The EIC Accelerator is a popular program that assists startups and small to medium-sized enterprises (SMEs) in developing and scaling groundbreaking technologies. What sets this program apart is that it offers both grants and equity financing to SMEs, startups, and small mid-cap companies that want to bring innovative technologies to market. This program is open to applicants from EU member states and associated countries, specifically targeting the development and scaling of 'deep tech' innovations in critical sectors such as artificial intelligence, aerospace, critical raw materials, semiconductors, and quantum technologies.
How it works
Applicants can continuously submit short proposals, which are evaluated by expert assessors of the EIC. Upon a positive initial evaluation, applicants are invited to submit a detailed proposal, which must be presented to an EIC jury. This process involves three steps: writing a short proposal, preparing a detailed proposal after the short proposal is approved, and finally pitching the innovation to the EIC jury.
Funding
The EIC Accelerator is specifically designed for SMEs and does not require collaboration with other parties. Depending on the development stage of your innovation, you can choose from various financing options:
Grant only: This option is aimed at primarily technological innovations at a Technology Readiness Level (TRL) of 6 to 8. Projects in this category can receive a grant ranging from 0.5 to 2.5 million euros.
Blended finance: In addition to the grant, you can opt for an optional equity investment. The grant supports activities within TRL 6 to 8, while activities above TRL 8 are eligible for blended financing, where equity investment can go up to a maximum of 15 million euros.
These financing structures are designed to be flexible to meet the specific needs and stages of innovative SMEs.
Competitive Challenges and Open Calls
The EIC Accelerator not only offers general open calls without specific thematic guidelines but also organizes specific challenges where projects that meet certain thematic areas can participate.
Within the EIC Accelerator program, specific challenges are identified that focus on areas where breakthrough technologies or groundbreaking innovations from startups or SMEs can have a significant impact. For 2024, these challenges include:
Human-Centered Generative AI: This initiative is aimed at promoting a European, human-centered approach to AI, with models that are transparent and instill trust, aligned with European values.
Virtual Worlds and Augmented Interaction: This challenge seeks to develop advanced technologies for virtual worlds that support the principles of Industry 5.0, such as sustainability, human-centricity, and resilience.
Smart Peripherals and Quantum Technology Components: This challenge promotes the development of new semiconductor components and integrated smart systems for future peripherals, which can highlight the competitive advantages of the system or technological components.
Food from Precision Fermentation and Algae: Focused on supporting the production of sustainable and nutritious food that is independent of soil and climatic conditions, fitting within EU strategies like the Green Deal and Farm to Fork.
Monoclonal Antibody Therapies for New Virus Variants: This challenge supports the development of broad-spectrum antibody therapies against new pathogens that are of significant importance for public health.
These challenges are designed to stimulate innovations that are not only technologically advanced but also contribute to the strategic objectives of the European Union.
The EIC Accelerator program is a key pillar in fostering innovation within the EU and is considered Europe's largest venture capital investor. However, it is also a highly competitive program, where only the very best innovations are contenders.
PS. In this article, we discuss more about the EIC Pathfinder grant and here we delve further into the EIC Transition grant.