EIC Accelerator Interview Preparation Process: Scripting the Pitch (Part 1)

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The EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity) has introduced mandatory, in-person interviews in 2018 which marked the first multi-step installation of this financing instrument. For the first time, it was necessary to present and justify the innovation project in front of a jury that consisted of different experts such as coaches, consultants, angel investors, VC partners and others.

With success rates for the EIC Accelerator having historically been well below 5%, the interviews tended to be the last but also the least selective step of the evaluation process. These exhibited success rates ranging between 25-50% (i.e. 50% in June 2021) and, if a startup or Small- and Medium-Sized Enterprises (SME) was invited, it was likely that they would obtain the grant financing.

Approaches to Pitch Practise

Often, startups that apply to the EIC Accelerator assume that their past experience from event pitches or conversations with Venture Capitalists (VC) or other investors is sufficient to be prepared for the EIC jury. While it is true that this is a great asset to fall back on and presents an invaluable experience, it is often not enough to increase the success chances of a project above the average since this experience is shared among most founders.

Note: A company can succeed in the EIC Accelerator interviews without any practice or preparation but this approach is risky and not recommended.

What to Expect in a Pitch Interview

Previous articles on the pitch interviews can be found here:

• Structuring an EIC Accelerator Pitch Deck for the Jury Interview (SME Instrument)
• How to Prepare for an EIC Accelerator Pitch Interview (SME Instrument Phase 2) – Part 1
• How to Prepare for an EIC Accelerator Pitch Interview (SME Instrument Phase 2) – Part 2
• What to Expect in an EIC Accelerator Interview (SME Instrument Phase 2)

In a nutshell, the pitch interview, online or in-person, will consist of a 10-minute pitch by the presenting team (i.e. usually 3 senior and balanced team members) followed by a max. 35-minute-long Questions and Answers (Q&A) session. The topics, considerations and descriptions of such a session are described in the articles above.

To sufficiently prepare for this event, the presenting team has to focus on two distinctly different segments:

• The pitch: A 10-minute pitch that should be entertaining and use understandable language, simple sentences and easy-to-digest slides while telling an enticing story as opposed to overly complex content.
• The Q&A: A 35-minute questioning round that can range from pleasant and supportive to unpleasant and critical, depending on the luck and response the presenting team receives.

How to Prepare for the Pitch

The pitch deck that is submitted in Step 2 of the evaluation process will be used for the EIC Accelerator interview week in Step 3. Unfortunately, this pitch deck cannot be changed later on and it is even forbidden to update numbers or names if they are incorrect. The pitch deck has to be used exactly as it was submitted even if the delay between submission and the actual pitch date can amount to three months or more.

This places an additional limitation on the team since, quite often, a detailed script has not been prepared on the day of submission and, during the script-writing process, one might feel that it is necessary to adjust parts of the pitch deck. Since this is not possible, the team and the consultant or professional writer have to work around the pitch deck and deliver a spoken pitch that works well, is clear and explains all aspects of the technology even if the slides do not perfectly match the communicated content.

The general structure of pitch decks has been discussed in the articles linked above but the following presents a more comprehensive list of the slides that can be used:

Note: Not all items need to be part of a pitch deck but they should all be covered by the spoken script to assure a well-rounded pitch.

1. Problem
2. Solution
   • Products
3. Innovation
   • Patents
4. Customers and customer value
   • Case study
5. Competitor comparison
6. Business model
   • Revenue streams
   • Commercial strategy
   • Traction
7. Market
   • Timing
   • Growth rate
8. Current state
   • Prototype
   • Past financing
9. Development tasks
10. Financial projections
11. Funding needs
    • Risk
    • Non-bankability
12. Team
    • Partners
13. Vision
14. Why invest in us

There are different approaches to preparing such a pitch deck but two simple strategies for slides can be:

1. Prepare slides with complex content (i.e. a complicated graphic, concept or text) and spend at least 1 minute per slide.
2. Prepare short slides that the presenter shows for 10 to 30 seconds and use them for fluent, fast-paced story-telling.

Since the number of slides in the pitch deck document is unlimited, it is advisable to use this opportunity and create a highly visual pitch deck aimed at leading the audience through a story. Based on the two segments above, it can be a good approach to have 75% of slides fall into the second category while the minority of slides are in the first one. This way, the interviewees have enough opportunities to explain the core and complex technical aspects while the shorter slides can be utilised to tell an engaging and entertaining story.

Even though many presenters focus on the 1-minute-per-slide rule, in reality, a 10-minute pitch deck can easily be 20-slides in length if the following durations are chosen:

• 5 x 60-second slides
• 5 x 30-second slides
• 5 x 20-second slides
• 5 x 10-second slides
• Total: 20 slides and 600 seconds = 10 minutes

Note: These durations are suggestions and each presenter has to adjust the length to their own personal style. It is also designed for a pitch that is followed by a long Q&A session which allows presenters to show content briefly since the audience can follow up afterwards.

How to Construct Slides

Pitch decks are often a matter of Corporate Identity (i.e. design, content), choices based on the particular technology or market as well as personal taste but the following presents a general suggestion on the types of slides that can be used without delving into their detailed design.

One eye-catching sentence

A single sentence can be displayed on a slide to focus the audience on a core concept of the technology, a problem in the market or anything that the team thinks is important. Such a slide can easily be presented in 10 seconds. An example could be:

"10,000 citizens die every day and there is still no treatment for condition X."

Very often, audience members are not listening to every word the presenter says but they try to make sense of what they see on the current slide. As a result, showing one large sentence can be a sure way of gaining the jury's attention and transmitting a key message.

One image or graphic

It can be useful to add multiple short slides with single images or graphics if they illustrate the problem, the benefits of the solution or any other related segments such as the market or traction. The presenter can even speak a single sentence over multiple slides while showing simple graphics to support each point they make. An example can be:

"The problem in the current medical industry is Describe A (skip to the slide with a simple chart or image), Describe B (skip) and Describe C (skip)".

If this is well-paced and sufficiently understandable then it can be an engaging way of presenting many aspects of a business model, technology or market dynamic.

A complex concept

There is no way of avoiding complicated slides in a DeepTech pitch event since being highly technical is what allowed the project to reach this point in the first place. Any graphic that is shown should be simplified as much as possible but only up to a point where it does not omit key aspects or renders the innovation too simplistic.

It should not contain text that is impossible for the audience member to read (i.e. too much or too small) and it should also not require them to be experts in the field to understand it. To avoid losing the audience after one technical slide, it can be useful to utilise multiple slides and explain the concepts through a story. An example can be to lead into the slides by saying:

"So, how do we accomplish this?"

after the solution has been introduced since this will pick up the audience members that were lost during the technical slide. The graphic can show the magic of what the company does, potentially even directly compared to how it is conventionally performed. Examples can be:

• Conventional vs. quantum computing
• Biologically extracting compounds from animals vs. genetic modifications of E. Coli via synthetic biology
• Manual labour vs. Artificial Intelligence-based automation

A detailed look

There are slides that are difficult to simplify but are not overly complex in nature. There can also be cases where it is advisable to not skip too rapidly because the audience members are especially interested in them. Examples for this can be a market analysis, the business model (i.e. partners, traction, commitments), the competing technologies or the financials. Resting longer on such slides can be essential in gaining the viewer's confidence and can also be timed in such a way that they are balanced with the fast-paced slides.

Generally speaking, it is advisable to prepare a word-for-word script and practise it until one can deliver a well-paced and natural version of it even if the final result will deviate. One can likewise focus on delivering one key message that needs to be transmitted on each slide.

The only restriction that must be honoured is the length of the pitch: Under no circumstances should it exceed 10 minutes since this will be strictly enforced by the European Innovation Council (EIC) and European Commission (EC).

Continuation

• EIC Accelerator Interview Preparation Process: The Importance of the Q&A (Part 2)
• EIC Accelerator Interview Preparation Process: Jury Considerations (Part 3)
• EIC Accelerator Interview Preparation Process: Interviewee Considerations (Part 4)

These tips are not only useful for European startups, professional writers, consultants and Small and Medium-Sized Enterprises (SME) but are generally recommended when writing a business plan or investor documents.

Deadlines: Post-Horizon 2020, the EIC Accelerator accepts Step 1 submissions now while the deadlines for the full applications (Step 2) under Horizon Europe are listed below. The Step 1 applications must be submitted weeks in advance of Step 2. The next EIC Accelerator cut-off for Step 2 (full proposal) can be found here. After Brexit, UK companies can still apply to the EIC Accelerator under Horizon Europe albeit with non-dilutive grant applications only - thereby excluding equity-financing. Switzerland has resumed its participation in Horizon Europe and is now eligible for the EIC Accelerator.

Contact: You can reach out to us via this contact form to work with a professional consultant.

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Eureka Network: The Eureka Network delivers various international collaborative R&D initiatives such as Network Projects, Clusters, Eurostars, Globalstars, and Innowwide, providing funding from €50K to €6.75M per project based on the specific initiative. This network emphasizes market-driven innovation and deep-tech advancement across multiple technology sectors including ICT/Digital, Industrial/Manufacturing, Bio/Medical Technologies, Energy/Environment, Quantum, AI, and Circular Economy. Eligible participants include SMEs, large enterprises, research organizations, universities, and startups, with Eurostars particularly focused on R&D-performing SMEs. Get Started

EIC Transition: EIC Transition delivers up to €2.5 million in funding to overcome the 'valley of death' gap between laboratory research and market deployment, emphasizing technology maturation and validation. The initiative supports single legal entities or small consortia of 2-5 partners including SMEs, start-ups, spin-offs, and research organizations. Key technology domains include Health/Medical Technologies, Green/Environmental Innovation, Digital/Microelectronics, Quantum Technologies, and AI/Robotics. Get Started

EIC STEP Scale-Up: EIC STEP Scale-Up delivers significant equity investments of €10-30 million for established deep-tech companies prepared for hyper-growth and large-scale expansion. The initiative targets SMEs or small mid-caps with up to 499 employees who have obtained pre-commitment from qualified investors. Primary focus areas include Digital & Deep Tech (Semiconductors, AI, Quantum), Clean Technologies for Net-Zero objectives, and Biotechnologies. Get Started

EIC Pre-Accelerator: EIC Pre-Accelerator represents a 2025 pilot initiative delivering €300,000-€500,000 in funding for early-stage deep-tech development and preparation for the EIC Accelerator program. This program is exclusively accessible to single SMEs or small mid-caps from 'Widening countries' to foster regional innovation development. The initiative encompasses deep-tech innovations across physical, biological, and digital domains. Get Started

EIC Pathfinder: EIC Pathfinder delivers up to €3 million for Open calls and up to €4 million for Challenge-based calls to support early-stage research and development with proof-of-principle validation. The initiative requires research consortia with a minimum of 3 partners from 3 different countries, including universities, research organizations, and SMEs. Primary technology focus areas include Health/Medical, Quantum Technologies, AI, Environmental/Energy, and Advanced Materials. Get Started

EIC Accelerator: EIC Accelerator delivers flexible funding options including blended finance (€2.5M grant + €0.5M-€10M equity), grant-only (up to €2.5M), or equity-only arrangements for scale-up and market deployment of breakthrough innovations. The initiative targets SMEs, start-ups, and small mid-caps with up to 499 employees, with MedTech/Healthcare representing 35% of funded projects. Additional technology areas include Biopharma, Energy, AI, Quantum, Aerospace, Advanced Materials, and Semiconductors. Get Started

Innovation Partnership: Innovation Partnership enables collaborative innovation between public and private sectors with typical funding of €1-5 million per project. The initiative supports cross-sectoral strategic technologies through public-private partnerships and consortia. Projects concentrate on addressing societal challenges through collaborative innovation approaches. Get Started

Innovation Fund: The EU Innovation Fund delivers substantial funding of €7.5 million to €300 million for large-scale demonstration of innovative low-carbon technologies. The initiative targets clean energy, carbon capture, renewable energy, and energy storage technologies to accelerate the transition to a low-carbon economy. Eligible participants include large companies, consortia, and public entities capable of implementing large-scale demonstration projects. Get Started

Innovate UK: Innovate UK delivers various programs with funding ranging from £25K to £10M depending on the specific initiative, supporting business-led innovation, collaborative R&D, and knowledge transfer. The organization funds projects across all sectors with particular emphasis on emerging technologies and supports UK-based businesses, research organizations, and universities. Programs are designed to drive economic growth through innovation and technology commercialization. Get Started

Industrial Partnership: Industrial Partnership delivers €2-10 million in funding for industrial research and innovation partnerships focusing on manufacturing, industrial technologies, and digital transformation. The initiative supports industrial consortia and research organizations in developing collaborative solutions for industrial challenges. Projects aim to strengthen European industrial competitiveness through strategic partnerships. Get Started

Eurostars: Eurostars represents a joint EU-Eureka initiative delivering €50K-€500K for international R&D collaboration specifically led by SMEs. The program adopts a bottom-up approach, accepting projects from all technology fields without predefined thematic restrictions. R&D-performing SMEs must lead the consortium and demonstrate significant R&D activities. Get Started

LIFE Programme: The LIFE Programme delivers €1-10 million in funding for environmental protection, climate action, and nature conservation projects across the European Union. The initiative supports environmental technologies, climate adaptation strategies, and biodiversity conservation initiatives. Eligible participants include public authorities, private companies, NGOs, and research institutions working on environmental and climate challenges. Get Started

Neotec: Neotec represents a Spanish initiative delivering €250K-€1M in funding for technology-based business creation and development, supporting the growth of innovative Spanish SMEs and start-ups. The program covers all technology sectors and aims to strengthen Spain's technology ecosystem. Funding is specifically targeted at Spanish technology-based SMEs and start-ups to enhance their competitiveness and market presence. Get Started

Thematic Priorities: EU Thematic Priorities encompass various programs aligned with EU strategic priorities including green transition, digital transformation, health, and security initiatives. Funding amounts vary based on the specific program and call requirements, with projects designed to address key European challenges. Applicant eligibility varies by specific program and call, with different requirements for different thematic areas. Get Started

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