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Tag ‘EIC Accelerator’

Coronavirus: EU grants €314 million to innovative companies to combat the virus and support recovery

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The original press release is available in the Commission Press Corner.

The European Commission has awarded nearly €166 million, via the European Innovation Council (EIC) Accelerator Pilot, to 36 companies to combat the coronavirus pandemic. In addition, over €148 million will be granted to another 36 companies to contribute to the recovery plan for Europe, bringing the total investment from Horizon 2020, the EU’s research and innovation programme, to €314 million in this round.

The selected 36 companies will work on pioneering projects, such as on expanding the production of bio-decontamination wipes, developing ventilation monitoring systems that provide first aiders with real-time feedback on the quality of the ventilation given to the patient, developing an antibody platform to treat severe cases of infection, and many more. Furthermore, 139 companies tackling the coronavirus that could not receive funding in this round due to budget limitations have received the newly introduced COVID-19 Seal of Excellence, in recognition of the value of their proposal and in order to help them attract support from other funding sources.

The additional 36 companies, set to support the recovery plan for Europe, will work across a multitude of sectors and projects, which include for example the development of stronger and taller wind turbine towers made from wood modules, with the potential to massively reduce wind energy costs, an organic fertiliser production system, and a blockchain-based solution for sustainable recycling practices of manufacturers. An additional 679 high quality proposals passed the EIC funding criteria and were awarded Seals of Excellence, but unfortunately could not be funded due to limited budget.

A record number of almost 4000 start-ups and small and medium businesses (SMEs) applied to the EIC Accelerator pilot in March, and over 1400 of the proposed innovations were relevant to the coronavirus outbreak. In light of this an extra €150 million was recently allocated to this funding round, bringing the combined total to over €314 million.

Check out other COVID-19 related news and updates here on the News Portal.

EIC funding for another 374 innovative companies

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83 top-class innovators selected for funding to reach the market faster under the European Innovation Council (EIC) pilot’s EIC Accelerator, previously known as SME Instrument Phase 2 and 291 companies will get funding under the Phase 1 of the programme. Companies under both phases will receive free coaching and business acceleration services to make the most of their funding.

Find out more about all the companies in the EASME datahub.

The European Innovation Council (EIC) pilot will support 83 small and medium-sized enterprises (SMEs) from 17 countries under the EIC Accelerator, previously known as SME Instrument Phase 2.

The total amount to be distributed between the SMEs working on 78 projects is € 148.7 million from the EU’s research and innovation programme, Horizon 2020. Each project will receive up to €2.5 million to finance innovation activities like demonstration, testing, piloting and scaling up.  

The companies will also benefit from 12 days of free business coaching and acceleration services.

The projects selected include a new generation safe and environmentally-friendly light aircraft, an anti-bacterial textile for hospitals, a 3D audio software, motion planning technology for autonomous driving and a superbot for audio calls.

291 innovators selected for funding under EIC’s SME Instrument Phase1

The European Commission received 1765 proposals in total. Further to an evaluation on paper, 174 candidates pitched their innovations to a Jury of professional investors, entrepreneurs and business experts that evaluated the solidity of their project and selected the 78 innovations for funding.

Spanish SMEs were the most successful with 12 companies selected for funding. They were followed by 9 companies from Switzerland and 7 businesses from Ireland. Most selected companies are active in the field of health, ICT and engineering. 

A total of 291 small and medium-sized enterprises (SMEs) form 24 countries have been selected for funding under the latest round of the SME Instrument, in the so-called Phase 1 of the programme.

The companies will receive a total amount of €13.7 million to share between their projects to get their innovations faster on the market.

In this phase of the SME Instrument each project, 288 in total, will receive €50.000 to draft a business plan. Several companies can team up to propose one project. The companies will also get free coaching and business acceleration services.

Most companies selected for funding are in the field of information and communication technology (ICT), health and engineering. Most companies are based in Spain  with 42 companies selected for funding. THey were followed by 33 companies from Italy and 22 from Switzerland.

The European Commission received 2784 proposals for the 7 May cut-off. 

Read the original article on the EASME website.

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