The results are in: In a recent press release, the EIC has announced the “winners” of the last EIC Accelerator funding round, for which a record number of 1,211 start-ups and SMEs submitted a proposal by the October 2024 deadline.
From the 1,211 submitted proposals, 431 were invited for an interview in front of an EIC jury, out of which 71 were selected for grants, equity or blended finance. Blended finance, which encompasses both a grant as well as equity, remains the most popular model, with 79% of approved applications falling under this category. Ten companies opted for grant-only funding and a further five companies for equity-only funding.
In total, 387 million euros will be allocated to the selected companies, which splits into 161 million euros in grants as well as 226 million euros in equity.
Geographically, these companies are located in 16 different countries, most – but not all - being EU member states, with the most successful applicants being from Germany (15), the Netherlands (11) and Sweden (7). Out of the selected companies, 21% are led by women.
This selection round will support the most promising innovations from a wide range of fields. These include projects in quantum computing, optics, biotechnology, bioeconomy, AI, environmental technologies, etc. We have collected a few examples for you.
The overview of all funding projects from the EIC Accelerator selection round October 2024 can be found on the website of the European Innovation Council (EIC).
The selected companies will now enter the grant preparation phase and typically receive their funding within the next three months.
Four of the selected companies have benefited from the ‘Plug In’ scheme. The scheme allows funding bodies managing certified national/regional programs to submit projects from their portfolio directly to the full application stage of the EIC Accelerator.
A further 330 proposals were assessed positively by an EIC jury but could not be selected due to the limited amount of available funds. These companies will instead receive the EIC „Seal of Excellence“, which is meant to help them find alternative sources of funding through other programs and initiatives.
The EIC Accelerator is a highly attractive funding instrument of the European Innovation Council (EIC). Deep-tech start-ups and SMEs receive funding of up to €2.5 million combined with equity of up to €10 million. In addition, companies funded by the EIC Accelerator will have access to a wide range of business acceleration services. For example, applicants receive coaching and mentoring as well as invitations to regular conferences and matchmaking events.
Since the official launch of the EIC Accelerator funding program, more than 12,000 start-ups have applied for funding. The application procedure for the EIC Accelerator is a three-stage process. The first step is to submit an outline with a pitch deck and video. If the outline hits the mark in terms of excellence, socio-economic and environmental impact and risk, you will be invited to submit a full proposal by the deadline. There are usually two full proposal deadlines per year, one in spring and one in autumn. The next deadline for full proposals is 12 March 2024. Once you have completed the second stage of the application process, you will be invited to a pitch interview in Brussels. The jury will then decide whether your project idea is eligible for EIC funding.
We would like to congratulate all 71 selected applicants on their EIC funding.
Are you interested in applying for funding and/or equity from the EIC Accelerator? We are at your disposal for all three application steps. Simply contact us and book your no-obligation consultation now!
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