European Commission launches European Innovation Council to help transform science into breakthrough innovations
The European Commission launched the European Innovation Council (EIC) last March with a budget of more than 10 billion euros for the period 2021-2027, with the aim of promoting and scaling up breakthrough innovations. Building on a successful pilot programme developed in Horizon 2020 (European Innovation Council pilot), the new EIC represents a world first, combining research on emerging technologies with an accelerator programme and an equity fund, the European Innovation Council Fund (EIC-Fund), with around €3 billion of the budget, to boost the creation of innovative companies and expand the growth of SMEs.
The programme includes substantial new features in terms of the application process. In particular, the one linked to the EIC Accelerator with a more simplified system and in four distinct phases, making it more accessible and open in terms of timing and type of funding requested. On the other hand, a new specialised team, the EIC Programme Managers, will be responsible for viewing technological advances and disruptive innovations, promoting a portfolio of projects of interest due to their social, economic or environmental impact. Also noteworthy is a new EIC Transition funding scheme that will help turn research results into innovations with market potential. Finally, new measures are introduced to support women innovators, including a women’s leadership programme.
In addition, the EIC’s first annual work programme has been made public, as well as the 2021 call schedule offering funding opportunities worth more than €1.5 billion.
Funding opportunities in 2021
- 1 billion EIC Accelerator funding for SMEs (start-ups, spin-outs and, in exceptional cases, small mid-caps) to develop and scale high-impact innovations with the potential to create new or disrupt existing markets (TRL 6 to 9). It provides one-off funding combining equity (or quasi-equity, such as convertible loans) between €500,000 and €15 million through the EIC Fund, with grants of up to €2.5 million. Of the €1 billion, €495 million is earmarked for breakthrough innovations to contribute to the GREENDEAL objectives and other priority challenges for the EU such as digital and health technologies.
- The EIC Pathfinder targets multidisciplinary collaboration of research teams (and other actors), with a budget of €300 million, to carry out visionary research with the potential to lead to technological breakthroughs. Research teams can apply for up to €4 million in grants. The bulk of the funding is awarded through open calls without pre-defined thematic priorities, while €132 million is allocated to address five pre-defined challenges: 1) Awarenessinside, 2) Tools to measure & stimulate activity in brain tissue, 3) Emerging Technologies in Cell & Gene Therapy, 4) Novel routes to green hydrogen production, 5) Engineered living materials.
- EIC Transition Funding aims to turn research results into innovation opportunities, with a budget for 2021 of EUR 100 million. This first call will focus on the results generated by the EIC Pathfinder pilot projects and the European Research Council’s proof-of-concept projects, with the aim of maturing the technologies and the business plan and model.
In each case, direct financial support to innovative entities and initiatives is complemented by access to a range of Business Acceleration Services.
From the Innovation Consultancy service, we have a team of consultants specialised in international projects, from which we provide our clients with the support and guidelines necessary to plan, organise, document and accompany our clients in their participation in R&D&I projects that can be financed with European funds.
