The European Innovation Council (EIC) has announced the winners of its highly anticipated funding program. Following a rigorous selection process, 51 pioneering companies have emerged as the recipients of the prestigious EIC funding, a combination of grants and equity investments. These groundbreaking ventures were chosen from a pool of 139 companies, which had the privilege of being interviewed by juries composed of seasoned investors and entrepreneurs. The remarkable success of the EIC Accelerator cut-off in March has once again demonstrated Europe's commitment to fostering innovation and driving economic growth.
The EIC's latest funding initiative represents a significant milestone in empowering companies at the forefront of innovation. Out of the 551 full proposals submitted 139 managed to secure an interview, resulting in an interview rate of 25.23%. Among these candidates, 51 companies emerged as winners, indicating a success rate of 36.69% from the interview stage. Taking into account the entire pool of companies initially evaluated at the full application stage, the overall success rate stands at 9.26%.
Collectively, they will be awarded €260 million in funding, distributed through a combination of grants and equity investments. The equity investments will be facilitated through the EIC Fund, further bolstering the financial support provided to these pioneering enterprises.
The distribution of winners among the selected companies reflects a diverse representation of geographies. This pan-European approach underscores the EIC's commitment to fostering collaboration and driving innovation across borders. Moreover, it highlights the vast potential for groundbreaking developments arising from diverse cultural and technological perspectives. The winning companies have a diverse geographic presence, encompassing 17 countries, with three of those being widening countries: Estonia, Poland and Portugal. The Netherlands has the highest number of winners with 8, followed by France with 6, and the United Kingdom and Israel with 5. Diverse Financing Types for Customized Support
Out of the 51 companies selected as winners of the European Innovation Council (EIC) funding, the financing types allocated to them are as follows: 23 companies will receive blended finance, combining grants and equity investments, while 22 companies will receive grant funding initially, with the potential for equity investments later on. Additionally, 6 companies have been awarded grants exclusively. This diverse range of financing types highlights the EIC's commitment to supporting innovation in various ways, ensuring that each company receives the appropriate financial resources to accelerate their groundbreaking projects. The average grant request is €2.303.173,98, while the average recommended investment for companies that applied for the equity financing is €6.319.738,02.
Winners: Challenges vs Open
Out of the 51 winners, the vast majority, specifically 42 of them, were selected through the open call. The remaining 9 winners were chosen based on specific challenges. One winner was chosen from each of the following challenges: “Novel biomarker-based assays to guide personalized cancer treatment”, “Energy storage”, and the “New European Bauhaus and Architecture, Engineering and Construction digitalization for decarbonization”.
Additionally, two winners were awarded in each of the following categories: “Emerging semiconductor or quantum technology components”, “Novel technologies for resilient agriculture”, and “Customer-driven, innovative space technologies and services”. It is interesting to note that “Aerosol and surface decontamination for pandemic management” category saw no winners, whereas 47% of overall winners belonged to the health sector.
Progress towards Gender Equality
In a demonstration of progress towards gender equality, nearly 30% of the selected companies are led by female CEOs, CTOs, or CSOs. With 15 out of the 51 companies breaking the glass ceiling, the EIC is proud to support and celebrate the achievements of women in entrepreneurship and technology. This encouraging trend reflects the growing recognition of the invaluable contributions made by women in driving innovation and shaping the future of the business landscape.
Driving Transformative Breakthroughs and Ongoing Support
The EIC's funding program has consistently proven to be a catalyst for transformative breakthroughs and disruptive innovations. By nurturing the growth of these 51 visionary companies, the EIC is paving the way for groundbreaking advancements across a wide array of sectors. From cutting-edge technology to sustainable solutions, the selected enterprises embody the spirit of innovation that drives Europe's economic progress.
As Europe solidifies its position as a global hub for innovation, the EIC remains steadfast in its mission to empower visionary entrepreneurs and groundbreaking companies. The announcement of the 51 EIC winners marks yet another milestone in the journey towards a future defined by creativity, collaboration, and pioneering achievements. With their dedication, resilience, and unparalleled ingenuity, these companies will undoubtedly reshape industries, create jobs, and shape the Europe of tomorrow.
Stay tuned for more information on the next set of EIC winners.