Among the pilot projects of the European Innovation Council, there is the EIC Accelerator: a great funding opportunity to drive economic growth, dedicated to innovators, entrepreneurs, SMEs and high-level scientists.
The opportunity of the EIC Accelerator includes both economic support and acceleration services for high-risk, high-potential small and medium-sized enterprises to develop and market new innovative products, services and business models.
The current pilot project is still valid until the 7th of October 2020. For innovators who intend to submit their EIC Proposal after the end of this year, reference will be made to the new programme.
What is the EIC Accelerator and what are the benefits for candidates
In the official definition, the EIC Accelerator is described as follows:
“EIC Accelerator helps you develop your business concept further into a market-ready product, service or process aligned with your company’s growth strategy. Activities could, for example, include trials, prototyping, validation, demonstration and testing in real-world conditions, and market replication. [..] Projects will receive between € 0.5 and € 2.5 million in the form of grants. They can request a higher or lower amount when applying but it needs to be duly justified. Projects should normally take 12 to 24 months to complete, but could be longer in exceptional and well-justified cases.”
In essence, this occasion is dedicated to all candidates with radically new ideas, supported by a business plan for the implementation of marketable innovation solutions and with the ambition to expand.
Candidates, such as for-profit small and medium enterprises, whether young or start-ups in any sector, receive funding and optional actions, as well as business coaching and mentoring.
Other business acceleration services are offered in the form of partnerships and networking with investors, large companies and other SME clients. These happen through specific events and through the online EIC community.
Not only that, once company becomes a client of EIC Accelerator, benefits such as visibility and chances of success in European and International markets are already included in the package.
Year 2020: investments are innovation-driven
As with any crisis, even in this unforgettable 2020 with the current Covid-19 emergency, investment seems to be taking the same direction: innovative projects that can play a revolutionary role in the European area.
In this current context, and with the new EIC funding programme 2021-2027, we are preparing for a new vision of the future that is digital, sustainable and human-centred.
The new EIC programme funded under Horizon 2020, and soon Horizon Europe, will enter a new era in which the investor of choice for visionary ideas, pioneering a new European approach to support relevant innovations in a responsible and inclusive way.
In addition, the new EIC funding for the years 2021-2027 is expected to receive a total of €30-50 billion from the private market and “radically transform technology investment and company growth in Europe.
Stay tuned to find out more about the continuing funding opportunities to drive economic growth in the new EIC 2021-2027 programme.