Project Management and the EIC Accelerator (SME Instrument Phase 2)

Project management is a central part of every Research and Development (R&D) project but it is especially important when considering the strict budgeting and tracking under the EIC Accelerator blended financing program (formerly SME Instrument Phase 2, grant and equity financing). Managing a specific project, a task and performance indicators are three core aspects of the overall process whereas the European Commission (EC) and the European Innovation Council (EIC) require constant updates on such aspects to assure the continuing progress of the beneficiarie's development work (read: EIC Accelerator Introduction).

When hiring a professional writer or consultancy, project management is often simplified through coordination and support activities but startups and Small- and Medium-Sized Enterprises (SME) should be aware of the bureaucracy involved in a funding project by the European Union (EU). The following presents a shortlist of the tracking and organisational-aspects for such a grant project that is relevant for both the application (i.e. as part of the annotated EIC Accelerator template) and for successful grant beneficiaries who have received a positive evaluation (read: Finding EIC Accelerator Results).

The individual aspects of a development project can be classified into three tiers with project management at the top (i.e. top-down delegation), the task management at the center (i.e. development work) and the tracking of daily, weekly or monthly Key Performance Indicators (KPI's) at the bottom (i.e. individual metrics). This order only presents one out of many ways to structure project management but it can be useful for companies new to the strict tracking requirements in the EU or those who lack experience in executing long-term development projects.

Managing a Project

Project management traditionally requires the use of cornerstones such as initiation, planning, execution, controlling, monitoring and closing which assures that all essential tasks are performed with clear responsibilities. As a first step, the responsibilities should be distributed according to a hierarchy with one main project leader at the top who acts as the supervisor and a manager for each project segment. This will be important for the tracking since accountability is the most secure way of assuring that deadlines, budgets and targets are achieved in a timely manner.

Each segment (i.e. initiation) can likewise have a concrete description, budget, timeline, outcome and means of documentation so that the person in charge has a clear overview of their responsibilities throughout the project. In the pitch interview (read: The Pitch Interview), it can also be a question that the jurors will ask since the financials, implementation and development tasks are important considerations for the selection of beneficiaries (read: Pitch Preparation).

Managing a Task

Each project will have to be split into the specific tasks that require execution and the EC prefers the use of designated Workpackages (WP) (read: Work Packages). These are individual segments of the developments arranged by their area of focus and their expected timeline. As an example, a WP can be focusing on software development while another WP deals with hardware developments or marketing activities.

WP's are only one way of structuring R&D work but the important thing to consider is that specific tasks, budgets and deadlines must be designated clearly and be actionable enough to allow execution. Such tasks can use the SMART-acronym as it clearly defines how goals should be specified and treated in order to maximize the success chances of the development work. S-M-A-R-T stands for:

1. Specific: A task has to be specific so that the activities are clear for experts, engineers or software developers and can be executed. Instead of discussing general ways of achieving a goal (i.e. "to develop a production process"), it should give specific methods (i.e. "to implement X until Y is reached and integrate peripheral technologies such as Z")
2. Measurable: Quantification is key in defining development tasks since such markers will be used in both tracking and project execution. Unit numbers, quality markers and other measurable items should be listed.
3. Assignable: Each task must not only have a person responsible but also be easily assignable so that delegation is possible. If a task is specific and quantified then it will be simple to select an employee who has the right skillset for its execution but a vague task would not be easily assignable.
4. Realistic: Tasks have to be feasible since it is not only the responsibility of the company to execute and track the development work but also to achieve their goals in the end. it has to be assumed that no follow-up financing is available and that the project plan has to be executed as-is. As such, realism has to take the center stage so that tasks are ambitious but not impossible.
5. Time: From the start, the timing, deadlines and delivery dates have to be clearly defined so that structure is given to the entire project.

Key Performance Indicators (KPI)

KPI's are a part of each project but are a more company-centric metric rather than exclusively relating to R&D. KPI's can focus on all aspects relevant to the business which can or cannot be part of the development tasks. As an example: Active users, revenues or obtained patents can be KPI's while these metrics do not need to be part of EIC Accelerator WP's.

The EIC Accelerator utilises milestones and KPI's in its official annotated proposal template and these can be used to provide a commercial view on the WP themselves (i.e. connecting tasks with business metrics). A specific goal such as reaching a certain number of active users on a platform can be added as a KPI or milestone to a WP so that it is not only clear What and How but also Why tasks are performed.

KPI's can be chosen according to the management team's core vision for the company but they usually provide a shortlist of goals that have to be reached for the business to succeed (i.e. the number of suppliers, customers, revenues, server connections, datasets, hardware prototypes, etc.). These will then give the project management and each individual task a certain realism from a purely commercial and growth perspective. Updates on KPI's can be provided on a monthly or weekly basis to the financing provider so that transparency is assured throughout the project.

Summary

• Managing a Project: Creating a clear hierarchy of responsibilities in a top-down approach for the entire project
• Managing a Task: Developing individual tasks for each development step while following the SMART principle
• Key Performance Indicators (KPI): Adding realistic and commercial reasoning to the development tasks via milestones and KPI's

These tips are not only useful for European startups, professional writers, consultants and Small and Medium-Sized Enterprises (SME) but are generally recommended when writing a business plan or investor documents.

Deadlines: Post-Horizon 2020, the EIC Accelerator accepts Step 1 submissions now while the deadlines for the full applications (Step 2) under Horizon Europe are listed below. The Step 1 applications must be submitted weeks in advance of Step 2. The next EIC Accelerator cut-off for Step 2 (full proposal) can be found here. After Brexit, UK companies can still apply to the EIC Accelerator under Horizon Europe albeit with non-dilutive grant applications only - thereby excluding equity-financing. Switzerland has resumed its participation in Horizon Europe and is now eligible for the EIC Accelerator.

Contact: You can reach out to us via this contact form to work with a professional consultant.

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Eureka Network: The Eureka Network delivers various international collaborative R&D initiatives such as Network Projects, Clusters, Eurostars, Globalstars, and Innowwide, providing funding from €50K to €6.75M per project based on the specific initiative. This network emphasizes market-driven innovation and deep-tech advancement across multiple technology sectors including ICT/Digital, Industrial/Manufacturing, Bio/Medical Technologies, Energy/Environment, Quantum, AI, and Circular Economy. Eligible participants include SMEs, large enterprises, research organizations, universities, and startups, with Eurostars particularly focused on R&D-performing SMEs. Get Started

EIC Transition: EIC Transition delivers up to €2.5 million in funding to overcome the 'valley of death' gap between laboratory research and market deployment, emphasizing technology maturation and validation. The initiative supports single legal entities or small consortia of 2-5 partners including SMEs, start-ups, spin-offs, and research organizations. Key technology domains include Health/Medical Technologies, Green/Environmental Innovation, Digital/Microelectronics, Quantum Technologies, and AI/Robotics. Get Started

EIC STEP Scale-Up: EIC STEP Scale-Up delivers significant equity investments of €10-30 million for established deep-tech companies prepared for hyper-growth and large-scale expansion. The initiative targets SMEs or small mid-caps with up to 499 employees who have obtained pre-commitment from qualified investors. Primary focus areas include Digital & Deep Tech (Semiconductors, AI, Quantum), Clean Technologies for Net-Zero objectives, and Biotechnologies. Get Started

EIC Pre-Accelerator: EIC Pre-Accelerator represents a 2025 pilot initiative delivering €300,000-€500,000 in funding for early-stage deep-tech development and preparation for the EIC Accelerator program. This program is exclusively accessible to single SMEs or small mid-caps from 'Widening countries' to foster regional innovation development. The initiative encompasses deep-tech innovations across physical, biological, and digital domains. Get Started

EIC Pathfinder: EIC Pathfinder delivers up to €3 million for Open calls and up to €4 million for Challenge-based calls to support early-stage research and development with proof-of-principle validation. The initiative requires research consortia with a minimum of 3 partners from 3 different countries, including universities, research organizations, and SMEs. Primary technology focus areas include Health/Medical, Quantum Technologies, AI, Environmental/Energy, and Advanced Materials. Get Started

EIC Accelerator: EIC Accelerator delivers flexible funding options including blended finance (€2.5M grant + €0.5M-€10M equity), grant-only (up to €2.5M), or equity-only arrangements for scale-up and market deployment of breakthrough innovations. The initiative targets SMEs, start-ups, and small mid-caps with up to 499 employees, with MedTech/Healthcare representing 35% of funded projects. Additional technology areas include Biopharma, Energy, AI, Quantum, Aerospace, Advanced Materials, and Semiconductors. Get Started

Innovation Partnership: Innovation Partnership enables collaborative innovation between public and private sectors with typical funding of €1-5 million per project. The initiative supports cross-sectoral strategic technologies through public-private partnerships and consortia. Projects concentrate on addressing societal challenges through collaborative innovation approaches. Get Started

Innovation Fund: The EU Innovation Fund delivers substantial funding of €7.5 million to €300 million for large-scale demonstration of innovative low-carbon technologies. The initiative targets clean energy, carbon capture, renewable energy, and energy storage technologies to accelerate the transition to a low-carbon economy. Eligible participants include large companies, consortia, and public entities capable of implementing large-scale demonstration projects. Get Started

Innovate UK: Innovate UK delivers various programs with funding ranging from £25K to £10M depending on the specific initiative, supporting business-led innovation, collaborative R&D, and knowledge transfer. The organization funds projects across all sectors with particular emphasis on emerging technologies and supports UK-based businesses, research organizations, and universities. Programs are designed to drive economic growth through innovation and technology commercialization. Get Started

Industrial Partnership: Industrial Partnership delivers €2-10 million in funding for industrial research and innovation partnerships focusing on manufacturing, industrial technologies, and digital transformation. The initiative supports industrial consortia and research organizations in developing collaborative solutions for industrial challenges. Projects aim to strengthen European industrial competitiveness through strategic partnerships. Get Started

Eurostars: Eurostars represents a joint EU-Eureka initiative delivering €50K-€500K for international R&D collaboration specifically led by SMEs. The program adopts a bottom-up approach, accepting projects from all technology fields without predefined thematic restrictions. R&D-performing SMEs must lead the consortium and demonstrate significant R&D activities. Get Started

LIFE Programme: The LIFE Programme delivers €1-10 million in funding for environmental protection, climate action, and nature conservation projects across the European Union. The initiative supports environmental technologies, climate adaptation strategies, and biodiversity conservation initiatives. Eligible participants include public authorities, private companies, NGOs, and research institutions working on environmental and climate challenges. Get Started

Neotec: Neotec represents a Spanish initiative delivering €250K-€1M in funding for technology-based business creation and development, supporting the growth of innovative Spanish SMEs and start-ups. The program covers all technology sectors and aims to strengthen Spain's technology ecosystem. Funding is specifically targeted at Spanish technology-based SMEs and start-ups to enhance their competitiveness and market presence. Get Started

Thematic Priorities: EU Thematic Priorities encompass various programs aligned with EU strategic priorities including green transition, digital transformation, health, and security initiatives. Funding amounts vary based on the specific program and call requirements, with projects designed to address key European challenges. Applicant eligibility varies by specific program and call, with different requirements for different thematic areas. Get Started

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