experts briefing part 1 eic accelerator pilot (sme instrument)...accelerator pilot building on sme...

Experts Briefing Part 1

EIC Accelerator pilot (SME Instrument)

EIC Accelerator pilot (SME

Instrument – phase 2)

What's new for the EIC Accelerator

Achievements and Timeline

EIC Accelerator Pilot(SME Instrument)

The Accelerator Pilot

17.5 M

Accelerator PilotBuilding on SME Instrument

• Individual SMEs with high-risk, high-growth potential aimed at

creating new markets

• Substantial funding for the last stages of development

• Bottom-up: all sectors, products, services, new business models

• Grant- activities of TRL 6-8

- €0.5 - 2.5 million (funding rate 70% of total cost of project)

• With equity option (blended finance)- activities TRL 6 and above

- Plus up to €15 million

From grantto blended finance

• Grant: Early-stage innovation for development

• Equity: Early-stage and mature innovation for scale up

Note:

• If the proposal includes mature innovation activities, and consent has

been given by the applicant, it will be changed into blended finance

• There is flexibility to obtain equity even if not requested at the

moment of submission

What’s new in the EIC Accelerator Pilot

Accelerator Pilot (grant and blended)Novelties

• Evaluation: award criteria

– 33% 'impact‘

– 33% 'excellence'

– 33% 'quality and efficiency of implementation'

- if the company have requested an equity component they will be

subject to due diligence

• Time-to-inform: 4 months from date of application

• Time-to-grant

– Grant: 6 months from date of application

– Equity: +6 months from date of application

Accelerator Pilot Step-by-step

Submission of Proposals

Remote Evaluation

Ranking of Proposals

Interview

Grant Agreement

Due Diligence

Equity Investment

Blended finance only

In case of blended finance option

In case of blended finance option

Accelerator PilotNovelties (grant and blended)

• Application

- Single template for the two options

- Applicants positively evaluated for blended finance

may be asked for additional information on their

equity request during Step 2

- New application forms with additional financial

elements

- Pitch deck for the interview

Support provided in the form of grant only or blended finance (combininggrant and equity)

Detailed information about the TRL level (or its equivalent for non-technological innovations) requested. Activities above TRL 8 can only be funded asequity through blended finance option. The grant component will only apply to theactivities with a TRL (or its equivalent for non-technological innovation) of 6 to 8

Focus on ‘bankability’ - Evidence that the applicant company cannot leveragesufficient investments from the market and/ or, particularly for applicant companiesrequesting blended finance support, evidence that the applicant company isdeemed 'non- bankable' by the market, in view of the activities to be developed.

Focus on ‘scalability’ - Underpinned by a convincing business plan with a cleartimeline, and complemented by a track-record that includes financial data includingfinancial needs to ensure the company’s success.

Key new criteria

Accelerator PilotNovelties (grant and blended)

• Evaluation

- By experts in technology, business and finance

- Two steps:

– Step 1 (remote evaluation)

– Step 2 (face-to-face interview)

- Three possible outcomes:

– 'Go' decision

– 'No Go' decision

– ‘Change into blended finance' decision

Due Diligencefor blended finance

• For projects requesting blended finance only

• By a “Special Purpose Vehicle” (SPV)

• Due diligence will focus mainly on evaluating compliance and

risk level as well as:

- Confirming the investment amount and structure

- Estimation of the total financial effort

- Defining equity “tranches” and key milestones

Accelerator Pilot (blended finance)Equity investment

• Principle of crowding-in private investment

• Structured via separate agreement (next to grant

agreement)

• Passive role in the daily management of the company

• Exit strategy: if consent of the company is received, the

SPV will actively seek private investors to buy the EC

shares

for market launch

Coaching &Business support

Coaching (12 days for beneficiaries) and mentoring

No direct funding- Not part of the evaluation but beneficiaries register for coaching before signing grant agreement)

Business Acceleration Services: Corporate Days and Investor Days, EIC Community Platform

Facilitate access to risk finance

Additional support and networking opportunities (EEN)

Coaching & Business Support

Achievements and Timeline

https://sme.easme-web.eu/

What we have achieved so far

EIC Accelerator - Evaluation cut-offs

Current expert contracts:

09 October

08 January

2020

2019

New expert contracts:

18 March19 May

07 October

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