Key Impact of Pathfinder Portfolio Delivered (2014 – 2021)

The EIC Pathfinder has made substantial contributions to the European innovation landscape from 2014 to 2021. By nurturing breakthrough ideas and supporting high-risk, high-reward research and innovation, the EIC has accelerated the transformation of emerging technologies into viable market opportunities. The success of this initiative is reflected in the key metrics outlined below:

• 100 awards of Intellectual Property Rights (IPR), fostering innovation by protecting and incentivizing inventive ideas.
• 7,010 publications showcasing cutting-edge research findings, demonstrating the breadth of creativity within the funded projects.
• 5,200 publications in peer-reviewed journals, ensuring the integrity and quality of research conducted.
• 3,121 publications in high-impact journals, highlighting the relevance and significance of the research outcomes on a global scale.
• Over 800 companies involved in projects, with 43% identified as Small and Medium Enterprises (SMEs), underscoring the initiative’s support for startups and smaller entities.
• 70% of projects are likely to result in a new or significantly improved product, showing the tangible outcomes of investments made in innovative endeavors.
• 21% of projects are likely to deliver a new or significantly improved process, indicating advancements in operational efficiency and effectiveness.

Case Study: Multiwave Technologies AG

Multiwave Technologies AG stands as a beacon of innovation within the medical imaging sector. Founded by brothers Tryfon and Panos Antonakakis in 2015, the company is headquartered in Geneva and operates a dedicated research team in Marseille. Initially, Multiwave focused on metamaterial design software but transitioned towards the medical field, aiming to democratize access to MRI technology through the development of an ultra-portable MRI device.

The pivotal M-Cube project, supported by the EIC Pathfinder, was a turning point for Multiwave’s journey, enabling the company to evolve from software development to the manufacture of medical imaging devices. By starting with accessories for ultra-high field 7 Tesla MRI scanners, which are recognized globally for their superior performance, Multiwave is laying the groundwork for a more inclusive approach to medical diagnostics. This endeavor aligns with the broader mission of the European Innovation Council (EIC) to promote healthcare innovations that are accessible to everyone across Europe.

To date, Multiwave has successfully raised over EUR 16 million through various funding initiatives under the European Commission’s H2020 Framework Programme. This includes EUR 5.5 million in dilutive capital and EUR 10.5 million in non-dilutive funding. Such financial backing showcases the substantial support available for European startups and highlights the importance of initiatives like the EIC Transition and EIC Accelerator for scaling up innovative solutions.

In recognition of its groundbreaking contributions to the field, Multiwave was awarded the prestigious Innovation Radar Prize in 2018 for “Best Young SME.” This honor not only underscores Multiwave’s commitment to innovation but also serves as a testament to the critical role that EIC funding plays in the success of European startups and SMEs. As the company continues to expand its influence in the medical imaging market, it exemplifies the potential for EIC Accelerator success stories, paving the way for future innovators.

The Role of EIC Programs

The European Innovation Council encompasses a multitude of programs designed to support startups, SMEs, and innovative projects. Among these, the EIC Pathfinder and EIC Accelerator stand out as vital tools for entrepreneurs aiming to realize their ideas. While the EIC Pathfinder focuses on early-stage, high-risk research, the EIC Accelerator provides funding and support for scaling these innovations, ensuring they reach the market successfully.

The EIC Transition funding further assists projects in moving from research to commercialization, providing the necessary resources for startups to develop their innovations and secure market readiness. This aligns with the EU’s broader goals under Horizon Europe to stimulate innovation and drive economic growth across member states.

Conclusion

The impact of the EIC Pathfinder from 2014 to 2021 signifies a transformative era for European innovation. By supporting a diverse range of projects and fostering a robust ecosystem for startups and SMEs, the EIC is not only nurturing groundbreaking ideas but also shaping the future of industries. As the landscape continues to evolve, organizations looking to harness EIC funding should consider the best practices for EIC Accelerator application, including thorough proposal writing, understanding eligibility criteria, and leveraging coaching services to enhance their chances of success.

With the upcoming EIC Accelerator application deadlines in 2025, prospective applicants are encouraged to explore European startup funding opportunities. By capitalizing on the resources available through EIC grants, entrepreneurs can access both equity-free funding and non-dilutive capital to fuel their innovative journeys. As we look ahead, the EIC remains a central pillar in advancing Europe’s position as a leader in deep tech and innovation.