Get The Funding Your Startup Needs With The EIC Accelerator Program

The European Innovation Council Accelerator provides an incredible opportunity for high-potential startups to secure funding for their groundbreaking innovations. However, applying for the program can be competitive, and understanding the application process is crucial to improving your chances of success. If you're a startup trying to grow and advance your project, this module will take you through every step of the EIC Accelerator application process.

What Is the EIC Accelerator, and How Does It Support High-Risk Innovations?

The EIC Startup Accelerator, part of the European Innovation Council (EIC), is a funding scheme designed to support high-risk, high-reward innovations in small and medium-sized enterprises (SMEs) and startups across Europe. With funding up to €2.5 million in grants and up to €15 million in equity investment, the EIC Accelerator is aimed at businesses looking to commercialise breakthrough technologies and bring them to market.

The program is focused on deep-tech innovations, including those in artificial intelligence, quantum computing, biotech, and clean energy, but it’s not limited to these sectors. The idea is to support projects that have the potential to impact the market and society significantly.

Is Your Startup Ready For The EIC Accelerator Funding?

The EIC Accelerator is designed for small and medium-sized enterprises (SMEs) and startups with an innovative product or technology that has the potential for high growth. Applicants should be working on projects that carry significant risks but also offer substantial rewards, typically in terms of new markets, scalability, or technological breakthroughs.

Startups should have at least a working prototype or proof of concept, and the product should have the potential to be scaled and commercialised. The EIC funding accelerator application process is rigorous, and only the most promising innovations will be selected for funding. That said, businesses at the stage of product development, testing, or market entry will be in a good position to apply.

The Three Phases Of The EIC Accelerator Application Process

The EIC Accelerator application process is divided into three phases: Phase 1 (Concept Note Submission), Phase 2 (Full Application), and Phase 3 (The Pitch and Evaluation). Here’s what you need to know about each phase.

Phase 1: Concept Note Submission

The first step in the application process is submitting a concept note. This is a summary of your project, usually at most 10 pages, that outlines your innovation, the problem it solves, your target market, and how it aligns with the goals of the EIC Funding Accelerator.

The concept note is your opportunity to make a strong first impression and showcase your innovation. The European Commission evaluates this based on:

• Innovation potential: How novel and disruptive is the product? Does it have the potential to create a new market or disrupt an existing one?

• Impact: What impact will this innovation have on the economy, society, or the environment? Can it solve a pressing problem or meet a major demand?

• Business model: Do you have a solid, scalable business model for commercialising the innovation?

• Team and expertise: Does your team have the skills, experience, and track record to execute the project successfully?

The concept note must demonstrate that your business has the potential to succeed despite the high risks. Be clear, concise, and specific, focusing on the key aspects of your project that align with the EIC’s priorities.

Phase 2: Full Application

If your concept note is successful, you will be invited to submit a more detailed application. The full application requires you to provide comprehensive details about your business, the technology or product, the market, and your financial plans. This EIC accelerator program includes more rigorous scrutiny of your business strategy and the viability of your innovation.

Key elements of the full application include:

• Business plan: Provide an in-depth business plan that outlines how you plan to commercialise the innovation. This includes market analysis, competitors, pricing, marketing strategies, and growth projections.

• Technology and innovation: More technical details about the innovation itself, its development stages, intellectual property (IP), and its technological feasibility.

• Team: Outline the experience and qualifications of your team members and the roles they will play in developing and scaling the product.

• Financial details: A clear breakdown of costs and a detailed financial plan. This includes how the EIC Accelerator funding will be used and your planned financial needs beyond the grant funding.

At this stage, your business plan and technical development plans need to be crystal clear. The reviewers want to see not only a vision of where you’re going but also a detailed roadmap of how you plan to get there.

Phase 3: The Pitch and Evaluation

The final stage of the application process is the pitch. If your full application is shortlisted, you will be invited to present your innovation and business plan to a panel of experts. This is your opportunity to showcase your innovation in person (or virtually) and explain why your project deserves funding.

The pitch will involve:

• Presenting your project: You’ll need to clearly communicate the vision, innovation, market potential, and the societal or economic impact your project will have.

• Answering questions: The panel will ask you questions about your business model, market strategy, technology, and financials. Be prepared to justify your plans and answer any tough questions about risks, scalability, and your team’s capability.

• Project evaluation: The panel of experts will evaluate your pitch and your application in terms of innovation, market potential, societal impact, scalability, and financial viability. They will also assess the team’s capacity to execute the project successfully.

It’s important to approach this stage with confidence and clarity. Practice your pitch multiple times and be ready to explain your project in-depth, backing up your claims with data and facts.

What Are The Key Criteria For EIC Startup Accelerator Success?

When applying for the EIC Accelerator, there are several key factors that reviewers will focus on:

• Innovation: Does your project have the potential to disrupt or revolutionise the market? Is the technology truly innovative, with clear benefits over existing solutions?

• Impact: How much impact can your innovation have on the market, society, or the environment? Can it solve a significant problem or meet a large demand?

• Business model: Do you have a clear, scalable business model for commercialising the innovation? Are you addressing the right target market with a sound pricing strategy?

• Team: Does your team have the necessary expertise, experience, and capability to bring the project to fruition?

• Financials: Are the financial projections realistic? Do you have a solid plan for using the EIC funding?

If you can demonstrate that your innovation fits these criteria, you’ll significantly improve your chances of success.

Tips for Creating an EIC Accelerator Grant Application 

Applying for the EIC Accelerator requires careful preparation and a clear, compelling presentation of your innovation. To increase your chances of success, it’s important to focus on key elements that will impress investors and funders. Here are some essential tips for creating a strong application:

• Be clear and concise: Both the concept note and the full application should be easy to read and understand. Avoid jargon and focus on communicating the most important details clearly.

• Show the impact: Emphasise how your innovation will make a significant difference in the market or society. Highlight the problems it will solve and the value it will provide.

• Have a solid team: Investors and funders want to know that your team is capable of executing the project. Make sure to highlight the skills and experience of your team members.

• Prepare for the pitch: The pitch is critical, so take the time to rehearse and prepare. Anticipate questions and have clear, data-backed answers ready.

Conclusion

Applying for the EIC Accelerator Program is a rigorous process, but the rewards can be significant for high-risk, high-reward projects. By preparing a strong application and presenting your innovation with confidence, you can increase your chances of securing funding and support to take your project to the next level. Follow the steps outlined in this guide to ensure your European Innovation Council Accelerator application is as strong as possible and unlock the potential to scale your innovative idea across Europe. Ready to take your project to the next level? Book a free consultation today!