The organization provides funding and support for breakthrough innovations in Europe.
The European Innovation Council (EIC) Accelerator is a funding programme under Horizon Europe that supports start-ups and SMEs with innovative, game-changing products, services, or business models that can create new markets or disrupt existing ones. The programme focuses on strategic areas such as generative artificial intelligence, space, critical raw materials, semiconductors, and quantum technologies. The EIC Accelerator offers both non-dilutive and dilutive funding options. Non-dilutive grants of up to €2.5 million are available for innovation activities (TRL 5-8), while dilutive equity investments of up to €15 million are available for market deployment (TRL 9). The programme also provides access to Business Acceleration Services, including global partners, coaches, mentors, expertise, and training. Recent projects that have received funding include Alias Robotics (Spain) for AI-powered security platforms, IQM Finland for industrial-grade quantum computers, and Powerful Medical (Slovakia) for heart attack diagnosis applications. The programme has a budget of €300 million for pre-defined topics and €375 million for open proposals in any field of technology. To receive funding, projects must demonstrate innovation, scalability, and substantial funding needs, and must pass a three-step selection process involving a short proposal, full proposal, and face-to-face interviews with an EIC jury.
The EIC Accelerator is a key funding program of the European Innovation Council (EIC) that supports ambitious start-ups and SMEs working on breakthrough innovations with the potential to create new markets or disrupt existing ones. Here are the key points about the program:
Funding Options
The EIC Accelerator provides a unique combination of funding:
- Grants of up to €2.5 million for innovation development (TRL 5-8)
- Equity investments between €0.5 million and €15 million for scaling up (TRL 9)
- Blended finance that combines grant and equity
- Total funding per project can reach up to €17.5 million[1][4]
Eligibility
- Open to SMEs, including start-ups, spin-outs and in some cases small mid-caps (up to 500 employees), that are established in an EU member state or associated country
- Individuals intending to launch a start-up or SME can also apply
- Companies must have a breakthrough innovation with the potential to create new markets or revolutionize existing ones, and a clear ambition to grow at international level[1][2][4]
Application Process
The application process consists of 3 steps:
- Short proposal that can be submitted at any time and is evaluated on a first come, first served basis
- If successful, companies are invited to prepare a full proposal for one of the cut-off dates
- The most promising proposals are invited to a face-to-face interview with an EIC jury[4]
In 2024, there are two cut-off dates for full proposals: March 13 and October 3.[3]
Success Rates
The EIC Accelerator is a highly competitive program. Recent statistics show:
- ~70% of applicants pass the initial short proposal stage
- 22% make it through to the full proposal stage
- 17% are successful in the face-to-face interviews
- The overall success rate across all stages is around 2.7%[3]
2024 Budget and Challenges
In 2024, the total indicative budget for the EIC Accelerator is €675 million, divided between:
- Open calls with no predefined thematic priorities (€375 million)
- Challenge calls in 6 strategic areas, including AI, Industry 5.0, quantum, food, health and energy (€300 million)[2][4]
In summary, the EIC Accelerator is a major source of funding and support for Europe's most promising deep tech start-ups and SMEs. While highly competitive, it offers substantial grants and equity investments to help companies scale up and bring their breakthrough innovations to market.
Citations: [1] https://www.eura-ag.com/en/funding-programmes/eic-accelerator [2] https://www.catalyze-group.com/fund/eic-accelerator/ [3] https://rasph.com/unveiling-the-latest-eic-accelerator-results-a-comprehensive-analysis-november-8th-2023-cut-off-february-2024-release/ [4] https://eic.ec.europa.eu/eic-funding-opportunities/eic-accelerator_en [5] https://enspire.science/eic-accelerator-open-basics/ [6] https://eic.ec.europa.eu/system/files/2023-08/Guide-for-Applicants_V3.0.pdf [7] https://www.oecd.org/cefim/india/EIC/ [8] https://seglerconsulting.com/a-short-but-comprehensive-explanation-of-the-eic-accelerator/