Getting Grant funding from the EU can be an excellent boost to an innovative SME – not only does it supply an excellent source of funding for higher risk, new ideas, but it also provides a great boost to the kudos of your plans as they are subject to tough competition and detailed due diligence.
The first call for EIC Accelerator under the new budget for innovation has just closed and is currently being evaluated, with successful companies interviewing as the final stage of decision making in September.
The new format of EIC Accelerator is very interesting. The process for application has changed, but also the funding mechanisms.
They are looking for truly excellent innovation with high potential.
They are looking for projects at minimum TRL5 with a clear route to market.
First the process
In this new era there is a new approach.
First stage is a rolling call for first phase applications. This is a questionnaire that is on-line, submission of a 10 slide pitch presentation and a 3 min video (hand held phone camera is fine!)
You can submit your application whenever when you are content with it.
Your application will be dealt with quickly and given a YES or NO outcome.
If YES then you are given permission to go forward to the full application. You will be given assistance from a mentor to build your full application, which is submitted into the new on-line system.
Assessments for the full application will be done as usual based on several calls a year and assessed after the closing date. Then as before successful projects will be allowed to move forward to the interview stage for final decision.
Now there are (for EU) countries the option of asking for investment/soft loan to fund the non-grant part of your project. This is very interesting and innovative – they are really looking to fill the gap where investors are not ready to jump in and creating a great group of EU based assets.
UK companies are still eligible to apply for the grant portion of the project costs.
This can be up to 70% of the eligible costs.
If you are interested in some support and guidance of how to prepare your Phase 1 application for EIC Accelerator please get in touch.