Global competition is intensifying and Europe needs to deepen its innovation and risk-taking capability to compete on a market increasingly defined by new technologies. That is why the Juncker Commission is introducing a European Innovation Council (EIC) to turn Europe’s scientific discoveries into businesses that can scale up faster. Currently in its pilot phase, the European Innovation Council will become a full-fledged reality from 2021 under the next EU research and innovation programme, Horizon Europe (ex-H2020).
Over €2 billion of funding is available for 2019-2020: covering the innovation chain: “pathfinder” projects to support advanced technologies from the research base and “accelerator” funding to support startups and SMEs develop and scale up innovations to the stage where they can attract private investment. Under the “accelerator” funding companies will be able to access blended financing (grants and equity) of up to €15 million, which is well suited to SME that have a project of TRL 8.
The EIC Accelerator is aimed at SME that are looking to scale their high-risk innovation. For projects that will receive both a grant and equity, the EIC will negotiate with the SME about equity-financing terms. Adapted for SME that may not already have VC funding secured.
Contact AXSYSNAV, a company specialised in space applications and member of the EIC network, for further information on how we fund private projects (with a success rate close to 60% for obtaining a grant).