FOREWORD

Commissioner, Mariya Gabriel

Europe is demonstrating an impressive record in innovation and a strong foundation in deep tech innovations and startups thanks to our leadership in science, strong industrial and talent base, and ambitious policies and framework conditions. Building on these strengths, the recent Commission Communication ‘A New European Innovation Agenda’ puts in place a wide-ranging set of actions - from talent to finance, ecosystems, frameworks and policy - to position the EU as the global leader of deep tech innovation to solve our deepest societal challenges.

The European Innovation Council (EIC) plays a major role in achieving the EU’s deep tech innovation ambitions. With a budget of over EUR 10 billion and a mission to identify, support and scale up deep tech innovations, it is creating a pipeline of new technologies and supporting Europe’s most promising deep tech startups and scaleups.

To date, the EIC has supported a portfolio of over 1 600 startups that have helped generate 12 deep tech Unicorns and 112 Centaurs here in Europe. EIC companies have attracted over EUR 10 billion of follow-on investment and the valuation of the EIC portfolio of companies stands at over EUR 40 billion.

The pipeline of emerging technologies is also strong, with growing portfolios in critical areas for Europe’s future such as renewable hydrogen, cell and gene therapies, precision agriculture, and quantum technologies. The EIC also continues to outperform the market in supporting women-led companies and entrepreneurs from all regions of the EU - factors essential for a balanced and diverse innovation chain better addressing the needs and reflecting capabilities of our citizens.

In 2022, the EIC made a major development by establishing the EIC Fund as an investment vehicle for high-risk, high-potential startups in their early stages of development. Whether it’s the energy crisis, the food crisis, or the path towards economic resilience, the EIC is helping to find solutions to these deep societal challenges by identifying investment opportunities and catalysing private investments in deep tech startups that can scale in global markets.

We cannot be complacent, however. By the end of 2022, we are in a more challenging fund-raising environment for early as well as late-stage companies. And I cannot emphasise enough the need to accelerate efforts to increase the representation of women in all levels of the innovation ecosystem in Europe. The EIC must continue to be agile and respond rapidly to changing circumstance, as it did during the outbreak of COVID and in supporting innovators from Ukraine.

I encourage all of you - who share the ambition to position the EU and its citizens at the forefront of deep tech innovation - to engage with the EIC. Let us come together to leverage the power of deep tech innovation in addressing our most pressing societal challenges.

EXECUTIVE SUMMARY

€40 billion. 20% of funding to women-led companies.

This report reflects the impact of the 1 600 innovative companies and over 500 technology projects funded by the EIC from 2014-2021, including its predecessor programmes. During this period, the EIC has:

Completed 92 investment agreements and leveraged nearly EUR 500 million in co-investment alongside the EIC Fund, a leverage of 2.6 times the EIC Fund investment.

Achieved a combined portfolio valuation of EUR 40 billion including 12 Unicorn and 112 Centaur company valuations. EIC portfolio companies have attracted EUR 10 billion in follow-on investments, primarily from venture capital, corporates, and national promotional banks among others.

Provided EUR 100 million to commercialise ground-breaking ideas through the first set of EIC Transition calls. Connected EIC beneficiaries with over 100 corporates and public procurers as well as 400 potential investors resulting in 77 signed deals.

THE EUROPEAN INNOVATION COUNCIL AT A GLANCE

The European Innovation Council (EIC) is a flagship initiative of the European Commission with a budget of over EUR 10 billion under the Horizon Europe Programme (2021–2027). The EIC solicits the most ambitious ideas of thousands of startups and research teams from across Europe by supporting each stage of the innovation chain. Its overall mandate is to identify, develop and scale up breakthrough innovations.

A majority of the funding is awarded through ‘open’ calls with no pre-defined thematic priorities. This enables support for any technologies and innovations that cut across scientific, technological, sectoral and application fields or represent novel combinations.

This is complemented by a ‘challenge-driven’ approach informed by the work of EIC Programme Managers. These direct funding towards EU policy priorities for transitioning to a green, digital and healthy society including associated strategies such as REPowerEU, the New Industrial Strategy and the European Health Union while accounting for the inputs of stakeholders, experts and the EIC Board regarding the value proposition and likely impacts of such an intervention.

The EIC Pathfinder supports deep tech research and development. The EIC Transition carries ideas from lab to business. The EIC Accelerator supports startup development and scaling up, including through the EIC Fund which provides investments from seed to early growth. In addition, the EIC awards Seals of Excellence to the many startups that go through the competitive evaluation process, meet the stringent criteria for support, but fall just below the threshold to be awarded a portion of the available budget.

Support from the EIC goes beyond funding. All beneficiaries receive access to tailor-made Business Acceleration Services. This facilitates connections and support that can help scale up EIC-supported companies and enable researchers to take the first steps towards commercialising their results.

An independent EIC Board provides advice on the overall strategy of the EIC. It is composed of leading innovators, venture capitalists, business executives and academics to ensure it remains fully focused on the needs of innovators.

An in-house team of EIC Programme Managers bring expert insights to guide and connect projects and companies in areas including quantum, healthcare, energy, electronics, space, construction and agritech.

I am incredibly proud to lead such an impressive EIC Board of outstanding individuals, with a combined talent covering every angle of the innovation chain from across Europe and beyond. The Board steers and monitors EIC programmes with the aim of providing the best support to innovative researchers and entrepreneurs and deep tech companies, whether spin-offs, startups, or small and medium-sized enterprises.

The EIC collaborates and co-funds with other European and national programmes as well as private investors and larger companies, not only to crowd in investment and support but also to provide a smooth and efficient continuum to Europe’s best researchers and entrepreneurs. This enables them to grow rapidly and scale their innovations into sustainable companies across all deep tech sectors.

If we were to reduce the mission of the EIC to three words, it would be innovation for impact; behind every aspect of the programme is the aim to have a profoundly positive European and global impact. We will continue to focus on elevating the positive impact of the EIC: to enable excellent research, to guide from transition to business, to develop and grow deep-tech startups and SMEs, and most importantly to translate deep-tech innovation into a positive impact on the daily lives of European citizens.

Mark Ferguson, Interim Chair of the EIC Board. Jean-David Malo, Director of the Executive Agency for EIC and SMEs (EISMEA).

These EIC-supported companies and projects cover all countries of the European Union and beyond, contributing to EU policies and priorities, and to achieving UN Sustainable Development Goals. However, while there are a number of projects and companies supported in central and eastern Europe, there remains significant untapped potential for deep tech in these countries, and the EIC is taking active steps to promote this.

KEY IMPACTS

3.1 Scaling companies to become global deep tech leaders

EIC Accelerator supports startups and small and medium-sized enterprises (SMEs). Over 40% of EIC Accelerator-supported companies were between 6 and 10 years old at the time of receiving EIC support and a majority of these were small or micro enterprises. The programme supports deep tech ideas with potential to scale in global markets.

Open to startups and SMEs, the Accelerator offers grants of up to EUR 2.5 million plus equity of up to EUR 15 million. A single application covers grant and equity, with due diligence by the EIB followed by investment decisions by the fund manager. Beneficiaries also receive access to Business Acceleration Services.

A total of 6 800 jobs have been created by EIC portfolio companies following receipt of EIC support, which has allowed them to grow, become more capital intensive, strengthen their intangible assets and improve their short-term liquidity. This includes 12 Unicorn and 112 Centaur valuations.

EIC portfolio companies have gone on to raise over EUR 10 billion in follow-on investments in the period following initial funding, with a resulting portfolio valuation of over EUR 40 billion.

3.2 Attracting investments into European deep tech – Spotlight on the EIC Fund

The EIC provides both non-dilutive grant funding and investments for individual startups and SMEs through the Accelerator. To date, over 1 600 companies have been supported across the 27 EU member states, alongside investments in current and/or formerly associated countries to the Horizon Europe and Horizon 2020 programmes.

This support is attracting much larger investments in deep tech companies and projects in Europe. The first EUR 260 million in investments through the EIC Fund has resulted in 92 investment agreements. Of these, 48 investments have been sufficiently mature to leverage just under EUR 500 million in co-investments by private and other funds, resulting in a leverage of 2.6 times the value of the EIC Fund equity investments. 2022 also saw the largest investment round involving the EIC Fund: a EUR 100 million fundraising round by SiPearl.

44 investment agreements signed by the EIC Fund have taken the form of convertible loans. These act as a bridge to the next fundraising round, which is expected to fall within 12–18 months of receiving EIC support. Furthermore, ‘grant first’, a new form of support under Horizon Europe, helps companies mature their ideas into an investible proposition. In 2021, 47 companies received ‘grant-first’ funding, with an expectation of raising funds within 18–24 months.

The EIC Fund was restructured in 2022, which resulted in some delays in investment decisions. Since September 2022 it has been fully functional and is in the process of taking investment decisions on 179 companies selected by the EIC Accelerator for equity support in 2021 and 2022.

The EIC Fund is the investment arm of the Accelerator programme, with a mandate to invest in all startups and SMEs selected through the EIC Accelerator evaluation process to receive blended (grant and equity) or equity-only financing. Following its restructuring as an Alternative Investment Fund (AIF), the EIC Fund is rapidly clearing the backlog of investment decisions, and is set to become the largest early-stage, deep tech investor in Europe, leveraging EUR 10 billion to crowd in EUR 30 to 50 billion from private investors.

Investment decisions are taken and managed by an external Alternative Investment Fund Manager, fully compliant with the AIFM Directive following due diligence performed by the European Investment Bank and in line with the EIC Fund Investment Guidelines, endorsed by the European Commission.

By utilising the EUR 2.3 million EIC grant and the EUR 2 million convertible loan from the EIC Fund, we managed to translate our technology from laboratory to pilot scale, set up our operations and started producing samples for prototyping within two years. Quite simply, we would not be here without the support of the EIC’s Accelerator Programme.

The EIC investment is also an important indicator of quality and reliability for investors. A seal of approval if you like. Our technological and commercial potential along with the environmental and socio-economic impacts have been scrutinised during the application process and throughout the two-year project. We are in the process of fundraising and since most private investors are familiar with the EIC scheme, it provides us with a competitive edge over other startups.

Krisztina Kovacs-Schreiner, CEO of EIC beneficiary company LIXEA.

The increasing prestige of EIC support has resulted in follow-on investment of EUR 10 billion across the portfolio. These follow-on investments have trended upwards towards larger deal sizes with Series B, C or above seeing a notable uplift in 2021 – a trajectory that has been maintained in the year-to-date.

Much of the follow-on funding is in the form of venture capital, but the business-to-business (B2B) nature of a majority of portfolio companies and its relevance to large corporates is underlined by the share of corporates and corporate VCs in follow-on deals, now approaching 30%.

3.3 Connecting to the market

The EIC’s Business Acceleration Services connect portfolio companies and researchers with corporates, investors, buyers, accelerators and venture builders through four main strands of activity:

Since meeting at the Holcim / EIC Corporate Day, Holcim and Nanolike followed the best-practice path of a corporate-startup collaboration with a first exchange of ideas and numbers, an NDA signature, the development of a Proof of Concept (PoC) and key performance indicators (KPIs), followed by signature of first contracts, to be replicated in 70 countries where the corporation develops its activities.

Haarlem (NL) municipality uses EIC portfolio to find a food waste management solution. Thanks to the strategic collaboration between the EIC and the EU Urban Agenda, the Haarlem municipality – having scanned the EIC portfolio – is piloting innovative AI solutions for food waste management in six restaurants through a partnership with EIC beneficiary, Orbisk. This startup provides hospitality organisations with a complete insight into their food stream, allowing them to cut their waste in half.

The EIC is a gateway to accessing a cross-cutting portfolio of top-notch innovators across Europe. The solutions offered by EIC beneficiaries can contribute to the modernisation of services provided by cities and regions for the benefit of the European citizens.

Valentina Schippers-Opejko, Coordinator of the Urban Agenda Partnership on Innovative and Responsible Public Procurement for EU.

To develop our innovation model, Indra has an ecosystem of startups, entrepreneurs, universities, researchers, and research centres. The EIC is the perfect partner for us for three main reasons: EIC beneficiaries develop breakthrough deep tech, the EIC portfolio is broad enough to find answers to our challenges, and the EIC Corporate Day format enables rapid engagement.

EIC and CaixaBank offer agritech innovations to farmers. As part of a pilot project, the EIC, CaixaBank and AgroBank are collaborating on an Innovation Procurement initiative that offers EIC-funded companies the chance to reach final customers and help rural areas develop by using innovative solutions and sustainable technologies in agriculture. Ten selected EIC-funded companies will get access to the market using the commercial and financial know-how of one of the largest banks in Europe.

3.4 A pipeline of breakthrough technologies

The EIC Pathfinder supports research teams in taking forward breakthrough deep tech projects with a high degree of scientific and technological ambition and risk. With over EUR 1.5 billion of funding since 2014, the EIC has supported over 500 collaborative projects across EU Member States and associated countries, involving over 3 500 European and international partners.

These projects span disciplines and build a critical mass of European capability in emerging fields of science and technology. Recent examples include technologies for services or devices that have ‘awareness inside’, the development of tools to measure and stimulate activity in brain tissue, and the engineering of living materials.

Multiwave Technologies AG brings to market an ultra-portable MRI device to democratise medical imaging. The Geneva-based company with a research arm in Marseille was founded by brothers Tryfon and Panos Antonakakis in 2015, initially as a metamaterial design software company.

The M-Cube project supported by the EIC Pathfinder was the catalyst for Multiwave’s pivot to a medical imaging device manufacturer. The company has raised more than EUR 16 million to date from initiatives of the European Commission H2020 Framework Programme, of which EUR 5.5 million is dilutive capital and EUR 10.5 million is non-dilutive capital. It was also the winner of the Innovation Radar Prize 2018 in the category “Best Young SME” for its metamaterial technology that improves the signal captured by state-of-the-art MRI systems.

In the summer of 2022, Multiwave delivered its first ultra-portable MRI devices to Mount Sinai Hospital in New York (USA) and Brighton and Sussex Medical School (UK). It plans to deliver another ten devices to leading research institutions in Europe and the US by the end of 2023, by which time it also expects to receive the coveted FDA 510(k) approval to be followed by CE marking.

The M-Cube project and ongoing collaborations with Aix-Marseille University and the Amidex Foundation in France, and Leiden University Medical Centre in the Netherlands, have enabled Multiwave to bring innovations from lab to market and attract investors.

3.5 Priming the next generation of startups

The EIC Transition is the newest element of the EIC toolkit. Introduced in 2021, this instrument enables researchers and SMEs to exploit promising deep tech research results, demonstrate and mature the technology, develop business plans for specific applications and look towards commercialisation.

The first set of Transition calls under Horizon Europe awarded EUR 45 million to exploit ground-breaking research results emerging from the European Research Council (ERC) and the EIC Pathfinder. The majority involved a commercial partner and a large percentage were looking to establish a spinout and obtain either Accelerator or VC funding as their company grows.

Saskia Neubacher, CEO of Incircular, INCYPROnext consortia member: The EIC Transition supports Incircular at a time in its development where it is most valuable. Starting as a university spin-off, it gives us the means to build a solid foundation for the future of our company.

3.6 Supporting female founders and innovators

Since 2020, the EIC has introduced a number of measures to actively promote and support the role of women entrepreneurs and researchers to boost Europe’s innovation capacity and ensure the relevance of its outputs to all citizens.

This includes prioritising women CEOs invited to Accelerator interviews and dedicated initiatives including Women TechEU to support early-stage deep tech startups funded and led by women, and the Women Leadership Programme to provide coaching and mentoring to EIC-funded women entrepreneurs. The EIC also awards an annual EU Prize for Women Innovators.

In sum, this has resulted in 20% of the companies funded by the EIC Accelerator being female-led in 2020 and 2021, and the share of female-led EIC Pathfinder projects reaching 24% with over 30% of researchers also female. Accelerator figures are an improvement on the overall industry trends in 2021, which saw 89% of all funding going to male-led startups, 9.3% to mixed teams, and just 1.8% to female-led startups.

There is much more to be done, however, and the EIC Board has set a specific KPI for the EIC to track and further increase support going to female-led startups ( EIC KPI).

Margaret Rae, Founder and Managing Director of Accelerator beneficiary Konree Innovation: The Women TechEU award and its Women Leadership Programme have provided funds to build the technology and advice to plan funding requirements. Access to experienced coaches and mentors has helped refine strategy and accelerate progress.

BUILDING THE NEXT GENERATION OF DEEP TECHNOLOGIES

The EIC has a diverse portfolio of startups, scale-ups and cutting-edge deep tech projects, ensuring deep tech innovation will support the EU’s priorities of green and digital transition, health and wellbeing of EU citizens and strategic autonomy in critical technologies. A majority of the EIC-supported companies are impact-focused, contributing to the wider set of UN Sustainable Development Goals (SDG) with the most commonly addressed covering the goals of Affordable and Clean Energy, Climate Action, and Good Health and Wellbeing.

4.1 Supporting a sustainable future

Europe is at the forefront of the green transition, with the ‘ Fit for 55’ package aiming to reduce EU emissions by 55% by 2030 and achieve climate neutrality by 2050. Recent global trends also prompt further action to increase the EU’s self-sufficiency in areas of energy and food security.

The EIC’s portfolio is making a major contribution to this transition to a more resource-efficient and competitive economy. Through the Green House Gas (GHG) programme, one of the Business Acceleration Services, the EIC has encouraged and enabled companies to reduce their greenhouse gas emissions and efficiently reduce their carbon footprint.

The reduction commitments set by over 130 beneficiaries currently account for a reduction of 550 tonnes of CO2 or 37% over a five-year period. The programme also supports co-creation of carbon footprint reducing solutions between EIC beneficiaries and corporates, regions and other peer companies, leading to ongoing partnerships, NDAs and Proofs of Concept.

Franc Mouwen, EIC Programme Manager for architecture, engineering and construction technologies: The AEC value chain must transform to meet climate ambitions. The EIC will provide targeted support to create a pipeline of innovative approaches and to scale companies in the EU.

The EIC supports innovative technologies to achieve better soil health, farming efficiency and crop yield and quality in a sustainable way. Alternative proteins and novel farming are attracting growing EIC as well as private investment. Three of the ten largest European startups and SMEs in this area have received EIC support: Infarm, InnovaFeed and Relex Solutions.

InnovaFeed: Insect protein for animal and plant food. Innovafeed harnesses the power of insects to turn agro-industry by-products into valuable ingredients, with a drastically lower impact on the planet compared to conventional solutions.

Clement Ray, CEO of InnovaFeed: By supporting the emerging insect industry, the EIC enables more local food and feed, working towards the continent’s food independence. The EIC’s support is a quality stamp recognised by the market.

Ivan Stefanic, EIC Programme Manager for food chain technologies, novel and sustainable food, notes the EIC’s aim to support innovative ways of ensuring quality food for all, improving health and wellbeing, and contributing to the EU Strategy for Europe on Nutrition, Overweight and Obesity-related Health Issues.

To date, nearly EUR 120 million has been provided in support of hydrogen-related deep technologies by the EIC, spanning early-stage basic research to closer-to-market developments. Earlier-stage research projects have a strong concentration on renewable hydrogen production using electricity, solar energy and/or biomass as input sources, and integrate circular approaches to minimise the use of Critical Raw Materials.

INERATEC – e-fuel alternatives to fossil fuels and chemicals: In May 2021, INERATEC received EIC Accelerator funding of nearly EUR 2.5 million to launch scalable series production for its technology to produce synthetic fuels and chemicals from renewable hydrogen and CO2. In January 2022, it closed a Series A round worth over USD 20 million with strategic investors to scale up production capacities.

Antonio Pantaleo, EIC Programme Manager for Energy Systems and Technologies, Biosystems Engineering: We need to focus on the best uses of hydrogen where decarbonisation options are limited, and minimise dependencies on critical raw materials; exciting ideas from the Pathfinder portfolio can contribute here.

Philipp Engelkamp, CEO and co-founder of INERATEC: With further scaling, multiplication and implementation, we will deliver power-to-X technology faster and at lower cost and contribute to making mobility and the chemical industry more sustainable.

C2C-NewCap – efficient and sustainable mobility and energy storage: C2C-NewCap has developed an innovative hybrid supercapacitor that enables trucks to run 100% on electric energy during resting periods, eliminating idling and extending battery life. The EIC Accelerator supported this project from 2017 to 2022 with almost EUR 1.4 million to reach market entry, and an EIC Transition project is underway to develop a disruptive new supercapacitor technology.

Francesco Matteucci, EIC Programme Manager for Materials for Energy and Environment: The EIC will emphasise technologies that eliminate the use of critical raw materials or ensure full reuse and minimal environmental footprint, and will support development from Pathfinder through Transition and Accelerator.

André Mão de Ferro, Co-founder & Executive Manager at C2C-NewCap: The EIC was the support we needed to certify the product and prove the business opportunity behind a more sustainable alternative to lead-acid batteries.

4.2 At the forefront of digital, industrial & space innovation

The EU’s New Industrial Strategy and associated initiatives such as the European Chips Act will bolster Europe’s technological leadership and strategic autonomy by developing value chains in deep tech and other sectors reliant on integrating such technologies. The EIC portfolio shows a strong contribution to this agenda.

Isabel Obieta, Programme Manager for Responsible Electronics: Creating a dynamic European semiconductor ecosystem is a main objective of the Chips Act. The EIC will focus on sustainability, reducing power consumption and drastically reducing the use of critical raw materials to help ensure Europe’s strategic autonomy.

This portfolio features two 2022 Nobel laureates in Physics (Professor Alain Aspect and Professor Anton Zeilinger) and three of the ten most highly valued companies in the EU - IQM, Alice & Bob and Pasqal - who have attracted increasing levels of private investment following EIC support.

TOPSQUAD – Developing a universal quantum computer: Supported by the EIC Pathfinder with over EUR 3 million from 2019–2023, the project aims to address qubit fragility and scalability to lay the foundation for universal quantum computing, with applications in medicine, energy storage, and climate modelling.

Samira Nik, EIC Programme Manager for Quantum tech and electronics: Quantum sensors have entered the market and quantum computing has demonstrated small-scale utility but suffers from high error rates and control system scalability challenges. The EIC will focus on requirements that ensure Europe remains at the cutting edge with strategic autonomy.

Professor Floris Zwanenburg, Coordinator of Topsquad: By bringing together leading institutes and high-tech SMEs, Topsquad will expand leadership and excellence at EU level and present a major advancement in quantum technologies.

ThrustMe – Increasing the potential of satellites in space: ThrustMe has disrupted the space industry with alternative propellants for electric space propulsion, providing integrated solutions for intelligent in-orbit operations. Founded in 2017, ThrustMe has been selected for blended (grant and equity) EIC Accelerator support.

Stela Tkatchova, EIC Programme Manager for Space: In-orbit servicing and active debris removal are critical to protect the space environment. Startups face challenges to design, test, discover markets and attract investment; the EIC aims to locate and support these disruptive ideas.

Dr Ane Aanesland, CEO and co-founder of ThrustMe: The European Commission has given vital support for our company’s growth, and the EIC is strongly supporting our disruptive R&D and product development strategy.

4.3 Pioneering innovation in health

Europe faces several healthcare challenges, with an ageing population and an increase in chronic diseases such as cancer. The EIC has been responsive to emerging challenges and has developed a strong portfolio of projects and companies in areas such as new therapeutics and medtech.

Key areas include disease modelling and regenerative medicine, drugs and pharma, cell and gene therapies, diagnostics, medtech, cancer treatment and companion diagnostics, and neurotech.

SparingVision – Translating pioneering science into vision-saving treatments: Following EIC support from August 2019 to July 2022, SparingVision raised EUR 60 million in Series A (October 2020) and EUR 75 million in Series B (September 2022), co-led by Jeito Capital and UPMC Enterprises, with additional participation from 4BIO Capital, Bpifrance, the RD fund, and Ysios Capital.

Iordanis Arzimanoglou, EIC Programme Manager for health and biotechnology: The EIC aims to provide integrated support across the entire innovation chain through to commercialisation, ensuring a strong and integrated European sector in this field, including RNA-based therapies and diagnostics.

Stéphane Boissel, President and CEO of SparingVision: The support of the EIC was instrumental in the development of SPVN06 and was seen as a label of excellence.

ONWARD: Brain-Spine Interface (BSI) technology to restore mobility in people with spinal cord injury. A EUR 3.6 million EIC Pathfinder grant in 2022 funds integration of spinal cord stimulation with Clinatec’s fully-implantable WIMAGINE device to decode movement intentions, and clinical feasibility studies. An EIC Transition grant will test the usability of a commercially-viable BSI system.

Enric Claverol-Tinturé, EIC Programme Manager for medical technologies and medical devices: Overcoming remaining hurdles such as invasiveness, resolution, and scalability of neural interfaces could revolutionise treatment of neurological conditions.

Jocelyne Bloch, MD, Functional Neurosurgeon, Co-Founder, ONWARD Medical: The EIC grant is critically important to support enhancement of the BSI system and to make breakthrough therapies even more effective in restoring function.

PARTNERING WITH THE EIC TO BUILD A EUROPEAN DEEP TECH ECOSYSTEM

The EIC links to initiatives at EU, national and regional level to build on investments, identify areas of future opportunity, and ensure synergies to maximise impact across the EU in research and innovation. The EIC works with ERC, EIT, InvestEU, Horizon Europe, and the Enterprise Europe Network to build a better European innovation ecosystem.

5.1 Turning frontier research into breakthrough innovation with the European Research Council

The European Research Council (ERC) is the premier European funding organisation for excellent frontier research. Over the last year, the EIC has strengthened its partnership with the ERC, with beneficiaries of ERC Proof of Concept projects eligible to apply to the EIC Transition programme and bring ground-breaking ideas to market.

EIC Programme Managers explore scientific developments and applications emerging from the ERC to scout for promising areas with high innovation potential. Joint workshops discuss innovation potential of breakthroughs, including in Cell and Gene Therapy and Energy Storage technologies.

Marja Tiirola, Co-founder and CSO, BiopSense: Our new sample processing technology simplifies liquid biopsy diagnostics and improves cancer care paths. The financial and advisory support we have received from ERC and EIC has been essential when stepping out of the academy.

Maria Leptin, President of the ERC: By bringing together the worlds of research and innovation we can understand and inspire each other. The collaboration between the ERC and the EIC shows strong complementarity between basic science and applied innovative solutions.

Ben Feringa, ERC Scientific Council Member and Nobel Prize winner in Chemistry: To make our societal ambitions come true, we need excellent science and excellent innovation; we need the ERC and the EIC working together with a common aim.

5.2 Fast tracking startups from the EIT

The European Institute of Innovation and Technology (EIT) is Europe’s largest innovation ecosystem, bringing together close to 3 000 partners from business, research and education organisations in 60+ innovation hubs.

46 companies selected for funding by the EIC Accelerator in 2021 were previously supported by at least one of the EIT’s Knowledge and Innovation Communities (KICs). In recognition of this, a Fast Track scheme has now been introduced to speed up the process and reduce the administrative burden for companies wishing to apply to the EIC Accelerator following EIT support.

ONOmotion – Sustainable delivery concept supported by EIT InnoEnergy and EIC Accelerator: An urban utility vehicle combining the flexibility of a bicycle with the durability and cargo capacity of a van. Founded in 2016, ONOmotion entered a strategic partnership with EIT InnoEnergy in 2020, received a grant of EUR 1.8 million from the EIC Accelerator and EUR 2 million in equity from the EIC Fund to scale mass production.

Beres Seelbach, Co-founder and co-CEO, ONOmotion: The EIC and EIT support helped us move from prototype to mass production to replace diesel vans with electric cargo bikes.

5.3 Enabling access to other funders through the Seal of Excellence

EIC funding is highly competitive, resulting in many high-quality ideas failing to receive support due to budgetary constraints. Following a rigorous selection process, companies that fall short on issues other than the quality of their innovation projects receive an EIC Seal of Excellence, which signals strong investment potential for national governments and investors.

The EIC Seal of Excellence is increasingly recognised by national innovation programmes. For example, the Spanish Ministry of Science and Innovation allocated EUR 20 million from the Spanish Recovery and Resilience Plan to EIC Seal of Excellence recipients in 2021 through its national innovation agency CDTI.

A CALL TO ACTION

The EIC has developed a strong portfolio of high growth potential companies and a pipeline of emerging technologies that could generate the next generation of breakthrough technologies. With a budget of over EUR 10 billion from 2021–2027, it is set to become the largest early-stage, deep tech investor in Europe.

We strongly encourage companies and researchers with ambition and vision to engage with us in support of European innovation.

ANNEX

Methodology Note

The data about private investment has been collected in collaboration with Dealroom.co, which uses big data technologies to scan publicly available data about innovative companies. It monitors the progress of private companies by tracking indicators of innovation and growth, such as investments, exits, accelerator support, etc. Valuations are broad estimates based on available data, and are subject to change.

Information regarding financial performance of companies comes from obligatory self-reporting as well as from the Orbis database, which compiles official information including national registries. Data about Pathfinder patents and publications comes from project reports and Innovation Radar experts’ assessments, which monitor potential innovations and their maturity.