Do you have a deeptech innovation with the potential to disrupt markets? The EIC Accelerator could be your launchpad to massive scale. Here are 10 best practices for a winning application.
Abigail Okorodus
The EIC Accelerator is a funding programme under Horizon Europe that offers support to startups and SMEs. It primarily focuses on deeptech ventures that may be too risky for traditional private investors alone. The programme’s funding structure includes either grants only, equity only, or blended finance (combining grants and equity). But securing this investment is no walk in the park. It demands a compelling application that showcases not just your brilliant idea, but also your team's grit and your company's readiness for hypergrowth.
To navigate this competitive landscape and craft a winning application, you need to understand what the EIC is truly looking for. Here are 10 crucial insights and best practices to get you up to speed and significantly boost your chances of EIC Accelerator success.
Don't mistake invention for innovation. The EIC seeks disruptive deeptech innovations. This means your technological breakthrough must translate into a commercially viable product or service that is able to fundamentally alter markets. Think radically transformative solutions with impeccable timing and a crystal-clear unique value proposition.
To hit the mark, deeply research your market, identify unmet needs, and truly understand the sources of innovation within your sector. Leverage your direct user knowledge and don't forget to study previously funded EIC projects in your space to get an idea of the benchmark for "disruptive."
The EIC evaluates your proposal against three pillars: excellence, impact and implementation. Think of these as the winning trio of your application.
Focus relentlessly on demonstrating clear value in each pillar. Showcase your ambition, unwavering commitment and readiness to take the next giant leap.
You need to answer fundamental questions with precision and evidence:
Back up every claim with solid evidence – market research, data, and even customer testimonials. Let the voice of your potential customer resonate throughout your application to validate the market need.
You need a well-balanced, experienced team with clearly defined roles, a proven track record, and a plan for future expansion.
Involve your core team from the very beginning of the application process. Foster collaboration and open communication, leverage diverse skills, and ensure everyone is aligned and knows their responsibilities.
The EIC Accelerator journey is a marathon, not a sprint. Remember, the application process unfolds in multiple stages. It begins with writing a concise short proposal, followed by the preparation of a comprehensive full proposal (with deadlines on 12 March and 1 October). Successful applicants then proceed to pitch their innovation. Finally, the process culminates in negotiating the grant component and initiating due diligence for the investment component – depending on the type of funding requested.
The evaluators and jury members will need confidence that your business is capable of managing significant growth and handling the complexities of scaling. Ensure you have a clear, structured business plan, financial stability, intellectual property (IP) strategies and a solid track record of achievements. Showcase your company’s leadership, effective governance and operational processes, which demonstrate your ability to manage resources and timelines.
Be prepared to know how to answer tricky questions such as:
The rationale of the EIC Accelerator is to support startups and SMEs that for the time being cannot find investors who will take the full risk, simply because the risk currently is still too high. Therefore, evaluators want to see a thorough analysis of the risks involved, a clear plan for mitigating those risks, and evidence that the company has the capacity to manage uncertainties and navigate challenges effectively throughout the project.
It is essential to convince evaluators that your innovation is not only technologically advanced but also market-ready and scalable. Explain how you will bring your solution to market and achieve long-term growth.
Clearly define your business model and revenue streams. Detail your go-to-market strategy with concrete milestones, addressing potential barriers like regulations or IP challenges and outlining contingency plans. Present a compelling market entry strategy and pricing model that highlights the scalability of your innovation and your vision for rapid growth.
The Enterprise Europe Network (EEN), the world’s largest support network for SMEs with international ambitions, can be a valuable ally for businesses seeking international growth and innovation. EEN supports this by offering partnering services – business, technical, and R&D partnerships – and provides access to a large database of open opportunities.
Why do you need EIC funding specifically? Explain why EIC Accelerator funding is critical for your innovation. Detail how the grant/equity will be used effectively and show how the project would struggle to progress without EIC support.
Clearly articulate how each form of funding requested plays a crucial role in the success of your innovation. Be specific about how the grant will enable you to innovate, while equity funding will accelerate growth and bring your product to market.
EIC expert evaluators are seasoned professionals – experts in project management, science, technology, innovation, investment and business.
Make your proposal stand out by crafting a clear, compelling and consistent narrative. Guide them through your story with logic and persuasion. Remember, you're not just presenting information; you're selling your vision to experienced professionals.
Your proposal is your pitch on paper. Follow the EIC Accelerator proposal template religiously. Use clear, polished language, remember that evaluators come from diverse backgrounds. Ensure a logical flow between sections: excellence, impact, and implementation. Use visuals like charts and infographics to break up text and improve readability, but be mindful of space limitations.
