Frequently Asked Questions

If you have limited resources, focus on creating a simplified framework for remote and lean video production. This involves careful planning and potentially seeking guidance from consultants or freelancers.

The pitch video increases startups' reliance on consultants who have video production skills. This can widen the gap between projects that get funded and those that don't, as consultancy support becomes more crucial.

The EIC Accelerator pitch video is a new requirement in the EIC Accelerator blended financing program. It's a short video that startups must create to pitch their project. It's important because it's part of the evaluation process and can significantly impact funding chances.

Adjust the workflow by dedicating time to define the core messages that need to be communicated in the video. These messages should be customized to highlight the unique aspects of each startup's technology or business model.

The first step is a Kick-Off Meeting (KOM) with the founders and the writing team. This meeting defines the project, its scope, and the core messages that need to be communicated in the video.

Common concerns include a lack of existing video footage, no camera equipment, limited video production skills, difficulty scripting, remote team locations, and unfamiliarity with editing software.

Planning the video production is the biggest challenge. Unlike written content, re-editing a video is resource-intensive. The narrative needs to be perfected from the start to avoid costly re-recording.

This article mentions a resource on 'How to Script a Pitch Video'. Look for that resource to get more detailed guidance on creating an effective video script.

The EIC Accelerator pitch interview is a key part of the evaluation process for companies seeking blended financing (grant and equity). It's designed to assess the commercial viability of your project, with a jury of VCs and angel investors focusing on your go-to-market strategy. Strong performance is crucial for securing funding.

Remember that the jury is primarily concerned with helping the EU select the best projects. Focus on demonstrating the commercial viability and market potential of your innovation to convince them that your project deserves funding.

Leverage your network. Reach out to VCs, accelerators, startup networks, industry mentors, or even your social media audience. Presenting to diverse audiences will expose you to a wider range of questions and perspectives.

Practicing the pitch goes beyond simply reading your slides. It involves simulating a real-life scenario with a live or remote audience, a stopwatch, and a full presentation including the Q&A. The goal is to get feedback on your delivery and responses.

Reach out to companies that have previously received EIC Accelerator funding. Inquire about their pitch experience, the types of questions they were asked, and any tips they can offer. This can provide valuable insights and help you tailor your preparation.

You'll have a strict 10 minutes to deliver your pitch, followed by a 30-minute question and answer session with the jury. Time management is critical, so practice your pitch to fit within the allotted time.

Even without direct access to VCs, you can still practice effectively. Use colleagues, friends, or even online communities to simulate a pitch environment and get feedback on your presentation and answers.

Aim for regular practice sessions, such as every second or third day over a two-week period. This allows you to refine your pitch, prepare supporting documents, and research relevant topics in between sessions.

Yes, engaging with consultants or writers specialized in EIC Accelerator pitches can be very beneficial. They can provide expert feedback, help you refine your messaging, and conduct mock interviews to prepare you for the real thing.

Don't assume the jury has prior knowledge of your project or proposal. Your pitch needs to be self-contained and clearly explain your innovation, market opportunity, and business model. Focus on clarity and conciseness.

Using form fields for financials, hiring projections, and cost breakdowns allows for structured data collection. This reduces the need for lengthy text descriptions within the main application document, simplifying the process.

This article is part of a series. Be sure to read Part 1, Part 3, and Part 4 for a complete understanding of the proposed evaluation process and its potential benefits.

Visuals like charts and diagrams are easier to understand and evaluate than large blocks of text. They also allow companies to showcase their innovation in a more engaging and memorable way, improving their chances of success.

Limiting the word count per page encourages applicants to use visuals like illustrations and graphics. These visuals are quicker to evaluate and allow companies to leverage design skills, which are often more readily available than grant writing expertise.

Template restrictions, like page limits and font sizes, directly influence the skills needed to apply. By carefully managing these restrictions, the EIC can shape the type of companies that are successful in the application process.

Startups should prioritize developing strong visual communication skills and the ability to create concise, impactful pitch decks. These skills are more broadly applicable to their business than specialized grant writing.

Splitting the main application into multiple files, like separate one-pagers for impact and excellence, simplifies the enforcement of restrictions. This is more effective than a single, large PDF where formatting rules can be easily bypassed.

Shorter applications, like pitch decks or videos, can be created by a startup's core team. Lengthy applications often require specialized grant writers, potentially favoring companies skilled in grant writing over genuine innovation.

The current process evaluates applicants differently in each step, with the initial written application often misaligned with the VC-style interview later on. Success in the early stages doesn't guarantee later success, and the resource-intensive 30-page application is a significant burden, especially for smaller companies.

The application process should prioritize the easiest tasks first, like executive summaries or pitch videos, and place the most complex tasks, such as the full 30-page application, last. This tiered approach reduces the initial burden and aligns with the resources typically available to startups.

The EIC Accelerator, funded by the European Innovation Council and European Commission, provides grant and equity financing to startups and SMEs, especially those in DeepTech. It aims to support innovative projects with up to €2.5 million in grant and €15 million in equity financing. This helps companies develop and scale their innovations.

The EIC Accelerator offers grant-only, grant-first, and blended financing (grant and equity) options. Grant-only is a pure grant. Grant-first provides a grant initially, with the option for equity later. Blended financing includes both grant and equity from the start.

Technology Readiness Levels (TRLs) indicate the maturity of a technology. Grant-first funding typically aims to cover innovation activities up to TRL8, while blended financing usually targets projects reaching TRL9 (commercial readiness). The EIC funding type should align with your project's TRL goals.

Blended financing combines a grant with equity investment from the EIC Fund. This approach is designed for projects aiming to reach TRL9, meaning they are close to or at commercial readiness. It provides both upfront funding and long-term investment.

Grant-first funding means a company initially receives a grant to cover innovation activities up to TRL8. Later, they have the option to apply for equity funding from the EIC Fund to reach TRL9 (commercialization). This provides flexibility in securing funding as the project progresses.

In the June 2022 cut-off, France had the most successful applicants (13), followed by Germany (8) and the United Kingdom (7). Other countries with multiple winners include the Netherlands, Sweden, Austria, Ireland, and Israel.

A successful project can receive up to €2.5 million in grant funding and up to €15 million in equity financing, for a total of €17.5 million. The specific amount depends on the project's needs and the EIC's evaluation.

The overall success rate for Step 2 applications in the June 2022 cut-off was 7.6%. Grant-first applications had a 12.6% success rate, grant-only had 5.1%, and blended financing had 6.7%. Remember that Step 1 success rates also factor into the overall probability of success.

While the application process can be complex, it is feasible to prepare a successful application in-house. However, many companies choose to use external consultants, professional writers, or freelancers for assistance, especially given the size of the official proposal template.

Vanevo is a company developing RedOx flow batteries. They received an EIC Accelerator grant in October 2022, supported by Segler Consulting. This funding will enable them to reach commercial readiness and scale their innovative energy storage technology.

CORDIS is the Community Research and Development Information Service. The European Commission uses it to track funded projects. If a competitor has already received funding for a similar project, it can negatively impact your chances of securing a grant.

The EIC Accelerator's preference for companies with VC connections means you should proactively build relationships with investors. This demonstrates your ability to secure future funding and strengthens your application.

Grants are a great way to test the viability of new ideas with less financial risk. You can explore different applications of your core technology and see which ones attract funding, guiding your company's direction.

EU policies, like the Green Deal, can rapidly shift funding priorities. This can create new opportunities or dry up existing ones. A diverse strategy helps mitigate the risk of relying on policy-driven grants that may be short-lived.

Grants can be a low-stakes way to test new ideas or pivot into a new market or technology. They allow companies to explore different application cases for their core value proposition and see which project gains traction.

Startups will likely need further funding rounds after the grant project concludes. The EIC Accelerator even prefers companies that can proactively engage with VCs. Building these relationships early is crucial for long-term scaling and securing future investments.

Before applying, research the CORDIS database to identify similar projects that have already received funding. This helps you understand the competitive landscape and potentially adjust your application to highlight unique aspects of your innovation.

Government grants often lack the strategic guidance and mentorship that private investors provide. Decisions within government bodies are often influenced by politicians rather than entrepreneurs, which can hinder a startup's growth.

While grants are helpful, private funding sources often provide larger sums, especially for innovative for-profit businesses. Strategic investors and accelerator programs also bring valuable experience and mentorship that grants often lack.

Co-financing means that the grant only covers a percentage of the project costs (e.g., 70%). The startup needs to secure funding for the remaining portion from other sources. This highlights the need for a diverse funding strategy beyond just relying on a single grant.

The main goal is to create an urgent need for EIC support in the evaluator's eyes. By highlighting the problem's importance, impact, and the barriers to solving it, you convince the evaluators that your innovation is crucial for addressing a significant European challenge.

The 'Missing Link' is the crucial element that connects the problem to the solution. It highlights the major issue in the industry and in Europe that your innovation addresses. Quantify the worth of solving this missing link to emphasize the costs of inaction or the savings from your solution.