Up to €17.5 million in financing for innovative companies under the European Innovation Council, to support rapid growth of breakthrough, market-creating ideas
Category : News
From today, innovative companies can apply for up to €17.5 million in combined grant and equity financing to scale-up quickly and effectively through the EIC ‘Accelerator’ pilot, increasing support for ground-breaking concepts that could shape new markets or disrupt existing ones in Europe and worldwide. This comes following the announcement in March by the Juncker Commission of a €2 billion Enhanced EIC pilot, to turn Europe’s scientific discoveries into businesses that can scale up faster.
Carlos Moedas, EU Commissioner for Research, Science and Innovation said:
When we designed the European Innovation Council our top priority was to focus on the needs of our European innovators. This kind of entrepreneurs often need more funding and support than grant schemes alone can offer; the EIC Accelerator pilot will test a grant and equity blended financing model, paving the way for a fully-fledged European Innovation Council in the next EU research and innovation framework programme, Horizon Europe
The Accelerator pilot will support high-potential enterprises (mainly small and medium-sized – SMEs), with financing as well as coaching and mentoring, to develop and bring to market new products, services and business models that could drive economic growth, filling the market gap by support innovation considered ‘high-risk’ for private investors. It is complemented by the EIC Pathfinder Pilot, which supports advanced technologies/early-stage innovation. Together both instruments of the EIC cover the entire innovation chain.
Currently in its pilot phase, the EIC will become a ‘fully-fledged’ reality from 2021 under the next EU research and innovation programme Horizon Europe (2021-2027). The Commission has proposed to dedicate €10 billion to the EIC under Horizon Europe for support to innovators through two main funding instruments – the Pathfinder for advanced research (for early-stage research) and the Accelerator, a blended financing model (grants plus equity).
The Commission will announce shortly the appointment of 15 to 20 innovation leaders to an EIC Advisory Board to oversee the EIC pilot, prepare the future EIC, and champion the EIC globally. In addition, a call for recruitment will be published in June to recruit a first set of “programme managers” with leading expertise in new technologies to provide full-time, hands-on support for projects.