Companies put forward by other EU programmes or national schemes win European Innovation Council funding
Schemes launched to support high-quality applications for funding from the EU’s European Innovation Council have started to produce results.
The EIC has a 2021-27 budget of €10 billion to support the development of breakthrough technologies and their commercialisation, but has struggled to get its funding delivered and has been embroiled in political, regulatory and technological disagreements over its processes.
A recent selection process under its Accelerator instrument, which supports small and medium-sized enterprises to develop and scale-up innovations, included the first applicant being recommended for funding after being put forward by a national innovation programme via the so-called Plug-In route.
The EIC revealed on 19 June that the round also involved another successful bid from the Fast Track scheme, whereby other EU organisations or programmes such as the European Institute of Innovation and Technology select companies for the EIC Accelerator.
Coming online
The Fast Track and Plug-In schemes were introduced under Horizon Europe, the 2021-27 iteration of the EU’s research and innovation programme, which also launched the EIC itself in full form by bringing together and augmenting existing instruments.
While Fast Track launched in 2021, Plug-In officially opened at the beginning of this year following the assessment and certification of national programmes.
Altogether, 51 companies were selected from 551 proposals to receive a share of €260 million in a combination of grants and equity investment, following a March EIC Accelerator cut-off.
Accelerator offers companies grants of up to €2.5m which can be combined with equity investments ranging from €500,000 to more than €15m.
The selected companies span 17 countries, including three Widening Countries, which have low overall levels of participation in EU R&I schemes.
The EIC said that 29 per cent of the successful companies have a female chief executive officer, chief technology officer or chief scientific officer.