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EIC Impact Report 2022: Claims, caveats and what it means for deep tech in Europe

Brussels, December 7th 2022
Summary
  • ›The European Innovation Council reports its supported portfolio reached a combined valuation of more than €40 billion and includes 12 unicorns and 112 centaurs.
  • ›EIC says it helped attract over €10 billion of follow-on investment and completed 92 investment agreements that leveraged nearly €500 million in co‑investment alongside the EIC Fund.
  • ›The EIC reports gender progress with about 20% of Accelerator funding to women led companies and over 30% women researchers in Pathfinder projects.
  • ›The report aggregates outputs from 2014 to 2021 and credits the EIC and predecessor programmes with supporting over 1 600 startups and more than 500 research projects that produced roughly 1 375 innovations.
  • ›Numbers are notable but require more granular transparency on valuation methods, attribution of follow-on finance and long term commercial outcomes.

EIC Impact Report 2022: Claims, caveats and what it means for deep tech in Europe

In December 2022 the European Innovation Council published an impact report that sets out headline figures for the EIC portfolio across the period that includes the Council’s predecessor programmes. The report highlights rapid growth in portfolio valuation, fundraising and selected outcomes such as innovation counts and gender balance in funded projects. The numbers are significant for European deep tech policy but require context to understand what they actually show, and what they do not.

Headline figures claimed

MetricFigure reportedNotes or source period
Combined valuation of EIC portfolioOver €40 billionReported aggregate value of supported companies
Unicorns12Companies backed by EIC that reached ≥ US$1 billion valuation
Centaurs112Companies backed by EIC that reached ≥ US$100 million valuation
Follow-on investment incentivisedOver €10 billionIncludes venture capital, corporate and national promotional bank investment
Co-investment alongside EIC FundNearly €500 million from 92 investment agreementsReported leverage about €2.6 additional private equity per €1 of EIC Fund investment
Portfolio companies supportedOver 1 600 startupsIncludes predecessor programmes, period 2014–2021
Research projects supported (Pathfinder/Transition etc)Over 500 projects producing around 1 375 innovationsReport claims more than 90% likely to lead to a new or improved product or process
EIC Transition funding€100 millionFirst set of Transition calls intended to help commercialisation
Women-led companies (Accelerator)20% of fundingGender participation metric for Accelerator
Women researchers (Pathfinder)Over 30%Share of researchers in Pathfinder projects
Corporate and investor connections100+ corporates and public procurers, 400 potential investors, 77 signed dealsReported matchmaking outcomes

What these numbers represent and what to watch for

The EIC report aggregates multiple indicators from grants, equity instruments and acceleration services. The figures show progress in building higher value companies in Europe. However valuations are dynamic, follow-on investment is influenced by many actors and time horizons vary. For journalists, policymakers and investors it is important to separate inputs and outputs from longer term outcomes and impacts on competitiveness or industrial capacity.

Valuation notes:A reported portfolio valuation of more than €40 billion is an aggregate of company valuations at particular moments in time. Valuations fluctuate with market cycles and depend on methodology and data sources. The report does not publish detailed valuation methodologies for each company, nor does it show how much of the reported value is attributable to EIC support versus other financing and commercial developments post support.
Follow-on investment and attribution:The EIC reports having incentivised over €10 billion of follow-on investment. That is an important metric but attribution is inherently partial. Venture capital decisions are driven by market opportunity, team progress, and investor networks. Public funding can be catalytic in early stages but proving causal attribution requires counterfactual analysis and transparency about timing and investor identity.

How the EIC support pathway works

The EIC program architecture includes multiple instruments for different stages. The main components referenced in the report are Pathfinder for early stage research, Transition for commercialisation of validated research results, and the Accelerator which combines grants and blended equity for scaling companies. Support is delivered and administered through EISMEA, the Commission executive agency that implements the EIC, and through the EIC Fund for the equity component.

EIC Pathfinder:A grants programme for breakthrough research and early prototypes. It targets high risk, early technology development and academic and research teams. The report highlights Pathfinder outputs in terms of projects supported and innovations reported.
EIC Transition:Designed to bridge the gap between research results and market readiness. The report cites €100 million provided in early Transition calls to help teams commercialise ground breaking ideas. Transition is explicitly intended to prepare technologies for business development or to attract investment.
EIC Accelerator:A hybrid instrument that offers grants and equity-type investments to startups and SMEs developing deep tech. The Accelerator runs a two-stage application process with short proposals, then full proposals supported by optional business coaching, and final interviews. Successful applicants can receive grants, equity from the EIC Fund or a combination.

Selection, evaluation and supporting actors

Selection proceeds in steps. Applicants submit a short proposal and pitch materials. Selected teams prepare full proposals often with support from business coaches. A panel interview or pitch to a jury is the final selection stage for the Accelerator. The EIC uses external experts for evaluation and a mix of internal staff and contractors to manage IT, legal and contracting procedures.

Participant ID and authentication systems:Participants use an EU-wide identifier called a Participant Identification Code and the EU Login authentication service to access application portals. Those systems centralise identities and are standard across Horizon Europe calls.
Business coaches, evaluators and jury members:Coaches and evaluators are selected from Horizon Europe expert databases following calls for expressions of interest. They provide advisory input and help prepare full proposals. Jury members handle final interviews and selection decisions. Contracts and confidentiality obligations apply to external actors.
Third party partners supporting the EIC Fund and investment workflows:The EIC Fund works with several external entities to support the investment component. The European Investment Bank acts as investment adviser and supports due diligence. Service providers such as Alter Domus handle know‑your‑company checks, valuation support and paymaster functions. Dealflow.eu helps package companies for investor outreach, pitching and complementary due diligence. These roles are important because EU institutions are not traditional venture investors and require intermediaries with market expertise.

Data protection, logging and IT platform practices

EIC application and management activities are supported by dedicated IT platforms hosted within Commission or Agency infrastructure. The EISMEA data protection notice explains how personal data are processed under the EU institutions privacy framework. Operational details include server logs, analytics, cookies and role based access controls. Third party tools are used for helpdesks and collaboration where necessary and handling of personal data by contractors is governed by contract and EU data protection rules.

Retention and archival periods:Retention varies by role and outcome. For example, funded applicants' personal data are retained for 10 years after programme closure. Selected experts' data can be kept for seven years. Unsuccessful applications may be retained for up to five years. Limited categories of personal data may be retained up to 25 years for statistical and research purposes subject to safeguards.

Interpreting impact claims critically

The report contains strong headline claims that are useful for political communication and for signalling progress. A journalistic and policy reading should however look for more granular evidence in several areas before treating the figures as causal proof of policy success.

Attribution versus correlation:When a company that once received an EIC grant later raises large venture capital rounds or reaches a high valuation it is easy to credit the public instrument. In practice many factors drive later success. A transparent breakdown of investment timelines, lead investors and milestone progress would clarify what share of later finance is plausibly attributable to EIC support.
Valuation timing and market context:Valuations can spike and fall with market cycles. Any portfolio valuation quoted without a date of valuation and explanation of method is a limited indicator. For public policy assessment it is more informative to track revenue, employment, exported sales and durable financing across multiple years.
Innovation counting:The report cites around 1 375 innovations from over 500 research projects and asserts that more than 90% are likely to lead to a new or improved product or process. That is a high success rate for early stage research. Independent verification would require definitions of an 'innovation' in this counting, the criteria used, and follow-up evidence of commercialisation or uptake.

Policy and ecosystem context in the EU

The EIC is one part of a broader European innovation architecture. It operates within Horizon Europe and works alongside national promotional banks, regional funds, private venture capital, corporate venturing and ecosystem actors such as National Contact Points and the Enterprise Europe Network. Over time the balance between grants, equity, and ecosystem services will shape whether Europe can scale deep tech companies into global leaders.

EISMEA's role:The European Innovation Council and SMEs Executive Agency implements the EIC programmes and manages operational delivery. The Agency coordinates calls, contracts, and day to day contact with applicants and beneficiaries.
Scaleup Europe Fund and co-investment:The EIC Fund aims to mobilise private co-investment. The 2022 report states a co-investment leverage figure around €2.6 per euro from the EIC Fund for the investment agreements reported. Later communications from the Commission indicate evolving leverage targets. Realising scalable, repeatable co-investment models remains a strategic priority given limited public capital compared with private markets.

Gaps, risks and recommended transparency steps

To strengthen the credibility of impact claims and to support evidence based policy design the EIC and the Commission could take additional transparency steps.

Publish valuation methodology and dates:Make clear when each company valuation was measured, which valuation methodology was used and the source of price data.
Provide investor timelines and attribution evidence:Show which follow-on investments occurred before and after EIC involvement, identify lead investors and indicate the EIC contribution to enabling rounds.
Report downstream commercial outcomes:Track revenue growth, exports, job creation, industrial partnerships and procurement wins to measure durable economic impact beyond headline valuations.
Regional and sectoral distribution:Publish progress by member state, region and technology area to ensure EIC support is complementing regional innovation ecosystems and not concentrating only in well served markets.

What to watch next

The EIC has continued to evolve. Subsequent EIC work programmes and EISMEA announcements indicate new funding envelopes, shifting leverage goals and additional ecosystem initiatives such as the Scaleup Europe Fund. Watch for independent evaluations, the EIC Data Hub releases, and more detailed portfolio disclosures that can help researchers and the public understand the long term effect of this public innovation instrument.

The EIC Impact Report 2022 provides an early picture of the Commission's attempt to combine grants and equity to nurture deep tech in Europe. The numbers offer encouraging signals but they are not a substitute for rigorous, independent evaluation of long term outcomes. For policymakers and stakeholders, the next step is more granular disclosure and robust impact studies that can distinguish causation from correlation in Europe's innovation journey.

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