EIC Impact Report 2022: what the numbers say and what to watch
- ›The European Innovation Council published its 2022 Impact Report covering support from 2014 to 2021 including predecessor programmes.
- ›EIC-backed companies reached a combined valuation above €40 billion including 12 unicorns and 112 high-value companies described as centaurs.
- ›The EIC says it helped mobilise over €10 billion in follow-on finance and completed 92 investment agreements, leveraging nearly €500 million of co-investment alongside the EIC Fund.
- ›Programmes supported over 500 research projects that generated about 1,375 innovations and the first EIC Transition calls dedicated €100 million to commercialisation.
- ›Gender indicators show 20 percent of Accelerator funding went to women-led companies and more than 30 percent of Pathfinder researchers were women.
EIC Impact Report 2022: overview and headline claims
The European Innovation Council published its 2022 Impact Report at the EIC Summit in early December. The document reviews the EIC offer and outcomes for projects and companies backed between 2014 and 2021, counting activity under the EIC and its predecessor programmes. The report bundles performance data on roughly 1 600 innovative companies and more than 500 funded technology projects.
| Indicator | Value reported in EIC Impact Report 2022 | Notes |
| EIC-supported companies covered | About 1 600 | Includes companies funded directly by EIC instruments and predecessor programmes from 2014 to 2021 |
| Research projects supported | Over 500 | Pathfinder and other research grants in scope |
| Combined portfolio valuation | Over €40 billion | Valuations are private estimates and may not be realised |
| Unicorns | 12 | Common usage defines a unicorn as a private company valued at or above $1 billion |
| Centaur companies | 112 | Term used in the report to denote high value firms. Definitions vary across sources |
| Follow-on investment mobilised | Over €10 billion | From venture capital firms, corporates, national promotional banks and others |
| Investment agreements completed | 92 | Deals signed by the EIC Fund to invest in portfolio companies |
| Co-investment alongside EIC Fund | Almost €500 million | Reported leverage of €2.6 in additional equity for every €1 invested by the EIC Fund |
| Innovations from supported projects | Around 1 375 | Over 90 percent stated as likely to result in a new or improved product or process |
| EIC Transition funding | €100 million | First Transition calls to support commercialisation of breakthrough research |
| Gender balance indicators | 20% Accelerator funding to women-led companies; >30% women researchers in Pathfinder | Shows progress but also continued gender gap in leadership |
| Corporate and investor connections | Connected with over 100 corporates and public procurers and 400 potential investors; 77 signed deals | Part of business acceleration and market access activities |
What the EIC programmes named in the report do
Closer look at the headline metrics
The figures in the Impact Report show a sizable footprint. A portfolio valuation above €40 billion and the creation of multiple high-value private firms are politically and symbolically important in the EU context. The report also emphasises capital mobilisation and connections to corporates and procurers as evidence of broader market traction.
However these headline numbers require context. Valuations for private companies are estimates often based on the latest financing round and can move up or down. The attribution of follow-on investment and company success to EIC assistance is not straightforward. EIC support is often one of several factors including private investor activity, national policies, market timing, and the efforts of entrepreneurs themselves.
Caveats and methodological notes to keep in mind
Why the numbers matter for EU innovation policy
The EIC sits at the centre of the EU drive to build a competitive deep tech ecosystem. Evidence of successful scaleups and capital mobilisation bolsters arguments for continued public support targeted at high-risk, high-reward technologies. Co-investment leverage and connections with corporates and procurers are valuable if they translate into sustained follow-on funding and real market adoption.
Yet achieving systemic impact across the EU requires more than grant and equity programmes. Structural barriers remain including fragmentation of capital markets across member states, non-uniform regulatory regimes, limited access to later stage private capital in some regions, and persistent gender imbalances in leadership and investment. The EIC addresses part of this challenge but ecosystem-level progress needs coordination with national promotional banks, venture networks and regulatory reforms.
Implications and recommendations
Policymakers should treat the report as evidence of progress rather than definitive proof of systemic transformation. The EIC has demonstrable strengths in identifying and supporting promising deep tech projects and in mobilising private capital. To build on that the EU should increase transparency around the methodologies used to calculate valuations and innovation outcomes. Improved public reporting on follow-up exits and long term survival rates would help evaluate real economic impact.
Complementary actions at EU and member state level are needed to widen access to scale-up capital, harmonise standards for regulated technologies, and strengthen market-pull through public procurement. Targeted measures are also needed to accelerate gender parity in founding teams and in senior roles across portfolio companies.
Supplementary EIC programme snapshot and additional numbers
Beyond the Impact Report, EIC programme web pages offer further programme-level statistics for reference. As an example the Pathfinder statistics published on EIC pages show high application volumes and selectivity in its calls. These operational numbers provide additional texture on competitiveness and scale.
| Programme snapshot | Statistic | Context |
| Pathfinder proposals received | 2 087 | Number of submissions in a recent call cycle reported on EIC pages |
| Total EU contribution to Pathfinder | €140 million | Budget line reported for a Pathfinder cycle |
| Participants in Pathfinder proposals | 4 105 | Reflects level of collaboration in proposals |
| Projects chosen | 44 | Selectivity indicator for the Pathfinder call |
| Average EU grant | €3.7 million | Average size of grants awarded in that selection |
| Countries represented | 71 | Geographic reach of applicants and partners |
Source material and publication details
This article is based on the European Innovation Council Impact Report 2022 released at the December 2022 EIC Summit. The report covers activity between 2014 and 2021 including predecessor programmes. The report is published by the European Union and carries catalogue and digital identifiers assigned by the Commission.
| Document | Identifier | Notes |
| EIC Impact Report 2022 | Catalogue number EA-04-22-260-EN-C | ISBN 978-92-9469-532-1 DOI 10.2826/744107 |
| EIC Impact Report 2022 PDF | Catalogue number EA-04-22-260-EN-N | ISBN 978-92-9469-533-8 DOI 10.2826/50390 |
Final note
The EIC Impact Report 2022 documents measurable outputs from a major EU innovation initiative. The metrics are useful for assessing short and medium term outputs. For a fuller assessment of long term economic and societal impact analysts and policymakers will need longitudinal data on firm survival, exit outcomes, regional distribution of benefits and real market adoption of the reported innovations.