EIC Accelerator 2021

EIC Accelerator: Empowering Breakthrough Innovations with Exciting Funding Opportunities!

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Discover the Opportunities with the EIC Accelerator: Igniting Innovation and Growth! Discover a world of opportunity with the EIC Accelerator, an empowering funding program brought to you by the European Innovation Council (EIC), a key player within the Horizon Europe framework. This dynamic initiative is dedicated to uplifting innovative companies that are at the forefront of technological breakthroughs and scientific discoveries in the DeepTech domain. With the EIC Accelerator, your visionary project could secure up to €2.5 million in grant funding, complemented by the potential of an additional €15 million in equity financing. Let’s propel your pioneering ideas into tangible successes and shape the future together! Explore the Exciting Range of Technologies Eligible for EIC Accelerator Funding! Since its inception in 2021, the EIC Accelerator has proudly empowered a dynamic portfolio of over 400 beneficiaries, showcasing a vibrant tapestry of sectors from trailblazing capital-intensive hardware to revolutionary pure software ventures, all with an emphasis on the cutting-edge realm of DeepTech. With open arms, the EIC Accelerator embraces a wide array of technological innovations, provided they harmonize with EU policies, steering clear of military applications among others. What’s more, the EIC Accelerator annually spotlights certain pioneering technologies with its Technology Challenges, celebrating and accelerating the drive towards a brilliant, tech-forward future. Discover the Ideal Technology Maturity Level for EIC Accelerator Success! Elevate your innovative technology to new heights with the support of the EIC Accelerator! If your technology is at or beyond Technology Readiness Level (TRL) 5, where it has already been validated in a relevant environment, you’re in an excellent position to apply. The EIC Accelerator champions the advancement of prototypes and proof-of-concept demonstrations, actively seeking to propel your breakthroughs from TRL 5 onwards. And that’s not all! The journey continues seamlessly with grant opportunities available for technologies that have achieved TRL 6 or 7, ensuring a smooth progression towards market readiness. For those outstanding innovations that have matured to TRL 8, the EIC Accelerator offers the unique prospect of pure Equity investments. Get ready to accelerate your technology with the dynamic and supportive backing of the EIC Accelerator! Explore the Exciting Funding Opportunities with the EIC Accelerator! Welcome to the dynamic world of the EIC Accelerator, where we supercharge innovative companies with a suite of funding options tailored to propel your business to the forefront of your industry! Dive into our generous Grants of up to €2.5 million to kick-start your ventures without giving up equity. Or, if you’re looking to bolster your growth with a significant capital injection, explore our Equity option with investments of up to €15 million, where the EIC Fund becomes a proud stakeholder in your success. Can’t choose between the two? Our Blended Finance combines the best of both worlds, offering up to €17.5 million in funds, ensuring you have the flexibility and resources to scale new heights. Choose the type and amount of funding that aligns perfectly with your company’s ambitions, and in those extraordinary instances where your vision requires an even broader financial canvas, we’re ready to discuss larger funding opportunities. With the EIC Accelerator, your business potential knows no bounds! Unleash Your Innovation: Start Your Applicant Journey! Discover the Trailblazers: Celebrating Recipients of EIC Accelerator Funding! Get ready for a thrilling opportunity with the EIC Accelerator! If you’re a dynamic for-profit company registered in one of our designated eligible countries, you’re in the right place to fuel your innovation and growth. But that’s not all – visionary individuals and forward-thinking investors are also warmly invited to join the ride! Just make sure you set up your company before the ink dries on the Grant Agreement Contract. Your enterprise should be an independent Small and Medium-sized Enterprise (SME), characterized by a vibrant team of fewer than 250 people, and robust financial health with a turnover of €50 million or less and a balance sheet total that doesn’t exceed €43 million. Come aboard and let the EIC Accelerator propel your business to new heights! Discover the Exciting Opportunities: All EU Countries Welcome to Apply for the EIC Accelerator! The EIC Accelerator presents an exciting opportunity for innovative companies and entrepreneurs across the entire EU-27, including Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden, as well as their respective territories. This vibrant platform offers a gateway for visionaries from all corners of the EU to bring their groundbreaking ideas to the forefront and drive Europe’s innovation landscape into a bright and dynamic future! Discover How International Innovators Can Join the EIC Accelerator Adventure! We’re thrilled to announce that through our association agreements with Horizon Europe, a world of opportunities has been unlocked for companies and individuals in an impressive array of countries! If you’re based in Albania, Armenia, Bosnia and Herzegovina, the Faroe Islands, Georgia, Iceland, Israel, Kosovo, Moldova, Montenegro, North Macedonia, Norway, Serbia, Tunisia, Turkey, Ukraine, Morocco, or the United Kingdom (Grant only), get ready to bring your innovative ideas to life with the EIC Accelerator. This is your chance to join a vibrant community of forward-thinkers and game-changers. Apply now and let’s shape the future together! Discover How the EIC Accelerator Can Propel Your Innovation Journey! Discover Your Potential: Unveiling Success Stories with the EIC Accelerator! Embark on an exciting journey with the EIC Accelerator, where every application is an opportunity to shine! While we cherish the competitive spirit, exact success rates for each of our three dynamic evaluation steps remain a well-kept surprise. Nevertheless, it’s estimated that a dazzling 5% of applicants or more move triumphantly from Step 1 to Step 3, demonstrating true innovation and potential. Keep in mind, success rates may soar depending on the EIC Accelerator’s annual budget and the spirited number of applications for each call-off. Plus, whether it’s an Open Call or tailored to Challenges, the chances to succeed can vary, highlighting that with the right idea and excellent execution, your project … Read more

Allocating Financial Resources to Catalyze Groundbreaking Technological Innovations through the EIC Accelerator Program

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Understanding the European Innovation Council Accelerator: A Comprehensive Overview of Its Purpose, Features, and Opportunities for Visionary Entrepreneurs The European Innovation Council (EIC) Accelerator represents a pivotal component of Horizon Europe’s comprehensive suite of funding initiatives, meticulously designed to underpin cutting-edge companies that are at the forefront of exploiting radical technological advances or path-breaking scientific insights, collectively known as Deep Technology (DeepTech). With a financial framework that encompasses up to €2.5 million in the form of non-dilutive Grant funding and the potential for up to €15 million in Equity investment per individual project, the EIC Accelerator orchestrates a robust mechanism for propelling high-risk, high-impact innovations from concept to market realization. This strategic infusion of capital aims to catalyze the growth trajectories of start-ups and SMEs as they navigate the challenging phases of product development, scale-up, and market deployment. Comprehensive Overview of Targeted Technologies Eligible for Funding through the EIC Accelerator Program Since its inception in 2021, the European Innovation Council (EIC) Accelerator program has supported over 400 pioneering enterprises, spanning a diverse spectrum of sectors. This includes ventures engaged in the development of capital-intensive hardware solutions as well as those focused exclusively on the innovation and deployment of sophisticated software products, with a particular emphasis on Deep Technology (DeepTech) domains. The EIC Accelerator maintains an open stance towards a wide array of technological advancements and does not impose overarching technological constraints on its applicants. However, to remain consistent with EU directives, technologies with potential military applications are exempt from consideration. In addition to this broad scope for innovation, the EIC Accelerator program identifies and promotes a set of Technology Challenges on an annual basis. These challenges are designed to spotlight and incentivize progress in specific technological areas that are deemed strategically important and have high potential for societal impact within the European Union. Assessing the Maturity Level Required for a Technology to Qualify for the EIC Accelerator Program The European Innovation Council (EIC) Accelerator program specifically targets innovations that have achieved a minimum of Technology Readiness Level (TRL) 5, a stage characterized by the validation of the technology within an environment that closely mirrors real-world conditions. At this level, the innovation is expected to have progressed beyond theoretical stages, embodying a tangible prototype or a demonstrable proof-of-concept that substantiates its efficacy and potential. Applicants seeking financial support from the EIC Accelerator can apply for Grant funding if their technology has advanced to TRL 6 or TRL 7. At TRL 6, the technology must have been demonstrated in a relevant environment, showcasing its ability to function under conditions similar to its intended use. Further progression to TRL 7 indicates that the prototype has undergone system prototype demonstration in an operational environment, offering a more comprehensive validation of its performance and suitability. For technologies that have reached TRL 8, where the actual system has been completed and qualified through test and demonstration, the EIC Accelerator offers the opportunity to apply for pure Equity investment. This funding option is designed to support the final stages of technology development and scaling, facilitating the transition from an innovative concept to a market-ready product or solution. Exploring the Range of Financial Support Offered Through the EIC Accelerator Program The European Innovation Council (EIC) Accelerator provides robust financial support tailored to the needs of companies poised for growth and market expansion. Qualified enterprises can access substantial funding through three distinct instruments: 1. Grant Financing: The EIC Accelerator offers non-dilutive grant funding of up to €2.5 million, allotted as a lump sum to support activities such as proof of concept, prototyping, system development, piloting, validation, and testing in real-world environments, as well as market replication. 2. Equity Financing: For ventures seeking a more substantial funding mechanism, the EIC Accelerator may provide equity investments reaching up to €15 million. This equity component is facilitated through the EIC Fund or its affiliates and involves a calculated exchange of capital for a strategic ownership stake in the applicant’s company. This allows for a more substantial financial backing, enabling scaling and significant growth without the need to repay the investment like a traditional loan. 3. Blended Finance: Companies that require a synergy of grant and equity backing can benefit from Blended Finance, featuring a combination of both types of funding, up to an aggregate ceiling of €17.5 million. This hybrid financing model is structured to leverage the advantages of grant funding together with the sizable capital infusion that equity financing offers, thus providing a comprehensive financial package. Applicants possess the flexibility to determine the financing model that most aptly aligns with their strategic goals and the scale of their innovation project. They can tailor their request to include the desired funding type (grant, equity, or blended finance) and specify the amount that reflects their needs. Moreover, in circumstances where the scope and ambition of the innovation project justify a larger investment, the EIC Accelerator is open to considering requests that exceed the standard funding ceilings. These exceptional cases are evaluated on their individual merit, ensuring that the most groundbreaking and disruptive companies have access to the capital required to reach their full market potential. Detailed Overview of EIC Accelerator Applicant’s Business and Innovation Background Eligibility Criteria and Types of Entities That Qualify for EIC Accelerator Funding Entities seeking funding through the European Innovation Council (EIC) Accelerator program must primarily be for-profit Small and Medium-Sized Enterprises (SMEs) that are legally incorporated within a member state or associated country that is deemed eligible for participation. However, the framework also accommodates applications from individual entrepreneurs and investors, with the stipulation that a qualifying company must be established prior to the formal execution of the Grant Agreement Contract. To qualify as an SME under the EIC Accelerator’s guidelines, the enterprise must be autonomous, not linked to or partnered with larger firms that fall outside the SME categorization. The SME should have a workforce of fewer than 250 persons, and it must exhibit either an annual turnover not exceeding €50 million or a balance sheet total … Read more

Financing Pioneering Breakthroughs through the EIC Accelerator

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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 … Read more

Understanding Technology Readiness Levels (TRL) in the Context of the EIC Accelerator

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Understanding TRLs: The Pathway from Concept to Implementation Technology Readiness Levels (TRLs) provide a systematic framework to assess the maturity of a technology. This scale, ranging from TRL1 to TRL9, outlines the evolution from basic research to a fully operational system. Below is a detailed example for each TRL, using a hypothetical technology type, such as a new solar panel system. TRL1 – Basic Principles Observed: At this initial stage, basic scientific research is conducted, focusing on observing the principles that could underpin the new technology. For example, discovering a new photovoltaic material that could potentially increase solar panel efficiency. TRL2 – Technology Concept Formulated: Here, the initial concepts for applying the new material in solar panels are developed. This stage involves theoretical work and early design, without any experimental testing. TRL3 – Experimental Proof of Concept: The new material is tested in a laboratory setting to validate the concept. This includes small-scale experiments to demonstrate its efficiency in converting sunlight to electricity. TRL4 – Technology Validated in Lab: The technology undergoes further development in the lab, with tests conducted to refine the concept and improve its functionality in controlled conditions. TRL5 – Technology Validated in Relevant Environment: A prototype solar panel using the new material is tested in a controlled, but more realistic environment, such as a simulated outdoor setting with varying light conditions. TRL6 – Technology Demonstrated in Relevant Environment: The prototype is now tested in a real-world environment, like on a building’s rooftop, to assess its performance under actual operating conditions. TRL7 – System Prototype Demonstration in Operational Environment: A more advanced prototype, close to the final product, is tested in an operational environment. This involves extensive testing for durability, efficiency, and reliability under different weather conditions. TRL8 – System Complete and Qualified: The solar panel system is now finalized, with all components tested, qualified, and ready for commercial production. Rigorous testing ensures that the system meets all industry standards. TRL9 – Actual System Proven in Operational Environment: The final stage, where the solar panel system is fully operational and deployed in the market. It is proven to work reliably and efficiently in various real-world settings, like residential buildings, commercial properties, and solar farms. TRLs The journey of technology from TRL1 to TRL9 can be visualized as a progression from basic research to practical, real-world applications.

Navigating the EIC Accelerator Application Process: Understanding the Challenges of Meeting Deadlines

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The EIC Accelerator’s Three-Step Application Journey The European Innovation Council (EIC) Accelerator’s blended financing program, a critical initiative for startups and Small- and Medium-Sized Enterprises (SMEs) seeking funding, underwent significant changes in 2021. These changes introduced a structured, three-step application process, each with its distinct requirements and timelines. Understanding these steps is crucial for applicants to effectively plan and execute their applications. Step 1 – Short Application: This initial phase involves a mini-proposal, including a written grant application, a video pitch, and a pitch deck. Remarkably, Step 1 can be prepared in less than 30 days and submitted at any time, as it doesn’t have a fixed deadline. This flexibility allows applicants to enter the process when they feel most prepared. Step 2 – Full Application: This phase presents a more significant challenge. It requires a detailed application and can only be submitted once Step 1 is approved, and the EIC announces a fixed deadline. Historically, in 2021, there were two such deadlines – in June and October. Preparing for Step 2 is a substantial undertaking, with a recommended preparation time of at least 60 days. Step 3 – Face-to-Face Interview: The final hurdle, Step 3, involves a face-to-face interview using the pitch deck from Step 2. This step is only available to projects approved in Step 2. The interview dates are set shortly after the Step 2 evaluations, and applicants typically have around 14 days to prepare for this stage. The Challenge of Planning and Time Management For first-time applicants, understanding and managing this three-step process can be daunting. The flexible nature of Step 1’s submission contrasts sharply with the rigid and demanding nature of Step 2. The preparation times, although seemingly ample, can be challenging, especially for startups and SMEs not familiar with the intricacies of the process. Step 1: While the preparation for Step 1 is relatively less time-consuming, the absence of a fixed deadline means applicants must self-regulate their submission timing. This phase requires strategic planning to ensure readiness for the subsequent, more demanding steps. Step 2: The leap from Step 1 to Step 2 is significant. The minimum 60-day preparation time for Step 2, following the approval of Step 1, requires applicants to swiftly transition from a short application to a detailed, comprehensive proposal. This transition can be overwhelming, particularly for first-time applicants unfamiliar with the depth and detail expected by the EIC. Step 3: The final step, while shorter in preparation time, is crucial and can be intense. Applicants must be ready to pivot quickly from submitting their full application in Step 2 to preparing for an in-depth interview. Conclusion Navigating the EIC Accelerator’s application process requires careful planning, awareness of deadlines, and an understanding of the effort required at each stage. Particularly challenging is the transition from the short, flexible Step 1 to the intensive and deadline-driven Step 2. First-time applicants must approach this process with diligence and thorough preparation to enhance their chances of success.

Unequal Distribution of EIC Accelerator Funding: A Closer Look at the European Landscape

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The European Innovation Council (EIC) Accelerator, a flagship funding program under the European Union’s Horizon Europe framework, has been a beacon of hope for startups and Small and Medium-Sized Enterprises (SMEs) across Europe. It offers a unique blend of grants and equity financing, providing up to €2.5 million in grant funding and €15 million in equity financing. However, a closer examination of its funding distribution since 2021 reveals a concerning pattern of geographical inequality. The EIC Accelerator’s Role in Shaping European Innovation The EIC Accelerator, part of the European Union’s broader initiative to foster innovation and growth among startups and Small- and Medium-Sized Enterprises (SMEs), has been instrumental in bringing groundbreaking ideas to fruition. It aims to support high-risk, high-impact innovations, guiding them from the concept stage (Technology Readiness Level – TRL) through to market maturity. Geographical Disparities in EIC Accelerator Funding Since its inception, the EIC Accelerator has been instrumental in fostering innovation and supporting high-potential projects. However, data indicates a skewed distribution of funds favoring certain countries. Nations like France, Germany, and the Netherlands have consistently topped the list of beneficiaries, while countries such as Greece, Slovenia, and Hungary lag behind. This uneven distribution raises questions about the accessibility and fairness of the EIC Accelerator program. France, Germany, and the Netherlands: Leaders in Innovation Funding These countries have historically been at the forefront of receiving EIC funding. Their robust innovation ecosystems, coupled with strong government support and an abundance of professional writers, freelancers, and consultants skilled in drafting successful EU grant applications, have played a significant role in this success. Moreover, these countries’ ability to meet the high Technology Readiness Level (TRL) requirements and effectively pitch their projects during the EIC Accelerator interview process have further solidified their position as leaders in securing EIC funding. Greece, Slovenia, and Hungary: The Struggle for Equal Opportunities In contrast, countries like Greece, Slovenia, and Hungary have faced challenges in securing an equitable share of EIC funds. Several factors contribute to this disparity. Firstly, the lack of awareness and understanding of the official proposal template and application process can be a significant barrier. Additionally, these countries might not have as many consultants or professional writers specializing in EIC grant applications, hindering their ability to compete effectively. Ukraine: A Notable Exclusion Ukraine’s absence from the EIC Accelerator funding landscape is another point of concern. Given the country’s burgeoning startup scene and potential for innovative projects, its exclusion from EIC funding raises questions about the inclusivity and reach of the program. Addressing the Inequality To rectify these imbalances, several steps could be taken: Enhanced Support and Training: Providing specialized training and resources to potential applicants from underrepresented countries could help level the playing field. This includes workshops on drafting compelling proposals and understanding the nuances of the EIC Accelerator’s evaluation criteria. Diversification of Evaluators: Incorporating evaluators from a broader range of geographical backgrounds could reduce inherent biases and ensure a more diverse and equitable selection of projects. Targeted Outreach Programs: Implementing outreach programs in countries with lower application rates could stimulate interest and participation in the EIC Accelerator program. Increased Transparency: Publicly sharing detailed statistics on the geographical distribution of funds and the evaluation process could enhance the program’s transparency and accountability. Conclusion While the EIC Accelerator remains a vital instrument for promoting innovation in Europe, addressing the geographical disparities in its funding distribution is crucial for ensuring a more balanced and equitable landscape. This will not only enhance the credibility of the program but also ensure that innovative ideas from all corners of Europe have an equal opportunity to flourish. The countries that have been funded under the EIC Accelerator since 2021 can be found here: France (80) Germany (68) Netherlands (52) Spain (35) United Kingdom (31) Israel (29) Sweden (25) Finland (22) Belgium (20) Ireland (20) Denmark (19) Italy (18) Norway (13) Austria (12) Portugal (11) Estonia (8) Poland (6) Bulgaria (3) Iceland (3) Lithuania (2) Czechia (2) Romania (2) Luxembourg (2) Slovakia (1) Croatia (1) Greece (1) Slovenia (1) Cyprus (1) Hungary (1) The full list of all EIC Accelerator Beneficiaries since 2021 is available as well.

Industry Insights from EIC Accelerator Winners in 2021-2023

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The EIC Accelerator funding (grant and equity, with blended financing option) by the European Commission (EC) and European Innovation Council (EIC) is designed to fund startups and Small- and Medium-Sized Enterprises (SME) and awards up to €2.5 million in grant and €15 million in equity financing per project (€17.5 million total). Beneficiaries are often supported by professional writers, freelancers or consultants since the EIC Accelerator application process is highly complex and lengthy. Additionally, the program is generally opaque and confusing for most first-time applicants since its documentation is very general while statistics and reports are mostly focusing on a few case studies and the top industries rather than presenting a big picture. Analyzing EIC Accelerator Beneficiaries ChatEIC, a custom AI based on GPT-4, is focusing on the EIC Accelerator and is able to analyze large datasets as well as extract valuable information that can help EIC Accelerator applicants and policymakers gain insight into the types of companies that are being funded by the program. Since all EIC Accelerator Beneficiaries are made public, it is possible to derive insights regarding their industries and products. All EIC Accelerator applicants who have been funded since 2021 fall into the following high-level categories in order of popularity: Medical Devices Environmental Technology Pharmaceuticals Biotechnology Semiconductor Technology Artificial Intelligence Agricultural Technology Healthcare Technology Space Technology Renewable Energy and Storage Quantum Computing Food Technology Construction Technology Battery Technology Automotive Technology Cybersecurity Clean Technology Recycling Technology Industrial Automation Electric Vehicles Telecommunications 3D Printing Nanotechnology Water Treatment Technology Textile Industry A More Granular Approach But of course, these high-level industry overviews are what has already been reported numerous times. Very often, companies innovate at the intersection of existing technologies and it is often impossible to pigeonhole them into a single industry. Thus, the following list presents a more detailed approach regarding all funded EIC Accelerator companies since 2021 and their respective industry: Biotechnology (75 Companies) Medical Devices (52 Companies) Medical Technology (22 Companies) Quantum Computing (9 Companies) Semiconductor Technology (8 Companies) Agricultural Technology (7 Companies) Renewable Energy (6 Companies) Environmental Technology (6 Companies) Pharmaceuticals (5 Companies) Medical Imaging (5 Companies) HealthTech (5 Companies) Medical Diagnostics (5 Companies) AgriTech (4 Companies) Artificial Intelligence (4 Companies) Biotechnology / Pharmaceuticals (3 Companies) Construction Technology (3 Companies) Medical Robotics (3 Companies) Battery Technology (3 Companies) Digital Health (3 Companies) Automotive Technology (3 Companies) Environmental Monitoring (3 Companies) Renewable Energy Storage (3 Companies) Space Technology (3 Companies) Packaging Materials (2 Companies) Biomedical Engineering (2 Companies) Green Technology (2 Companies) Transportation Technology (2 Companies) Cleantech HVAC (2 Companies) Cybersecurity (2 Companies) Food Technology (2 Companies) Semiconductors (2 Companies) Additive Manufacturing (2 Companies) Oncology Biotech (2 Companies) Clean Energy Technology (2 Companies) Textile Technology (2 Companies) Assistive Technology (2 Companies) Telecommunications (2 Companies) Recycling Technology (2 Companies) Biotechnology AI (2 Companies) Medical Imaging AI (2 Companies) Energy Storage (2 Companies) Aquaculture Technology (2 Companies) Augmented Reality (2 Companies) Aerospace Engineering (1 Company) Analytical Instrumentation (1 Company) AgriTech / BioTech (1 Company) Photonics (1 Company) Oncology Biotechnology (1 Company) Electric Vehicle Charging (1 Company) Dermatological Diagnostics (1 Company) Biotechnology Dyes (1 Company) Materials Technology (1 Company) LiFi Aerospace Communication (1 Company) Artificial Intelligence Imaging (1 Company) Space Tech (1 Company) Green Energy Storage (1 Company) Biomedical Imaging (1 Company) Biodegradable Materials (1 Company) Transportation Optimization (1 Company) Indoor Air Quality Monitoring (1 Company) Computer Vision (1 Company) Healthcare Technology (1 Company) Sportstech or Wearable Technology (1 Company) Wireless Charging (1 Company) Bioinformatics SaaS (1 Company) Synthetic Speech Technology (1 Company) FoodTech / AgriTech (1 Company) Oncology Therapeutics (1 Company) Thermo-Acoustic Heat Pumps (1 Company) Medtech Robotics (1 Company) Aquaculture (1 Company) Sustainable Maritime Tech (1 Company) Radiation Filter (1 Company) Agricultural Biotechnology (1 Company) EdTech (Educational Technology) (1 Company) AgriTech AI (1 Company) Sustainable Packaging (1 Company) Power Electronics (1 Company) Orthopedics Biotechnology (1 Company) Green Construction Tools (1 Company) Space Safety (1 Company) Photonics Technology (1 Company) Aerospace Manufacturing (1 Company) Insulation Materials (1 Company) Gas Analysis Technology (1 Company) Biotechnology or Medical Devices (1 Company) Gaming Content Platform (1 Company) Bio-based Additives (1 Company) Pharmaceutical Technology (1 Company) Marine Technology (1 Company) Electric Vehicles (1 Company) Music Technology (1 Company) Biotechnology / Pharmaceutical Industry (1 Company) Industrial Automation (1 Company) Thermodynamics/Cooling Technologies (1 Company) Internet of Things (IoT) (1 Company) Drone Navigation Technology (1 Company) Digital Media Distribution (1 Company) Biocontrol Production (1 Company) Biotechnology Software (1 Company) Exoskeleton Technology (1 Company) Energy Technology (1 Company) Energy Management (1 Company) Quantum Communications (1 Company) Analytical Instruments (1 Company) Mobile Networking (1 Company) Thermodynamics (1 Company) Footwear Manufacturing (1 Company) Foodtech (1 Company) Financial Technology (FinTech) (1 Company) Medical Equipment (1 Company) Optical Metrology (1 Company) Mining Technology (1 Company) Aerospace Technology (1 Company) Waste Management (1 Company) Textile Recycling (1 Company) Automotive Sensors (1 Company) Aerospace Logistics (1 Company) Logistics Technology (1 Company) Biofuel Technology (1 Company) Nuclear Energy (1 Company) Climate Tech (1 Company) Pharmaceutical Biotechnology (1 Company) Solar Energy (1 Company) Battery Materials (1 Company) Dental Technology (1 Company) Semiconductor IP (1 Company) HVAC Solutions (1 Company) Geospatial Analytics (1 Company) Climate Data Analytics (1 Company) Mycotechnology (1 Company) Electricity Transmission (1 Company) Battery Analytics (1 Company) E-commerce Technology (1 Company) Analytical Technology (1 Company) Biotechnology Sensor (1 Company) Personalized Medicine (1 Company) Electroplating (1 Company) Orthopedic Devices (1 Company) Winery Technology (1 Company) Geotechnical Engineering (1 Company) Photonics Industry (1 Company) Wireless Communications (1 Company) Biotech Manufacturing (1 Company) Livestock Tech (1 Company) Robotics Construction (1 Company) Cellular Agriculture (1 Company) Marine Conservation (1 Company) Agricultural Biotech (1 Company) AgriTech/BioTech (1 Company) Predictive Maintenance (1 Company) Green Packaging (1 Company) Ocean Acoustics (1 Company) Supply Chain Technology (1 Company) Biotechnology or Agribiotech (1 Company) Green Tech (1 Company) Building Materials (1 Company) Advanced Sensor Technology (1 Company) AI Visual Assistance (1 Company) Insect Farming Technology (1 Company) Photovoltaic Manufacturing (1 Company) Energy Storage Manufacturing (1 Company) Audio Technology (1 Company) Water Treatment (1 Company) Electronic Recycling (1 Company) Wearable Technology (1 Company) Optoelectronics … Read more

The EIC Accelerator’s Evaluation Problem in 2022

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In 2021, the EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity) has completed its first year under the new application framework (read: Application Process). With 2 cut-offs in 2021 (June and October), it presented a steep learning curve for Small- and Medium-Sized Enterprises (SME), professional writers and the European Innovation Council (EIC). A new online process for EIC Accelerator applications was rolled out and it was continuously improved in parallel to the first grant submissions which presented unique challenges to the way the EIC and consultants communicated towards potential applicants. Deadlines were shifted, leaked information was more reliable than official EIC press releases and the comments provided by the evaluators led to some controversy. While more transparency is generally a positive step, especially for a public institution funded through the citizen’s taxes, it can backfire if it exposes significant inconsistencies. This article aims to explore some of these inconsistencies. The Application Steps The European Innovation Council and SME’s Executive Agency (EISMEA), European Commission (EC) and EIC have come up with a new application process that involves 3 distinct steps (note: these are unrelated to the Phases of 2020). This new process heavily relies on the use of an online submission form and has phased out most of the PDF/Document-type formats that applicants used prior to 2021. In summary, the current steps are: Step 1: A mini-application (text, video, pitch deck). At least 2 out of 4 evaluators must approve of the application to succeed. Step 2: A long application (text, support documents, pitch deck). At least 3 out of 3 evaluators must approve of the application to succeed. Step 3: A remote or in-person interview. All jury members must approve of the application to succeed. Startups have to successfully pass all three steps in the designated order to receive the EIC Accelerator financing. Each attempted step, successful or not, will likewise receive detailed comments from the evaluators or jury members. Note: Through the fast-track program implemented by the EIC, some companies can skip certain steps if the respective conditions are met. Step 1 Step 1 is designed to pique the evaluator’s interest as the EIC has stated. It is a very short version of a business plan and provides no detailed information on finances, the planned workpackages or other critical parts of the innovation project. Even the pitch deck is reduced to a 10-slide document that will be read and not actually pitched. The Step 1 success threshold is very easy to pass since only 2 out of the 4 remote evaluators must provide a favourable review which will allow an applicant to move towards Step 2 (see success rates). Step 2 Step 2 is a very in-depth presentation of the proposed innovation project since it requires the creation of a business plan which almost exclusively consists of text, provides very little visual data and asks the applying SME’s to answer many detailed questions. These include the value chain, product descriptions, technical backgrounds, market analyses, commercial strategies and many more details. This Step has proven to be the most selective and also the most work-intensive stage of the EIC Accelerator. Step 3 Step 3 is a remote or in-person interview which consists of a 10 minute pitch and a 35 minute Q&A session. The interview will be based on the submitted Step 2 application and pitch deck but the jurors might not be intimately familiar with all of the provided content. Linear Progression Between Steps While the new process for EIC Accelerator applications looks and feels modern, it has added a new layer of problems that is interlinked with its 3-Step structure. When generating an application process that screens companies over multiple months, it is important to make sure that each evaluation step presents a linear progression from its predecessor. If the assessments of Step 1 and Step 2 are too different then this will inevitably lead to wasted effort for both the applicants and the reviewers. To be transparent about this fact, the EIC should publish quality control data where the results of all three steps, if available for each applicant, are correlated to identify if a section was evaluated consistently across multiple steps. If all evaluators approve a very detailed business model in Step 2 but the jury members unanimously question its quality in Step 3 then the process would be flawed. Based on the first applications in 2021, it is clear that the three steps have different degrees of depth, a different focus and they use different evaluator pools which inherently leads to significant limitations. As a result, the process is not fully linear. Conflicts Between Evaluations A linear application process would see a project with a perfect score in Step 1 do well in Step 2. A project which has presented dozens of pages on the commercial strategy and has received a perfect score by evaluators in Step 2 should not have this review be reversed in Step 3. While the difference in quantity between Step 1 and Step 2 is significant and can lead to shifts in the perceived quality, the difference between Step 2 and Step 3 should be minuscule. In a linear process, there should never be a case where a revenue model was graded perfectly in Step 2 only to be rejected with poor reviews in Step 3. But such cases do occur frequently since an approximate 50% of applicants will be rejected in Step 3 with the top reasons being commercial aspects. If the project has not changed in between the two steps then how is it possible that the Step 2 evaluators grade a project so differently from the Step 3 Jury? The Step 2 application is presenting an unprecedented level of detail compared to earlier years so a lack of content would be a poor reason for the discrepancy. It is also unlikely that an applicant will intentionally submit false information or act fraudulently so how can such a result be explained? EIC Jurors … Read more

The New Technology Readiness Levels (TRL) for the 2021 EIC Accelerator

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The EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity) has made significant changes in 2021 and has successfully passed its first submission- and approval-cycle for new beneficiaries (read: Re-Inventing the EIC Accelerator). Out of over 1,500 startups and Small- and Medium-Sized Enterprises (SME) that have applied since April 2021 (read: AI Tool Review), 65 have now been selected for funding since they have successfully passed Step 1 (short application + video), Step 2 (long application) and Step 3 (VC-type in-person interview). Technology Readiness Levels (TRL) in 2021 While many changes have been made, one of the changes most relevant to prospect applicants, professional writers and consultants are the Technology Readiness Levels (TRL). An analysis of the previous iterations of the TRL’s can be found here: Technology Readiness Levels (TRL) for the EIC Accelerator (SME Instrument) How the EIC Accelerator Funds Technology Readiness Levels (TRL) (SME Instrument) Since 2021, their new definitions are as follows: Basic Research: Basic principles observed Technology Formulation: Technology concept formulated Needs Validation: Experimental proof of concept Small Scale Prototype: Technology validated in lab Large Scale Prototype: Technology validated in relevant environment (industrially relevant environment in the case of key enabling technologies) Prototype System: Technology demonstrated in relevant environment (industrially relevant environment in the case of key enabling technologies) Demonstration System: System prototype demonstration in operational environment First Of A Kind Commercial System: System complete and qualified Full Commercial Application: Actual system proven in operational environment (competitive manufacturing in the case of key enabling technologies; or in space) The Starting-TRL for the EIC Accelerator For the EIC Accelerator, it is recommended to start with a TRL of 5 or 6 since this is generally the prototype level that warrants further grant financing and subsequent equity investments for the scaling of operations. Since the EIC Accelerator also allows equity-only applications, the upper limit for the starting point of an EIC application is TRL8. The specific rules for this process are outlined in the Work Programme published by the European Commission and the EIC: The EIC Accelerator supports the later stages of technology development as well as scale up. The technology component of your innovation must therefore have been tested and validated in a laboratory or other relevant environment (e.g. at least Technology Readiness Level 5/6 or higher). This extract indicates the starting point for technologies financed under the EIC Accelerator. All innovations must have reached TRL5 at least. Differences Between Equity and Grant Financing Up to EUR 2.5 million grant component for technology development and validation (TRL 5/6 to 8); EUR 0.5 – 15 million investment component for scaling up and other activities. This means that the grant component is strictly targeted at all activities that end at TRL8 or lower. The equity component does not have any restrictions and can be applied towards the whole life-cycle from TRL5 to TRL9. You may request a grant component only or grant first (i.e. maximum EUR 2.5 million to cover TRL 5/6 to 8 and without requesting an investment component for TRL 9) if you have not previously received EIC Accelerator grant-only support. If only a grant is requested (and no equity) then the end of the project will be TRL8 as far as the EIC is concerned. Further justifications on how TRL9 is reached must be included by the applicants. If the proposal receives a GO and is recommended for funding, the jury may recommend lowering the grant amount if activities above TRL 8 are detected The TRL8-rule for the grant financing is strictly enforced so no applicant should aim to circumvent this (i.e. by trying to finance TRL9 activities through a grant). [Equity] is intended to finance market deployment and scale up but may also be used for other purposes (including co-financing or even fully financing innovation activities) It is clearly stated that the EIC Accelerator’s equity financing is also applicable to activities between TRL5 and TRL8 (innovation activities). Summary In short, the respective funding provided by the EIC for an EIC Accelerator project is separated into: Equity (by the EIC Fund): Finances TRL5 to TRL9 activities Grant (by the European Commission): Finances TRL5 to TRL8 activities When applying to the financing, requesting both grant and equity is possible (i.e. blended financing) while either is optional since an applicant can also request one without the other (i.e. equity-only, grant-only or grant-first).

On Hiring a Consultant or Grant Writer for the 2021 EIC Accelerator (SME Instrument)

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The EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity) has introduced a new stage to the application process in 2021 which acts as a mini-proposal termed Step 1 (read: Re-Inventing the EIC Accelerator). It includes materials such as a written grant application, a video pitch and a pitch deck which must be submitted to the European Innovation Councils (EIC) AI platform (read: AI Tool Review). With this change, the EIC Accelerator now has three Steps that must be passed, namely Step 1 (short application), Step 2 (full application) and Step 3 (face-to-face interview) (read: Recommendations for the EICA) but many startups and Small- and Medium-Sized Enterprises (SME) are unsure what these Steps mean and what deadlines and timelines are associated with them. As a short guide, applicants can refer to the following notes: Step 1 is a short application that can be prepared in less than 30 days and can be submitted any time without a fixed deadline (read: Pitch Video Workflow) Step 2 is a very long application that can only be submitted if (i) Step 1 has been approved and (ii) the EIC has published a fixed deadline. In 2021, there were two cut-offs, namely June and October. The minimum time to prepare the Step 2 application should be 60 days but more is recommended. Step 3 is a face-to-face interview that uses the pitch deck submitted in Step 2. It is only available to projects that have been approved in Step 2 and the dates for this Step are fixed to be right after the Step 2 evaluations are released (i.e. the pitch week). The preparation for this Step can be performed in 14 days. What to Develop Alone and What to Outsource There is no general rule as to when a consultant or professional writer should be hired or if one is needed at all. The official proposal templates, work program and guidelines (i.e. for the EIC fund and the AI tool) are publically available which means that every company is technically able to apply on their own. Considerations must be made regarding the resources available and the timing of the grant writing. For Step 1, the effort is comparatively small: Benefits of Developing Step 1 In-House Step 1 requires comparatively little time-effort Step 1 is relatively easy to develop No money is wasted in case the project is not suitable for the EIC Accelerator (i.e. some consultancies will onboard low-success cases) Full control over the outcome Benefits of Hiring a Consultant A consultant can shape the project and make it more impactful as well as avoid red flags Being part of Step 1 will simplify the Step 2 process Optimize the automated scoring on the AI platform based on experience Time savings Close contact with the EIC to be prepared for unexpected changes Consultants will re-submit a proposal if rejected while a rejected project will have a difficult time hiring a consultant The downsides of each approach are the reverse of each other meaning that what is a benefit of hiring a consultant will be the downside of preparing an application alone. For Step 2, the comparison would be as follows: Note: The comparison for Step 2 assumes that applicants have successfully applied for Step 1 by themselves and are considering hiring a Step 2 partner. Benefits of Developing Step 2 In-House Cost savings Full control over the outcome Benefits of Hiring a Consultant A consultant can shape the project and make it more impactful as well as avoid red flags Organizing the project development and collaboration between the management team to meet the deadline Time savings Close contact with the EIC to be prepared for unexpected changes There are a variety of considerations to be made alongside the general tradeoffs of hiring a consultancy listed above. One of these is the way companies assess their own capabilities and the way they judge their performed effort. It is not uncommon for a consultant to be contacted by a client who wants to apply to Step 1 by themselves while casually mentioning that they have scored B or C in all AI tool segments even though the project is highly qualified for the EIC Accelerator. Just because Step 1 is relatively easy to prepare does not mean that it is a low hanging fruit. One must place significant effort into the preparation of the application regardless of its simplicity. Yes, the EIC wants to make it easy for applicants to apply and wants to avoid them wasting their time on a long application if there is no chance for them to succeed. But this does not mean that evaluators will get a project with minimal input or read between the lines. Companies that are very busy often think that preparing a quick application will be good enough but this does not apply to EIC grants. A company should be prepared to go the extra mile with the application and fill out every section with a maximum amount of attention and effort. Conclusion The best way to answer the question as to when a consultant should be hired would be to first decide if an in-house proposal preparation is an option at all (i.e. time availability, skilled staff). Secondly, the company should talk to consultancies to identify if the project has appropriate chances for success (i.e. multiple opinions are recommended since some consultancies are not selective enough). Thirdly, the company must weigh the tradeoffs of in-house proposal writing which are the intense time requirements, especially for Step 2, but also the workload on the management team which might be better-advised focusing on business-relevant tasks instead of writing.

On the EIC Accelerator’s 2021 Success Rates (SME Instrument)

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The EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity) has reinvented itself in 2021 with a new submission process, a larger budget and new success thresholds (read: AI Tool Review). The latter is significant since they directly define how much time companies will need to spend on an application and how much time would have been wasted in case of a rejection (read: Companies That Should Not Apply). With the success rates having approximated 5% for many years and them having seen a steep decline in 2020 from 2.7% in January to <1% in October, it is likely that these success rates are now moving towards an all-time high. A previously published article investigated the potential success rates and predicted workloads of the individual stages, namely Step 1 (short application), Step 2 (full application) and Step 3 (face-to-face interview). The analysis looked at the best outcomes for applicants since the analysis directly correlated the success rates with the workload imposed on applicants and concluded that the most selective barriers should be in the beginning rather than in the end to avoid months worth of wasted effort. The 2021 Success rates With many startups and Small- and Medium-Sized Enterprises (SME) having applied to the 2021’s EIC Accelerator either by themselves or via consultants and professional writers, it is now possible to draw conclusions on the overall distribution of the success rates (read: Re-Inventing the EIC Accelerator). Since Step 1 is continually open for submissions, the approval rates are constantly changing but as of May 15th 2021, 67% of companies have passed with 755 out of 1,114. This number is expected to remain relatively constant over the coming months since it is also the threshold the European Innovation Council (EIC) had targeted. Step 2 results have only recently been published and they might not be representative for the coming cut-off’s since (i) the preparation time for applicants was less than 30 days, (ii) it was the very first call with a new application process and (iii) the feedback of the Step 3 interview juries might influence future Step 2 evaluations. Nonetheless, in June, 130 out of 801 applicants were selected for Step 3 which means that 16% of companies were successful in this stage. Note: Out of the 130 interview invitations for the EIC Accelerator’s Step 3, 24 Swiss startups were deemed ineligible due to the recent decision of the Swiss authorities in relation to Horizon Europe (2021-2027). This would yield a 13% success rate in this Stage considering that only 106 companies will participate in the interviews in mid-September. Combining the success rates of Step 1 and Step 2 yields a total success rate of 11% leading up to Step 3, and, considering that the success rates of the interview stage (Step 3) have historically been between approximately 50% in 2018/2019, it can be assumed that the overall success rate will regain a 5% total for the EIC Accelerator. Note: While interview success rates were approximately 50% in 2018/2019, they have oscillated between 30% and 50% in Q4 2019 and throughout 2020. Due to the high budgets and the dropout of 24 Swiss applicants (18% of all invitees) after the Step 2 evaluations, Step 3 success rates could potentially reach 70%, yielding a 7%+ funding rate. Conclusion It remains to be seen how the actual success rates will unfold in Step 3 and how future changes in the submission forms, the official proposal template and in the evaluations (esp. with jury feedback) will affect these thresholds. The budget of €1B for only 2 cut-offs in 2021 is likewise extremely high which means that this 2021 gold rush might be short-lived. One thing is for certain: The EIC Accelerator has never been as accessible as it is today with many great projects having higher chances to receive funding. What remains to be seen is if the EIC stands by their commitment and does not rank proposals against each other but retains its individualised GO & NO-GO methodology. If this is the case then the EIC accelerator could stay as accessible as it is now for the entirety of Horizon Europe (2021-2027) since no amount of applicants or competition would impede an individual projects chances of success. Even though this does seem like the ideal scenario, it remains to be seen if this is feasible. If the GO’s in Step 2 or 3 exceed the budgets then there are only three options: (1) Reject GO applicants based on discriminating factors (i.e. industry, costs, gender), (2) create a waiting list for approved proposals either in Step 2 or 3 (i.e. before the interview or after the interview) or (3) change the back-end evaluation prior to publishing the results to reject otherwise funded applicants retroactively (i.e. making the jury evaluation stricter). One last thing to mention is that some government agencies are forced to completely spend their annual budgets since it is directly related to their allocated budget in the following year so the October 2021 cut-off of the EIC Accelerator might see a surprising number of funded companies if the June cut-off does not spend its available €500M.

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