EIC Accelerator October cut-off draws record 1,211 applications requesting €8.875 billion
- ›The EIC Accelerator received 1,211 full applications at the 3 October 2024 cut-off, the highest number since the programme began under Horizon Europe
- ›Applicants requested a total of €8.875 billion in funding, a sum that will far exceed available resources for a single cut-off and heighten competition
- ›Blended finance remains the dominant request format with 898 companies, or 74 percent, asking for grants combined with equity investments
- ›Women led companies accounted for 32 percent of proposals and applicants came from 35 countries including 13 widening countries
- ›Top originating countries by number of proposals were Germany, Israel and France
Record demand at EIC Accelerator October cut-off raises pressure on selection and budgets
The European Innovation Council (EIC) announced on 10 October 2024 that its Accelerator scheme received 1,211 full applications at the 3 October cut-off. Applicants collectively requested €8.875 billion in funding. The submission total is the highest recorded since the EIC began operating under Horizon Europe and confirms persistent and growing demand for late stage deep tech financing in Europe.
| Metric | Value |
| Number of full applications | 1,211 |
| Total budget requested | €8.875 billion |
| Applicants requesting blended finance (grant plus equity) | 898 (74%) |
| Proposals from women-led companies (CEO, CTO or CSO) | 32% |
| Countries represented | 35 including 13 widening countries |
| Top source countries | Germany, Israel, France |
What the headline numbers mean
A record application count combined with nearly nine billion euros of requested support points to a major imbalance between demand and supply at this cut-off. The EIC Accelerator is a flagship EU instrument for scaling deep tech startups via a mix of grants and equity investments. The sum requested is unlikely to be delivered from this single intake, which means success rates will be low and selection will be intensely competitive. High volumes also put pressure on the evaluation pipeline and on the EIC Fund, which handles the equity component and co-investment decisions.
Selection process and next steps
Proposals are now entering evaluation by independent external experts. The highest ranked applicants will be invited to pitch before a jury of investors and business experts in a scheduled pitching window between 20 and 24 January 2025. Final funding decisions are expected by the end of February 2025. Companies that are selected for equity support will be forwarded to the EIC Fund for investment review and decisions. These steps are standard for the EIC Accelerator but the unprecedented volume of proposals increases workload for reviewers and for the EIC Fund due diligence teams.
Context within the EIC and Horizon Europe calendar
The October cut-off was the final Accelerator cut-off for 2024 according to the EIC announcement. The agency says new funding opportunities and dates for full applications will be set out in the 2025 EIC work programme, which it expected to be adopted by the end of October 2024. Separately short applications, which act as a gateway to the full application stage, can be submitted at any time through the submission portal.
Why demand is high and why that matters
Several structural reasons explain the surge in demand. First, deep tech startups require capital intensive investment to reach market readiness and there remains a shortage of stage-appropriate private capital in many EU markets. Second, the blended grant plus equity model offered by the EIC helps de-risk scaling and is therefore appealing. Third, EU policy emphasis on strategic technologies and scale up support has raised awareness of the EIC as a target for ambitious startups. High demand is a positive sign of entrepreneurial activity but it also creates a hard political and operational choice for the EIC and for national ecosystems about how to allocate scarce public resources.
From a governance perspective the record intake raises questions about evaluation capacity, time to decision and potential backlogs. For applicants, the likely consequence will be lower hit rates and a stronger need to present robust, credible business plans and traction evidence during evaluation and pitching stages.
Practical notes for applicants and observers
Short applications remain open continuously. Candidates who want access to a full application can enter via the short application route at any time. Applicants should also be aware that asking for blended finance increases procedural steps because grant and equity paths involve different checks and contractual arrangements. Where equity is involved expect extra due diligence time if you progress to the investment stage.
Implications for EU innovation policy
Record applications underline the scale of unmet financing needs for scaling deep tech in Europe. Policy makers face a trade off between widening access and preserving the intensity of support for a smaller set of high potential companies. The EIC model of mixing grants and equity aims to combine public de-risking with private mobilisation. The pressure evident in this intake will influence debates over future budgets program design and complementary national or regional instruments intended to increase overall financing capacity and improve pipeline quality.
Observers should also monitor how quickly the EIC and EIC Fund complete evaluations and investment decisions for this cohort. Timely decisions and transparent communication will be important to maintain credibility with applicants and co-investors.
Bottom line
The 3 October 2024 EIC Accelerator cut-off produced an unprecedented volume of applications and nearly €9 billion of requested support. The numbers are a clear sign of demand for scaling capital in the EU but they also intensify competition and create logistical and financial pressures on the EIC and its investment arm. Applicants and ecosystem stakeholders should expect lower success rates this round and a demanding evaluation and due diligence process in the months ahead.