Frequently Asked Questions

The EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity) by the European Commission (EC) and European Innovation Council (EIC) is designed for startups and Small- and Medium-Sized Enterprises (SME). It awards up to €2.5 million in grant and €10 million in equity financing per project (€12.5 million total) and is the most well-funded funding instrument in the EIC portfolio. A Short but Comprehensive Explanation of the EIC Accelerator

The application is prepared on the European Innovation Council (EIC) website but a variety of annex uploads are required. See: How long does it take to apply for the EIC Accelerator? (Grant proposal timeline)

The names are interchangeable whereas the SME instrument Phase 2 has been renamed to the EIC Accelerator in June 2019.

The Evaluation Summary Report (ESR) is the final evaluation document after an EIC Accelerator application which gives the score and feedback.

The EIC Accelerator provides up to €2.5 million in grant and €10 million in equity financing which means that a maximum of €12.5 million can be requested. See: A Short but Comprehensive Explanation of the EIC Accelerator

Grant financing refers to non-repayable financing by the European Commission (EC) while equity financing by the European Innovation Council (EIC) EIC Fund and the European Investment Bank (EIB) is in exchange for company ownership (i.e. equity). Blended financing is a combination of grant and equity financing. See: A Short but Comprehensive Explanation of the EIC Accelerator

The negotiations and due diligence following the funding approval will determine the exact amount but up to 25% can be expected depending on the company's valuation and the amount requested.

The European Innovation Council (EIC) is supported by the European Investment Bank (EIB) and Alter Domus Luxembourg to manage EIC Fund investments.

TRL5 to TRL8 is funded via grants while equity financing is funding TRL5 to TRL9. A grant project can start at TRL5-7 while an equity project could start at TRL5-8. See: How the EIC Accelerator Funds Technology Readiness Levels (TRL) (SME Instrument)

Yes, the subsidiary has to declare all upstream and downstream relationships with other entities which include parent companies. The application is eligible if the Small and Medium-Sized Enterprise (SME) is deemed independent.

Yes, some non-EU countries that can apply are Norway, Albania, Bosnia and Herzegovina, North Macedonia, Montenegro, Serbia, Turkey, Israel, Moldova, Ukraine, the United Kingdom, Tunisia, Georgia and Armenia. See: All Eligible EIC Accelerator Countries (including the United Kingdom, Switzerland and Ukraine)

There are a variety of news outlets that provide information on the EIC Accelerator such as the European Innovation Council (EIC) Twitter account @eueic, the EU news regarding the EIC and the European Innovation Council and SMEs Executive Agency (EISMEA) news site.

The EIC Accelerator applicants are notified via email and on the EIC website. A list of beneficiaries and reports are made available through a variety of EIC communication outlets such as the European Innovation Council (EIC) Twitter account @eueic, the EU news regarding the EIC and the European Innovation Council and SMEs Executive Agency (EISMEA) news site.

The time needed for an EIC Accelerator proposal preparation depends on the available materials such as business plans, documentation and financial information. In general, 1 month should be allocated for Step 1 and 2 months for Step 2. See: How long does it take to apply for the EIC Accelerator? (Grant proposal timeline)

A full list of beneficiaries can be found on the EIC Accelerator call page and on the Community Research and Development Information Service (CORDIS) database.

Horizon Europe (2021-2027) has replaced Horizon 2020 (2014-2020) as the next major funding arm of the European Union (EU).

The EIC Accelerator application can be written in all official EU languages but it is recommended to write the application in English.

No, the EIC Accelerator is a single-applicant financing program but, in the past, consortia were able to apply which might be reintroduced in the future.

No, only for-profit spin-offs that are Small and Medium-Sized Enterprises (SME), as well as small mid-caps (up to 499 employees), can obtain funding.

It is generally also possible for entities yet to be established to apply as individuals to the EIC Accelerator but these must form a separate legal entity prior to obtaining the financing.

A work package is a concrete set of tasks and development plans revolving around a specific deliverable. A large development project is separated into multiple work packages to make budgeting, tracking and accountability easier for the investing party, namely the European Commission (EC).

The timeline depends on the number of resubmissions, deadlines per year and quality of the project since rejections are common. A fast EIC Accelerator submission process from Step 1 to the approval in Step 3 can occur in 6 months but can also take multiple years. Timelines are also prolonged depending on the time needed to issue grants and equity financing by the EIC Fund. See: How long does it take to apply for the EIC Accelerator? (Grant proposal timeline)

No, the same project can only be submitted by one company but this does not include similar projects in case competitors are applying for the same grant.

The Seal of Excellence (SOE) is awarded to projects that are of high quality but were rejected in Step 3 of the EIC Accelerator's evaluation process.

A Seal of Excellence (SOE) is obtained if a company passes Step 1 and Step 2 of the EIC Accelerator but is rejected in Step 3. If the applicant has been rejected for the first time in Step 3, they are able to re-apply to Step 2 or Step 3 in the following cut-offs.

Applicants can likewise use the SOE to obtain funding from other sources.

Technology Readiness Level (TRL) 6 describes an innovation that is currently at the prototype stage and has a completed Proof-of-Concept (POC). See: Technology Readiness Levels, Timelines and Interview Priorities (2023 EIC Accelerator Work Programme Part 4) and How the EIC Accelerator Funds Technology Readiness Levels (TRL) (SME Instrument)

Blended financing is a combination of grant and equity financing. See: A Short but Comprehensive Explanation of the EIC Accelerator

The success rates for the EIC Accelerator vary greatly but are averaging 5% in most cases. Recent statistics can be found here: EIC Accelerator Success Cases

Yes, the European Innovation Council (EIC) is incentivizing women and female CEO's, CTO's or similar to apply and provides preferred selection for them to improve their gender quotas. See: Why It's Great to be a Female Entrepreneur in the EU (EIC Accelerator)

Technology Readiness Levels (TRL) are a way of classifying the timeline of an innovation from the first idea to the finished product with levels ranging from TRL1 to TRL9. See: Technology Readiness Levels, Timelines and Interview Priorities (2023 EIC Accelerator Work Programme Part 4) and How the EIC Accelerator Funds Technology Readiness Levels (TRL) (SME Instrument)

The grant financing (but not equity) is funded as 70% of the total costs. This means that a €1,000,000 grant project will be funded with €700,000 whereas €300,000 must be provided through other sources such as revenues, private investments or similar. If blended financing is requested, the 30% will automatically be covered through the EIC Fund investment. See: A Short but Comprehensive Explanation of the EIC Accelerator

Eligible applicants are for-profit Small and Medium-Sized Enterprises (SME) that are registered in the European Union (EU) or associated countries. See: All Eligible EIC Accelerator Countries (including the United Kingdom, Switzerland and Ukraine) and A Short but Comprehensive Explanation of the EIC Accelerator

A Small- and Medium-Sized Enterprise (SME) is an organization of a certain size with less than 250 employees, a maximum of €50 million in turnover and a balance sheet total of €43 million or less.

No, the grant does not need to be paid back under normal circumstances while the equity financing is provided in exchange for company ownership. There are also loan modalities available under the EIC. See: A Short but Comprehensive Explanation of the EIC Accelerator

There is no limit to the number of applicants but the limited budget leads to a competitive evaluation where only less than 40-80 companies will be financed per cut-off. See: EIC Accelerator Success Cases

There are many different grant writers and consultancies available for the EIC Accelerator. This contact form can be used to reach out to professional writers.

Yes, albeit only for grant- but not equity-financing. The UK was eligible under Horizon 2020 (2014-2020) and participates in Horizon Europe (2021-2027) which includes the EIC Accelerator. See: All Eligible EIC Accelerator Countries (including the United Kingdom, Switzerland and Ukraine)

The application to the EIC Accelerator proceeds online through the dedicated European Innovation Council (EIC) website. The majority of the proposal text is provided through an online form but annexes such as a video, pitch deck, financials and other materials are also included. See: A Short but Comprehensive Explanation of the EIC Accelerator

It is possible to apply to the EIC Accelerator alone without prior experience if the applying company has the needed in-house skills.

Read: Should a Company Hire a Professional Consultant or Write an EIC Accelerator Grant Application Internally? (SME Instrument Phase 2)

The result of the EIC Accelerator application is an Evaluation Summary Report (ESR) which details the scoring of the application, the evaluation of sub-criteria and comments from each remote evaluator. See: How to Craft an EIC Accelerator Rebuttal: Explaining Grant Proposal Resubmissions

Yes, re-submissions are allowed in case EIC Accelerator applications were rejected prior. See: Explaining the Resubmission Process for the EIC Accelerator

The EIC Accelerator template is similar to a detailed business plan and includes financial information, a pitch deck, a company profile and detailed work package plans. The entire process is using an online platform and is separated into multiple steps. See: A Short but Comprehensive Explanation of the EIC Accelerator

Get your Free EIC Accelerator Step 1 Proposal Template Here