The EIC funding schemes in 2024

The EIC funding schemes in 2024

Dear Readers, first and foremost Happy New Year! I hope you had a serene and peaceful break over Christmas. In this brief article we will share Lira’s infographics providing the most relevant information on the three EIC funding schemes – Pathfinder, Transition and the Accelerator. If interested, you will find all the official documentation and useful info on:

  • The official EIC website;
  • On 15/01/2024 there will be a webinar organised by the EIC on the funding schemes starting from 09:00 a.m. CET. Go on the same websitefor more information;
  • On 16/01/2024 there will be a webinar focusing on the EIC Accelerator Challenges for 2024. Go on the same websitefor more information.

EIC Pathfinder 2024

 
  • €256mn total budget split in €136mn for Open and €120mn for the 5 Challenge calls;
  • 2 Deadlines. 07/03/2024 for Open. 16/10/2024 for Challenge;
  • The funding rate is 100% of the project’s costs;
  • Max grant amount is €3mn for Open and €4mn for Challenge calls.

Who’s Pathfinder for? “For multi-disciplinary research teams to undertake visionary research with the potential to lead to technology breakthroughs” [source: EIC website ]

EIC Transition 2024

 
  • €94mn for the Open call. In 2024, EICT does not have any Challenge call;
  • 1 Deadline: 18/09/2024;
  • The funding rate is 100% of the project’s costs;
  • Grant funding is up to €2.5mn.

What’s the EICT main goal?To turn research results into innovation opportunities, following up on results generated by EIC Pathfinder projects, European Research Council Proof of Concept projects and open for the first time to project results from Horizon collaborative projects from Pillar 2/ societal challenges”. [source: EIC website ]

EIC Accelerator 2024

 
  • €675mn total budget split in €375mn for Open and €300mn for the 6 Challenge calls, hence each Challenge call will have €50mn budget;
  • 2 Deadlines for the Full-Application. 13/03/2024 and 03/10/2024 for both Open and Challenge. The submission for the Short-Application is always open;
  • The funding rate is 75% of the project’s costs;
  • Max grant amount is €2.5mn. Equity up to €15mn – min €0.5mn;
  • 3 Funding types: Grant-Only, Blended-Finance, Equity-Only.

Who’s the EIC Accelerator for? “For start-ups and SMEs to develop and scale up innovations with the potential to create new markets or disrupt existing ones (grants below €2.5 million, investments from €0.5 to €15 million). €405 million is earmarked for investments to be managed by the EIC Fund, which will receive an additional €180 million to follow on investments in companies selected under previous EIC Accelerator calls”. [source: EIC website ]

There are 6 Challenge Calls in 2024. All the details on them are available on the EIC website and on the 2024 EIC Work Programme. On 16/01/2024 the EIC has organised a webinar from 08:30 to 13:15 CET to present and provide more information on the EICA Challenge Calls for 2024. More information on the webinar is available on the EIC website.

The EIC Accelerator selection process is complex and requires a high level attention to details. The infographic above provides what we call at Lira the Evaluation Journey. Taking into account the official data up to the 2023 June cut-off, 23% of the Full-Applications make it to the Face-to-Face interview. 34% of the companies invited to the F2F interview are successful, bringing the success rate from sending a FA to resulting eligible for funding to 8%. With the introduction of the new “3-max submissions rule”, companies should be more cautious when applying and see the importance of working on quality and on time.

That’s why is vital to plan in advance and allocate the right time to maximise the chances of success within the EIC Accelerator. At Lira, we suggest to allocate at least 1 month to prepare the Short-Application, 2 months to prepare a Full-Application and allocate at least 2 weeks to prepare and train for the Face-to-Face interview.

What to expect for 2024

The overall EIC budget for 2024 is less than in the previous years. On one hand, expect the same level of competition as these are popular funding schemes. On the other hand, with more stringent requirements the selection process will definitely benefit from it and quality will prevail. If you liked this article and are interested in gathering more date and insights in the EIC, please visit our LinkedIn page. Until our next article, take care and have a wonderful entrepreneurial journey.

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