An Overview of the European Innovation Council Accelerator Programme
The EIC Accelerator, an esteemed funding initiative under the auspices of the European Innovation Council (EIC) and integral to the Horizon Europe framework, is dedicated to providing substantial financial support to pioneering enterprises. This program focuses on organizations that are at the forefront of advancing technological innovations or harnessing the potential of scientific breakthroughs within the realm of Deep Technology (DeepTech). Eligible projects may receive up to €2.5 million in the form of grants, complemented by the option of equity financing up to €15 million, fostering the growth and scalability of groundbreaking ventures.
Overview of Funded Technologies under the EIC Accelerator Program
Since its inception in 2021, the European Innovation Council (EIC) Accelerator has supported a diverse array of over 400 enterprises, spanning a multitude of sectors. These beneficiaries include ventures engaging in capital-intensive hardware operations as well as those dedicated to purely software-driven initiatives, with a strong emphasis on Deep Technology innovations. The EIC Accelerator maintains a broad technological scope with no overarching restrictions, provided that the proposed technologies adhere to European Union directives and do not support military applications or related fields. Furthermore, the EIC Accelerator underscores its commitment to advancing pioneering technologies by emphasizing specific Technology Challenges annually, thereby spotlighting areas of strategic interest and potential growth within the innovation ecosystem.
Assessing the Technological Readiness Level for EIC Accelerator Eligibility
The European Innovation Council (EIC) Accelerator provides financial support for the advancement of technologies that have attained a minimum of Technology Readiness Level (TRL) 5, which is characterized by the validation of the technology within a pertinent operational environment. To qualify for funding, applicants are typically expected to have developed a prototype or established a proof-of-concept that substantiates the technology’s efficacy. Additionally, entities whose technologies have progressed to TRL 6 or 7 may seek grant funding to further their development. For technologies that have advanced to TRL 8, the EIC Accelerator may offer pure equity investment options to facilitate their market entry and scale-up.
Overview of Available Funding Streams through the EIC Accelerator
The European Innovation Council (EIC) Accelerator provides financial support to enterprises via three distinct funding mechanisms: Grants of up to €2.5 million, which are non-dilutive and disbursed as lump sum payments; Equity investments of up to €15 million made by the EIC Fund or its affiliates in return for shares within the company; and Blended Finance, which amalgamates both Grant and Equity financing up to a maximum of €17.5 million. Prospective applicants have the discretion to select their preferred funding type and the corresponding amount that aligns with their business requirements. Under extraordinary circumstances, applicants may be considered for funding allocations that exceed the standard thresholds.
Profile of the Applicant for the EIC Accelerator Programme
Eligibility Criteria for EIC Accelerator Funding Recipients
Eligible entities for the EIC Accelerator include for-profit small and medium-sized enterprises (SMEs) that are duly registered within a qualifying country. Furthermore, individuals or investors may also submit applications under the premise that they establish a company prior to the execution of the Grant Agreement Contract. To qualify, these companies must adhere to the SME definition of the European Union, which includes maintaining a workforce of fewer than 250 persons and either an annual turnover not exceeding €50 million or an annual balance sheet total not surpassing €43 million, thereby ensuring the independent nature of the business entity.
Eligibility Criteria: Participating EU Member States for the EIC Accelerator
The EIC Accelerator programme extends its eligibility to entities and entrepreneurs across the entire European Union, encompassing all 27 member states, which include Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden, as well as their affiliated territories. This comprehensive accessibility ensures equitable opportunities for innovation and enterprise development throughout the Union.
Eligibility Criteria for Non-EU Country Participation in the EIC Accelerator Program
The European Innovation Council (EIC) Accelerator confirms the existence of association agreements with Horizon Europe that enable entities and individuals from an established set of third countries to participate in the program. Eligible applicants from the following associated countries may seek funding: Albania, Armenia, Bosnia and Herzegovina, the Faroe Islands, Georgia, Iceland, Israel, Kosovo*, the Republic of Moldova, Montenegro, North Macedonia, Norway, Serbia, Tunisia, Turkey, Ukraine, Morocco, and the United Kingdom (which is eligible for grant-only participation).
* This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the ICJ Opinion on the Kosovo declaration of independence.
Determining Suitability for the EIC Accelerator Programme: Is It the Right Fit for Your Enterprise?
Analysis of the EIC Accelerator’s Success Metrics and Approval Ratios
The EIC Accelerator ensures transparency and fairness in its evaluation processes; however, precise success rates for each of the three distinct evaluation stages are not routinely published. Nonetheless, it is estimated that the cumulative success rate for projects advancing from Step 1 through Step 3 is at or below the 5% threshold. It is important to note that this rate is subject to fluctuation, influenced by factors such as the EIC Accelerator’s annual budget allocations, the volume of submissions per designated cut-off date, and the specific nature of the Call—whether it is an Open or Challenges call. Consequently, applicants may experience variable success rates in line with these parameters.
Assessing Your Company’s Eligibility for the EIC Accelerator Program
The EIC Accelerator prioritizes the endorsement of ventures that are at the forefront of innovation, characterized by disruptive technological advancements with a profound DeepTech foundation, or those of a significant scientific or technical nature. The EIC Accelerator’s mandate is to champion high-risk, high-potential enterprises that exhibit a clear strategy for market deployment. Historically, the EIC Accelerator has provided financial support to a diverse array of scientific breakthroughs, as well as software enterprises, Software as a Service (SaaS) platforms, and even robustly capitalized firms with comparatively lower risk trajectories.
Eligibility and Assessment Criteria for the EIC Accelerator Application
Each enterprise must judiciously evaluate the decision to pursue the €17.5 million funding opportunity presented by the EIC Accelerator. Critical factors include assessing the associated risk profile in light of the programme’s historical success rates, the time commitment required for the application process, and the necessity of resilience throughout the duration of the process. The EIC Accelerator is optimally suited for enterprises that possess a minimum financial runway of six months and are not in urgent need of capital infusion. Concurrently, these enterprises should be proactively seeking to engage with investors and exploring alternative funding avenues in order to strategically broaden their financial portfolio.
Application Procedure for the EIC Accelerator
Application Procedure for the EIC Accelerator Program
The European Innovation Council (EIC) Accelerator employs a rigorous three-stage evaluation procedure. Applicants are required to successfully navigate through each consecutive phase in order to qualify for funding. Upon successful completion of the third stage, eligible entities are granted the allocated financial support. The application process is efficiently facilitated through the European Union’s Funding & Tenders Portal, where all necessary documentation must be submitted in accordance with the specified cut-off dates. Upon review, each application is meticulously assessed, resulting in the provision of an Evaluation Summary Report (ESR), which includes detailed evaluations, feedback, and a definitive GO or NO GO determination.
Timeline for the EIC Accelerator Application and Evaluation Process
The application trajectory for the European Innovation Council (EIC) Accelerator is not governed by a uniform schedule. The time frame for successful applications may vary significantly, with certain enterprises achieving fruition in less than six months, while others may extend beyond two years, specifically if their proposals face initial rejections or if submission deadlines are missed due to time restrictions. Furthermore, the EIC Accelerator typically establishes between two to four cut-off dates annually, a factor which necessitates careful strategic planning for the submission of applications.
Application Submission Timeline for the EIC Accelerator
Step 1 of the European Innovation Council (EIC) Accelerator is perpetually accessible, providing enterprises with the flexibility to submit proposals at their convenience. Upon successful completion of Step 1, candidates are eligible to progress to Step 2, which typically offers between two and four distinct deadlines for submission annually. Subsequent to the favorable review of Step 2 applications, firms are extended an invitation to engage in Step 3 of the evaluation process: a personal interview. This interview is customarily facilitated via video conferencing and is scheduled to occur within a few weeks following the Step 2 deadline.
Guidance on Next Steps Following an Unsuccessful EIC Accelerator Application
The European Innovation Council (EIC) Accelerator adopts a stringent but fair protocol concerning proposal rejections. Should an enterprise accrue three rejections at any stage within the evaluation process, their current project—or any closely related initiative—will be rendered ineligible for resubmission until the culmination of the Horizon Europe framework programme. However, this rule is designed to afford applicants multiple opportunities for refinement and enhancement of their proposals. It is an acknowledged aspect of the funding landscape that even projects that eventually secure funding may face rejections during their application journey.
The EIC Accelerator Application Procedure
Step 1: Submission of the Preliminary Application for the EIC Accelerator
The initial stage of the EIC Accelerator application process, designated as Step 1, requires the submission of a comprehensive dossier. This dossier includes a succinct, yet thorough, written proposal, not exceeding 12 pages; an engaging video pitch, limited to 3 minutes in duration; and a well-structured pitch deck, encompassing no more than 10 pages. These components complement the requisite standard online form fields. The preparation of the complete suite of documents typically necessitates a commitment of 2 to 4 weeks for new applicants, ensuring high-quality, competitive submissions. Following the submission, the project’s advancement to Step 2 is contingent upon receiving a favorable GO assessment from a minimum of three-quarters of the evaluators.
Step 2: Development of the Comprehensive Business Strategy
The second phase of the EIC Accelerator’s application process necessitates the submission of an extensive business plan, which should encompass a detailed written proposal of no fewer than 50 pages, alongside a suite of supplementary documents. These annexes include a concise 3-minute video presentation, a comprehensive pitch deck, pertinent financial statements, a thorough Freedom to Operate (FTO) analysis, a strategically developed Data Management Plan (DMP), relevant Letters of Intent (LOI), the Curriculum Vitae (CV) of key personnel, among others, paired with requisite fields within the standard online application form. Applicants typically allocate between six to eight weeks to meticulously compile and refine these documents to ensure a comprehensive and competitive submission. Upon receipt of the application, it must achieve unanimous endorsement — a GO rating from all three evaluators — to successfully progress to the third stage of the selection process.
Step 3: The Candidate Assessment Interview Process for the EIC Accelerator
The Stage 3 assessment in the EIC Accelerator selection process is characterized by a comprehensive interview, which may be conducted through a video conference or in-person at a designated venue in Brussels, Belgium. This evaluative meeting commences with a 10-minute presentation by the proposing candidate, employing the pitch deck submitted during Stage 2, followed by a rigorous 35-minute question-and-answer discourse with the esteemed members of the EIC Jury.
The adjudicating panel for this interview generally comprises five expert jury members. Additionally, representatives from the European Innovation Council (EIC) and the European Investment Bank (EIB), alongside EIC Programme Managers, partake in this critical assessment phase. Candidates are afforded a preparatory period of two weeks to ensure a comprehensive and robust presentation.
To progress to the funding allocation phase of the EIC Accelerator programme, the aspirants must unanimously secure a GO decision from all members of the jury. This consensus is instrumental in affirming the potential of the candidates to benefit from the EIC Accelerator’s support and resources.
Post-Funding Procedures and Opportunities for EIC Accelerator Beneficiaries
Upon confirmation of the funding allocation, a meticulous due diligence process commences for both Grant and Equity components of the EIC Accelerator programme. For grant recipients, this involves the commencement of the Grant Agreement Contract (GAC) preparation. It necessitates applicants to provide a suite of corporate documentation, including financial statements, specifications of the Ultimate Beneficial Owner (UBO), and requisite registration records.
In the realm of Equity funding, the European Investment Bank (EIB) executes an in-depth due diligence process. During this phase, the EIB engages directly with applicants and their co-investors, ensuring comprehensive financial scrutiny. The Equity infusion typically takes the form of either a direct equity investment, a convertible note, or comparable financial instruments. Nonetheless, the EIC Fund exhibits a preference for participating alongside the applicant’s existing investors within the ambit of a broader capital raising effort.
Contents of the Applicant Training Program Provided by the EIC Accelerator
Comprehensive Suite of Required Templates for the EIC Accelerator
The EIC Accelerator Applicant Training Program is meticulously designed to provide comprehensive support throughout both Step 1 and Step 2 of the application process. Our suite of resources includes a carefully curated collection of templates, which are complemented by in-depth written instructions and illustrative video guides. These resources are engineered to streamline the writing experience, ensuring a clear and focused approach to articulating project proposals. The utilization of standardized templates is a cornerstone in successful grant applications, as it significantly enhances efficiency. By eliminating the necessity for applicants to devise their own formats, our templates enable them to dedicate their efforts to the substance of their proposals, ensuring that their innovative ideas are effectively communicated.
Step 1: Application Templates for the EIC Accelerator Program
Phase I of the application process for the EIC Accelerator incorporates a comprehensive suite of templates, designed to facilitate the preparation of the necessary documentation. This includes five meticulously crafted templates compatible with Google Docs and Google Sheets, conveniently accessible via Google Drive. The suite comprises a detailed template for the principal proposal narrative, a structured outline for video script development, a project synopsis template summarizing key elements like the acronym, title, and abstract, a document providing reference guidelines, and a formatted table for team data aggregation. These templates serve as a foundational toolset for the drafting phase, enabling efficient collaboration and distribution of workload among team members to streamline the proposal development process.
Step 2: Documentation Templates for the EIC Accelerator
Step 2 comprises a suite of six meticulously crafted templates, accessible via Google Drive, tailored for the core proposal narrative, Letters of Intent (LOI), Freedom to Operate (FTO) analysis, Data Management Plan (DMP), corporate summary, and a comprehensive budgetary framework. These templates, designed for Google Docs and Google Sheets, incorporate automated computational functionalities to effortlessly derive the overall budget and key financial indicators. Emphasizing a streamlined methodology, the templates are engineered to enhance productivity, eschewing intricate designs in favor of reducing the burden on applicants.
Step 3: Expert Coaching and Guidance
The EIC Accelerator’s Step 3 pitch and interview preparation is a meticulously tailored process, encompassing personalized coaching sessions designed to cultivate a compelling and persuasive training methodology for each applicant. This meticulous preparation involves the strategic formulation of the pitch narrative, coupled with comprehensive question-and-answer drills aimed at fortifying the candidate’s responses against the rigorous examination anticipated during the 45-minute evaluative interview.
Drawing upon an extensive repository of experience, our coaching program comprehensively addresses critical dimensions such as the technology’s uniqueness, the innovation’s potential, the financial robustness of the enterprise, effective corporate governance, and the foundational history of the company. To augment this holistic coaching experience, applicants will receive two supplemental templates to assist in structuring their pitches, as well as a definitive checklist to ensure all preparatory elements have been addressed, enhancing readiness for the pivotal interview stage.
Comprehensive Written and Visual Guidance for the EIC Accelerator Application Process
The EIC Accelerator provides a suite of meticulously crafted templates accompanied by comprehensive video training modules, exceeding a count of 90, which meticulously deconstruct each fundamental element of the proposal development journey. These modules are intricately woven into the fabric of both Step 1 and Step 2 templates, offering a real-time, integrated guidance system to enhance the proposal drafting process. This structured approach empowers applicants with the expert knowledge required to craft each section or annex with precision, optimizing their potential for a successful outcome.
Moreover, the modular design of our resources facilitates effective delegation within applicant teams. Multiple personnel can concurrently contribute to diverse segments of the proposal with efficiency and ease. This collaborative potential significantly outstrips the traditional consultancy or individual grant writer approach, which typically relies on the throughput of a solitary professional, thus accelerating the proposal preparation process and increasing the competitiveness of the application.
EIC Accelerator Intelligent Dialogue Interface
EIC Accelerator Training participants who are also subscribed to OpenAI services are entitled to utilize ChatEIC, a bespoke AI interface developed using OpenAI’s robust GPT functionalities. This sophisticated AI assistant is endowed with comprehensive knowledge of the training materials and is proficient in offering guidance, organizing content, and assisting in the drafting of proposal sections tailored to individual applicant requirements. Although complete dependence on this tool for proposal composition is not advisable, ChatEIC serves as an invaluable resource that can effectively streamline the writing process, fostering a collaborative environment and expediting the achievement of tangible outcomes with enhanced efficiency.
Utilizing the ChatEIC Interface for Enhanced Communication
ChatEIC possesses advanced document comprehension capabilities, enabling it to meticulously analyze an array of uploaded documents including pitch decks, grant applications, business plans, white papers, and additional pertinent files. This sophisticated technology facilitates the extraction of salient information, thereby efficiently structuring proposal sections with a high degree of precision. Furthermore, ChatEIC has the ability to provide real-time assistance with inquiries related to the grant writing process, thereby streamlining the task and potentially diminishing or obviating the necessity for instructional videos. It is important to note that in adherence to OpenAI’s policies, certain operational limitations may be imposed, particularly concerning the volume of prompts permitted per hour.
Advantages of Participating in the EIC Accelerator Applicant Training Program
‘In-depth Understanding of Your Enterprise: Key Insights from Industry Experts’
In the course of engaging with consultancy firms, numerous enterprises have articulated a pair of prevalent grievances: firstly, the delivered work falls short of their anticipated standards, and secondly, there exists a necessity for the companies themselves to contribute extensively to the drafting of their own proposals. Such circumstances are rooted in the structural tendencies of the grant writing sector, wherein even the most established consultancies frequently delegate the bulk of the composition process to independent contractors. These individuals, often remunerated inadequately, may lack a deep-seated commitment to the project and can be subject to frequent substitution, thus precipitating a variability in the caliber of their output that detrimentally affects the applicants. Consequently, applicants find themselves compelled to actively participate in the writing process, ensuring the accuracy and integrity of their proposal. It is indisputable that the most profound understanding of a business resides within its own cadre of professionals.
Proceed at Your Personal Tempo with the EIC Accelerator
The EIC Accelerator Training Programme confers a significant advantage by offering a flexible, self-paced learning environment. Participants are empowered to tailor their approach to proposal development, either collaboratively with various team members or independently, in alignment with their enterprise’s operational timelines. Given the variable nature of resubmission cycles and fluctuating EIC Accelerator cut-off dates, the Training Programme serves as an optimal strategy to synchronize proposal preparation activities with routine business processes, thereby mitigating dependency on the fixed schedules often imposed by external consultancy services.
Expert Consultation and Advanced Artificial Intelligence-Assisted Composition for the EIC Accelerator
The EIC Accelerator Training Programme has been meticulously developed under the guidance of Dr. Stephan Segler, an eminent EIC Accelerator consultant with a distinguished track record of authoring successful proposals for the programme. Dr. Segler’s expertise extends to providing comprehensive support to applicants, encompassing video production, pitch development, interview coaching, and navigating the due diligence process. This Training Programme is distinguished by its profound level of detail and sophisticated understanding of the intricacies involved in the application process.
Furthermore, the programme is augmented with the innovative ChatEIC, an AI-powered assistant designed to offer real-time assistance and feedback to candidates. This cutting-edge tool is accessible to OpenAI subscribers round-the-clock, ensuring that applicants receive continuous support and guidance whenever required.
Joint Composition and Editorial Synergy
The EIC Accelerator Training has been meticulously structured to facilitate synergistic collaboration among team members. Utilizing Google Drive as the repository for hosting documents, the program provides tailored instructions for discrete sections of the proposal, enabling concurrent progress on the application, thereby enhancing efficiency and surpassing the speed at which traditional consultancies operate. This strategic approach dismantles the impediments associated with engaging external consultancies and refines the application process through a compartmentalized writing methodology. Furthermore, team members are empowered to collectively participate in video training sessions and simultaneously access a suite of Google Drive templates as well as the dedicated ChatEIC platform, ensuring a cohesive and streamlined proposal development experience.
Track Record of Achievements
Drawing upon a rich heritage of breakthroughs facilitated by the EIC Accelerator, encompassing advanced fields such as artificial intelligence, cutting-edge battery technology, and innovative recycling processes, the EIC Accelerator Training Program is meticulously crafted to leverage extensive expertise across critical software and hardware domains. This comprehensive training curriculum encompasses an in-depth exploration of Technology Readiness Level (TRL) metrics specifically tailored for the MedTech and pharmaceutical sectors. Additionally, it presents a broad spectrum of industry case studies and integrates diverse business model frameworks. In essence, the EIC Accelerator Training Program is meticulously devised to support and enrich a vast array of project types with its multidisciplinary and adaptable approach.
The articles found on Rasph.com reflect the opinions of Rasph or its respective authors and in no way reflect opinions held by the European Commission (EC) or the European Innovation Council (EIC). The provided information aims to share perspectives that are valuable and can potentially inform applicants regarding grant funding schemes such as the EIC Accelerator, EIC Pathfinder, EIC Transition or related programs such as Innovate UK in the United Kingdom or the Small Business Innovation and Research grant (SBIR) in the United States.
The articles can also be a useful resource for other consultancies in the grant space as well as professional grant writers who are hired as freelancers or are part of a Small and Medium-sized Enterprise (SME). The EIC Accelerator is part of Horizon Europe (2021-2027) which has recently replaced the previous framework program Horizon 2020.
This article was written by ChatEIC. ChatEIC is an EIC Accelerator assistant that can advise on the writing of proposals, discuss current trends and create insightful articles on a variety of topics. The articles written by ChatEIC can contain inaccurate or outdated information.
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