EIC Accelerator and its importance for your start-up
EU-funded research and the EIC Accelerator
Technological innovation is a key element in the European Commission’s R&D strategy. Through Horizon2020 and Horizon Europe, it succeeded in creating an environment for the development of solutions that use innovation for the public interest.
In this sense, the European Commission had established the European Innovation Council as a mechanism to boost innovative, cutting-edge ideas in the technological fields. Entrepreneurs who are willing to partake in research around high-risk, high-impact technologies can therefore ask for funding under the EIC Accelerator.
Through this program, innovative companies are given the chance to increase their international competitiveness in very dynamic fields.
What is the EIC Accelerator?
The EIC Accelerator is a mechanism that is part of Europe’s plan for innovation. It consists of financial and strategic support that is mainly addressed to small and medium enterprises that are qualified as start-ups. This support aims to back forms of innovation that can be game-changing for the industry.
The EIC Accelerator’s support is accorded in the form of grant funding that can go up to 2.5 million Euros or direct equity investments that can go beyond 15 million Euros in some cases.
The EIC Accelerator’s support does not stop at the financial level. It also extends to coaching, mentoring, and networking opportunities as the European Commission tries to build a community of entrepreneurs around the EIC accelerator mechanism.
Accessing the EIC Accelerator funding
The EIC Accelerator is open to applicants in all EU Member States and countries associated with the European Commission’s innovation program.
The EIC Accelerator has put in place a platform through which funding can be applied for. Through it, the applicant company submits a pitch and fills in a questionnaire about the company and the challenge it wants to tackle. The EIC then decides to allow or not the applicant to submit a full application.
A jury of experts gauges the quality of the project against the backdrop of the usual criteria used by the European Commission in its innovation strategies. Excellence, impact, level of risk, and need for Union support are, thus, at the heart of the decision-making.
Even if the application does not conclude in granting funds by the EIC Accelerator, the mechanism hands out to selected applicants a Seal of Excellence. This constitutes an important credential from the European Commission that allows the applicant company to pursue its research for relevant funding with more ease. The holder of the Seal of Excellence can also use another mechanism that is the EIC Business Acceleration Services which is structured around services such as providing mentorship, coaching, and access to an extensive network of partners and peers.
Privanova and the EIC Accelerator
At Privanova, we have put the European Commission’s innovation ecosystem at the heart of our activities. We have extensive expertise in programs such as Horizon Europe and Horizon 2020. Our work mainly takes the shape of efforts in projects that we participate in as partners. However, at Privanova, we had also accumulated an experience in consortium building mechanisms and drafting efficient and fundable proposals.
In this context, we also put our expertise to work in order to mentor and accompany companies in their search for EU funding for their innovations under the EIC Accelerator mechanism. Privanova also has a large network of partners, stakeholders, and policymakers that can be solicited to optimize the application and allow it to stand out.
The EIC Accelerator is a great opportunity for innovative companies to see their ideas taking shape and having a meaningful impact. We can contribute to the success of such a process by providing meaningful resources and guidance toward winning relevant grants.