Significant levels of grant support and equity investment are up for grabs under the Horizon 2020 European Innovation Council (EIC) Accelerator Pilot, and Ireland’s recent success shows that Irish companies have what it takes to win.
The EIC Accelerator Pilot supports high risk, high potential SMEs and innovators to help them develop and bring to market innovative products, services and business models that could drive economic growth.
In the most recent call, eight Irish companies secured a total of more than €31m placing Ireland second, jointly with France and Denmark, in terms of the number of companies awarded funding.
“The March call results have been particularly good for Irish companies,” says Garrett Murray, National Director for Horizon 2020 at Enterprise Ireland. “The success is a testament to the research and innovation capability of Irish companies and the vibrancy of our high potential start-up and commercialisation eco-system.”
Among the successful Irish companies were five whose innovations related to coronavirus. One of these, Aquila Bioscience, has developed revolutionary decontamination technology that helps protect people from dangerous pathogens and other viral infections.
“We are delighted to receive funding from EIC which allows us to substantially scale up production and deliver this technology more quickly to workers in Ireland and across the globe,” says Lokesh Joshi.
Support for applicants
With multiple EIC calls during the year there are ongoing opportunities for companies to pitch for a slice of the lucrative support, but, says Murray, it’s important for companies to realise that it is a very competitive process.
“We recommend that companies considering applying for EIC Accelerator support contact Enterprise Ireland first. Our team of National Contact Points are experts on the programme and work with companies to bring them through the process step by step including reviewing drafts of their application before submission.
“Applicants need to think clearly about how they are going to articulate three things in their application: the excellence of their innovation; how their product or service is going to impact in the market; and how they are going to implement their strategy to scale their business. These are the three major criteria on which the applications are judged,” explains Murray.
If companies are successful at stage 1 they are called to interview in Brussels (currently via digital communications).
“Our team do mock interviews with the companies, putting them through their paces in exactly the same way as they will experience in Brussels, to give them the opportunity to refine their pitch.”
Companies can apply for grant support only, a mix of grant and equity, or initially a grant with the option for later discussion with the Commission in relation to equity.
“We always advise ambitious companies to seriously consider applying for equity particularly in the current environment where the availability of venture capital is reduced,” says Murray. “Getting equity from the Commission provides leverage to get more private sector funding.”
More than financial support
As well as financial support, successful EIC Accelerator applicants get coaching and mentoring, provided through the Enterprise Ireland team.
“The Commission regards that as a very important part of the process. It’s not just about awarding a grant or investing by way of equity but also helping companies develop their strategy.”
Kite Medical was awarded a grant in the most recent call. The company has developed a system for the detection of kidney reflux.
“This funding from the European Commission will allow Kite Medical to further develop the KITE system to progress into a clinical study. The funding will also support an additional six jobs at the company and establish our market launch strategy. The project outcomes will facilitate fund raising to support our commercialisation plan,” says Joan Fitzpatrick, Kite Medical’s CEO.
There continues to be many opportunities for Irish enterprises and researchers under the EIC and across the Horizon 2020 Programme, including calls for proposals under the European Green Deal, worth around €1bn that will be issued in the autumn.
The next EIC Accelerator call for applications will be in October and will have a focus on female entrepreneurship where, should the first-round evaluation show that a minimum of 25 per cent of companies selected for the final-stage interviews are not led by women, additional interviews will be planned.
“We are particularly encouraging female-led companies to apply for the call in October. There are a lot of great female entrepreneurs in Ireland and this is a great opportunity for female-led companies to get additional funding,” says Murray.
SMEs of all sizes are eligible to apply for EIC Accelerator funding including start-ups, which tend to form the majority of applicants.
“There’s no disadvantage to being a very small company. The Commission considers how quickly a company is going to scale and whether EIC support will help accelerate that and get the innovation to market faster,” says Murray.
“The only disadvantage that companies can have is if they’re not ambitious enough.”
For more information about support under Horizon 2020 please contact email@example.com