The European Innovation Council Accelerator offers a great opportunity for European startups and SMEs to access funding for groundbreaking innovations. Securing a place in this programme can take your business to the next level, but it’s not a simple task. The competition is intense, and the application process requires a clear strategy and a solid understanding of what’s expected. In this blog, we’ll walk you through the key steps to prepare a successful EIC Accelerator application.
Is the EIC Accelerator Suitable for Your Project?
Before you start the application process, it’s important to have a clear understanding of what the EIC Accelerator is and what it’s designed to support. This funding programme is aimed at highly innovative startups and SMEs that are working on groundbreaking technologies with high market potential. The European Innovation Council Accelerator provides both grants and equity investments, helping businesses scale their innovations and take them to market.
The programme focuses on high-risk, high-reward projects, which means it’s perfect for startups developing deep-tech solutions or tackling complex global challenges. If your project fits this description, the EIC Accelerator could provide the financial support and validation you need to take your innovation from idea to impact.
Step 1: Assess Your Eligibility
The first step in applying for the European Innovation Council Accelerator is deciding whether your startup meets the programme’s eligibility criteria. The EIC Accelerator supports businesses across all sectors. Still, it is particularly interested in high-tech innovations, deep-tech projects, and solutions that can address global challenges like climate change, health, and digital transformation.
It would help if you were a small or medium-sized enterprise (SME) based in an EU member state or an associated country. Additionally, the European Innovation Council Accelerator prioritises businesses with clear plans for scaling, substantial growth potential, and the ability to bring innovations to market.
To check whether you qualify, review the programme’s official guidelines on the European Commission’s website. If you meet the criteria, you can move on to the next step in the application process.
Step 2: Prepare Your Project Proposal
A key part of the EIC Accelerator funding application is the project proposal. This is where you explain your innovation, its potential, and how you plan to scale it. The project proposal is the heart of your application, and it needs to be detailed, clear, and realistic.
Start by clearly describing the problem your innovation solves, why it’s important, and how your solution is different from existing alternatives. You must highlight the uniqueness of your innovation, especially if it involves new technologies, products, or services.
The next section of your proposal should focus on your business strategy. This is where you outline your plan for taking the innovation to market, scaling the business, and generating revenue. This should be a roadmap that includes timelines, milestones, and key performance indicators (KPIs) that demonstrate the potential impact of your innovation.
Step 3: Demonstrate the Innovation’s Market Potential
The European Innovation Council Accelerator isn’t just interested in good ideas – it’s focused on ideas that have a clear path to market and the potential for substantial impact. Your application needs to showcase the market potential of your innovation. To do this, provide solid evidence of demand, market trends, and the competitive landscape.
You should also explain how you intend to grow your customer base, expand your market share, and achieve profitability. Be sure to include information on any pilot projects, partnerships, or customer feedback that proves the demand for your innovation.
Step 4: Assemble a Strong Team
The EIC Accelerator is interested not only in the innovation itself but also in the team behind it. The programme is looking for teams with the skills and expertise to drive innovation forward. It’s essential to demonstrate that your team has the right mix of technical, business, and operational skills to execute the project successfully.
If you haven’t already, now is the time to highlight the key members of your team and their relevant experience. This could include leadership experience, technical expertise, or industry-specific knowledge. You should also mention any advisors or partners who can add credibility to your team’s capability.
Step 5: Define Your Financial Needs
Another important element of your application is the financial plan. You need to provide a detailed breakdown of how much funding you require, how it will be used, and how it will contribute to the scaling of your innovation.
The EIC Accelerator grants provide funding in the form of a grant and an equity investment, so it’s important to understand the different funding options and how they can work together. The grant portion is non-repayable, while the equity investment comes with a stake in your business. Be prepared to explain how the funding will be allocated across different areas, such as research and development, marketing, product scaling, and operational expenses.
Step 6: Prepare Your Pitch Deck
If your written application is successful, you may be invited to pitch your project to a panel of experts. The pitch is your opportunity to present your innovation and your business in person, so it’s important to have a clear, engaging presentation that highlights the strengths of your project.
Your pitch deck should be concise, visually appealing, and cover the key points of your application. Make sure to emphasise the uniqueness of your innovation, the market potential, your team’s strengths, and your financial needs. This is your chance to sell your vision and convince the panel that your innovation is worth the investment.
Step 7: Submit Your Application via the Funding & Tenders Portal
Once your application is complete, you can submit it via the European Commission’s Funding & Tenders Portal. This is where all applications are processed, and it’s important to ensure that all required documents are uploaded correctly. The portal will guide you through the process and let you know when your submission has been successfully received.
Make sure you leave plenty of time before the deadline to review your application and ensure everything is in order. If you’re not familiar with the portal, consider working with a consultant or advisor who has experience with the application process.
Step 8: Be Prepared for the Evaluation Process
After submission, your application will go through an evaluation process. The evaluation panel will assess your project based on criteria such as its innovation potential, market impact, and team capability. They will also consider how well your project aligns with the goals of the European Innovation Council Accelerator.
The evaluation process can take several months, so it’s important to be patient. If your application is successful, you will be invited to participate in the next stage, which may include further discussions with the EIC Accelerator team and preparing for your pitch.
Final Steps: Use the Funding to Scale Your Business
Once you’ve secured EIC Accelerator funding, it’s time to get to work. The funding should be used strategically to achieve your milestones and grow your business. Keep in mind that you’ll need to report on progress and demonstrate how the funding is being used to scale the project.
As you move forward, continue to engage with the European Innovation Council Accelerator network, attend events, and explore opportunities for collaboration with other funded startups. By doing so, you can further increase your chances of success and make the most of the support available.
Following The Steps
Applying for the EIC Accelerator grants is a complex but rewarding process. By following the steps outlined above, you’ll be well on your way to preparing a winning application. The key is to focus on what makes your innovation unique, demonstrate its market potential, and build a strong, capable team. With the right approach, your startup could be one of the many innovative companies supported by the European Innovation Council Accelerator, helping you scale and make a real impact in your industry.
Conclusion
Securing funding through the European Innovation Council Accelerator is challenging, but with a clear strategy, thorough preparation, and a strong focus on your innovation, the rewards can be transformative. By understanding the programme’s goals, assessing your eligibility, and crafting a compelling application, you can position your business to succeed. Book a free assessment today and get expert guidance for your EIC Accelerator application!