European Innovation Council indicators a hundredth Accelerator grant settlement

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The EIC Accelerator, with a novel provide of grants, blended finance and fairness investments, has confirmed to be of excessive curiosity for start-ups and SMEs since its launch in March 2021. Because of the want of the restructuring of the EIC Fund below the provisions of the Horizon Europe laws, the funding help to firms chosen by the EIC Accelerator was experiencing delays. However, the EIC is happy to announce that it has signed the 100th Accelerator grant settlement for the reason that first cut-off in June 2021.

The Fee and its EIC & SMEs Government Company (EISMEA) are making each effort to quick monitor the help to firms, to beat the delays encountered, and to make sure that such delays won’t happen in future. Because of these efforts, we have now managed to enhance considerably the time from choice till the signature of the contract.

EISMEA has now signed a big majority of grant-only or grant first contracts with firms chosen below June and October 2021 cut-offs:

  • All of the initiatives (59) with a grant element (i.e. grant-only, grant-first and blended finance initiatives) of June cut-off are signed and all pre-financing funds are made
  • All grant-only (6) and grant-first (23) initiatives chosen below October 2021 cut-off are signed and 29 grants out of 61 blended finance initiatives.
  • First 2 contracts with a grant element of March 2022 cut-off are signed, together with one with paid pre-financing. Different grants are in preparation. Corporations obtain the primary fee inside 10 days after the grant signature.

Concerning the funding help, following the first funding determination introduced on 14 June, the due diligence carried out by the European Funding Financial institution in its position as funding advisers is progressing quickly for firms chosen in 2021. It will allow the impartial Fund Supervisor, as soon as appointed, to make the funding choices. When the brand new EIC Fund preparations are in place, the time for implementing the grants and funding help for firms chosen by the EIC Accelerator will probably be progressively lowered with the intention to meet the wants of Europe’s fast-moving expertise start-ups.

Within the meantime, the EIC continues to stay up for help its mission of backing Europe’s visionary entrepreneurs. We’re making ready for our largest yearly convention – the EIC Summit, gathering start-ups, researchers, traders, coverage makers and corporates. We help EIC beneficiaries by the Enterprise Acceleration Providers and stand robust with Ukraine. The EIC appointed a brand new Ukraine-based ambassador and can quickly choose a pan-European community of start-up associations that can help no less than 200 Ukrainian deep tech start-ups with as much as €60,000.

Detailed implementation of the EIC Accelerator (state of play 8 September 2022)

EIC Fund: 

The appointment of an exterior EIC Fund Supervisor is ongoing. With the due diligence for fairness investments and different preparatory work that has already began for a lot of circumstances, we count on fast progress with the present backlog of funding after the appointment of the exterior Fund Supervisor.

EIC Accelerator:

For June 2021 cut-off, 63 firms had been chosen for funding following the analysis of the complete functions:

  • All 59 initiatives with a grant element (i.e. grant-only, grant-first and blended finance) are signed; all pre-financing funds have been made.
  • 30 firms requested blended finance, together with a grant element and fairness funding. All contracts for grant element have been signed. For the fairness funding element of those 30 firms, and the 4 firms chosen for equity-only, the signature of many of the funding agreements will happen till the tip of the yr.

In October 2021 cut-off, the EIC chosen 99 firms. 5 grant-only initiatives with United Kingdom beneficiaries have been rejected as Horizon Europe affiliation settlement haven’t been signed.

  • 29 firms have requested grant-only or grant-first help. All of the contracts are actually signed and the businesses acquired the pre-financing.
  • 29 of the 61 firms chosen for blended finance signed their grant element contracts.  1 funding determination has been taken. The signatures of many of the funding agreements for the fairness element began in summer season and can proceed to happen till the tip of the yr. 4 equity-only initiatives from this cut-off observe the identical timeline because the funding element.

In March 2022 cut-off, 74 firms had been chosen for funding following the analysis of their full functions. Kick off conferences have taken place and negotiations are on monitor.

  • 36 firms requested grant solely or grant first choices. 38 requested blended finance and fairness solely. Most often, the businesses will obtain the grant financing inside 5-8 months, whereas the finalisation of many of the fairness funding is anticipated from autumn till early 2024.
  • First two contracts with a grant element are signed.

In June 2022 cut-off, 986 firms have submitted full functions. The ultimate stage of the analysis, interviews with a jury, is happening proper now and the EIC will the leads to October.

Background info

Since its launch in April 2021, the EIC Accelerator has acquired over 7200 quick functions (assessed on a steady foundation) and practically 4000 full functions submitted to common cut-offs (805 to the June 2021 cut-off, 1098 to the October 2021 cut-off, 1091 to the March 2022 cut-off and 986 to the June 2022 cut-off). The subsequent cut-off for full functions is 5 October 2022.

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