The Result of EIC Accelerator Submissions Explained (GO, NO GO)

The EIC Accelerator funding (grant and equity, with blended financing option) by the European Commission (EC) and European Innovation Council (EIC) is designed for startups and Small- and Medium-Sized Enterprises (SME) and provides €2.5 million in grant and €15 million in venture financing per project.

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💡 What is the EIC Accelerator?

➡️ The EIC Accelerator is a funding program by the European Commission (EC) and the European Innovation Council (EIC) as part of Horizon Europe.
➡️ It funds innovative DeepTech companies with grant and/or equity financing of up to €2.5 million and €15 million, respectively.
➡️ Applicants can be from the EU-27 countries or from countries associated with Horizon Europe.
➡️ The company’s technology should have reached Technology Readiness Level (TRL) of 5 at least and be able to reach TRL8 within 24 months but exceptions can apply.

💡 What does the EIC Accelerator provide?

➡️ Next to business acceleration, coaching and networking opportunities, it provides funding in the form different application options:
➡️ Grant-only: A non-dilutive grant with the company reaching TRL8 at the end of the project and subsequently reaching TRL9 without the help of the EIC.
➡️ Equity-only: Dilutive equity funding from the EIC Fund to reach TRL9.
➡️ Blended finance: A mix of non-dilutive grant and dilutive equity financing to reach TRL9 at the end of the project.

💡 How do the different funding options finance development work?

➡️ In general, grant funding can only be used for activities up to TRL8 (i.e. TRL5 to TRL8) while equity funding can be used for developments up to TRL9 including innovation activities (i.e. TRL5 to TRL9).

💡 What industries can apply and are there topic limitations?

➡️ The EIC publishes topics every year in the EIC Work Programme which outlines specific budget allocations. Generally, the budget is split between the options of an “Open” and a “Challenge” Call which are usually available on the same cut-off dates. A company can therefore decide which topic they would like to apply for. The two options are:

➡️ EIC Accelerator Open: This call is open to applicants of all industries provided they are not violating the agendas of the European Union (EU) in terms of climate, human rights, ethics and other political and social targets.
➡️ EIC Accelerator Challenges: These topics are clearly defined technology and industry themes that must be achieved or covered by the applicant. The applicant can select the respective Challenge during the Step 2 submission process.

💡 When and how can I apply?

➡️ The EIC Accelerator generally has 2-4 cut-offs per year which are set for Step 2 submissions. The following conditions apply:

➡️ Step 1: This step encompasses a short application including a pitch deck, a video and a short proposal. Submitting a proposal is possible at all times since the call is continuously open.
➡️ Step 2: This step requires a very detailed business plan in addition to multiple annexes such as financials, Letters of Intent (LOI), a Freedom to Operate (FTO) analysis, a Data Management Plan (DMP), a pitch deck and a customizable company profile. After Step 1 has been passed, the applicants can apply to Step 2 to any of the designated deadlines.
➡️ Step 3: This step is an interview with the EIC Jury that is usually conducted online through a video call. It encompasses a 10-minute pitch by the applicant using the pitch deck submitted in Step 2 and an up to 35-minute Question and Answer session by the jury. If Step 2 has been passed successfully, the interview dates are generally a few weeks after the Step 2 evaluation was completed.

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