Tag Archives: EIC Accelerator template

EIC Accelerator Success Rates and Feasibility Studies (SME Instrument)

The EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity financing) is a competitive program targeted at innovative Small- and Medium-Sized Enterprises (SME) and startups. Under the name SME Instrument, it was active for many years and provided a financial support system over two phases – Phase 1 and Phase 2. The former consisted of a small grant of €50,000 while the latter is identical to the EIC Accelerator today (read: EIC Accelerator Introduction).

With the last Phase 1 deadline having been in September 2019, startups today do not have the option to first apply for this seed-grant which was a great opportunity to nourish early-stage startups and allow them to fully assess a project through a feasibility study. Such a study was not only useful to analyse the validity of an innovation or business model but also acted as a springboard to prepare the information-dense Phase 2 (EIC Accelerator) proposal since it requires extensive market studies, customer descriptions and a full business plan that includes the workpackages for the grant support (read: EIC Accelerator Workpackages).

This was a very useful setup and its effects were evident in the statistics collected on the Phase 1 & Phase 2 applicant success cases throughout 2018 (read: Impact Report). In the statistical report, it was found that the chances of receiving the SME instrument Phase 2 funding were 4.1% if no Phase 1 was secured beforehand while the chances rose to 6.8% with a completed Phase 1 project. This means that just having received and completed a Phase 1 project significantly increased the success chances of grant applicants (i.e. a 65% increase).

This increase, of course, can be due to a variety of reasons and the following article presents a shortlist of effects a Phase 1 project could have on a successful Phase 2 evaluation as well as strategies to emulate this advantage for the EIC Accelerator.

Description of the Pilot Results

The most obvious reason as to why the Phase 2 application is improved after a completed Phase 1 is that such projects likely have a comprehensive description of their respective pilot studies. Since the Phase 1 report includes content on the project’s feasibility, the corresponding sections of the proposal template can be filled with suitable content. This includes the documentation on the technical feasibility, test results and the descriptions of use-cases in the relevant environment.

When writing a Phase 2 application like the EIC Accelerator, it can often happen that pilot tests are neglected or not described with great detail. To remedy this, the obsolete Phase 1 feasibility studies have incentivised applicants to elaborate on them in-depth which is likely a contributing factor for the increased success rates.

Financial and Commercial Feasibility

The Phase 1 study directly requests validations of the feasibility from a commercial and financial point of view which can easily be overlooked when writing a business plan. Key factors in this validation process are the customer demand, willingness-to-pay, expected margins and a general analysis of the opportunity which can dramatically enhance the quality of an application.

Having a separate section describing such a detailed feasibility assessment is beneficial and can be neglected if the EIC Accelerator template does not directly ask for it. Even if no Phase 1 project has been funded prior, professional writers and consultants can still benefit from adding the respective section to an application.

Budget Allocation

Workpackages are a critical part of every EIC Accelerator application but they can be tricky since companies do not usually define their development work in such a distinct manner (read: Work packages). As a result, it is easy to rush the workpackage creation and its budgeting as a mere afterthought but this can make the respective implementation less believable or too vague. The Phase 1 feasibility study did remedy this since it requested information on the project’s future, required developments and budgets which could be directly used to inform the EIC Accelerator application.

Proposal Quality

In General, the narrative of the proposal is critical and the vision should be in full alignment with the expected impact, the innovation and the project itself (read: Assessing a Project). If a company has spent 5-6 months in preparing a report for Phase 1, they have likely further refined and aligned key cornerstones of an application (read: A Proposal Narrative). This can enhance every single proposal section since the Freedom to Operate (FTO), the timing, the introduction, the hiring needs, the Key Performance Indicators (KPI), the broader impact, etc. are all highly relevant but are often only briefly addressed.

The quality of a proposal is enhanced in relation to the amount of attention that is placed on its details. This is perfectly supported by a Phase 1 feasibility study which aids in just that – giving the applicant time and a structure to fill in the blanks.

Evaluators’ Bias

Lastly, there is always a bias from the evaluator’s position since seeing that a project has successfully completed Phase 1 will make Phase 2 more appealing to them. From their perspective, the applicant has already succeeded in a highly competitive application process, has completed the stringent documentation responsibilities and has delivered a final report. This element of ‘social proof’ has an effect on the reader and, in and of itself, is expected to increase the evaluation score (read: Buzzwords for the EIC Accelerator).

How to Use this Information

First of all, the absence of a Phase 1 option under the EIC Accelerator program should not be a reason to neglect the points listed above (read: Biggest EIC Accelerator Mistakes). A feasibility study or pilot project can be conducted independently, can come from other funding sources or be performed directly with customers. Taking the time to describe the past milestones, the results of extensive R&D and presenting technical as well as commercial and financial information to validate the project should be prioritized when planning an application.

Some documentation on the now obsolete Phase 1 process can be found in the official template for the feasibility study (here) and the Grant Agreement Contract (GAC).


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) will likely be on March 23rd 2022, June 15th 2022 and October 5th 2022 under Horizon Europe. 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.

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

EU, UK & US Startups: Alternative financing options for EU, UK and US innovation startups are the EIC Pathfinder (combining Future and Emerging Technologies - FET Open & FET Proactive) with €4M per project, Thematic Priorities, European Innovation Partnerships (EIP), Innovate UK with £3M (for UK-companies only) as well as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants with $1M (for US-companies only).

Any more questions? View the Frequently Asked Questions (FAQ) section.

Want to see all articles? They can be found here.

For Updates: Join this Newsletter!



by Stephan Segler, PhD
Professional Grant Consultant at Segler Consulting

General information on the EIC Accelerator template, professional grant writing and how to prepare a successful application can be found in the following articles:

The Reliance of EU Startups on Consultancies for the EIC Accelerator (SME Instrument)

The EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity financing) is an innovation funding program that provides up to €17.5M to startups and Small- and Medium-Sized Enterprises (SME). It is very attractive for eligible companies since it allows single-applicants to directly apply online and participate in the program with little to no help from third parties (read: EIC Accelerator Introduction).

Since the evaluation is performed by the European Agency for SME’s (EASME) and European Innovation Council (EIC), it appears to be the ideal framework for the European Commission (EC) to directly help excellent companies in the region.

Or so it seems.

Insufficient Documentation & Transparency

Unfortunately, many applicants who investigate the EIC Accelerator process and proposal template find that the official documentation is not entirely helpful. Instead of presenting what a good business case should be, the European Union (EU) focuses on communicating its goals for policies, gender equality, finding startup unicorns and describing innovation from a political perspective.

As a result, prospective applicants turn to professional writers and consultants since they are concerned that “they do not know what the EU wants to hear” (read: Hiring a Writer). They recognize early in the process that the EIC Accelerator is a policy-driven element, spearheaded by politicians as the primary decision-makers while entrepreneurs take an advisory role.

Becoming Entrepreneur-Friendly

The EIC is making progress in becoming more entrepreneur-friendly by aiming to be Venture Capital (VC)-like and presenting itself as a true start-up ecosystem in the EU via equity investments, pitch-oriented evaluations and expert entrepreneurs for critical evaluation steps. Unfortunately, while the EIC aims to simplify the application process, the direction the EIC Accelerator is moving towards is becoming less and less applicant-friendly.

This is not only evident in the recent equity-affair whereas granted applicants from 2019 have only received part of their equity financing in 2021 (read: Interview with EIC Fund Member) but also in the addition of more and more evaluation steps (read: Proposed 2021 Process).

Making the Application Process More Difficult

In 2018, in-person pitch interviews were introduced as an additional layer to the formerly 1-step evaluation procedure and 2021 will see the EIC Accelerator become a 3-step process which will, for the first time, include video submissions (read: Pitch Video Types). This not only increases the workload for all applicants but also requires a broad skill set which is not commonly found in DeepTech startups (i.e. design, video production, storytelling, marketing).

This clearly is a contradictory approach by the EU since adding steps to the process will increase the reliance of grant applicants on consultants and professional writers instead of reducing it (read: The Grant Writing Industry).

Understandably, the EIC is in a double bind. It wants to attract excellent companies and help them to apply without hiring external help but, by attracting an excess of applicants, it has to increase the evaluation barriers since the budget is limited. This, in combination with a less transparent evaluation process (read: Applying Early to the EIC Accelerator), leaves innovative companies no choice but to rely on external partners more than ever before.


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) will likely be on March 23rd 2022, June 15th 2022 and October 5th 2022 under Horizon Europe. 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.

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

EU, UK & US Startups: Alternative financing options for EU, UK and US innovation startups are the EIC Pathfinder (combining Future and Emerging Technologies - FET Open & FET Proactive) with €4M per project, Thematic Priorities, European Innovation Partnerships (EIP), Innovate UK with £3M (for UK-companies only) as well as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants with $1M (for US-companies only).

Any more questions? View the Frequently Asked Questions (FAQ) section.

Want to see all articles? They can be found here.

For Updates: Join this Newsletter!



by Stephan Segler, PhD
Professional Grant Consultant at Segler Consulting

General information on the EIC Accelerator template, professional grant writing and how to prepare a successful application can be found in the following articles:

How a Consultant can Produce an EIC Accelerator Pitch Video Remotely (SME Instrument) – Part 2

This article is a continuation of Part 1 and presents a proposed workflow for the creation of a pitch video for the EIC Accelerator blended financing program (formerly SME Instrument Phase 2 – grant and equity financing). Due to the new process under Horizon Europe (2021-2027), the pitch video will be an additional barrier for startups and Small- and Medium-Sized Enterprises (SME) to apply for the grant financing and increase their reliance on consultancies and professional writers (read: Relying on Consultants).

Since the official proposal template and work programme will likely not provide sufficient guidance, the following content aims to remedy the most pressing concerns of future applicants (read: EIC Accelerator Introduction).

1.2 Discussing the Resources Available

The KOM should likewise be used to clarify the resources and capabilities an applicant has at their disposal. This includes the available footage (i.e. produced videos, features, animations) and the available hardware such as cameras, lights and related equipment (read: Types of Pitch Videos). Many smartphones can already record high-definition (HD) footage while Digital Single-Lens Reflex (DSLR) cameras are quite common as well.

Lastly, the SME’s team should clarify the locations and capabilities of their members so that tasks can be distributed accordingly and the shooting of the pitch video can be timed appropriately. If some employees have experience with video production then the process can be facilitated greatly while having all of the team members meet in a single location for a joint video can be beneficial.

1.3 Guidance for Best Practises

If no suitable expertise is available in a startup, the consultancy should provide a shortlist of best practises helping the team to maximize the quality of the production. These should include tutorials, Frequently Asked Questions (FAQ), tips & tricks as well as recommendations for camera settings, lights and related topics.

Most of this information is easy to learn and readily available but a brief guideline targeted at short EIC Accelerator grant pitch videos is expected to significantly benefit the production quality. If the team has no time to perform the shooting themselves, an external videography team can also be contracted for an on-site project.

1.4 Creating the Script

Before the shooting begins, the script should be prepared by the professional writer or consultant so that the production can be planned in advance. The script should clearly identify the content, speakers and setting so that the applicant understands the requirements and resources that are needed.

Preparing a script is complementary to the proposal writing and the pitch deck creation with the exception that the storytelling can be much more creative. The storyline of the video should be clear to all participants and care should be taken that the script is rich enough to not require any additional footage collection at a later stage. It is better to include additional content in the first script but cut it from the final video rather than to shoot less but then require a re-shoot at a later stage.

1.5 Screen Test (optional)

After the script has been created, the company should proceed with a first screen test where the team takes a few hours to create the video content to the best of their abilities. This includes the set-up of the lighting, camera settings, microphone and the final recording at the respective set.

This stage is supposed to be a low-stakes practise run but, if the footage is high-quality, it could be directly used for the pitch video. Once the screen test has been recorded, it can be reviewed and discussed with the consultant or writer to optimize the content, script and execution of the shoot.

1.6 The Real Recording

After the screen test has been reviewed and the script and execution have been corrected, the applicant will take a second day to perform the recording and collect all of the required footage. This 2-stage production will likely provide superior results and allow the creation of a high-quality end product with little effort or overhead.

1.7 Editing and Exporting the Pitch Video

Lastly, the editing of the footage can be performed either by the consultancy, a third-party contractor or a team member of the startup depending on how responsibilities have been distributed in the agreement. The editing will be an essential step to assure that colour grading, basic corrections, audio enhancements as well as related aspects are all exhibiting the highest quality.

Afterwards, the final video can be exported in the appropriate format and be ready for the first submission.

2. Summary

A process for the remote production of the EIC Accelerator pitch video could be structured as follows:

  1. Planning the Process: Discussing the core responsibilities of the shoot.
  2. Discussing the Resources Available: Reviewing the availability of equipment and skills.
  3. Guidance for Best Practises: The provision of guidelines to facilitate the production.
  4. Creating the Script: Developing a comprehensive script to avoid re-shoots at a later stage.
  5. Screen Test: A practice run (optional).
  6. The Real Recording: Recording the final video footage.
  7. Editing and Exporting the Pitch Video: Editing to increase the quality and export within file size restrictions.


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) will likely be on March 23rd 2022, June 15th 2022 and October 5th 2022 under Horizon Europe. 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.

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

EU, UK & US Startups: Alternative financing options for EU, UK and US innovation startups are the EIC Pathfinder (combining Future and Emerging Technologies - FET Open & FET Proactive) with €4M per project, Thematic Priorities, European Innovation Partnerships (EIP), Innovate UK with £3M (for UK-companies only) as well as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants with $1M (for US-companies only).

Any more questions? View the Frequently Asked Questions (FAQ) section.

Want to see all articles? They can be found here.

For Updates: Join this Newsletter!



by Stephan Segler, PhD
Professional Grant Consultant at Segler Consulting

General information on the EIC Accelerator template, professional grant writing and how to prepare a successful application can be found in the following articles:

How a Consultant can Produce an EIC Accelerator Pitch Video Remotely (SME Instrument) – Part 1

In 2021, the new EIC Accelerator blended financing program (formerly SME Instrument Phase 2 – grant and equity financing) will include a more sophisticated 3-step evaluation process which includes a pitch video (read: Proposed 2021 EIC Accelerator Process). This will likely place an additional burden on Small- and Medium-Sized Enterprises (SME) and professional writers or consultancies since video production is rarely part of their established skill set (read: Pitch Video).

While the pitch video is an interesting addition to the evaluation process, it is also a new challenge for early-stage startups who often lack the funds for video production or DeepTech companies who are less focused on marketing compared to a digital innovator. Additionally, producing a video can take a lot of time and, as opposed to written content or a pitch deck for the interviews, it must be created in person which places a significant burden on both startups and consultancies.

Implications of the Pitch Video

Just by introducing the pitch video, the European Innovation Council (EIC) has directly increased the reliance of startups on consultancies which, in many cases, have to perform an in-person video production (read: Relying on Consultants). Unfortunately, adding another layer of expertise to the evaluation process only widens the gap between an excellent project and a funded project since consultancy support becomes increasingly indispensable for applicants.

The greatest challenge for new applicants will come in the form of planning the video creation since, while editing a proposal over multiple re-submissions is common, re-editing a video is resource-intensive if it includes additional video production. As a result, the video should be perfect right from the start which means that the narrative of the project and proposal have to be perfected in the beginning so that the correct footage can be collected in a single day and does not need to be re-recorded continuously. More than anything, planning the video production will become a major burden for applicants.

Even if a company is working with an expert video production team, understanding what a resulting pitch video must contain and synchronizing its message with the written application and pitch deck will be a challenge. Often, companies are in a position of having limited funds, limited grant writing experience and have a lack of video footage or production skills. In such a situation, creating a framework to simplify the process of a remote and lean video production should be a must for the EIC and European Commission (EC).

1. Remote Video Production Workflow

Since the official proposal template and documentation are likely unable to provide suitable guidance for applicants, this article will present a proposed workflow for the creation of a pitch video in a remote fashion. Preparing a video remotely will remain the most efficient way for both consultancies and applicants but there are a variety of barriers to this workflow. The following is a shortlist of concerns from clients:

  • There is no video footage available
  • The company has no camera or related equipment
  • The team lacks video production skills or suitable contractors
  • The team is unable to script a video
  • All employees are working remotely and are not in the same city or country
  • The team is unfamiliar with editing software such as Adobe Premiere Pro

These points can be a challenge but are still surmountable through meticulous planning and guidance from a consultancy, writer or freelancer.

1.1 Planning the Process

The normal work-flow when collaborating with a consultancy or writer is to start with a prolonged Kick-Off Meeting (KOM) to discuss the project with the founders of the company and the writing-team. This precedes every other task and has the purpose of bringing everyone on the same page while defining the project and its scope.

Adjusting this process to include video scripting can simply be done by taking the time to define the core messages that need to be communicated for a particular project (read: How to Script a Pitch Video). These should be customized to every startup since the ingenious aspects of a technology or business model will likely vary greatly from company to company.

This article continues in Part 2.


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) will likely be on March 23rd 2022, June 15th 2022 and October 5th 2022 under Horizon Europe. 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.

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

EU, UK & US Startups: Alternative financing options for EU, UK and US innovation startups are the EIC Pathfinder (combining Future and Emerging Technologies - FET Open & FET Proactive) with €4M per project, Thematic Priorities, European Innovation Partnerships (EIP), Innovate UK with £3M (for UK-companies only) as well as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants with $1M (for US-companies only).

Any more questions? View the Frequently Asked Questions (FAQ) section.

Want to see all articles? They can be found here.

For Updates: Join this Newsletter!



by Stephan Segler, PhD
Professional Grant Consultant at Segler Consulting

General information on the EIC Accelerator template, professional grant writing and how to prepare a successful application can be found in the following articles:

Helpful Resources for an EIC Accelerator Pitch Video (SME Instrument)

In 2021, the EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity financing) will include a video pitch as a new proposal document which is expected to place an additional burden on applying startups and Small- and Medium-Sized Enterprises (SME). While tips on choosing an appropriate video type (read: Types of Pitch Videos) and the scripting process (read: Scripting a Pitch Video) can be found elsewhere, this article will focus on the resources that can be used for the actual editing process.

While the European Innovation Council (EIC) will likely not provide sufficient material as part of the official proposal template or guidelines, professional writers and consultancies should have access to a variety of resources needed for video production such as video clips, background music, images and software. These will likely become indispensable since a hired consultant must be able to efficiently coordinate all aspects of the production (read: Remote Video Production Workflow).

1. Resources for Stock Music

Royalty-free music or music under the Creative Commons license is readily available for creators but their exact licencing conditions can vary greatly. Such variations come in the form of attributions, commercial use, regional restrictions or the type of project it is used for. Since the EIC Accelerator proposal is confidential and should only be viewed by the European Agency for SME’s (EASME) evaluators and pitch interview jurors, there should generally be no problem in using copyrighted music but it could be a problem if the video finds its way online.

Since the company name will be directly linked to the video content, it would be best to only use non-copyrighted music or to pay for the use of a certain license. The advantage of this approach is also that the video can be shared more freely on social media or with a variety of investors who have shown interest in the project.

  • Pixabay is a great resource for free music under the Creative Commons licence whereas commercial use is allowed and no attribution of the composer is required.
  • SoundCloud and YouTube contain a variety of channels that do advertise royalty-free music but these are sometimes part of a complex licensing structure and are not entirely free. Still, its worth having a look since they contain a large number of different tracks.
  • The FreeMusicArchive contains a multitude of different songs but care should be placed on their exact licencing conditions.
  • CreativeCommons.Org has created a shortlist of sources for music under a creative commons license.
  • Websites such as AudioJungle, ShutterStock or AdobeStock are premium services which offer high-quality music at a low price as a subscription or one-off purchase.

2. Resources for Stock Video

  • PixaBay tops the list once again with its video archive where attribution and cost-free video clips can be found. Many of the items are of high-quality and will likely meet most short-video production needs.
  • Pexels is similar to PixaBay and offers attribution-free stock videos for free.
  • Videezy likewise offers free video footage but also includes premium content that can be purchased for a small price.
  • AdobeStock and ShutterStock, once again, offer subscription or one-off purchases of stock footage with high quality. Since such libraries are highly curated, one can expect to find more customized footage on these platforms but most free alternatives are also presenting a competitive portfolio.

3. Resources for Stock Images

  • Unsplash and PixaBay are great resources not only for pitch videos but also for grant proposal writing (read: Design Templates for Grant Writing). They offer cost- and attribution-free photos and designs for commercial use. From experience, Unsplash usually offers better content for certain keywords and the images tend to be higher in quality.
  • Pexels offers a Freemium model for stock images wheres some can be used for free while others are behind a paywall but the costs are still very low.
  • iStockPhoto, ShutterStock and AdobeStock offer high-quality and curated photo libraries for commercial use with a variety of pricing plans.


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) will likely be on March 23rd 2022, June 15th 2022 and October 5th 2022 under Horizon Europe. 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.

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

EU, UK & US Startups: Alternative financing options for EU, UK and US innovation startups are the EIC Pathfinder (combining Future and Emerging Technologies - FET Open & FET Proactive) with €4M per project, Thematic Priorities, European Innovation Partnerships (EIP), Innovate UK with £3M (for UK-companies only) as well as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants with $1M (for US-companies only).

Any more questions? View the Frequently Asked Questions (FAQ) section.

Want to see all articles? They can be found here.

For Updates: Join this Newsletter!



by Stephan Segler, PhD
Professional Grant Consultant at Segler Consulting

General information on the EIC Accelerator template, professional grant writing and how to prepare a successful application can be found in the following articles:

An Inside Look into the EIC Accelerator Fund and its Equity Financing (SME Instrument)

The EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity financing) is a highly competitive program that is slowly evolving into a fully fletched startup financing initiative (read: EIC Accelerator Introduction). Unfortunately, the latest developments regarding its equity financing have led to confusion and criticism as it was expressed in a recent Politico article.

The first startups and Small- and Medium-Sized Enterprises (SME) who have successfully obtained EIC Accelerator financing under the blended funding program in 2019 had to wait for over a year to receive their first equity payment which means that the funding was promised but only provided with a significant delay while some companies are still waiting for their first payment.

This, of course, can be detrimental to many businesses that have passed the exceedingly difficult evaluation process and managed to win the EIC Accelerator grant against odds of 1-5%. With the 2021 template seeing the introduction of even more steps to the process (i.e. a small application and a video pitch) and more restrictions (i.e. freezing periods upon rejection), many applicants are requesting additional clarifications before even considering to apply for the blended financing program (read: Proposed 2021 Process)

To inform applicants as well as professional grant writers and consultancies, Stéphane Ouaki, the chair of the investment committee of the EIC Fund, has been answering the most critical questions on the TechEU Podcast regarding the internal process of equity financing under the European Innovation Council (EIC) Fund as well as the remote evaluation performed by the European Agency for SME’s (EASME). This article presents a short summary of the key takeaways of the conversation.

Grant vs. Equity

> While the grant funding process is fast and has been perfected over the past decade, the equity financing is still very new for the European Commission (EC) since it is a government body and not a private investor (read: Grant vs. Equity).

> The grant financing is usually provided within one or two months through an initial upfront payment but the equity financing must undergo additional due diligence which should last 6 months on average but can also last 9-12 month in some cases. Comment: This could likely be accelerated significantly if the EIC presents a list of required materials ahead of time so that 80% of files can be uploaded as soon as the equity financing is awarded.

Due Diligence and Timing

> The equity payment is not provided in a stand-alone fashion like the grant payment but is envisioned to be supplementary to a financing round with other investors which has to be planned by the company itself. Comment: This means that, if there are no financing rounds with other investors planned, the EIC Fund will likely not invest. It also means that the financing is delayed depending on the timing of the next financing round.

> If the applicant has been successfully awarded the EIC Accelerator blended financing and coincidentally also performs a financing round at that time, the EIC Fund can directly invest in the startup, provided the due diligence has been completed.

> The full equity financing will be paid in 2-3 separate trenches in most cases.

> If the due diligence for the equity financing has a positive result but no financing round is in progress, the EIC Fund can immediately invest through a convertible note which averages 50% of the agreed-upon equity financing. Less is given through the convertible note if the due diligence deems the company to be sufficiently financed.

> Since blended financing always includes a grant component that is paid in a much faster manner, no company should be in financial difficulties once the EIC Accelerator has been granted.

Behind the Scenes

> The advisory board of the EIC Fund is having weekly meetings and is working hard on making the equity process as smooth as possible but mistakes will be made throughout this pilot phase.

> If the company performs a financing round with non-EU investors then this will not negatively impact the EIC’s equity investment.

> The due diligence can directly impact the granted equity financing whereas the amounts could be reduced or entirely cancelled if the EIC deems the beneficiary to not fit their criteria any longer.

> The EIC can place a private industry representative in the company board if it deems this to be necessary but there is currently no infrastructure available to facilitate this process at scale.

> Equity applications have not been prioritized over grants even though many rumours and experiences might suggest otherwise. If equity financing was used to fund grant-applicants then this was directly related to the Technology Readiness Levels (TRL) of the funded activities (read: TRL and TRL Funding). Comment: The TRL designations are often up for interpretation and it is possible that TRL’s were effectively used to funnel more applicants towards equity financing due to limited grant budgets.

Comments on the Politico Article

> The complaints expressed in the Politico article have not reached the EIC Fund representatives. Comment: This is understandable since business-making or -breaking money is involved and complaints will only make things worse – not better.

> Complaints regarding the due diligence and long delays are likely stemming from a comparison to the EU’s smooth grant approval process which is much simpler and faster. Comment: Saying that startups are „used to the smooth grant process“ and that this is the reason for complaints is unlikely since many funded companies are first-time EU-applicants. Even though they can directly compare grant and equity proceedings through the blended financing program, they are more likely to be used to a private due diligence process and compare the EU’s performance to that.

> Companies who were awarded the equity financing in the highly competitive process expected to receive the promised awards from the EIC Fund but were told to find other investors first. The EIC Fund’s position is that companies have to be proactive in raising investments while the EIC Accelerator beneficiaries were shocked that they did not receive the funding after having been promised a specific amount. Comment: Both are correct but the EIC should have been transparent about this from the very beginning since the way it described equity investments in its guidelines, in hindsight, was deceptive.

Vague Answers

> The question regarding the discrepancy between the grant and the equity due diligence did not receive a direct answer but it is an excellent question since both are government funds and should face similar scrutiny. The answer detailed how the due diligence for equity financing is more in-depth but it does not clarify why the grant payout is possible without it. Comment: Since equity stakes, long term associations with the EU and the potential placements of board members are involved, it is evident why a due diligence process would be necessary. In addition, the mentioned ranking system for grant evaluations performed by EASME will likely disappear in 2021 due to the absence of a scoring system. This can make the grant evaluation process less transparent and likely more ‘bumpy’ as well.

> As the last interview question, the criteria of non-bankability was further investigated. The interviewer simply asked if the EIC is looking for success cases or for non-bankability cases as their first priority (read: EU Buzzwords). The answer is: Success cases. Comment: This answer was given in a very vague manner and evaluators, either remote or in the pitch jury, might not share this priority.

Conclusion

In summary, the negative experiences of the companies that have applied for equity financing under the EIC Accelerator all stem from a lack of communication from the side of the EIC but this is understandable since the funding is called the ‘EIC Accelerator Pilot’ for a reason. The governing bodies are still in the learning process and the 2021 version of the EIC Accelerator under Horizon Europe (2021-2027) will likely remedy most of the reported issues.

Still, the EC and EIC clearly neglected their responsibility to explain the nature of the funding ahead of time. Even though equity guidelines were available specifically for this purpose, they did not include any of the critical information provided above.

Moving forward, companies have to be aware of the timing of payments, the ongoing scrutiny (i.e. pulling of funds can potentially happen at any time), the delays caused by a slow due diligence process and of the EIC’s preference to only invest in existing or planned financing rounds. The advisory board and decision-makers of the EIC Fund have learned valuable lessons in this initial pilot phase of the EIC Accelerator and are expecting to launch a more transparent and smooth version of the program soon.


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) will likely be on March 23rd 2022, June 15th 2022 and October 5th 2022 under Horizon Europe. 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.

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

EU, UK & US Startups: Alternative financing options for EU, UK and US innovation startups are the EIC Pathfinder (combining Future and Emerging Technologies - FET Open & FET Proactive) with €4M per project, Thematic Priorities, European Innovation Partnerships (EIP), Innovate UK with £3M (for UK-companies only) as well as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants with $1M (for US-companies only).

Any more questions? View the Frequently Asked Questions (FAQ) section.

Want to see all articles? They can be found here.

For Updates: Join this Newsletter!



by Stephan Segler, PhD
Professional Grant Consultant at Segler Consulting

General information on the EIC Accelerator template, professional grant writing and how to prepare a successful application can be found in the following articles:

Tips to Quickly Improve Grant Writing (EIC Accelerator, SME Instrument)

Writing an EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity financing) application can be difficult for startups and Small- and Medium-Sized Enterprises (SME) (read: Writing Internally). This can be due to a variety of factors such as a lack of grant writing experience, an absent business plan or simple time restrictions. Startups often lack the expertise exhibited by consultancies or professional grant writers but there are ways to quickly improve grant writing skills for those unaccustomed to it.

Since the European Innovation Council (EIC) and the European Commission (EC) do not provide useful guidance in this regard, the following list presents a guideline as to how companies can improve their grant writing ahead of a successful EIC Accelerator application.

Learning by Example

One of the fastest ways to improve grant-writing is to study examples of successful applications which can act as a template for the structure and design of such an application. Examples are usually very guarded since they are subject to secrecy and Non-Disclosure Agreements (NDA) which prohibit their free circulation. Nonetheless, studying them remains the fastest way of improving grant writing and is usually superior to using the official proposal template (read: The Biggest Proposal Writing Mistakes).

A potential strategy for obtaining examples could be to directly contact beneficiaries (read: Finding EIC Accelerator Results) who might share their proposal after an NDA is signed or to work for consultancies as a freelancer in order to be taught by them and receive examples. The latter is, of course, quite the detour from the original plan and unfeasible in most cases but the former method can be quite useful if one of the beneficiaries happens to be a partner, collaborator or is acquainted with a member of the management team.

Outside of these methods, examples are also provided by some consultancies (i.e. find them here on Segler Consulting) who provide proposal examples to prospect EIC Accelerator grant beneficiaries.

Studying Business Plans

The next best thing after an exemplary grant application is a high-level business plan which is easily accessible and can provide a great resource for grant writing. Business plan examples are usually offered for free from a variety of sources such as consultancies, business accelerators or investment companies while supporting guidelines are also a great way to rapidly improve grant writing.

What such business plans are often lacking is a focus on storytelling, a narrative that is aligned to the European Union’s (EU) politics as well as social and environmental analyses. These present an additional layer of expertise that business plans rarely include but that is relevant to European Agency for SME’s (EASME) evaluators (read: EU Funding Buzzwords).

Learning Storytelling

Storytelling, as it is often neglected in business writing, is an important skill to focus on in successful grant applications. It should not be confused with the type of storytelling found in novels or non-fiction books but has to be viewed as a continuous thread inside a story-line. It has to be consistent inside a narrative and is taking the reader from a starting point (i.e. the market problem) to the desired end-point (i.e. the innovative solution). Good resources for this are scientific articles since these routinely have to address political issues, policy targets or significant economic and societal problems that need to be solved.

Great resources for this are any chemistry, biology, biochemistry, pharmaceutical or physics journals since papers from these fields often have to appease grant providers with very elaborate and often far-fetched introductions (i.e. a new synthesis that will cure cancer). Due to the limited space in such publications, these articles are likewise excellent learning tools when it comes to a comprehensive narrative with an optimised word-economy (read: A Proposal Narrative & EIC Accelerator Story-Telling).

Learning Illustration

A business plan and a scientific paper, in combination, are often a great start for the preparation of a successful EIC Accelerator grant application but an important part that can easily be neglected is the use of illustrations (read: Design Resources for Grants & Creating Images). This becomes important not only due to the increase of visualisations and storytelling via appealing and clear graphics but is also essential due to the limited attention and time of the European Agency for SME’s (EASME) evaluators. These will have to go through multiple applications in short periods while images can greatly enhance their experience which, as a result, improves the evaluation outcome.

The practising of graphic design can be performed in parallel to the writing process and there are a variety of resources on sites such as YouTube or Udemy that provide simple tutorials for Adobe Illustrator or Corel Draw (read: Software to Use).

Involvement of the Management Team

Lastly, one of the simplest ways to quickly improve grant writing is to gain support from the entire management team of the applying company. This might sound like an odd recommendation but, from experience, the more the CEO, CTO and CFO are involving themselves in a proposal, the better the outcome will be. This is essential as it is often the case that proposals are rushed, outsourced in the last minute or neglected which significantly impedes the success chances of a competitive grant such as the EIC Accelerator.

Summary

Whenever a company is able to succeed in the EIC Accelerator then it is usually enabled by grant writing experience (i.e. internally or via hiring a consultant), expertise in preparing business plans and very strong involvement of the entire management team to perfect each proposal section (read: Writing Grant Applications Internally).

In summary, the following aspects can greatly increase the success chances of written grant applications:

  • Studying Business Plans – Business plans are the skeleton of any for-profit grant application and have to be practised in-depth.
  • Learning Storytelling – Storytelling is important for grant writing due to the politics involved in the evaluation process as well as the focus on high-impact projects.
  • Learning Illustration – Illustrations are a great tool to communicate ideas quickly and to compensate for the limited time and expertise exhibited by evaluators.
  • Involvement of the Management Team – Involving the founders and leaders of a company in the grant writing is an absolute must if a project wants to have high success chances.


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) will likely be on March 23rd 2022, June 15th 2022 and October 5th 2022 under Horizon Europe. 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.

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

EU, UK & US Startups: Alternative financing options for EU, UK and US innovation startups are the EIC Pathfinder (combining Future and Emerging Technologies - FET Open & FET Proactive) with €4M per project, Thematic Priorities, European Innovation Partnerships (EIP), Innovate UK with £3M (for UK-companies only) as well as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants with $1M (for US-companies only).

Any more questions? View the Frequently Asked Questions (FAQ) section.

Want to see all articles? They can be found here.

For Updates: Join this Newsletter!



by Stephan Segler, PhD
Professional Grant Consultant at Segler Consulting

General information on the EIC Accelerator template, professional grant writing and how to prepare a successful application can be found in the following articles:

How to Script an EIC Accelerator Pitch Video (SME Instrument) – Part 2

This article is a continuation of Part 1 and suggests a process for the creation of pitch videos as they are part of the EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity financing) in 2021 under Horizon Europe (2021-2027) (read: Proposed 2021 Process). The official template by the European Innovation Council (EIC) and European Commission (EC) does not give useful guidance for successful pitch videos which makes it important for consultancies and professional writers to develop internal guidelines for their preparation.

For startups and Small- and Medium-Sized Enterprises (SME), it is useful to carefully consider what will be included in video pitch productions and estimate how an ideal workflow could look like. Examples of pitch videos can be found here (read: Pitch Video Concepts).

Step 3: Shooting Footage & Animations

The gathering of footage can take a variety of forms but it is a good idea to simply start with a pitch deck as the visual material and a camera for the recording of interviews with the management team as well as the shooting of hardware footage.

Interviews can be shot with 5 minutes of speaking time for each founding member whereas questions and concise answers should be prepared in advance so that they can easily be cut down to the desired length for the final video. Animations (i.e. in Adobe AfterEffects or Microsoft PowerPoint) can be created based on a meticulous script so that no excess work is put into video creation.

Filming hardware footage, laboratories, machinery or production facilities should be planned in advance so that extra effort can be placed on the quality (i.e. lighting, transitions, visuals) as opposed to the quantity of the shots (i.e. the more shots, the more work in post-production). The general rule is that even minor preparations will significantly reduce the production workload.

Step 4: Editing and Post-Production

Video editing is notoriously tedious and can take up a lot of time since all the collected footage has to be re-watched multiple times, colour graded, audio-adjusted, cut and fit with suitable transitions or effects. The editing of the footage can easily require more time than all previous steps combined if the first scripting, planning and footage collection have not been executed properly.

It is advisable to perform everything that can be done during the production stage (i.e. Step 1-3) and not rely too much on the editing. The script should be concise and to-the-point right from the start so that no excess footage is collected. The prospect applicant should only film meaningful content and not simply collect everything. The lighting, sharpness, saturation, contrast, white balance, movie settings (i.e. shutter speed, ISO, aperture, frames per second, resolution) and all other details should be adjusted in the equipment before the filming begins so that the effort in post-production is minimized.

Lastly, it has to be assured that the final rendering and export of the video does not exhibit any problems associated with different framerates, aspect ratios or resolutions so that animations, interviews and hardware footage can be combined seamlessly.

Summary

For the video production, planning is everything and the more attention is placed on each step, the less work will be required for the creation of the pitch video.

  • Step 1Splitting the Video into Acts: Plan the pitch video in a top-down approach by allocating the order and timing for each act
  • Step 2Scripting the Acts: Plan the content for each act so that the following production will be brief and simple
  • Step 3Shooting Footage & Animations: Create the content based on scripts and assure that equipment settings are optimized to minimize post-production efforts
  • Step 4Editing and Post-Production: Bring all the footage together, cut it to the appropriate length, add effects and export the pitch video


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) will likely be on March 23rd 2022, June 15th 2022 and October 5th 2022 under Horizon Europe. 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.

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

EU, UK & US Startups: Alternative financing options for EU, UK and US innovation startups are the EIC Pathfinder (combining Future and Emerging Technologies - FET Open & FET Proactive) with €4M per project, Thematic Priorities, European Innovation Partnerships (EIP), Innovate UK with £3M (for UK-companies only) as well as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants with $1M (for US-companies only).

Any more questions? View the Frequently Asked Questions (FAQ) section.

Want to see all articles? They can be found here.

For Updates: Join this Newsletter!



by Stephan Segler, PhD
Professional Grant Consultant at Segler Consulting

General information on the EIC Accelerator template, professional grant writing and how to prepare a successful application can be found in the following articles:

How to Script an EIC Accelerator Pitch Video (SME Instrument) – Part 1

In 2021, the EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity financing) requires the upload of a pitch video which can present new challenges to prospect applicants (read: Proposed 2021 Template). While startups and Small- and Medium-Sized Enterprises (SME) can find information on the creation of pitch videos elsewhere (read: How to Make a Pitch Video), the scripting of such videos might require additional planning. Professional writers and consultants have to address the inherent differences between a pitch deck, an in-person interview and a video pitch since their evaluations will differ greatly (read: EIC Accelerator Interview Preparations).

Since it is unlikely that the 2021 EIC Accelerator proposal template will include a detailed guideline as to how a competitive pitch video is created, the following article presents a framework for how such a process could look like. It takes the past evaluation methods by the European Innovation Council (EIC), European Agency for SME’s (EASME) and European Commission (EC) into account while aiming to present all essential content within the limited timeframe.

Scripting a Video Outline

The first step in the creation of a pitch video should be the scripting of its content. There are generally no correct or incorrect ways to achieve the desired outcome since a video allows, by the far, the greatest creative freedom of all proposal documents (i.e. compared to financial spreadsheets, pitch deck, written proposal – read: EIC Accelerator Documents). Still, a script should always include information on the innovation, the opportunity and the team behind the project even if the time is limited to only 3 minutes.

While the pitch deck was already difficult to structure due to a 10-minute time-restriction, a 3-minute presentation requires much more meticulous planning (read: Pitch Deck Creation). In addition, a video can be expected to be judged much more harshly than a pitch deck in the same way a person is judged more comprehensively in-person compared to a photograph. As a result, a rushed video production is much more detrimental to the evaluations’ success than a rushed pitch deck.

The effort of creating a pitch video clearly exceeds that of a simple pitch deck but the trade-off is that a video can compress much more information into the same amount of time while tools to enhance the professionalism, entertainment value and impact of the presented material are readily available.

Step 1: Splitting the Video into Acts

As a first step, the video should be structured according to its main segments so that the available time can be allocated and the individual scripts can be created in a top-down approach. This is a key difference to the pitch deck and the proposal template since a page-restriction will always be easier to structure than a time-restriction. While a pitch deck can be segmented by simply dedicating a main slide to the product presentation, a video might require varying time-frames depending on the type of technology and collected footage.

As an example, the acts for a 3-minute video can be structured as follows:

  • Problem [00:30]
  • Innovation [00:50]
  • Traction [00:30]
  • Company [00:40]
  • Opportunity [00:30]

or

  • Company [00:20]
  • Traction [00:30]
  • Innovation [01:00]
  • Opportunity [00:30]
  • Investments [00:20]
  • Planned developments [00:20]

These examples are optional and every company has to decide how their ideal pitch video should be structured. There can be significant overlaps between different acts but creating a simple outline as to how the video will be structured is a first step in preparing the subsequent shooting.

Step 2: Scripting the Acts

As outlined in the article on pitch video’s (read: Creating a Pitch Video), each act can use a variety of different techniques ranging from interviews over animations to hardware footage collection. These methods can be blended and adjusted to the needs of each act but they should be scripted prior to shooting them so that the editing work in post-production is reduced.

Scripting the individual acts is also useful in case some tasks such as the animation, voiceovers or filming are outsourced since this can significantly save time and costs. An outline should follow the general rules for a good project narrative (read: Visual Representation for the EIC Accelerator) and present a compelling storyline.

To explain a market problem, the applicant can begin with the largest issue (i.e. deaths, costs, low KPI’s) and explain how this issue is rooted in a lack of technology. The innovation should then be explained in a very simple manner by beginning with a general overview of what it does, followed by what its use case looks like.

Such scripts can be written out as a text first and improved until the final explanation or voice over is perfected. In general, the scripting should be prioritized and perfected by shooting test footage first and then iterating feedback cycles until the desired quality is achieved.

This article continues in Part 2.


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) will likely be on March 23rd 2022, June 15th 2022 and October 5th 2022 under Horizon Europe. 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.

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

EU, UK & US Startups: Alternative financing options for EU, UK and US innovation startups are the EIC Pathfinder (combining Future and Emerging Technologies - FET Open & FET Proactive) with €4M per project, Thematic Priorities, European Innovation Partnerships (EIP), Innovate UK with £3M (for UK-companies only) as well as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants with $1M (for US-companies only).

Any more questions? View the Frequently Asked Questions (FAQ) section.

Want to see all articles? They can be found here.

For Updates: Join this Newsletter!



by Stephan Segler, PhD
Professional Grant Consultant at Segler Consulting

General information on the EIC Accelerator template, professional grant writing and how to prepare a successful application can be found in the following articles:

Structuring an EIC Accelerator Pitch Deck for the Jury Interview (SME Instrument)

Under Horizon Europe (2021-2027), the EIC Accelerator blended financing program (formerly SME Instrument Phase 2, grant and equity financing) will reprise its use of pitch interviews after they have been successfully applied in previous years. In these interviews, startups and Small and Medium-Sized Enterprises (SME) are questioned in accordance to the evaluation process imposed by the European Innovation Council (EIC) and the European Agency for SME’s (EASME) during the in-person pitch week in Brussels (Belgium) or remote video calls (read: Pitch vs. Proposal).

Professional writers and consultants have been able to support a high number of successful applicants throughout the process but the official documentation by the European Commission (EC) has been scarce when it comes to the preparation of the pitch deck (read: Why Companies Fail & How to Prepare). While there was no in-depth guideline for the construction of a pitch deck or the questioning by the jury, there were some resources that could be used as a template.

One of these materials is a pitch deck template created by an external communication advisor of EASME in October 2017 that gives a general overview of how a pitch could be structured (link: EIC Pilot SME Instrument Pitch Deck Templates) but it is outdated. Like the pitch video (read: Structuring a Pitch Video), there are multiple creative ways to construct a pitch deck and the following article provides an overview of two different methods and approaches.

The EIC Template

The semi-official EIC Accelerator template for the pitch deck provides a very general list of slides with bullet points to explain the desired content. It is definitely a well-thought-out and comprehensive document but, as with all other templates, it can or cannot be ideal for a specific project. The individual guidelines for the slides are:

  1. Title Slide
  2. Company Purpose (i.e. mission, tagline)
  3. Problem & Solution (i.e. pain point, market need, fulfilling the need)
  4. Value Proposition (i.e. customer value, product benefits)
  5. Market Opportunity & Risks (i.e. market creating/transforming potential, target market size, risk mitigation)
  6. Competition (i.e. competitive analysis/advantages)
  7. Business Model (i.e. revenue streams, timing, costs)
  8. Commercialisation & Marketing Strategy (i.e. strategy, time to market, traction)
  9. Financial Projections (i.e. revenues, investments, financing needs)
  10. Team (i.e. management team, competence, track record)
  11. Conclusion (i.e. summary)

This template is very useful since it takes two of the most important aspects of the EIC Accelerator interviews into account: The 10-minute time restriction and a justification for support by the European Union (EU). On the flip side, it might be too overcrowded when it comes to the content per slide (i.e. market transformation, target market and risk analysis on a single slide) which could easily turn the deck into a text document.

In the end, a pitch deck has to inspire and convey a simple idea rather than to squeeze everything into a single document which can make the EIC template less suitable.

SlideBean Analysis

SlideBean, a company focusing on pitch presentations and resources for startups, has created a list of successful examples for pitch decks (find their articles here and here). This list includes companies such as Airbnb, Uber and Facebook and presents a valuable resource for the preparation of an EIC Accelerator pitch deck. Their recommendations based on the use of successful examples are the following:

  1. (Title Slide)
  2. Problem
  3. Solution
  4. Product
  5. Market Size
  6. Business Model
  7. Underlying Magic (i.e. why the technology works)
  8. Competition
  9. Differentiators
  10. Marketing
  11. Team
  12. Traction & Milestones

This version of a pitch deck, while having a similar length to the EIC template, clearly displays a leaner structure since aspects such as the company mission, risk mitigation or the market-creating potential are omitted. The SlideBean guideline exhibits a flow that aims to tell a captivating story rather than overwhelming the listeners with facts while specific justifications for the need of EU funds can be added to the last slide (or simply left for the questioning since this question will be posed anyways).

Conclusion

Even the greatest business will not succeed if the jury is bored or not captivated which means that the entertainment value (i.e. a good story-line, eloquent speakers and clear communication) comes first. The EIC pitch template can be misleading and potentially have companies overload their pitch decks with content while the SlideBean pitch deck is leaner and focused on storytelling.

For prospect EIC Accelerator applicants, it is useful to take the latter approach to pitch deck creation and follow the SlideBean template.


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) will likely be on March 23rd 2022, June 15th 2022 and October 5th 2022 under Horizon Europe. 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.

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

EU, UK & US Startups: Alternative financing options for EU, UK and US innovation startups are the EIC Pathfinder (combining Future and Emerging Technologies - FET Open & FET Proactive) with €4M per project, Thematic Priorities, European Innovation Partnerships (EIP), Innovate UK with £3M (for UK-companies only) as well as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants with $1M (for US-companies only).

Any more questions? View the Frequently Asked Questions (FAQ) section.

Want to see all articles? They can be found here.

For Updates: Join this Newsletter!



by Stephan Segler, PhD
Professional Grant Consultant at Segler Consulting

General information on the EIC Accelerator template, professional grant writing and how to prepare a successful application can be found in the following articles: