EIC Scaling Club partners reflect on efforts to scale European deep-tech to global levels

Brussels, September 19th 2024
Summary
  • The EIC Scaling Club is a curated EIC Business Acceleration Service community of 120+ deep-tech scale-ups aiming to convert a significant share into global leaders.
  • Partners including venture firms, corporates, public agencies, mentors and media provide capital, corporate ties, mentoring and visibility to help member companies scale.
  • Published EIC Scaling Club studies highlight recurring gaps in go-to-market readiness, board strength, investment narratives and lead investor attraction.
  • Stakeholders stress that Europe can produce global deep-tech winners but warn that systemic funding and governance gaps must be addressed at EU and national levels.

EIC Scaling Club partners reflect on joint efforts to scale up European deep-tech to global levels

Launched under the European Innovation Council's Business Acceleration Services, the EIC Scaling Club brings together a curated group of more than 120 European deep-tech scale-ups with investors, corporates, public agencies, mentors and media. The Club sets an explicit ambition to help a material share of its members grow into global market leaders. EIC Board President Michiel Scheffer says deep-tech is a core focus for the EIC because this is where market failure is most visible and funding is weakest. He adds that Europe also needs instruments at the member country level to support deep-tech more effectively.

Why the EIC and partners are focusing on deep-tech

Deep-tech covers companies building new hardware, advanced materials, specialised biotech, quantum and other science-driven technologies that require long development timelines and large upfront investment. The EIC and its partners argue that these ventures face acute market failures. Private capital markets often shun long timelines and high technical risk, while public grants alone will not deliver the sustained commercial scaling these companies require. That gap is the rationale for targeted acceleration services and curated networks that combine funding, corporate customers and operational expertise.

Deep-tech defined:Deep-tech refers to companies whose value stems from scientific discoveries or engineering innovation. These firms typically require significant R&D, specialised manufacturing or regulated approvals before reaching markets. Their time to revenue is often longer than software startups, making them harder to finance with traditional venture capital models.

How the EIC Scaling Club is structured and what it aims to achieve

The Scaling Club is an EIC-funded, curated community formed as part of the EIC Business Acceleration Services. Members are selected from high-growth scale-ups that have benefited from EIC funding or other European and national innovation programmes. The Club convenes founders with investors, corporates, mentors and public stakeholders to tackle the operational, commercial and financing hurdles that prevent deep-tech firms from becoming global leaders.

Club composition and selection:Membership is curated. Companies are typically high-growth scale-ups with prior EIC or public support and demonstrable potential to build world-class businesses that address major global challenges.
Published studyPrimary focusWhat it examines
Go-To-Market StrategyCustomer acquisition and commercialisationTop go-to-market obstacles and priority actions to secure customers and scale sales
Strong BoardGovernance and board effectivenessHow boards can support market expansion, CEO evolution and strategic growth
Investment ThesisInvestment narrative and funnel metricsHow to craft data-driven investment stories and optimize conversion funnels
Lead InvestorDeal readiness and attracting a leadDue diligence, documentation and capital structure adjustments to secure a lead investor

Why partners participate: access, impact and ecosystem building

Partners join the Club for several reasons. Investors and corporates gain early access to promising deep-tech innovators. Public agencies and regional actors see participation as a way to channel growth into national or sectoral industrial strategies. Mentors join to share experience and help founders bridge the gap between lab and market. Media and communications partners amplify member visibility, which is often critical for attracting customers and investors.

Anne Glover, Amadeus Capital Partners on Europe’s potential:Anne Glover, co-founder and CEO of Amadeus Capital Partners, told the EIC Scaling Club that Europe does not lack the raw elements to create global deep-tech winners. Her view is that the ecosystem needs to produce a set of demonstrable, eye-catching success stories that show European ventures can sustain global leadership. She hopes some of these winners will come from the EIC Scaling Club.
Denitsa Nenkova on partner benefits:Denitsa Nenkova, EIC Scaling Club Coordination and Next-Gen Computing Group Manager, explains that for stakeholders the Club is a conduit to build relationships with top technology investors, entrepreneurs, operators and corporate innovators across multiple sectors.

Mentors: experience, credibility and practical deal-readiness support

Mentors play a crucial role in preparing deep-tech founders for the scrutiny of growth capital and large corporate customers. They focus on improving investor presentations, financial plans and fundraising readiness. Experienced mentors can accelerate the professionalisation of pitch decks and financial models, and they often open doors to investor and corporate networks that are otherwise difficult to access.

Mikko Suonenlahti on mentorship as contribution:Mikko Suonenlahti, President of the Digital Security and Trust Group and a Club mentor, frames his participation as giving back. He points to his track record with unicorns and his belief that high-quality investor presentations and financial plans will enable founders to approach VCs, corporate venture capitalists and family offices for follow-on funding.

What the Club’s studies reveal about common challenges

The EIC Scaling Club and its research partners have published studies that identify recurring barriers in commercial, governance and investor-readiness areas. The reports are intended to provide evidence-based recommendations and practical actions that scale-ups and their stakeholders can adopt.

Go-to-market gaps:The Go-To-Market report finds that securing and engaging customers is the top near-term challenge. Scale-ups plan actions such as increasing customer reach, improving market forecasting, scaling sales teams and investing in product marketing. The research also documents a misalignment between what companies prioritise and what stakeholders expect.
Boards and governance:The Strong Board report emphasises that boards can play a more active role in market expansion. Companies intend to use board networks and experience to accelerate entry into new markets. The study also highlights differing views on the importance of board independence and succession planning between companies and external stakeholders.
Investment narrative and funnel optimisation:The Investment Thesis report shows that many scale-ups need to improve metrics that underpin investor confidence. Funnel optimisation efforts focus on acquisition efficiency, retention, lifetime value and feedback loops. Weak investment theses and poor funnel metrics are recurring reasons why firms fail to convert interest into funding.
Lead investor readiness:The Lead Investor report shows a shift toward deal preparation. Actions to attract a lead investor include transparent documentation, aligned expectations, references from past investors and investor-friendly capital structures. The research flags a misalignment in priorities. Some founders focus more on long-term scalability plans while stakeholders place higher weight on market validation signals.

Key terms explained

Unicorn explained:A unicorn is a privately held startup valued at or above one billion US dollars. The Scaling Club has set an internal ambition that at least 20 percent of members reach that status over time. This is an ambitious target because valuation outcomes depend on market conditions, capital availability and execution risk.
Board role explained:A board provides governance, strategic oversight and access to networks. For deep-tech scale-ups, effective boards can help with customer introductions, international expansion, fundraising and CEO succession planning. The reports show many scale-ups still underuse boards as strategic growth levers.
Funnel optimisation explained:Funnel optimisation means improving the conversion of prospects into paying customers. Measurable funnels include customer acquisition cost, conversion rate, retention rate and lifetime value. Investors expect founders to demonstrate a clear, data-driven funnel that scales.

What partners deliver in practice

Partners engage through mentoring, direct investment, corporate partnerships and visibility campaigns. Their practical contributions include coaching on investor decks, introducing procurement or pilot opportunities with corporates, co-investment, and media amplification. The Club also commissions studies and roadmaps to surface common challenges and recommended actions.

Accessing the Club’s resources and next steps for founders

The EIC Scaling Club publishes its reports and challenge roadmaps on its website. Founders, investors and other stakeholders can follow the Club on LinkedIn and X for updates. Companies interested in joining the Club should review the eligibility conditions and selection criteria on the EIC Scaling Club site. The Club is one element of the broader EIC Business Acceleration Services which link grant and equity funding with acceleration, procurement and investor readiness programmes.

Where to find the reports and membership information:Reports and further information are available at https://eicscalingclub.eu and on the EIC Scaling Club social channels on LinkedIn and X.

A realistic appraisal and open questions

The Scaling Club aggregates useful resources and an active partner network. Its focus on board effectiveness, go-to-market discipline and deal readiness aligns with common investor concerns. The Club’s public reporting is valuable because it surfaces misalignments between founders and stakeholders and offers targeted remedies. At the same time, the ambition to produce many unicorns is ambitious and depends on macroeconomic cycles, the depth of late-stage capital in Europe, national industrial policies and the ability of scale-ups to execute complex commercialisation and manufacturing plans. Measuring long term impact will require transparent follow-up on member outcomes and careful separation between correlation and causation when attributing successes to the Club’s activities.

This coverage is based on interviews and materials published by the EIC Scaling Club and its partners. The Club includes mentors, corporates, investors, public agencies and media that contribute through mentoring, deals, corporate pilot opportunities and visibility. Readers should treat the Club’s impact claims with interest and cautious scrutiny and follow up on the primary reports for the underlying data and methodology. The EIC Scaling Club itself includes a disclaimer that materials are for knowledge sharing and do not represent the official view of the European Commission or other organisations.