Introduction: Understanding the EIC Accelerator’s Step 1 and Its Implications
For many startups and SMEs, passing Step 1 of the European Innovation Council (EIC) Accelerator application process can be a moment of significant accomplishment. However, this initial success may prove misleading as applicants progress to the more demanding Step 2. The transition from Step 1 to Step 2 involves a shift from a concise presentation of the business plan to a detailed and thorough analysis, which can significantly alter the evaluators’ perceptions of the project.
Step 1: The Deceptive Simplicity
Step 1 of the EIC Accelerator is designed to capture the evaluators’ interest with a short version of the business plan. It lacks detailed information on finances, work packages, and other critical aspects of the innovation project. The pitch deck in this step is condensed to a 10-slide document, which is not presented but read by the evaluators. The threshold for success in Step 1 is relatively low, as only 2 out of 4 (3 out of 4 since 2024) remote evaluators need to provide a favorable review for an applicant to proceed to Step 2.
The Reality Check of Step 2
Step 2 presents a stark contrast to the preliminary stage. It requires a comprehensive business plan, composed almost entirely of text, with minimal visual data. Applicants must provide detailed answers to numerous questions covering value chain, product descriptions, technical backgrounds, market analyses, and commercial strategies. This stage is significantly more selective and labor-intensive, demanding a level of detail and depth not required in Step 1.
The Risk of Misinterpretation
The ease of passing Step 1 can lead applicants to overestimate their chances of success in the subsequent stages. This misconception arises from the fundamental differences in the depth and type of information required at each stage. While Step 1 focuses on engaging the evaluators’ interest with a broad overview, Step 2 scrutinizes the finer details of the project. The shift in expectations between these stages can result in a drastic reevaluation of the project’s viability and potential.
Preparing for Step 2
To navigate this transition effectively, applicants should:
- Anticipate Increased Scrutiny: Understand that the evaluators in Step 2 will delve deeper into the project’s specifics, and prepare accordingly.
- Enhance Detail and Clarity: Ensure that the business plan for Step 2 is comprehensive, addressing all potential questions and concerns in detail.
- Seek Professional Assistance: Consider consulting with professionals experienced in EIC applications to refine the application for Step 2.
- Stay Realistic: Maintain realistic expectations about the chances of success, even after a positive outcome in Step 1.
Conclusion: Navigating the EIC Accelerator with Caution
Successfully passing Step 1 of the EIC Accelerator is an important milestone, but applicants must be wary of the challenges ahead in Step 2. Understanding the increased demands and preparing meticulously for the detailed scrutiny of Step 2 is crucial for maintaining the momentum gained in the initial stage.
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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