The EIC Accelerator blended financing (formerly SME Instrument Phase 2, grant and equity) has recently introduced a new type of pitch deck for Step 1 of the evaluation process. This can be viewed as a ‘real-only deck‘ or a ‘read deck‘ since it will not be used for the Step 3 interviews (read: Interview Preparation) but simply acts as a reference for the evaluators.
This is an interesting experiment on the side of the European Commission (EC) since the read deck has no technical restrictions outside of the page limit. This means that this is, for the first time, a PDF document that can be uploaded with full creative freedom with regard to font sizes, formatting, margins, sections and all related aspects.
Depending on how this experiment will turn out, it could be short-lived since it needs only a few bold applicants who exploit the lack of restrictions and aim to upload a full 10-page business plan with small font sizes and slim margins. Technically, such an unconventional Step 1 pitch document would have to be evaluated by the reviewers since it does not violate the application requirements.
It can be expected that strict rules, similar to the ones for the previous full applications, will be enforced after 2021 to avoid such exploitations.
Nonetheless, this article explores some ways the read deck could be treated and how it can differ from the pitch reck. A detailed look at the types of slides to choose (read: Pitch Deck) and information on the pitch interviews (read: Pitch Success) can be found elsewhere.
General Information and Restrictions
- Must be a PDF
- 10-page limit
- Below 10 MB
- This read deck is not used for the Step 3 pitch interview (“read-only deck”)
Changes for the Pitch Interview Deck
Interestingly, the original pitch deck used in Step 3 has fewer limitations since it does not have a page limit. This is likely due to the nature of its use whereas all applicants know that they will be heavily judged for a ‘bad‘ pitch deck and it is their own responsibility to look good in front of the jury.
This changes with the read deck since the impression made on the evaluators will be without the 10 minute time constraints of the interview and entirely lack a verbal component or live feedback. In fact, the read deck, when compared to the pitch deck, has to stand entirely on its own and must hold up to close scrutiny which is not limited by time pressure.
Slides to Omit
Since 10 slides are valuable digital real estate, the title and ending slides should be omitted. There is no need to account for any social aspects such as introducing the speakers or thanking the audience for listening to the pitch since all this information is available to the evaluator already (read: A Broad Vision).
The same is true for extensive product presentations that can be flipped through like a dia show during the interview but take up too much space in a 10-page read deck. If the presentation of the product critically needs to be in the form of multiple angles or images then this should be reduced to a single slide and the remaining footage can be part of the pitch video. In fact, the video is an excellent choice for the presentation of the product in a comprehensive and visual way.
Changing the Text
Since speakers cannot leave certain aspects of the project to the Questions and Answers part of the EIC Accelerator pitch interviews, the text should be comprehensive. To stand on its own, the traditionally scarce text on a pitch deck should be elaborated for the read deck.
Instead of adding only bullet points and keywords, the read deck should have full sentences on each slide to explain the concepts without leaving any doubt in the reviewer’s mind. Since verbally expressing the traction of the company and their pilot customer is impossible in the Step 1 deck, it should be laid out in a written form.
This is likely the most important aspect of the new read deck since most pitch decks aim to avoid text as much as possible and present a clean and elegant design. The read deck, on the other hand, requires a merger of elegant simplicity and a fully fletched text.
Graphics and Photos
Graphics already used to be an important part of every pitch deck but, even though the read deck will contain more text, graphics also become even more important. While an introduction slide could lean heavily on the speaker’s voice and simply present a small chart as support, the read deck will require graphics to transmit a full concept with little to no support (read: Design Resources).
Illustrations cannot be too minimalistic in the read deck but have to be comprehensive enough to transmit a complex idea. This approach is supported by the fact that there is no time limit. The evaluator can stop at a single slide for 5 minutes or more and let a complicated chart sink in. They can also go back to the chart after they have watched the video and have read the entire application – or right before they give their final verdict on the proposal’s success or failure.
It is advisable to put great thought into this aspect and find a balance between easy-to-digest and enough-to-understand.
- Restrictions: 10 slides as a PDF below 10MB
- Slides to Omit: Remove title and ending slides to save space.
- Changing the Text: Full sentences to explain all relevant concepts in detail.
- Graphics: These can be more complex than in a traditional pitch deck since the evaluator can pause indefinitely.
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 be on June 16th 2021 and October 6th 2021 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:
- EIC Accelerator Interviews: Pitch Deck vs. Proposal Documents (SME Instrument)
- Choosing a Good Project for the EIC Accelerator (SME Instrument Phase 2)
- The EIC Accelerator Budget: Grant vs. Blended Finance (SME Instrument Phase 2)
- EIC Accelerator – Introduction and Blended Finance (SME Instrument Phase 2)
- EIC-Accelerator Writing: Providing the Missing Link (SME Instrument Phase 2)
- The Biggest Mistakes When Applying to the EIC Accelerator (SME Instrument Phase 2)
- Identifying a Broad Vision for an EIC Accelerator Project (SME Instrument Phase 2)