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Among the 600+ beneficiaries since 2021, companies range over many different industries including capital-intensive hardware or pure software businesses with a focus on DeepTech. There are no general technology restrictions for the EIC Accelerator as long as the technologies are aligned with EU policies (i.e. no military applications, etc.) but there are Technology Challenges that highlight certain technologies every year.

The EIC Accelerator funds technologies that have reached at least Technology Readiness Level (TRL) 5, defined as "technology validated in relevant environment". Generally, the EIC expects a prototype or proof-of-concept of the technology to exist. It is also possible to apply for Grants if the technology has already reached TRL6 or 7 and for pure Equity at TRL8.

The EIC Accelerator funds companies through Grants (up to €2.5 million), Equity (up to €10 million) or Blended Finance (a combination of Grant and Equity up to €12.5 million). Grants are non-dilutive and lump sum funding while Equity presents an investment by the EIC Fund or related parties in exchange for company ownership. An applicant can decide the type and amount of funding they wish to apply for. In exceptional cases, larger funding amounts can be requested.

EIC Accelerator applicants are for-profit companies that are registered in an eligible country but it is also possible for individuals or investors to apply to the EIC Accelerator as long as a company is founded before signing the Grant Agreement Contract. The companies must qualify as an independent Small and Medium-Sized Enterprise (SME) with a staff headcount <250, turnover ≤€50 million and balance sheet total ≤€43 million.

The EIC Accelerator is accessible to companies or individuals in all EU-27 countries such as Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden, including their territories.

Yes, there are association agreements with Horizon Europe in place which allow companies or individuals in the following countries to apply: Albania, Armenia, Bosnia and Herzegovina, Faroe Islands, Georgia, Iceland, Israel, Kosovo, Moldova, Montenegro, North Macedonia, Norway, Serbia, Switzerland, Tunisia, Turkey, Ukraine, Morocco and the United Kingdom (Grant only).

The success rates are not explicitly published for all 3 evaluation steps but it can be assumed that the total success rates from Step 1 to Step 3 are 5% or below. Depending on the annual budget of the EIC Accelerator program and the number of applicants per cut-off as well as the type of Call (i.e. Open vs. Challenges), the success rate can be higher or lower.

The EIC Accelerator generally prefers highly innovative and disruptive technologies which often have a DeepTech, scientific or otherwise technical base. It generally seeks high-risk and high-reward businesses that plan to bring their technology to the market. In the past, the EIC Accelerator has funded many scientific innovations but also pure software companies, SaaS solutions or even well-funded companies that present lower risk profiles.

It is up to each company to decide if they wish to apply to the €12.5 million EIC Accelerator financing. Important considerations are the risk-profile based on the program's success rates, the time to apply and the ability to stay persistent during the process. The EIC Accelerator is ideal for companies that have a sufficient runway of at least 6 months and are not in need of immediate funding while actively engaging investors and other funding sources to diversify their approach.

There is no standard timeline for EIC Accelerator applications. Some companies can be successful in under 6 months while others can apply over the span of 2 years or more if they receive rejections and/or skip deadlines due to time constraints. Additionally, the EIC Accelerator often has 2-4 deadlines per year which can impact the timeline and planning of the respective submissions.

Step 1 of the EIC Accelerator is continuously open and companies can apply at any time. After Step 1 has been passed successfully, applicants can apply to Step 2 which generally has 2-4 cut-offs per year. After Step 2 has been passed, companies are invited to a Step 3 face-to-face interview that is usually conducted through a video call within weeks of the Step 2 cut-off.

The EIC Accelerator follows a "3 strikes, you're out" approach to rejections. If a company has accumulated a total of 3 rejections across all the Steps then they will not be eligible to re-apply with that specific project or a very similar one until the end of Horizon Europe. In contrast, this means that every applicant has multiple chances to improve their proposal and be successful over time. It is common for funded projects to receive rejections along the way.

Depending on the requested funding, the due diligence for the Grant and Equity funding begins. For the Grant, the preparation of the Grant Agreement Contract (GAC) is initiated which requires the applicant to upload different company documents including financials, Ultimate Beneficiary Owner (UBO) and other registration documents. For the Equity, the due diligence is conducted through the EIB which will be in direct contact with applicants and the applicant's co-investors. The Equity financing is generally provided as a direct equity injection, convertible note or similar modes but, ideally, the EIC Fund prefers to invest with the applicant's own investors in a larger funding round.