The creation of the IRC is also a response to the rapidly evolving research landscape, marked by emerging technologies and interdisciplinary challenges. By harnessing data and insights, the IRC aims to foster more informed and agile decision-making within UKRI, enhancing its ability to respond to new opportunities and challenges in the research domain.
The IRC's mission goes beyond merely optimising funding strategies. It is poised to play a crucial role in shaping the future of UK research and innovation, driving forward-thinking policies and initiatives. This includes identifying emerging research areas, fostering collaborations across disciplines, and ensuring that UK research remains at the cutting edge of global innovation.
The benefits of such an approach are wide ranging. For researchers and business, it promises more strategic and targeted funding opportunities, aligning with the latest trends and needs in various fields. For the wider society, it translates into research that can effectively address societal challenges, from healthcare breakthroughs to technological advancements.
Implementing such a visionary project is not without its challenges. The IRC has to navigate the complexities of the diverse research landscape, ensuring its recommendations are inclusive and representative of the entire research community. Looking ahead, the success of the IRC will depend on its ability to remain adaptive, inclusive, and forward-looking, setting a global standard in research and innovation funding strategy.
The establishment of the IRC marked a transformative step for UK research. By prioritising evidence-based strategies and foresight, UKRI is not just enhancing its funding mechanisms; it is positioning the UK as a visionary leader in global research and innovation, ready to tackle the challenges of tomorrow.
For more information about the IRC please visit: UKRI's Innovation & Research Caucus
UK's Scientific Renaissance: Re-joining European Research Council (ERC) Grants Post-Brexit
In a significant turn of events for the UK's scientific community, January 2024 marks the re-entry of UK-based scientists into the European Research Council (ERC) grant schemes. This re-engagement with one of Europe's most prestigious funding bodies symbolises a new chapter in UK-EU research collaboration, overcoming the post-Brexit hiatus that had temporarily sidelined UK researchers from these crucial funding opportunities.
The ERC grants, known for their competitive nature and substantial funding, are instrumental in advancing cutting-edge research. Post-Brexit, UK scientists faced uncertainty regarding their participation in these programs, leading to concerns about the potential isolation of UK science from broader European research initiatives. The reinstatement of UK eligibility for ERC grants comes as a relief and an opportunity for the scientific community. It ensures continued access to significant funding and collaborative opportunities with European counterparts, vital for maintaining the UK's position at the forefront of global research and innovation.
The re-inclusion in ERC grant schemes provides a much-needed boost to UK researchers, particularly in fostering international collaborations and enhancing the scope of their research. ERC grants are not just about funding; they are about building networks, sharing knowledge, and pushing the frontiers of scientific discovery. For early-career researchers, access to ERC funding is a gateway to establishing themselves in the competitive world of academia. For established scientists, it means the continuation and expansion of ambitious projects that require cross-border cooperation.
The move also signals a broader message of collaboration and unity in science, transcending political boundaries. It is a recognition that scientific progress thrives on diversity of thought and international cooperation. The reintegration is expected to yield significant advancements in various fields, contributing to both UK and European research agendas.
Despite the positive outlook, challenges remain. Navigating the post-Brexit landscape requires adaptation from both UK researchers and European partners. There will be logistical and regulatory hurdles to overcome, ensuring seamless integration and cooperation under the new frameworks. The future, however, looks promising. The re-entry into ERC grants is a stepping stone towards reinforcing the UK's commitment to global scientific collaboration, potentially paving the way for more integrated UK-EU research initiatives.
The UK's re-engagement with ERC grants is a pivotal moment for its scientific community. It not only reinstates critical funding avenues but also symbolizes a renewed commitment to international research collaboration, essential for addressing the complex, global challenges of our time.
UK Research and Innovation's Leap into Open Access: Empowering Knowledge Sharing
In a landmark move, UK Research and Innovation (UKRI) ushers in a new era of academic openness. From January 2024, its comprehensive open access policy extends to monographs, book chapters, and edited collections, revolutionising the dissemination of scholarly work. This paradigm shift in knowledge sharing aligns with the growing global mandate for open access, marking a significant evolution in academic publishing.
Building on its 2022 policy for peer-reviewed research articles, UKRI now includes a broader range of academic outputs under its open access umbrella. The policy ensures that research funded by UKRI, a critical financier in the UK's academic landscape, is freely accessible to everyone. This democratisation of knowledge aims to accelerate scientific discovery and innovation by removing traditional barriers to information access.
The policy is a response to the scholarly community's call for more equitable access to research findings. It reflects a fundamental change in how research is shared, promoting transparency and collaboration across disciplines. The inclusion of monographs and book chapters is particularly notable, as these forms of academic outputs have historically been less accessible due to cost and distribution limitations.
The implications of this policy are far-reaching. For academics, it represents an opportunity to increase the visibility and impact of their work. Students, educators, and researchers worldwide stand to benefit from unrestricted access to a wider array of scholarly materials. This could particularly benefit those in developing countries, where access to academic literature is often limited. For the private sector, it will enable translation of research into innovative products, processes, and services to aid economic growth and job creation.
The response from the academic community has been largely positive, with many viewing it as a progressive step towards a more inclusive and collaborative research environment. However, there are also concerns about how this transition will be funded and managed, particularly regarding the financial implications for researchers and publishers.
UKRI's expansion of its open access policy marks a pivotal moment in academic publishing. By embracing open access, UKRI is not just enhancing the visibility of UK research but also contributing to a global movement towards a more accessible and equitable knowledge economy. While challenges remain, particularly in implementation and sustainability, the potential benefits of this policy for the global research community are immense. As this policy takes effect, it paves the way for a future where knowledge is a shared and accessible resource, fostering innovation and understanding across borders.
European Innovation Council (EIC) 2024 Work Programme
Funding and Support in 2024
The European Innovation Council's (EIC) Work Programme 2024 marks a significant step forward in fostering research and innovation across Europe. With a comprehensive funding structure and support system, the programme is set to revolutionise the landscape of technological and scientific advancement. Worth over €1.2bn, the majority is dedicated to SMEs and start-ups to develop and scale up “deep tech” innovations in critical fields such as generative artificial intelligence (AI), space, critical raw materials, semiconductors and quantum technologies. You can download the full EIC 2024 Work Programme here.
The funding is provided across three main schemes.
• EIC Pathfinder: Allocating €256 million, the EIC Pathfinder scheme stands as a cornerstone of the 2024 programme. It aims at empowering multi-disciplinary research teams, encouraging them to engage in visionary research with the potential for groundbreaking technological advancements. Grants under this scheme can reach up to €4 million, providing substantial support for ambitious projects.
• EIC Transition: With a budget of €94 million, the EIC Transition scheme focuses on transforming research results into tangible innovation opportunities. This scheme is a natural progression from EIC Pathfinder projects, extending its reach to include European Research Council Proof of Concept projects and, for the first time, results from Horizon collaborative projects from Pillar 2/ societal challenges. Grants under this scheme can go up to €2.5 million.
• EIC Accelerator: The EIC Accelerator, with a massive €675 million budget, is tailored for start-ups and SMEs. It aims to aid in the development and scaling up of innovations with the potential to disrupt or create new markets. The scheme offers grants below €2.5 million and investments ranging from €0.5 to €15 million. Notably, €405 million of this is earmarked for investments managed by the EIC Fund, which also receives an additional €180 million for follow-on investments in companies selected under previous EIC Accelerator calls.
All projects supported by the EIC gain access to Business Acceleration Services, offering expert coaching, mentoring, and partnership opportunities.
Proactive Management and Structural Changes
The EIC adopts a proactive approach in managing funding. EIC Programme Managers play a crucial role, developing visions for innovation and technology breakthroughs, and guiding project portfolios to achieve these ambitious goals. The European Commission has also restructured the EIC Fund, transferring its shares to the European Investment Bank. This restructuring, alongside the EIC work programme’s measures, enhances the Fund's flexibility in managing its investment portfolio, which already includes over 500 of Europe's most promising start-ups and high-growth companies.
Simplification and Other Novelties
The EIC Board's recommendations have led to several simplifications and improvements to be implemented in the 2024 Work Programme:
• Introduction of lump sum funding in most EIC calls, eliminating financial reporting requirements for beneficiaries.
• Updated Intellectual Property rules to empower Technology Transfer Offices.
• Introduction of consensus meetings for EIC Accelerator applications to strengthen the evaluation process.
• Increased flexibility for the EIC Fund to adjust investments in response to company needs and market trends.
• Expansion of EIC Transition funding to include Horizon collaborative project results.
Investing in Strategic Technologies
A significant portion of the EIC funding (€420 million) is reserved for novel technologies and SMEs/Startups addressing challenges directly supporting the European Green Deal, REPowerEU, Chips Act, future AI Act, Net Zero Industry, and other EU policies, aligning with the New European Innovation Agenda. In line with the Commission’s strategy on economic security, applications in critical areas like AI and quantum technology will undergo screening for foreign ownership and investment safeguards by the EIC Fund.
Information Days
The EIC has scheduled two Information Days in January 2024. These events, conducted online, will provide potential applicants with insights into the new work programme and an overview of the three main funding schemes. The first day (15 January) is dedicated to the overall work programme, while the second day (16 January) focuses on the EIC Accelerator Challenges. You can read more about these info days here.