Navigating the Comprehensive Investment Procedure of the European Innovation Council Fund from Proposal Submission to Final Jury Recommendation and Funding Allocation
Understanding the EIC Fund Investment Process The process of securing investment from the European Innovation Council (EIC) Fund involves multiple stages, beginning with due diligence and culminating in a decision by the EIC Fund Investment Committee. An essential component of this process is the investment agreement, which outlines the conditions of the funding. Proposals and Venture Debt Support If you have expressed an interest in receiving support and provided your consent, pertinent information from your proposal may be shared with the relevant InvestEU implementing partners. This step is critical for those seeking Venture Debt support as it aligns your project with potential funding opportunities. Selection Criteria for EIC Fund Investment The determination of whether your proposal will be selected for potential investment by the EIC Fund rests on a comprehensive assessment of its merits, conducted by leading experts in the field. The EIC ensures that all eligible proposals undergo an open and fair competitive process. The EIC STEP Scale Up call adopts a “first come, first served” methodology for evaluating proposals. However, it is important to recognize that juries will consider the overall budget availability throughout the full calendar year. Within the initial six months, juries are limited to recommending proposals that account for no more than 70% of the year’s available budget. The Jury will be kept informed about budget availability, including any additional amounts that may arise from previous awards that were not fully utilized. Award Criteria and Jury Assessment Proposals are assessed based on specific award criteria, as detailed in Table 8 of the EIC documentation. During the assessment phase, the EIC Jury may decide to focus the interview on particular elements of your proposal, depending on their initial evaluation. Outcomes of the Jury Recommendation Following the interview and the overall assessment of your proposal, the EIC Jury will recommend one of three possible outcomes: GO and Sovereignty (STEP) Seal: If your proposal satisfies all evaluation criteria, it is recommended for potential equity investment. In this case, the Jury may offer observations for the EIC Fund regarding the investment amount or other pertinent considerations that may influence the investment decision and its management. It is crucial to note that the investment amounts authorized in the Commission Award Decision are contingent upon the successful completion of due diligence and negotiation by the EIC Fund, adhering to the Investment Guidelines. Consequently, the investment amounts may be subject to reduction or rejection by the EIC Fund, provided that justified reasons are presented. Moreover, projects that receive a positive recommendation will also be awarded the prestigious Sovereignty (STEP) Seal, which grants access to various Business Acceleration Services, further enhancing the support available for the development and scaling of your innovative endeavors.