Frequently Asked Questions

Planning is paramount. The more attention you dedicate to each step of the process, from scripting to filming, the less work you'll need to do during the editing and post-production phases, resulting in a more efficient and effective video creation process.

Prioritize filming meaningful content that directly supports your pitch. Avoid simply collecting everything; instead, focus on capturing high-quality footage that showcases your product, team, and facilities effectively.

Pay attention to settings like lighting, sharpness, saturation, contrast, and white balance. Also, adjust movie settings such as shutter speed, ISO, aperture, frames per second, and resolution. Getting these right upfront saves time in post-production.

Start with your pitch deck as visual material and record interviews with your management team. Prepare questions and concise answers in advance. For hardware footage, plan shots carefully to prioritize quality over quantity, reducing post-production work.

The first step is to split the video into acts. This involves planning the overall structure of the video in a top-down approach, allocating the order and timing for each section to ensure a logical flow and effective use of time.

Aim for about 5 minutes of speaking time per founding member. Prepare questions and concise answers in advance to ensure the interviews can be easily edited down to the desired length for the final video.

Work Packages are individual segments of the development project, arranged by area of focus and expected timeline. They are a way to structure R&D work into specific tasks with budgets and deadlines. The EC prefers the use of designated Workpackages (WP).

Consider a three-tiered structure: project management at the top, task management in the center, and KPI tracking at the bottom. This top-down approach can be helpful for companies new to the strict tracking requirements or those lacking experience in long-term development projects. It helps delegate responsibilities effectively.

SMART stands for Specific, Measurable, Assignable, Realistic, and Time-bound. Applying these principles to each task ensures clarity, quantifiability, and feasibility. This maximizes the chances of successful development work.

Add KPIs or milestones to Work Packages to connect tasks with business metrics. For example, a goal of reaching a certain number of active users can be added as a KPI to a WP. This clarifies not only what and how tasks are performed, but also why.

Updates on KPIs can be provided on a monthly or weekly basis. This ensures transparency throughout the project and keeps the financing provider informed of progress. Regular updates demonstrate accountability and commitment to the project's success.

KPIs are company-centric metrics that may or may not be directly related to R&D tasks. They provide a commercial view of the project's progress and can be linked to Work Packages. Examples include active users, revenues, or obtained patents.

The core aspects are managing the overall project, managing individual tasks, and tracking key performance indicators (KPIs). The European Commission and EIC require constant updates on these aspects to ensure the project's progress. Startups should be aware of the bureaucracy involved in EU funding projects.

The cornerstones include initiation, planning, execution, controlling, monitoring, and closing. These ensure that all essential tasks are performed with clear responsibilities. Distribute responsibilities according to a hierarchy, with a project leader at the top and managers for each segment.

Quantification is key for both tracking and project execution. Use unit numbers, quality markers, and other measurable items to define development tasks. This allows for objective assessment of progress and performance.

Instead of general goals, define specific methods and actions. For example, instead of 'develop a production process,' specify 'implement X until Y is reached and integrate peripheral technologies such as Z.' This provides clear direction for experts and developers.

Separating the application processes for grants and equity could make the EIC Accelerator more agile. It would allow for different evaluation processes and success criteria tailored to each type of funding. This could also reduce the administrative burden and speed up the overall financing process, particularly for equity investments.

The primary limitation is its budget. The program receives many high-quality applications, but due to limited funds, many eligible companies are rejected. This makes the EIC Accelerator extremely competitive, even for excellent companies with promising innovations.

The EIC could create a platform similar to AngelList within the Funding and Tenders portal. This would allow applicants to upload pitch decks, videos, and proposals for vetted investors to review. The EIC could also organize online pitch events, connecting companies with relevant venture capitalists and increasing their chances of securing funding.

Transforming into a VC-Hub would make the EIC Accelerator more attractive to innovative companies. It would provide multiple avenues for success, not solely dependent on government funding. This broader approach could significantly increase the program's impact and reach within the European innovation ecosystem.

Yes, the Seal of Excellence Platform exists, but it operates on a smaller scale. The proposed VC-Hub would be a more comprehensive and integrated platform, leveraging the EIC's evaluation process and network to connect innovative companies with a wider range of investors.

By introducing the equity component, the EIC aims to attract private investors. This allows for external funding to supplement the EIC Accelerator budget. The EIC can act as a facilitator, leveraging private investment to potentially double or even tenfold the available funding for innovative companies.

This blog post is part one of a series. Look for Part 2 to continue exploring potential directions for the EIC Accelerator beyond 2021. Part 2 will likely delve deeper into specific strategies and considerations for the program's evolution.

The Seal of Excellence (SoE) is a quality label awarded to projects that meet the EIC's high standards but cannot be funded due to budget constraints. Companies with the SoE can be contacted by private investors, providing them with alternative funding opportunities even if they don't receive direct EIC funding.

The EIC Accelerator program, formerly known as the SME Instrument Phase 2, offers blended financing (grant and equity) to scale-ups and SMEs. It aims to support the completion of technological developments and the commercialization of innovations. The program is becoming a key innovation driver in the European market, providing crucial funding for companies looking to scale.

Grant financing comes from the European Commission, while equity financing is managed by the EIC Fund. Currently, grant and equity are linked, but the program may evolve to allow separate applications. This would streamline the process, especially for equity applications, by removing the need for extensive justifications required for government funding.

During practice, avoid saying "Let me think about this first" or giving lengthy, wordy answers. Instead, aim to provide a quick, on-the-spot response, even if it's not perfect. The goal is to demonstrate your ability to think under pressure and provide a reasonable answer within a short timeframe.

The '10-second rule' involves practicing rapid-fire answers to difficult questions, aiming for concise responses within 10 seconds. Use a stopwatch during practice sessions and move quickly to the next question. This helps develop the ability to think on your feet and provide quick, precise answers during the actual interview.

Select presenters based on their roles in the company and their areas of expertise. Ensure a balanced representation of skills, including finance, sales, and engineering. Ideally, your top management team (CEO, founders, owners) should present, providing diverse perspectives.

Practice answering difficult questions rapidly and precisely, ideally with people unfamiliar with your project. Treat these practice sessions as real-life jury questions, aiming for concise, on-the-spot answers. Start with 10-second answers and quickly move to the next question, refining your responses later.

Focusing on the 'big picture' means reviewing each slide of your pitch and identifying the key ideas you want the jury to understand. For example, on one slide, you might want the audience to grasp the significance of a market problem. On another, you might want them to realize the strength of your commercial strategy.

Practicing with people unfamiliar with your project simulates the jury's perspective, forcing you to explain your ideas clearly and concisely. This helps identify areas where your pitch may be unclear or confusing, allowing you to refine your messaging and ensure everyone understands your key points.

The best way to prepare is to re-read the entire application, memorizing key numbers, strategies, and partner information. This ensures you can answer targeted questions confidently and demonstrate a deep understanding of your project. This should be in addition to, not instead of, pitch practice.

If the presenters didn't write the application, they must thoroughly familiarize themselves with it. Re-read the entire application and memorize relevant numbers, strategies, and partners. This knowledge is crucial to answer targeted questions and avoid appearing unprepared.

On the day of the pitch, focus on the big picture, such as your vision and key messages. Review each slide and identify the core ideas you want to communicate. Avoid getting bogged down in minor details, as these should have been addressed during prior preparation.

Presenters must speak fluent English and understand questions, even with strong accents or quiet voices. Clear communication is essential to avoid wasting time on clarifications. Being easily understood and quickly grasping the jury's concerns is crucial for a smooth and efficient interview.

Programme Managers should act as technical experts and advisors to the Jury during interviews. Their role should be neutral, providing technical expertise and clarifying information only when requested by the Jury or to correct factual inaccuracies. They should not undermine applicants with personal biases, ensuring a fair evaluation process.

Yes, applicants invited to Brussels for interviews should be reimbursed for travel expenses. This helps level the playing field for companies located far from Brussels, ensuring fair access to the EIC Accelerator program. A potential solution is to make Step 2 business coaching optional, allowing companies to choose between coaching or travel reimbursement.

To enhance Jury briefings, consider using an EU-based Large Language Model (LLM) to summarize proposals and provide a chat interface for Jury members. This AI tool can help the Jury ask more probing questions and prepare more thoroughly, leading to a more effective evaluation of the applicant's potential.

No, the EIC should not scrutinize equity expenditure on a cost-by-cost basis. The EIC is a minor co-investor, and the investment occurs well after the initial proposal. The due diligence is conducted by the lead investor, and the EIC should trust their judgment in making investment decisions.

A successful applicant can receive up to €2.5 million in grant funding and up to €10 million in equity financing. This blended financing option provides a total of up to €12.5 million per project. This substantial funding aims to support high-risk, high-impact innovations.

Juries often prefer companies with a strong corporate identity, a clear focus on a single technology, and a well-defined IP and technology origin story. They also look for companies that are actively engaged in seeking venture capital funding. These factors indicate a company's long-term dedication and potential for success.

The Evaluation Summary Report (ESR) is used to assess the quality of applications in Steps 1 and 2. To improve the transition to Step 3 (the interview stage), the ESR criteria should be adjusted to align with the Jury's focus. Step 2 evaluators should be briefed with a Jury focus to ensure they are scouting for companies with strong potential for success.

A 'Grantrepreneur' is a company that primarily relies on grant funding and pivots from one grant project to another with little to no private investment. Evaluators should be aware of them because they may not have the same long-term viability or commitment as companies that attract private funding. Identifying and avoiding Grantrepreneurs is crucial for ensuring the EIC Accelerator supports sustainable innovations.

The focus should shift from grading projects like essays to scouting for the best companies. Evaluators should prioritize identifying companies with strong potential, even if their initial proposals are not perfectly written. The goal is to recognize 'diamonds in the rough' and ensure promising companies make it to the interview stage.

The EIC Accelerator is designed for startups and Small- and Medium-Sized Enterprises (SMEs) with breakthrough innovations. It offers grant and equity financing to help these companies scale up and bring their innovations to market. The program is funded by the European Commission (EC) and European Innovation Council (EIC).

The questionnaire should include concise details about the company's current financial status (burn rate, cash balance, debt), team size, any changes in company structure or ownership, fundraising efforts, recent revenue figures, and any legal proceedings. This information helps the jury assess the company's current situation accurately.

The time gap between the Step 2 submission and the Step 3 interviews can lead to outdated pitch decks and financials. Companies, especially fast-moving scaleups, may not revise their entire proposal, resulting in outdated information. A short update questionnaire helps provide the jury with the most current information.

The declaration emphasizes the importance of providing accurate information. It states that misrepresenting any details will make the company ineligible for EIC funding, regardless of evaluation results or interview performance, ensuring transparency and accountability.

The EIC STEP Scale-Up Fasttrack allows the jury to invite companies that have raised substantial funding but are deemed strategically important directly to the STEP Scale-Up interviews. This allows the EIC to invest equity even if the company doesn't need a grant, streamlining the process and aligning with larger funding rounds.