Frequently Asked Questions

The EIC Accelerator targets startups and SMEs with highly innovative ideas that have the potential to scale rapidly. They are particularly interested in companies that need substantial funding and are considered 'non-bankable,' meaning they can't easily secure traditional loans.

Assess whether your company's innovation aligns with the EIC's priorities, particularly DeepTech and EU policy goals. Evaluate your funding situation and determine if you truly need the EIC's blended financing. If you can easily secure funding elsewhere, the EIC might not be the right fit.

If your innovation's impact isn't immediately obvious, you need to clearly articulate the benefits for the EU. Focus on how your project will contribute to wealth creation, job growth, or other positive economic outcomes. A strong business model is key.

It might be more difficult to secure EIC Accelerator funding if you've already raised substantial VC. The EIC looks for companies that struggle to get funding elsewhere. Having significant prior funding can weaken your argument for needing their support.

While the EIC prioritizes certain industries, a strong business model is crucial regardless of the sector. Focus on demonstrating the potential for wealth creation, job growth, and positive impact within the EU, regardless of whether it's a 'favored' industry.

Raising a significant VC round during the EIC Accelerator evaluation process can negatively impact your chances. Be transparent about any new funding during the Step 3 pitch interview, as it could lead to exclusion from grant financing.

The new process could lead to a less transparent evaluation and potential bottlenecks if too many projects receive a YES in the initial stages. It's also unclear how projects will be ranked if only YES/NO criteria are used, potentially creating a 'black box' decision-making environment.

Yes, thematic topics with specific budgets and goals will be reintroduced. Applicants can choose which topic aligns best with their project. These topics will likely vary in competitiveness, evaluation criteria, and budget, so careful planning is essential.

The new EIC Accelerator is likely to use a simple YES or NO grading system for each evaluation step, instead of detailed scores. This change may lead to a less transparent evaluation process, as the specific reasons for acceptance or rejection may be less clear.

Yes, the Seal of Excellence (SoE) is likely to remain part of the evaluation results. However, it's currently unclear how they will be awarded, given the shift to a YES/NO grading system instead of numerical scores.

Focus on creating a compelling pitch video and a well-structured long application. Clearly articulate your project's innovation, business plan, and potential impact. Also, stay updated on the official publication of the EIC Accelerator 2021 Work Programme for detailed guidelines.

The application process is expected to have three main steps: a short application with a pitch video, a long application detailing the project and business plan, and a jury interview. The short application and video are new additions, requiring applicants to showcase their innovation effectively in a concise format.

Freezing periods are restrictions on the number of times you can resubmit your application. While the exact details are still unknown, it's anticipated that applicants will have at least two opportunities to submit a successful grant application, even if initially rejected.

The pitch video should likely focus on the founders, the innovation itself, and the business model. While the exact requirements aren't yet known, it's crucial to present a compelling and concise overview of your project's potential.

The official details will be published in the EIC Accelerator 2021 Work Programme. Keep an eye out for its release, as it will provide answers to the most pressing questions about the new application process and requirements.

Allowing applicants creative freedom in their pitch videos encourages them to present their innovation in the most compelling way possible. This can range from a simple slide presentation with voiceover to a professionally produced video.

Applicants would submit a one-page executive summary (300-word limit), fill out information on costs and other details in submission forms, and upload a 10-minute pitch video. This simplifies the initial evaluation and reduces the writing burden.

The current EIC Accelerator application process places a heavy workload on both applicants and evaluators. Restructuring the process can improve the overall experience, from the written application to the final interview, making it more efficient and accessible for all stakeholders.

Dynamic feedback would allow evaluators to directly ask applicants questions and receive responses within a limited timeframe. This allows for more informed decisions and provides valuable data to identify qualified evaluators, improving the matching process.

Instead of individual scoring, three keyword-matched applications are compared. Evaluators rank the projects, and the superior one receives a 'YES' while the others receive a 'NO'. This speeds up the evaluation process.

Round 1b is an optional internal round where the remaining applicants are matched up and evaluated again. It's used when the initial number of applications is exceptionally high (e.g., 6,000) to further narrow down the pool.

The EIC doesn't provide sufficient feedback or successful proposal examples, forcing applicants to rely on expensive consultants. This creates an uneven playing field and makes the EIC a 'black box' for many SMEs and startups.

All applicants, regardless of the outcome, would receive a 300-word feedback summary (100 words from each evaluator). This provides valuable insights for improvement, even for unsuccessful applications.

By focusing on a concise executive summary and pitch video in the initial round, applicants can communicate their innovation in market-relevant terms, rather than getting bogged down in EU terminology like 'TRL' or 'impact'.

The selected applicants (approximately 11% of the initial pool) are awarded the Seal of Excellence. They also receive cumulative feedback, building upon the feedback from previous rounds.

The EIC Accelerator grant is highly competitive. Applicants feel compelled to maximize the available space in the proposal to present their project in the most comprehensive and compelling way possible, leading to dense and detailed applications.

A knock-out round involves comparing applications against each other and eliminating a portion of them based on relative merit. This approach aims to quickly narrow down the pool of applicants and reduce the workload on evaluators by focusing on comparative worth.

This article is part of a series. You can find more information and proposed solutions in Part 2, Part 3, and Part 4 of this blog post series, which delve deeper into optimizing the EIC Accelerator application process.

A convergent approach allows the EIC to directly identify the 'more worthy' companies instead of assessing the absolute 'worthiness' of each applicant. This saves time and resources by focusing on relative merit, which is ultimately what determines funding decisions.

The intricate application process can be a barrier for smaller companies with limited resources. The time and effort required can divert their focus from product development, potentially hindering their ability to compete with larger companies or those using professional grant writers.

A single knock-out round could reduce the number of applicants by 50%. A second round could further reduce it to around 25%. Variations, such as comparing three projects at once, could lead to even faster reductions.

Adding more steps, such as additional interviews or pre-applications, can discourage startups. The increased complexity can lower their confidence in success and make them less likely to apply, potentially reducing the pool of innovative projects.

EIC Accelerator applications are complex and require significant time and effort. Many startups lack the in-house expertise or time to perfect their applications, leading them to hire consultants to navigate the process effectively and increase their chances of success.

The EU struggles to balance application complexity. A complex process deters companies focused on product development, while an oversimplified process risks funding unsuitable projects. Finding the right balance is crucial for attracting innovative companies while ensuring responsible funding allocation.

Remember that work packages should be concrete, quantified, and traceable. They should align with the overall project scope and be consistent with other sections of your proposal. Focus on development tasks, not just feasibility assessments, and ensure a clear connection between tasks, timelines, and deliverables.

Be as specific and quantified as possible. The goal is to create a plan that can be tracked on a monthly or even weekly basis. Clearly define milestones, budgets, and KPIs that align with your work package deliverables and overall timeline.

While a business plan is helpful, the EIC Accelerator requires specific and quantified work packages. These packages provide a detailed breakdown of tasks, timelines, and budgets, demonstrating a clear execution strategy. Refine your existing plans to meet the EIC Accelerator's requirements.

If your application was rejected with a low Implementation score, prioritize reviewing and editing your work packages. Ensure they are specific, quantified, and clearly linked to your project's goals and timeline. Strong work packages are essential for demonstrating a credible implementation plan.

Work packages are essential for evaluators to assess the 'Implementation' criteria of your proposal. They demonstrate the credibility of your project and validate the development timeline. Clear work packages help evaluators understand how you'll achieve your goals and manage the funding effectively.

It's common for startups to have a general vision without detailed work packages. This is a good starting point, but you'll need to refine it. Focus on defining specific tasks, quantifying costs, and creating a clear timeline to align with the EIC Accelerator's requirements.

Public grants offer substantial financial support with a less stringent focus on commercial factors compared to private investors. They often align with specific policy objectives, making them accessible to various entities, including non-profits, for-profits, and early-stage companies. The availability of grant writing services also simplifies the application process.

Yes, absolutely! The effort you put into preparing a grant application shouldn't be wasted. You can repurpose the documents as business plans for investors, marketing materials, social media content, and other pitching opportunities.

Any grant with a success rate below 50% should be considered an optional part of your financial strategy. This means you should not depend on it as a primary source of funding and should explore other options.

Delays are common in grant processes. It's important to have alternative funding sources and a flexible financial plan. Don't rely on the grant money arriving at a specific time, as government processes can be slow.

Grant programs vary in competitiveness, with some being highly selective. Understanding the success rate (successful applicants divided by total applicants) is essential to gauge your realistic chances. A lower success rate means you should consider the grant as an optional, not essential, funding source.

Grant applications are competitive, and success isn't guaranteed. It's crucial to treat grant funding as part of a broader financing strategy that includes other sources. Relying solely on one grant leaves you vulnerable if the application is unsuccessful.

While the blog post doesn't explicitly list alternatives in Part 1, it implies that private funding sources are essential. This could include venture capital, angel investors, loans, or revenue-based financing. Diversifying your funding sources is key.

This article is Part 1 of a series. Look for Part 2 to continue learning about building a diverse grant strategy. Also, explore the linked articles within this post for more details on specific aspects like the EIC Accelerator and project assessment.

The EIC Accelerator provides blended financing (grant and equity) up to €17.5M for single beneficiaries. It's ideal for innovation startups due to its online submission process and strong support system. However, meeting the eligibility criteria is crucial for a successful application.

A low Impact score suggests that the proposal didn't adequately address commercial aspects like customer needs, market analysis, commercialization strategy, intellectual property, or regulatory considerations. It could also mean the European dimension of the project wasn't sufficiently emphasized.