The Difference Between Innovation and Features (EIC Accelerator)

Posted on By Stephan Segler, Ph.D.
Here are some tips regarding applications for the EU’s start-up grant (up to €2,500,000 via grant + €15,000,000 through equity financing). 

The central component for the grant application is the innovative nature of the project, meaning that it not only addresses customer needs and has a significant market impact but is based on a unique technology or approach. This is key since it can be easy to confuse ‘innovation’ with a ‘collection of features’ and try to convince through narratives such as: 

  • “We do what competitors do but better”
  • “We have a wholesome approach that combines multiple existing features”

 

A unique technology (patented or not) must be difficult to copy and cannot be a simple extension of other existing products. The proposal must present a clear narrative by introducing a major problem in the introduction which then ties into your product or service through its unique value proposition. Afterwards, it addresses your strategy to overcome market barriers and describes how your customers needs relate to your innovation. The overall narrative should communicate: 

  • “We are the only company who can address the problem and meet customer needs”
EIC Accelerator Horizon 2020 Phase 2 SME Instrument / EIC Accelerator

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