Introduction: A Record-Breaking Funding Round
The latest results from the EIC Accelerator (October 2024 cut off) were announced a few weeks ago – it was the most competitive round to date. With 1,211 applications, a rigorous selection process, and only 71 innovative companies securing funding, this cycle highlights the growing demand for deep-tech, innovation support and how difficult it’s getting to write winning applications.
For UK businesses, the outcome is particularly noteworthy. This programme remains a crucial opportunity for British innovators despite post-Brexit funding constraints, with five UK companies successfully securing EIC Accelerator funding on this last round. Here, we discuss the key details British business should consider when preparing their applications.
Quick overview of the EIC Accelerator
The European Innovation Council (EIC) Accelerator is a flagship funding programme designed to support startups and SMEs with breakthrough innovations that have high growth potential It’s designed to support high-risk, high-impact technological developments for commercialisation. It offers:
- Non-dilutive grant funding of up to €2.5 million
- Equity investments up to €15 million (or €30M via STEP Scale-up)
- Business Acceleration Services, providing mentorship, networking, and investor connections
Key Insights from the October 2024 Funding Round
Record Demand & Selection Process
- Total applications: 1,211 startups and SMEs submitted full proposals
- Jury interviews: 431 companies advanced to Step 3
- Final selection: 71 companies secured funding
- Overall success rate: 5.9% (from Step 2 to final selection)
Industry Trends & Thematic Priorities
As mentioned above, the EIC Accelerator aligns with EU strategic priorities, funding projects with transformative potential. In this round, key focus areas included:
- Artificial Intelligence (AI): Next-gen AGI models and automation technologies
- GreenTech & Sustainability: CO2 extraction, hydrogen-based solutions
- HealthTech & Biotech: Advanced therapeutics, medical diagnostics, alternative proteins
- Deep Tech & Space: Satellite communications, quantum computing
While targeted funding calls focus on these priority areas, there is always an option to apply via the Open Call, allowing groundbreaking innovations from any sector to secure funding.
Geographical Distribution & UK’s Performance
This round saw a diverse geographical spread, with 16 countries securing funding, with a bit >50% of the funding shared amongst
- Germany: 15 companies
- Netherlands: 11 companies
- Sweden: 7 companies
- UK: 5 companies (7% of total selected)
With the UK remaining within the top performing nations securing funding, these results underline the continued viability of this route to support innovation for British business.
Why UK Startups Should Apply
UK companies are eligible for grant funding, with alternative funding routes for equity or innovation loans available through Innovate UK, in addition to the more traditional routes through Seed/Series A investment to support scaling efforts.
The EIC Accelerator remains a critical funding opportunity for UK startups due to:
- Non-dilutive grant funding: Up to €2.5 million to advance high-risk innovation.
- Investor credibility: An EIC-backed project significantly enhances attractiveness to private investors.
- Business Acceleration Services: Access to top-tier mentors, corporate partners, and funding networks.
- Recognition & Market Positioning: Being selected by the EIC establishes startups as leaders in their field.
Do’s and Don’t for EIC Accelerator Applications
Do –
- Align with EU Priorities: Address challenges in AI, sustainability, and health tech.
- Emphasise Scalability & Market Potential: Highlight commercialisation strategies.
- Leverage Partnerships: Work with EU-based organisations to enhance credibility.
- Strengthen the Value Proposition: Demonstrate uniqueness, feasibility, and impact.
Don’t –
- Give a weak market validation: Provide evidence of demand and commercial viability.
- Underdevelop your scaling strategy: Assessors look for a clear growth roadmap.
- Fail to articulate innovation impact: Impact assessment is crucial.
Conclusion: The Future of UK Participation in EIC Funding
UK companies continue to succeed in the EIC Accelerator. Strategic alignment with EU priorities, strong consortia, and robust scaling plans can enhance UK applicants’ success rates.
The next EIC Accelerator cut-off is in March 2025—a prime opportunity for UK innovators to secure transformative funding. With the right approach, British startups can still tap into Europe’s largest deep-tech funding programme and drive groundbreaking innovation forward.
EIC FAQs
1. Can UK companies apply for equity-based funding?
No, UK applicants are currently limited to grant-only funding under the EIC Accelerator.
2. What is the next EIC Accelerator cut-off date?
Step 1 is a rolling deadline; Step 2 is annually in March and October. Applicants must pass Step 1 before submitting a full proposal.
3. How long does the application process take?
Step 1 (Short Application): ~6-8 weeks
Step 2 (Full Proposal Submission & Evaluation): Several months
Step 3 (Jury Interview & Decision): Varies; equity investments may take longer.
4. What makes an application stand out?
Successful applications must demonstrate groundbreaking innovation, a clear path to commercialisation, and high-risk, high-impact technology that aligns with EU strategic priorities.
5. How can UK applicants find co-investors?
Through national innovation funds, private investors, and strategic EU partnerships.
Alex Chalkley
I have over 20 years experience in founding and scaling businesses, mainly focused on the non-dilutive funding sector. Since 2008, I have built, trained and mentored teams to successfully draw down over €100m in non-dilutive funding from the UK and EU for clients spanning multiple sectors.
Get in touch
