Since its initial launch in March 2021, substantial advancements have occurred in implementing the European Innovation Council (EIC), building upon the prosperous pilot stage (2018-20). After the EIC Accelerator process update, startups have submitted over 4000 applications, and an initial 164 companies have been selected for funding.
The EIC Pathfinder and Transition programmes have also been successfully launched with strong demand, and the creation of a new governance with the EIC Board.
What is the EIC Board?
Established by the Horizon Europe legislation with a mandate to advise on:
Overall strategy for the EIC
The EIC work programme for implementation
Identification of strategic portfolios of projects and the profile of EIC Programme Managers
Other actions to improve the European innovation ecosystem
The Board members, including a President, are chosen through an open call for expressions of interest.
EIC Novelties
The EIC Accelerator process update introduces a significant innovation: the integration of grant and investment support. This approach was effectively piloted during the previous year under the EIC pilot.
Efforts are underway to establish investment implementation for the EIC under Horizon Europe. In the meantime:
Companies chosen for equity funding in 2021 (June and October cut-offs) will have their investment requests actively processed. This process entails providing grant finance and conducting essential preliminary steps for the investments, including fast-tracking the due diligence process at the earliest convenience.;
The upcoming deadline for full EIC Accelerator applications is this spring, pending approval of the EIC work programme 2022. This timing will provide applicants with extra time to craft well-crafted proposals of high quality. Subsequently, after the selection process, we will have the capability to move forward with the investment procedure promptly.
Once Horizon Europe is fully operational, EIC equity financing will have legal and financial support until 2027. This framework will enable the EIC to make investment decisions and offer appealing investment partnerships for Europe’s high-potential start-ups. Additionally, it will facilitate the attraction of other investors to participate in these opportunities. This builds on the first positive experiences from the 141 investments approved by the EIC Fund since September 2020.
An Insight: background information
The EIC Accelerator offers start-ups and SMEs grants of up to €2.5 million combined with equity investments through the EIC Fund ranging from €0.5 to €15 million. Together with financial support, all projects benefit from a range of Business Acceleration Services that provide access to leading expertise, corporates, investors and ecosystem actors.
In 2021, a newly introduced start-up friendly application process, under Horizon Europe, allows companies to submit their ideas anytime for an immediate fast assessment. After that selected candidates are invited to craft a comprehensive application with tailored business coaching support. These full applications undergo evaluation at regular cut-off dates, occurring approximately every 3 months. Since March, over 4,000 start-ups and SMEs have submitted their ideas. Among these, 801 submitted full applications for first cut-off on 16 June 2021, and an additional 1,109 to the second cut-off on 6 October. Furthermore, the inaugural EIC took place on 24/25 November, makring the launch of the EIC Forum and the presentation of the first EIC Prizes. Among the prizes there were Women Innovators, European Capital of Innovation, and EU Innovation Procurement Awards. Additionally, ongoing recruitment is underway for the first EIC Board President and EIC Programme Managers.
About EIC Programme Managers
EIC Programme Managers are key figures in this new management approach. They:
Have the task of nurturing Pathfinder portfolios by developing together with stakeholders a common vision and a common strategic approach that leads to a critical mass of effort.
Come from multiple spheres, including companies, universities, national laboratories and research centers.
Bring deep expertise from personal experience and years in the field.
Are leaders with recognized experience, having managed multidisciplinary research teams or directed large institutional programs.
Due to the EIC Accelerator process update has led to expectations of the Managers fostering an active management culture. This involves combining sound technological knowledge with a hands-on approach at portfolio and project levels. Vision-based budgets, timelines, and milestones that EIC projects need to meet for continued funding are key elements.
EIC Programme Managers have the responsibility of formulating visions for technological and innovation breakthroughs. They actively manage portfolios of EIC-supported projects to align with these visions. Furthermore, they play a crucial role in convening stakeholders to transform these visions into tangible realities.
The EIC designates Programme Managers for a full-time tenure of up to four years within the organization. These managers must have profound expertise in their specific fields and a demonstrated history of effectively leading multidisciplinary teams and programs. Additionally, they should possess strong communication and influencing skills.
Programme Managers come from varied backgrounds, including companies, universities, national laboratories, nonprofit and federally funded research centers.
At EuGrantMe, we are passionate about fostering innovation and empowering ambitious minds to flourish. Our mission revolves around providing top-notch grant writing services for the EIC Accelerator and Horizon grants in Europe, enabling our customers to unlock the full potential of their groundbreaking ideas.
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