EIC Fund Investment Decision Process
The investment decision process of the EIC Fund is a detailed and rigorous procedure that plays a vital role in supporting innovative businesses across Europe. After the thorough due diligence process is completed, the EIC Fund Investment Committee will convene to review the findings and make a decision regarding the investment. Following this assessment, if an investment is approved, an investment agreement will be established to formalize the partnership. In cases where applicants have indicated interest and granted permission, relevant information from their proposal may also be shared with appropriate InvestEU implementing partners, allowing those partners to consider offering Venture Debt support.
Selection Criteria for EIC Fund Investment
The European Innovation Council (EIC) evaluates proposals based on a range of selection criteria focused on innovation, potential market impact, and feasibility. The assessment is conducted by leading experts in the relevant fields, ensuring that applications receive fair and unbiased consideration. This competitive process is facilitated by the European Commission, which actively promotes transparency and equal opportunities for all eligible proposals submitted under the EIC Accelerator, EIC Pathfinder, and EIC Transition funding initiatives.
Proposal Evaluation Process
The evaluation process for the EIC STEP Scale-Up call operates on a “first come, first served” basis, prioritizing quicker submissions while still aligning with the overall budget strategy for the year. Juries evaluating proposals must consider the available budget for the entire year carefully. Specifically, in the first six months, the jury will recommend proposals that do not exceed 70% of the available budget. This accounts for any additional funds that may stem from prior awards that were not fully utilized, ensuring a dynamic and responsive funding approach.
Award Criteria
Every proposal submitted for the EIC Accelerator funding undergoes a rigorous assessment based on predefined award criteria. The EIC Jury, composed of experts, may focus their line of questioning during interviews on specific elements of your proposal, demonstrating their commitment to a comprehensive evaluation. Key aspects that can influence the jury’s assessment include the innovation’s scalability, the market potential, and the team’s capability to execute the proposed project.
Possible Outcomes from the EIC Jury
After the interview and overall assessment of your proposal, the EIC Jury has the authority to recommend one of three possible outcomes:
- GO and Sovereignty (STEP) Seal: This outcome signifies that your proposal has successfully met all evaluation criteria. It is recommended for a potential equity investment, allowing for a substantial boost to your project. The Jury may provide observations regarding the recommended investment amount or other strategic considerations pertinent to the investment decision or management. However, it is important to understand that the investment amounts approved in the Commission Award Decision are conditional upon the successful completion of due diligence and subsequent negotiations facilitated by the EIC Fund, in accordance with the established Investment Guidelines. As a result, investment amounts can be adjusted or even rejected for justifiable reasons.
- Further Information Required: In some cases, the jury may require additional clarifications or details to proceed with the evaluation, which can often involve follow-up interviews or further documentation.
- Not Recommended: Should your proposal not meet the required criteria or fail to align with the strategic goals of the EIC, the jury may recommend against proceeding. Constructive feedback will often be provided to help applicants improve future submissions.
Upon receiving a positive recommendation, your project will be awarded the prestigious Sovereignty (STEP) Seal. This accolade not only provides recognition but also grants your initiative access to an array of Business Acceleration Services, enhancing your project’s future prospects.
Strategies for a Successful EIC Accelerator Application
To increase your chances of success in the EIC Accelerator application, several best practices should be observed. These include:
- Thorough Proposal Writing: Ensure your proposal is well-structured, clear, and aligns with the EIC Accelerator evaluation criteria. Highlight innovation, market needs, and your team’s qualifications.
- Coaching Services: Make use of EIC Accelerator coaching services to gain insights and improve your proposal before submission.
- Peer Review: Engage colleagues or mentors to review your proposal for clarity and impact.
- Adhere to Deadlines: Be conscious of application deadlines, especially as the EIC Accelerator application deadline 2025 approaches.
- Case Studies: Explore successful EIC Accelerator case studies to glean insights into what has worked for others in securing funding.
Conclusion
The EIC Accelerator funding opportunities play a crucial role in fostering innovation and supporting startups and SMEs across Europe. By adhering to selection criteria, understanding the proposal evaluation process, and employing effective application strategies, applicants can significantly enhance their chances of success. With a focus on non-dilutive funding options and a robust assessment process, the EIC is committed to advancing European deep tech initiatives, enabling the growth of startups and contributing to the broader innovation landscape within Horizon Europe.