The EIC Accelerator is a highly challenging and promising funding initiative of the European Union, aimed at assisting small and medium-sized enterprises with innovative and ambitious projects throughout Europe. The program emphasizes on supporting deep-tech innovations and ideas that come with substantial risks but also possess the capability of producing significant outcomes.
The European Innovation Council has a budget of €10 billion (2021-2027) to fund breakthrough market-creating innovations, radically new products, services, processes or business models.
Funding Opportunities
Grant Component – nonrefundable financial payment (first step)
- Grant funding (non-dilutive)
- €0.5 – 2.5 million for innovation development costs (70% of eligible costs).
Equity Component – blended finance (second step)
- Direct equity investment of up to €15 million managed by the EIC Fund to finance commercialisation, scale up and other relevant costs.
- Companies working on technologies of strategic European interest can apply for EIC investments of more than €15 million.
Who should apply?
- Is the business registered within the EU?
- Do you have a high-impact innovative product, service or business model that could create new markets or disrupt existing ones?
- Are you looking for substantial funding, but the risks involved are too high for private investors to invest on their own?
- Does your company have less than 250 employees and yearly turnover less than €50 million?
- Is your business a start-up or a small and medium-sized enterprise (SME) with the ambition and commitment to scale up?
- Does your business require funds to survive the “Valley of Death”?
Advantages of the EIC Accelerator Program
- Targets single startups & SMEs (not consortiums)
- Supports Deep-Tech Innovation (R&D)
- Funds High-Risk, High-Growth companies, with potential growth aimed at creating/expanding markets
- Substantial funding for the last stages of development (>TRL6 i.e. prototype must exist)
- Bottom-up model: all sectors, products, services, new business models
Application Procedure and steps
Investment
- Investment of up to €15 million
- Principle of crowding-in private investment
- Structured via separate agreement (after the grant agreement)
- The EIC takes a Passive role in the daily management of the company
- Exit strategy: if consent of the company is received, EIC will actively seek private investors to buy the EC shares – Option to buyback
How can we help you?
As a startup, you might have developed an innovative product or service that could revolutionize your industry. However, getting the required funding to take your business to the next level can be a significant challenge. This is where Altera can help you by providing valuable assistance in your application for the EIC Accelerator program.
At Altera, we understand the importance of having a well-prepared and comprehensive application that effectively communicates your unique value proposition and highlights your competitive advantages. Here are some ways in which our expertise can help you:
Developing a clear value proposition:
We help startups to develop a clear and compelling value proposition that explains what the product or service is, why it’s unique, and how it solves a particular problem in the market. A well-defined value proposition helps you to stand out from other applicants and increase your chances of success.
Preparing a robust business plan:
We work with startups to develop a robust business plan that outlines the company’s vision, objectives, and strategies for growth. Our team of experts can help you to identify potential challenges and develop contingency plans to mitigate risks. A well-crafted business plan will demonstrate to the evaluators that your startup has a solid understanding of the market and a clear plan for success.
Creating a compelling pitch:
We can help you to create a compelling pitch that highlights the key aspects of your innovation in a concise and engaging way. Our team can assist you in crafting a pitch that effectively communicates the value of your innovation and the potential impact it could have in the market. A well-prepared pitch is critical in convincing the evaluators of your startup’s potential.
Providing guidance throughout the application process:
Our team of experts can guide you through the entire application process, providing feedback and support every step of the way. We can help you to identify potential weaknesses in your application and provide suggestions for improvement. Our goal is to help you to present the best version of your startup to the evaluators.
The EIC Accelerator program can provide significant funding and support for startups with innovative and ambitious ideas. However, the competition is fierce, and the application process can be complex and challenging. Altera can help you to prepare a compelling application that effectively communicates your unique value proposition and increases your chances of success. Contact us today to learn more about how we can help your startup to succeed.
