EIC Board statement on the 2022 work programme and the EIC Fund

The newly appointed members of the first European Innovation Council Board formally endorsed the EIC Work Programme for 2022 at their 27 January meeting and publicly welcomed its publication on 9 February. The work programme allocates about €1.7 billion for the EIC’s main instruments. The Board framed the funding and a rapid restart of EIC Fund activity as central to Europe’s post COVID recovery, technology sovereignty and the scaling of deep tech solutions for digitalisation and climate transitions.

What the Board endorsed in the 2022 work programme

The Board highlighted reinforced budgets across the EIC’s main schemes. It specifically named the Pathfinder for advanced research, the Transition instrument to move Pathfinder and ERC results towards market opportunities, and the Accelerator for start-ups and scale ups. The Board presented the package as a restart of full EIC activities after the pilot phase and the organisational transition to Horizon Europe.

Urgency to release funds to selected companies

The Board expressed concern that innovators selected for Accelerator support in 2021 have faced delays in receiving grants and investments because of the transition from the pilot to the full EIC operating under Horizon Europe. It singled out 164 start-ups and SMEs chosen in 2021 and called on the Commission and the EIC and SMEs Executive Agency, EISMEA, to fast track both grant and investment disbursements. The Board warned that some companies selected for support risked not surviving in Europe without swift funding.

To achieve a quick restart the Board urged completion of a limited restructuring of the EIC Fund that preserves continuity with the pilot. It asked the Commission to retain the teams, expertise and decision making mindset that delivered the pilot’s outcomes.

Performance of the EIC Fund pilot and why the Board wants continuity

The Board pointed to measurable outputs from the EIC Fund pilot as justification for preserving its approach. Over an 18 month period the Fund approved more than 140 investments totalling about €637 million. The Board noted that the Fund was effective in attracting private co investment and in shortening decision timelines in many cases to a few weeks.

According to the Board, the pilot filled financing gaps at very early stages where traditional venture capital was hesitant, catalysed larger follow-up rounds and invested across a broader geographic footprint including underrepresented EU member states and widening countries. The Board also highlighted investments in companies with female founders.

Board expectations for the long term EIC Fund model

While the Board supports a thorough assessment of the EIC Fund’s long term design, it set out several non negotiable features it expects any future model to preserve or adopt. These are aimed at ensuring the Fund remains effective for early stage deep tech investing and attractive to co investors.

Those points reflect common tensions in public venture capital instruments. Independence and speed help secure good deals but they must be balanced with governance, accountability and robust due diligence to manage public risk and to satisfy EU financial rules.

Context and implications for the EU innovation ecosystem

The statement sits within a broader EU policy push to scale deep tech and to shore up technological sovereignty in strategic areas. The EIC operates inside Horizon Europe and works alongside agencies such as EISMEA which manages programme implementation, national contact points and the EIC Fund. The Commission and EISMEA now face two immediate tasks. First is a short term operational task to release contracted grants and equity to companies already selected. The second is a policy task to complete deliberations on the EIC Fund’s longer term structure and governance.

Quick disbursement matters in practice. Deep tech firms often have long development cycles and heavy capital needs. Delays in funding can force founders to seek capital abroad or to downsize research efforts. That said, rapid deployment must be reconciled with adequate checks to avoid misuse of public funds and to maintain investor confidence.

Risks and questions the Board left open

The Board acknowledged the need for a well informed assessment on the best long term set up for the Fund. Key unresolved issues include how to balance political oversight with operational independence, how to scale the pilot model without diluting investment discipline, how to measure true additionality from public investments, and how to ensure consistent geographic and gender diversity while maintaining commercial rigor. These trade offs will shape whether the EIC Fund becomes the investor of choice the Board envisions or whether it ends up hindered by governance and procurement constraints.

Over the coming weeks the Board said it will participate in discussions aimed at a swift conclusion. Observers should expect debate between two priorities. One priority is speed and continuity to avoid losing momentum and companies. The other is establishing governance and controls to protect public money and ensure long term effectiveness.

Conclusion

The EIC Board’s statement is both an endorsement of the 2022 work programme and a public push to preserve the operational strengths of the EIC Fund pilot. It mixes an urgent operational request with longer term design principles. The pilot’s early metrics are encouraging for leveraging private capital and reducing time to decision. Nevertheless the Commission and implementing agencies must now balance speed with accountability and produce a clear, transparent plan for the Fund that addresses governance, measurement of impact and market compatibility.

Sources referenced in the Board statement include the EIC Board announcement and the published EIC Work Programme 2022. The EISMEA remains the agency responsible for implementing many EIC activities under the Commission’s legal framework for Horizon Europe.