Frequently Asked Questions

Potentially, yes. With the EIC Fund's management outsourced to the European Investment Bank (EIB) and Alter Domus, there's a possibility the EIC might favor projects already in the market or with significant customer commitments, even though it aims to fund DeepTech at earlier stages (TRL5).

If your Step 1 application is re-evaluated as a 'GO' after a successful complaint, you become eligible to submit your full Step 2 application to the same cutoff date that was originally available to you.

While the official documents are yet to be released by the EIC, ScienceBusiness has published a second draft dated July 2022. You can find the entire library of Horizon Europe documents by the European Commission (EC) on their website, though note that these are mostly in draft form.

The EIC Accelerator offers up to €2.5 million in grant funding and up to €15 million in equity financing per project, for a potential total of €17.5 million. This blended financing option is designed to support DeepTech startups and small mid-caps in scaling their innovations.

The EIC allows applicants to view comments from evaluators. If you believe there was a factual mistake, absence of required information, or a manifest error, you can file a formal complaint. Otherwise, you can address the feedback and resubmit in the next cut-off.

Step 2 evaluates Excellence (breakthrough nature, timing, technological feasibility, IP), Impact (scale-up potential, broader impact, market fit, commercialization strategy, key partners), and Level of risk, implementation, and need for Union support (team, milestones, risk level, risk mitigation).

The Step 1 evaluation focuses on three key areas: Excellence (breakthrough nature and timing), Impact (scale-up potential and broader impact), and Level of risk, implementation, and need for Union support (team capability and motivation).

The Step 3 interview criteria are similar to previous EIC Accelerator iterations. The EIC Jury may consult external analysts to assess your project before the interview. These analyses, including financial metrics and potentially scientific/technical assessments, will be available to applicants after the decision.

The EIC Accelerator application process involves multiple steps, including Step 1 (short proposal), Step 2 (full proposal), and Step 3 (interview). Each step has its own evaluation criteria and timeline.

The deadline for submitting your proposal to the EIC Pathfinder Open was March 7, 2023, at 17h00 Brussels local Time.

If the EIC receives more high-quality applications than it can fund, it prioritizes based on recommendation status for the interview, gender balance (women-led companies), and the submission date and time of the short proposal.

Unfortunately, the official deadlines for the 2023 EIC Accelerator haven't been published yet. Keep an eye on the EIC Accelerator Deadlines page for updates as soon as they become available.

You can find more information about the conditions for EIC equity investments in Part 3 of this article series: 'The Conditions for EIC Equity Investments'.

The EIC Accelerator offers up to €2.5 million in grant funding and up to €15 million in equity financing per project. This blended financing option can provide a total of up to €17.5 million to DeepTech startups and small mid-caps.

The 2023 Work Programme outlines timelines of 4 weeks for Step 1 and 6 weeks for Step 2 of the evaluation process. However, these timelines can vary depending on the EIC's workload and the scheduling of Step 3 interviews.

The EIC Accelerator Open is a funding track within the EIC Accelerator that is not focused on specific strategic challenges. The first cut-off date in 2023 is expected to focus only on the EIC Accelerator Open.

The EIC Accelerator aims to have women-led companies represent up to 40% of invited companies. This is part of their effort to promote gender balance in the funding process.

The EIC uses a scale from TRL 1 to TRL 9, ranging from 'basic principles observed' to 'actual system proven in operational environment'. These levels help assess the maturity of your technology.

Yes, entities or persons from non-associated third countries can apply. However, they must relocate their headquarters or establish an SME in a country associated with Horizon Europe. This must be done before submitting the full Step 2 application.

The other articles in this series will cover topics such as grant-first projects, equity investments, technology readiness levels, evaluation criteria, strategic challenges, and the new EIC ecosystem. Check back for updates as they are published.

Relocating your company or creating a legal entity in a Horizon Europe-associated country prior to receiving any official approval from the European Commission (EC) and the EIC is not recommended. The success rates for the EIC Accelerator are low, especially at Step 2.

Applying to Step 1 as a way of assessing the quality of a project and determining the odds of future success is not recommended. The correlation of scores between all three Steps can be small while Step 3 can entirely shift the evaluation criteria.

Yes, it's likely that the number of Step 1 applications will increase. Technically, any company from third countries not associated with Horizon Europe can now apply, potentially leading to a surge in applications at this initial stage.

The EIC aims to reduce the number of applicants and simplify the application and evaluation process. Opening up the full process to major American and Asian markets would likely overwhelm the system with a massive influx of applications.

The EIC Accelerator application process consists of three steps. Step 1 is a short application, Step 2 involves submitting a full business plan, and Step 3 is a face-to-face or online interview. Each step has its own evaluation criteria.

ScienceBusiness has published a draft of the 2023 EIC Work Programme. You can also find the entire library of Horizon Europe documents by the European Commission (EC) on their website, though these are mostly in draft form. Keep in mind that all information is subject to change.

The EIC Accelerator provides up to €2.5 million in grant funding and €15 million in equity financing to DeepTech startups and small mid-caps. It's designed to help these companies finalize product development, enter the market, and scale globally. The program focuses on innovations based on scientific or technological breakthroughs.

While the EIC Accelerator may fund software products and services, its primary focus remains on funding groundbreaking DeepTech innovations. These innovations are typically based on significant scientific discoveries or technological breakthroughs requiring substantial, long-term investment.

It's appropriate to highlight an evaluator's ignorance when they've made obvious logical flaws, misrepresented information, or based their assessment on incorrect data. Do so objectively and professionally, focusing on factual inaccuracies rather than personal attacks.

If your application received a low score, substantial changes are likely needed. This may involve reshaping key sections of the application, such as the features & use cases, competitors, value chain, market, and work plan.

Rejections are common due to the program's high selectivity and a degree of subjectivity in the evaluation process. Evaluators may not always be experts in the specific field or may not have sufficient time to thoroughly review the entire application, leading to potentially inaccurate criticisms.

If an evaluator is factually incorrect, the rebuttal should clearly and logically explain why. Point out misrepresentations of products, misquotes, numerical errors, or incorrect data. Also, highlight any information the evaluator claimed was missing but was actually included in the original submission.

The EIC Accelerator, run by the European Commission and European Innovation Council, offers funding to startups and SMEs. It can award up to €2.5 million in grant funding and up to €15 million in equity financing, totaling a potential €17.5 million per project.

The first step is to carefully read the Evaluation Summary Report (ESR). The score obtained will indicate whether a rebuttal can make a positive impact. A narrow rejection is more likely to be overturned by a strong rebuttal than an overwhelming rejection.

The rebuttal allows applicants to respond to the evaluation of a previously rejected proposal and explain what has changed in the current application. It's a crucial section as it's prominently displayed and can heavily influence the reviewers' assessment.

For close rejections (7-8 GOs out of 9), you can likely leave the majority of the proposal as is and make minor adjustments based on the feedback. Introduce new deliverables, milestones, data, or case studies to address specific points raised by the evaluators.

If your proposal received positive remarks, especially from evaluators with insider knowledge, highlight these in the rebuttal. Emphasize how these evaluators understood the project's impact, contrasting it with any misinformed comments from others.

Maintain a professional and polite tone in your rebuttal. Objectively address what was missing in the original proposal and the changes you've made. Clarify any misunderstandings or criticisms encountered in the ESR while remaining fair, even to critical evaluators.

The jury makes a funding decision based on a 45-minute interview, without extensive due diligence beforehand. While they have access to application documents, there's no guarantee they've thoroughly reviewed them. Make your pitch concise, compelling, and easy to understand within that limited timeframe.

The EIC uses the term 'high-risk' to encourage ambitious, cutting-edge projects to apply, even if they've faced rejection from other investors. They aim to create a space for projects that are riskier than what investors typically pursue. Be prepared to articulate how you'll mitigate those risks.

Assume the jury is largely unfamiliar with your project's details, potentially lacking expertise in your specific technology or industry. Pitch your project as if they are assessing it for the first time, clearly explaining the problem, solution, and market opportunity. Avoid technical jargon.

Unlike typical investors, EIC jury members might lack specialized knowledge of your technology or industry. They also aren't investing their own money, which can influence the types of questions they ask. Focus on clearly explaining your project's value proposition to a general business audience.

The EIC Accelerator pitch interview is the final step in the EIC Accelerator blended financing application process. It's a chance for SMEs and startups to present their project to a jury of business experts before a funding decision is made. Think of it as a crucial opportunity to convince the jury of your project's potential.

The EIC prioritizes 'non-bankability' and 'high-risk' projects, seeking companies that struggle to secure funding elsewhere. This means they're looking for innovative, DeepTech ventures that might be too risky for traditional investors. Highlight why your project fits these criteria, even if you've had some success raising funds.

For the EIC, 'non-bankability' often translates to a desire to be the primary funding source, especially for DeepTech companies lacking access to capital. If you raise substantial funding right before the interview, it could negatively impact your chances. Emphasize your difficulty in securing other financing.

Given the high quality of applicants reaching the interview stage, the jury's primary task is essentially to reject a significant portion of them due to budget constraints. Approach the interview with the mindset that you cannot give the jury any reason to reject your project. Be prepared to address potential weaknesses proactively.

The EIC uses a multi-step due diligence process, starting with Step 1 and continuing through Step 2 and the interview (Step 3). While the remote evaluation provides some due diligence, the jury's pre-interview review is likely less extensive than a VC firm's. Post-approval, a more detailed due diligence is performed for the equity component.

Prioritize the criteria set by the EC and EIC: high-risk, DeepTech, and non-bankability. Clearly demonstrate how your project aligns with these priorities. Also, be prepared to address how you will overcome the challenges associated with a high-risk, non-bankable venture.

The EIC Accelerator uses a 'YES' or 'NO' grading system for Step 1. Unlike previous scoring systems, there's no ranking of proposals. A 'YES' theoretically guarantees advancement to Step 2, provided there are available slots.

The EIC Accelerator, formerly known as the SME Instrument Phase 2, offers blended financing (grant and equity) to startups and SMEs under the Horizon Europe program. It supports innovative companies looking to scale up and bring their innovations to market.