When applying for the EIC Accelerator, companies must decide whether to manage their application internally or hire a professional consultant. Using internal applications offers advantages such as a deeper alignment with company values. However, professional consultants bring specialised knowledge and experience in EIC processes. Choosing the best approach is essential for crafting a strong proposal.
Each option has its own set of strengths and challenges. Therefore, companies should consider their available resources, the complexity of their project, and their familiarity with EIC requirements before making a decision. The right choice can greatly influence the success of the application and enhance the chances of securing funding.
The Benefits of Internal Applications for EIC Proposals
Opting for internal applications allows companies to maintain full control over the narrative of their EIC proposal. The internal team possesses an unmatched understanding of the company’s innovation, development processes, and market strategy. This insight can lead to a detailed and authentic proposal that reflects the organisation’s goals and technical strengths.
Internal teams are also more familiar with the company’s strategic direction and future ambitions. This can help them create a proposal that is closely aligned with long-term objectives. Additionally, handling the application in-house enables companies to avoid potential misalignments that may occur when outsourcing such a critical task to external consultants.
Moreover, preparing an application internally can foster internal growth and learning. Team members become more acquainted with the EIC process, which can be beneficial for future applications or other funding opportunities.
Professional Consultants: When to Consider External Support
While internal applications can be effective, there are situations where external consultants may add value. Professional consultants specialise in the nuances of EIC grants, such as how to structure the proposal, meet compliance requirements, and present the project in line with EIC priorities.
Their experience with multiple projects provides them with insights into what evaluators are looking for. They can identify potential weaknesses in the proposal and suggest strategies to strengthen them. Consultants can also streamline the process, making it less time-consuming for internal teams. For companies with limited experience in grant writing, these benefits can be crucial.
That said, hiring a professional consultant often comes at a higher cost. Fees can vary based on the consultant’s expertise and the level of involvement required. Some may charge a fixed fee, while others work on a success-based model. It is essential for companies to evaluate the potential return on investment when considering this option.
The Cost Implications of Internal Applications
Handling the application internally can be cost-effective, particularly if the internal team has the necessary expertise. There are no external fees involved, and the internal team can manage the process according to its own schedule. However, the cost savings should be balanced against the time and effort required.
Writing a high-quality EIC application demands significant resources. The internal team must dedicate time to researching, drafting, and refining each section of the proposal. This can detract from other business priorities, especially if the process involves key team members.
Companies should also factor in the potential opportunity costs of using internal applications. If internal resources are stretched too thin, it could impact the overall performance of the business. Therefore, it is vital to ensure that the team can commit to the application process without compromising other strategic activities.
Managing Risks and Ensuring Quality
Regardless of whether a company opts for internal applications or professional consultants, managing risks is a critical component of the process. Internal teams may have in-depth technical knowledge but could lack experience in communicating this effectively. This might result in a less compelling proposal that does not fully showcase the innovation’s impact or market potential.
Professional consultants, while skilled in structuring proposals, may not have the same depth of understanding of the technology. This can lead to misalignment if not managed properly. Regular communication and feedback between consultants and the internal team are crucial to ensure the application accurately reflects the project’s strengths and ambitions.
Both approaches require a solid review process to identify potential gaps. Companies should consider conducting internal reviews or seeking external feedback before finalising the application.
Collaborative Approaches: Combining Internal and External Expertise
One effective strategy is to combine the strengths of both internal applications and external consultants. Internal teams can provide the core content and technical details, while consultants refine the narrative and ensure compliance with EIC guidelines. This partnership allows companies to leverage their in-house expertise while benefiting from the consultant’s experience in grant writing.
Such collaboration can be beneficial in balancing the authenticity of the proposal with the strategic language required by evaluators. It reduces the risk of miscommunication and ensures that the proposal is both technically sound and strategically aligned with EIC priorities.
For this strategy to work effectively, roles and responsibilities should be clearly defined. Regular communication and feedback loops are essential to maintain alignment and achieve a high-quality submission.
Evaluating Success Metrics for Internal Applications
Funding receipt is not the only factor that defines success in EIC Accelerator applications. For companies using internal applications, success can also mean producing a proposal that clearly articulates the company’s innovation, vision, and impact. Even if the application is not immediately successful, a well-structured proposal can provide a strong foundation for future submissions.
Internal applications should be evaluated based on how well they reflect the company’s strengths and long-term strategy. If the proposal achieves these objectives, it can still be considered a success. This perspective helps companies refine their approach and continuously improve their applications.
Final Considerations: Choosing the Best Approach for EIC Grants
Deciding between internal applications and professional consultants is not always straightforward. Each option has distinct benefits and challenges. Internal applications offer authenticity and alignment with company goals, while professional consultants provide expertise and a polished presentation. Companies should consider their available resources, project complexity, and long-term strategy when making this decision.
Combining both approaches can also be an effective strategy. By leveraging internal knowledge and external expertise, companies can produce a high-quality proposal that stands out to evaluators. Ultimately, the goal is to present the innovation in the best possible light and demonstrate its potential to achieve significant impact through EIC funding.
In summary, while internal applications may require more effort and internal resources, they provide an opportunity for teams to engage deeply with the application process. When done effectively, this approach can result in a compelling and strategically aligned proposal that resonates with EIC evaluators.
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. We enable our customers to unlock the full potential of their ground-breaking ideas.
Do you have a project to turn into reality?
Contact us!