Entrepreneurs and businesses can apply for funding for their innovative projects through a variety of avenues, with both national and international programmes available to pursue. Today, we are focussing on two key European funding programmes, open to both UK and European countries, but with differing requirements, budgets, and purposes. The EIC Accelerator and the EIC Pathfinder are the two main funding instruments under the European Innovation Council (EIC). Each serves a distinct purpose and targets different stages of the innovation lifecycle. This guide will help you determine which funding instrument is best suited for your project.
Key Details
The EIC Accelerator focuses on scaling up high-risk, high-potential small and medium-sized enterprises (SMEs) and startups. The Accelerator funds mono-beneficiary (research and innovation projects conducted by one single organisation) and highly innovative projects at higher Technology Readiness Levels (TRLs) (see Figure 1), which are viable but not bankable due to their level of risk.
There are two routes within this programme, the EIC Accelerator Challenges for projects that match any of the pre-defined topics with a budget of €300 million, or the EIC Accelerator Open competition, which encourages proposals in any field of technology and has a budget of €375 million. Despite the route, the EIC Accelerator supports innovations that have already demonstrated a proof of concept and are ready to progress to commercialisation and market entry.
Applicants can apply for various types of funding within this programme, depending on their current TRL level and the TRL level they expect to reach. For example, you can apply for up to €2.5 million in non-dilutive grants (funding that does not require giving up equity in the company) for innovation activities only (TRL 5-8), which must be completed within 24 months. Alongside this, applicants can apply for investment of up to €15 million for market deployment (TRL 9), with a 7-to-10-year perspective.
However, applicants have the choice of applying for Grant Funding Only. This is for companies aiming to reach TRL 8 by the end of the project and continue further development without EIC support. Alternatively, they can choose the Blended Finance route, asking for a mix of both non-dilutive grant funding for innovation activities (TRL 5-8) and dilutive equity for market deployment (TRL 9). Finally, they can apply for Investment on its own, but only if they are companies that have already received an EIC Accelerator Grant.
Key Features
Application Cycle: Concrete deadlines for proposal submission. The EIC Pathfinder Open deadline was on the 7th March 2024, but the EIC Pathfinder Challenges competitions are open until the 16th of October.
Overview
The EIC Pathfinder funds lower TRLs, trans-disciplinary research-intensive projects in breakthrough areas of science and technology. Like the EIC Accelerator, there are two routes in this programme, with an Open competition (for projects in any field of science, technology, or application without predefined thematic priorities with a budget of €120 million) or the Pathfinder Challenges (for projects that match any of the predefined thematic areas with a budget of €136 million - see more information on the 2024 themes here).
The Pathfinder Open requires consortiums of different independent legal entities established in different countries, whereas the Pathfinder Challenge projects can be multi-beneficiary or single applicants.
Ideal For
Consider Your Project's Stage
Evaluate Funding Needs
Assess Partnership Requirements
Strategic Goals
Conclusion
Both the EIC Accelerator and EIC Pathfinder are great opportunities for companies and researchers, with the ultimate goal of fostering innovation within the European Union. By understanding the unique features and purposes of each funding instrument, you can strategically choose the one that aligns best with your project's stage, goals, and funding requirements. Leveraging these instruments effectively can accelerate your journey from groundbreaking research to market leadership.
If your project has the potential to significantly impact the technological landscape and societal progress, Inventya can be your partner. Our expertise in helping companies write and submit European funding applications positions us uniquely to support your ambitions. We're here to assist in aligning your project with the most suitable EIC funding opportunity, enhancing the strength of your application and improving your chances of success. Book a free consultation here.