EIC Fund seeks experienced board members to support deep tech scaleups

The European Innovation Council Fund has launched a call for expressions of interest to create a pool of candidates to serve as voting members or non‑executive directors on the boards of companies in its portfolio. The call aims to recruit senior professionals who can advise founders, protect investor interests and help portfolio companies scale in deep tech and other high‑growth areas. Interested candidates were asked to express their interest by 22 March 2024.

Why the EIC Fund is recruiting board representatives

The EIC Fund acts as the venture capital arm of the European Innovation Council under Horizon Europe. Its nominees on portfolio boards are expected to perform the same fiduciary duties as other board members while safeguarding the EIC Fund’s interests. The Fund says board representatives will provide strategic leadership, governance oversight, help with fundraising and investor relations, mentor management teams and connect companies to networks and markets.

Scope of the board roles and operating framework

Nominees will liaise primarily with the European Investment Bank as investment adviser and with the EIC Fund manager. They will be expected to attend board meetings, advise on strategy and governance, assist with fundraising, and report regularly to the EIC Fund according to its standards. Travel within EU Member States and Horizon Europe associated countries is likely. The EIC Fund’s remit covers a pan‑European set of technologies and sectors excluding defence, with an emphasis on deep tech such as health, advanced digital industries and climate tech among others.

Who they want and the required profile

The Fund is looking for highly experienced individuals who can act as investor representatives on company boards and who are able to guide founders of fast‑growing companies. Candidates should be prepared to fulfil fiduciary responsibilities under the law of the company’s jurisdiction and to manage conflicts of interest appropriately.

The Fund prefers candidates with prior board experience, strategic and financial acumen, ability to resolve conflicts constructively, familiarity with relevant legal and regulatory frameworks and a network that can be mobilised for fundraising and partnerships. Language skills relevant to the portfolio company’s market may be required for specific appointments. Candidates must be willing to respect confidentiality and the EIC Fund’s information security obligations.

Practical terms, time commitment and remuneration

Candidates will be expected to devote sufficient time to fulfil board responsibilities. The call sets an expected quarterly time commitment of up to three person‑days and an overall time commitment of at least two years. The Fund prefers candidates who can accept more than one mandate across its portfolio, subject to avoiding conflicts of interest, and sets a maximum of six portfolio mandates per representative.

Selection process and diversity goals

Candidates will be screened against the published criteria. Up to 40 candidates will be invited to interview and the final pool is expected to include approximately 20 individuals. The Fund has set targets for expertise coverage, geographical balance and gender diversity, aiming for at least forty percent women in the final pool. Shortlisted candidates will be considered for specific portfolio board nominations by the EIC Fund Board upon a proposal from the Fund manager with support from the Commission and the investment adviser.

What candidates should watch for and desktop risks

Serving as an investor representative on a portfolio company board is not a passive role. Nominees should be prepared for legal and reputational responsibilities that vary by jurisdiction and for potential conflicts between duties to the company and to their appointing investor. The role may also require considerable travel and active engagement in fundraising and strategic decisions. Candidates should seek clarity about indemnity and liability insurance coverage as well as the exact scope of reporting to the EIC Fund and to the Fund’s adviser.

Context: EIC Fund within the EU innovation ecosystem

The EIC and its Fund are part of the EU’s effort to translate research and early stage innovation into scaleups through a combination of grants and public equity. The EIC Accelerator provides blended support with grant elements and an equity track for promising deep tech ventures. The Fund aims to co‑invest and to mobilise private capital alongside public equity, working with the EIB and third‑party investment partners. Public materials also emphasise ecosystem services such as coaching, matchmaking and the Seal of Excellence referral route to regional funders.

Observers and market commentators should note that public claims about leverage and investor mobilization are common in promotional material. For example, past EIC materials have claimed notable co‑investment multipliers and rapid growth in the portfolio but these figures vary by source and reporting period. Prospective board members and other stakeholders should treat headline mobilisation ratios and portfolio counts as indicative and seek the latest audit or portfolio report for detailed verification.

How to express interest

The call specified that interested candidates should express their interest by 22 March 2024. Applications were to be submitted via the EIC call page hosted by the EIC/EISMEA websites. Candidates should prepare a CV and evidence of relevant board, C‑suite or investment experience and be ready to submit to background checks and interviews. The EIC encourages applications that increase geographical and gender diversity among its representative pool.

If you plan to apply, verify the most recent call publication on the official EIC or EISMEA websites before submission and review the EIC Fund’s investment guidelines and data protection notices to understand obligations and data handling in depth.