European Parlament’s funding program EIC ACCELERATOR under the Horizon Europe 2020.
Opening date has been announced
The program EIC Accelerator (formerly known as SME Instrument) aims to support small and medium size high-risk business that are bringing visionary ideas to market, their business models and help Europe’s economic growth. In particular, the program aims to support innovative and pioneering ideas that could transform the markets or reshape existing ones, both in Europe and globally.
The deadline for submission of proposals is set for April 8, 2021, with a deadline for submission of proposals of June 9, 2021.
For whom is EIC ACCELERATOR intended?
- Are you an innovative, small and medium-sized enterprise with European and global development plans?
- Do you have an innovative idea that targets new markets and can enhance the growth of your company?
- Are you looking for funding to support you in the final stages of your business plan?
EIC Accelerator targets only Small and Medium-sized Enterprises, including start-ups, and helps you further develop your business idea into a product or service, according to your company strategy. Such activities include product/service development, testing, prototyping, validation, and testing. If the activity is a tech innovation, a Technology Readiness Level (TRL) of 5/6 is required.
Conditions for funding:
- Grant from € 500,000 up to € 2,500,000.
- Gross financing scheme consists of a grant of up to € 2,500,000 and private funds up to € 15,000,000.
- Higher or lower funding may be requested per application, but must be documented accordingly.
- Projects must take 12 to 24 months to complete. A longer implementation period is given on a case by case basis and the corresponding justification.
Proposals with activities up to TRL 8 will be funded through a grant or a combined funding option. Activities from TRL9 or above will be financed only with equity participation, if the proposal remains weak for financing by "third party" investors.
Expected changes to the existing program with the introduction of the new one:
- Tailored program for SMEs with innovative projects: The EIC is limited to a specific subset of SMEs that have completed TRL5. Funding will be directed for the development of TRL6 to TRL9.
- The gross financing scheme will be composed of a combination of grants, up to € 2,500,000, with funds (or guarantees) up to € 15,000,000, offering an exit horizon of 7 to 10 years. The choice of grant-only funding must prove that SMEs can cover phase TRL9 with their own resources.
- Simplified application process: Instead of submitting a 30-page application with a business plan, company financial data, now the applicants will submit a short 5-page application, a 10-page presentation (pitch deck) and a 3-minute video. If applicants receive a GO approval from the evaluators, they will proceed to the next phase of the full evaluation.
- Restricted Submissions: Re-submissions will be limited to only two attempts.
- Evaluation Criteria: Three categories will be defined: Excellence, Impact and Level of risk. In the preliminary phase not all the information is needed, but those applications that are fully evaluated, then they should provide detailed data.
- Open funding and strategic challenges: The EIC Accelerator is expected to provide both open funding and resources to meet the EU's strategic challenges. That is, it will target digital technologies, health technologies as well as innovations under the Green Deal.
At Atlantis Consulting SA we provide you with the appropriate consulting services to achieve your goals. With more than 28 years of experience, we have managed to design the appropriate financing strategies, tailored to the needs of each business. If you are interested in the services of our company or would like more information, do not hesitate to visit our website (click here) or contact us through the following contact details.
Angelos Manglis, tel. 2310531000 (intern. 107), email: email@example.com
Vasileios Charpidis, tel.23105310000, email: firstname.lastname@example.org