Catalyst for Innovation: The EIC Accelerator for Deep-tech Success

The EIC Accelerator Program: A Catalyst for deep tech and disruptive Innovation

In response to the observation that “Europe has excellent science but lacks disruptive market-creating innovation”[1], the EIC was set up as a key driving force to address this gap. To put differently, it’s the largest early-stage deep-tech SME investor in Europe, and functions as a catalyst for overcoming the ‘valley of death’. This critical stage often blocks progress from seed funding stages through the first technology validation and demonstration (Technology Readiness Level 5-6), to later stages requiring funding for technology maturation (TRL 7 and 8) and ultimate commercialisation (TRL 9).

To help SMEs cross this stage, the EIC Accelerator developed a unique combination of public sector grants (up to €2.5 Mio) and long-term equity investment (up to €15 Mio) to make deep-tech SMEs investor-ready for further private capital investment, thereby accelerating their time-to-market.

Why and when to consider the EIC Accelerator?

Let’s state the obvious first because it’s so important: nobody applies to the EIC Accelerator for “fun” or “as nice to have”. The application process is extremely competitive (the success rate per cut-off varies between 5 and 8 %) and requires dedicated preparation time to build a comprehensive and convincing project application.

Beyond the obvious, it is also important to note that investor-readiness in terms of the EIC Accelerator is not just about building a solid business plan, having a clear view of the go-to-market strategy, or demonstrating the customer willingness to pay, as these aspects are what every company should demonstrate to get investors on board. It is also about the right timing to apply.

The right timing is when your project is trapped in a chicken or egg situation.Consider a new medical device developed to detect disease onset earlier and more accurately; it needs clinical validation to convince the market and the regulatory bodies. This demands money, but investors are hesitant to commit until positive study results guarantee clear market traction. If you are a deep-tech SME with such a funding gap dilemma, the EIC Accelerator funding programme is the right time.

The EIC Accelerator is also more than just about raising money; it’s a clear sign that scientific and business experts believe in what you’re doing. After having run through the gauntlet of expert and investor examinations, the EIC Accelerator becomes a very valuable quality mark to help build confidence among customers and future potential investors.

Why MGI is your true companion on the EIC Accelerator journey

The EIC Accelerator application process is highly competitive and only the best-prepared SMEs will be successful in obtaining funding. Engaging with a grant consultant of MGI can play a crucial role in this thorough preparation. We provide expert strategic guidance and support throughout the entire journey.

With PhD-level scientists in our team, tech-savvy with business acumen, we serve as full-fledged project and grant managers who are privileged to work for numerous deep-tech SMEs realising ground-breaking innovations. We leverage our in-depth knowledge and experience in the EIC Accelerator program and its evaluation criteria to challenge the timing of applications. We provide an external view of the project and dry-run application evaluations by challenging the companies’ approach, pinpointing inconsistencies or areas lacking sufficient detail before developing the proposal. We streamline and ensure a time-efficient process. Finally, to foster an atmosphere of collaboration, we recognise that the intense journey of an EIC Accelerator application requires true companionship.

[1] https://publications.europa.eu/resource/cellar/3213b335-1cbc-11e6-ba9a-…