EIC Accelerator (Oct '24 Cut-Off) Results Announced
The European Innovation Council (EIC) Accelerator programmes provides up to €2.5m of grant funding and up to of €15m of equity to support innovative start-ups and small to medium-sized enterprises (SMEs) developing groundbreaking technologies and solutions which are at Technology Readiness Level 6 or above.
Overview of the February 2025 Funding Round
In the latest funding round (results announced in February 2025), the EIC Accelerator received a record-breaking 1,211 full applications from start-ups and SMEs for the 3rd October 2024, cut-off. Of these applications, 431 were invited to jury interviews, with 71 companies selected for funding. This selection translates to an overall success rate of approximately 5.9% from Step 2 to the final selection, highlighting the rigorous and competitive nature of the process.
The total funding allocated in this round amounts to €387 million, with an average of €5.45 million per company. The funding types awarded were as follows:
- Blended Finance (Grant + Equity): 56 companies (78.9%)
- Equity-Only: 5 companies (7.0%)
- Grant-Only: 10 companies (14.1%)
The significant emphasis on blended finance indicates the EIC's strategy to combine immediate financial support with long-term investment, ensuring sustained growth and scalability for the selected companies.
Geographical Distribution and UK Participation
The 71 selected companies represent a diverse geographical spread, spanning 16 countries. The top-performing countries in this round include Germany (15 companies), the Netherlands (11 companies), and Sweden (7 companies). Notably, the UK had 5 companies selected, accounting for 7% of the total.
This representation is particularly significant for UK-based entities. Despite the challenges posed by the UK's departure from the European Union, the EIC Accelerator remains accessible to UK applicants, albeit with certain limitations. UK companies are eligible to apply for the "grant-only" scheme, excluding them from equity-based funding components. This adjustment necessitates a strategic approach for UK applicants, focusing on maximizing the potential of grant funding to drive innovation and growth.
Success Rates and Application Process
The EIC Accelerator's selection process is highly competitive, with success rates reflecting the program's rigorous standards:
- Step 2 Success Rate: 36%
- Step 3 Success Rate: 16%
- Overall Success Rate (from Step 2 to Final Selection): 5.9%
These statistics indicate that while the journey from application to selection is challenging, a significant proportion of applicants who advance to Step 2 have a viable chance of securing funding. Understanding and navigating this process effectively is crucial to enhancing their prospects.
Why UK Entities Should Consider Applying
- Access to Substantial Funding: The EIC Accelerator offers grants of up to €2.5 million, providing substantial financial support to propel innovative projects. For UK companies, securing such funding can be transformative, enabling the development and scaling of cutting-edge solutions.
- Recognition and Credibility: Being selected by the EIC Accelerator not only provides financial backing but also serves as a mark of excellence and credibility. This recognition can open doors to additional funding opportunities, partnerships, and market expansion.
- Business Acceleration Services: Beyond funding, the EIC offers Business Acceleration Services, granting access to expertise, corporate partners, investors, and innovation ecosystems. These resources are invaluable for companies aiming to scale and penetrate new markets.
- Encouragement of Female Leadership: The EIC actively promotes diversity, with 21% of the selected companies in this round being led by women (as CEO, CSO, or CTO). UK companies with female leadership are particularly encouraged to apply, aligning with the EIC's commitment to fostering inclusive innovation.
Considerations for UK Applicants
While the "grant-only" limitation requires UK applicants to forgo equity funding, this constraint can be strategically navigated:
- Leveraging National Resources: UK companies can complement EIC grant funding with national programs and private investments. This blended approach can offset the absence of EIC equity funding, ensuring comprehensive financial support.
- Building Strong Consortia: Collaborating with entities from EU member states can enhance the project's value proposition and align it more closely with EIC priorities, potentially increasing the chances of success.
- Emphasizing EU Market Integration: Demonstrating a clear strategy for integrating and scaling within the EU market can make applications more compelling, showcasing the potential for broader European impact.
Strategic Areas of Focus
The EIC Accelerator is dedicated to supporting innovative startups and SMEs across a wide array of sectors. While the program is open to all fields of technology, it places a particular emphasis on strategic areas that align with broader EU policies and address pressing societal challenges:
Health and Biotechnology:
- Medical Technologies: Development of advanced medical devices, diagnostics, and therapeutic solutions.
- Biopharmaceuticals: Innovations in drug discovery, vaccine development, and personalised medicine.
- Biotechnology Applications: Projects focusing on bioproducts, biofuels, and bioremediation.
Energy and Environment:
- Renewable Energy Solutions: Technologies harnessing solar, wind, hydro, and other renewable sources.
- Energy Storage and Efficiency: Innovations in batteries, supercapacitors, and energy management systems.
- Environmental Protection: Projects aimed at pollution reduction, waste management, and circular economy initiatives.
Digital and Deep Tech:
- Artificial Intelligence (AI): Development of AI-driven applications across various industries.
- Quantum Computing: Advancements in quantum technologies for computing and communication.
- Cybersecurity: Innovations ensuring data protection and network security.
Advanced Materials and Manufacturing:
- Nanomaterials: Creation of materials with novel properties for industrial applications.
- Smart Manufacturing: Integration of IoT and automation in production processes.
- Construction Technologies: Innovations in building materials and sustainable construction practices.
Agriculture and Food:
- Sustainable Farming: Technologies promoting precision agriculture and resource-efficient farming.
- Food Biotechnology: Development of alternative proteins and food products with reduced environmental impact.
- Aquaculture: Innovations in sustainable fish farming and aquatic ecosystem management.
Space and Mobility:
- Satellite Technologies: Development of components and systems for space exploration and communication.
- Advanced Mobility Solutions: Innovations in electric vehicles, autonomous transportation, and smart logistics.
- Aerospace Engineering: Projects focusing on aircraft design, propulsion systems, and air traffic management.
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)
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.
European Innovation Agencies Make Plans to Strengthen Innovation
The European Innovation Council (EIC) and the European Institute of Innovation and Technology (EIT) have signed a letter of intent to coordinate efforts and strengthen Europe’s innovation services, pledging to build a “more integrated and inclusive EU innovation ecosystem for the benefit of EU innovators.”
Potential areas of cooperation are currently being tested in three €1 million pilot projects. The innovation agencies will finalise their collaboration in Spring 2021, before rolling it out in 2022.
Context
The EIC and EIT are complementary organisations, working towards the shared goal of translating Europe’s research strengths into jobs and growth. However, they operate in different ways:
- The EIT focuses on the integration of higher education, research, and innovation to address global challenges set in Horizon Europe. It has eight designated Knowledge and Innovation Communities, each of which addresses a specific societal challenge.
- In contrast, the EIC provides financial support for innovators. Its focus is on all areas of disruptive and breakthrough market-creating innovation.
A closer working relationship between the two institutions will enable companies from underperforming countries to secure more funding. As a result, this will help narrow the innovation gap between east and west Europe.
Significance
EU research commissioner, Mariya Gabriel, has labeled the move “a stepping stone in creating the European Innovation Area.” It marks a recognition that European innovation is vital. Innovative ideas key to tackling major societal challenges, including Covid-19 and climate change. They can also help Europe regain its position as a world leader in the field of innovation.
Please note: Negotiations are still ongoing to determine the UK's participation in Horizon Europe, the EU's next funding programme for research and innovation. However, UK scientists, researchers, and businesses can still apply for funding from the European Green Deal, the last and biggest call under Horizon 2020. You can read more about this competition here.
Source: Science|Business
Increase in funding for game-changing green innovation and woman-led companies…
A significant increase to the European Innovation Council (EIC) Pilot budget is expected to be adopted by the European Commission in March 2020, to support game-changing, market-creating innovation and deep-tech SMEs to scale-up, paving the ground for the launch of a ‘fully-fledged’ programme in Horizon Europe (2021 – 2027).
A one-off EIC Accelerator call for ‘green deal’ start-ups and SMEs is expected, whereby all applicants submitting for the 19th May 2020 cut-off will need to demonstrate how their innovation contributes to the goals of The European Green Deal. The 7th October 2020 cut-off for the EIC Accelerator Pilot will remain open to all innovations.
Additional opportunities for companies with women CEOs (or equivalent positions) is also expected, to ensure 25% of all finalists in the EIC Accelerator Pilot are women-led companies. If, following the first-round remote evaluation, a minimum of 25% of companies selected for the final-stage interviews are not led by women, additional interviews will be scheduled.
An advanced version of the amended EIC Work Programme is due to be released by the end of February, and the final version by the end of March, replacing plans for the year ahead in the current EIC Pilot Work Programme 2018 - 2020.
Important EIC Accelerator update for UK applicants...
The Withdrawal Agreement means that the UK can continue to participate in EU programmes, including Horizon 2020, that are financed by the 2014-2020 Multiannual Financial Framework (MFF) until their closure (i.e. for the lifetime of grants). UK participants will continue to receive EU grant funding for the lifetime of individual Horizon 2020 projects, including projects finishing after the transition period ends at the end of 2020.
UK scientists, researchers and businesses can continue to participate in and lead Horizon 2020 projects and apply for Horizon 2020 grant funding. The vast majority of Horizon 2020 projects will be able to continue as before during the transition period and beyond. This includes ERC, MSCA, and the EIC Accelerator. However, for the latter, UK entities are now only eligible for the grant element of the programme, meaning they cannot apply for equity support.
A very limited number of UK Horizon 2020 projects, which involve access to security-related sensitive information restricted for EU Member States, may be unable to continue after EU Exit in their current form. The government expects the European Commission to inform participants if this is the case.