Applications for funding through the EIC Fund are open
Since April 8, applications are open for funding through the European Innovation Council (EIC) Fund, focused on individual start-ups and businesses to develop and expand their innovative solutions. These must have high-risk and high-potential projects that can drive economic growth through the development and marketing of new products, services, and business models.
The EIC accelerator welcomes applications from EIC Accelerator open and EIC Accelerator challenge. EIC Accelerator open funding is aimed at breakthrough innovations in any field of technology and application. In turn, EIC Accelerator challenge funding is for breakthrough innovations impacting health and strategic digital technologies or Green Deal innovations for economic recovery.
The EIC Accelerator provides substantial financial support with:
grant funding (non-dilutive) of up to €2.5 million for innovation development costs,
investments (direct equity investments) of up to €15 million managed by the EIC Fund for scale up and other relevant costs.
The incentive component can assume a rate of 70%, which may represent an incentive between 0.5 M€ and 2.5 M€. Projects financed only by this component will have an investment period of 24 months.
On the other hand, if the activity has a higher TRL, it could be possible to obtain a Blended (combined) financing: Grant (non-refundable incentive) + Equity (interest-free bank loan). 15 M€ is the maximum possible for equity financing. In this case, the projects can have a longer investment period (max. 15 years).
Eligible activities may, for example, include testing, prototyping, validation, R&D and actions for market acceptance.
In addition, companies selected by the EIC Accelerator have access to coaching services, mentoring and the opportunity to hold meetings with investors, companies, and entrepreneurs.