experts briefing part 1 eic accelerator pilot (sme instrument)...accelerator pilot building on sme...
TRANSCRIPT
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Experts Briefing Part 1
EIC Accelerator pilot (SME Instrument)
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EIC Accelerator pilot (SME
Instrument – phase 2)
What's new for the EIC Accelerator
Achievements and Timeline
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EIC Accelerator Pilot(SME Instrument)
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The Accelerator Pilot
17.5 M
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Accelerator PilotBuilding on SME Instrument
• Individual SMEs with high-risk, high-growth potential aimed at
creating new markets
• Substantial funding for the last stages of development
• Bottom-up: all sectors, products, services, new business models
• Grant- activities of TRL 6-8
- €0.5 - 2.5 million (funding rate 70% of total cost of project)
• With equity option (blended finance)- activities TRL 6 and above
- Plus up to €15 million
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From grantto blended finance
• Grant: Early-stage innovation for development
• Equity: Early-stage and mature innovation for scale up
Note:
• If the proposal includes mature innovation activities, and consent has
been given by the applicant, it will be changed into blended finance
• There is flexibility to obtain equity even if not requested at the
moment of submission
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What’s new in the EIC Accelerator Pilot
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Accelerator Pilot (grant and blended)Novelties
• Evaluation: award criteria
– 33% 'impact‘
– 33% 'excellence'
– 33% 'quality and efficiency of implementation'
- if the company have requested an equity component they will be
subject to due diligence
• Time-to-inform: 4 months from date of application
• Time-to-grant
– Grant: 6 months from date of application
– Equity: +6 months from date of application
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Accelerator Pilot Step-by-step
Submission of Proposals
Remote Evaluation
Ranking of Proposals
Interview
Grant Agreement
Due Diligence
Equity Investment
Blended finance only
In case of blended finance option
In case of blended finance option
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Accelerator PilotNovelties (grant and blended)
• Application
- Single template for the two options
- Applicants positively evaluated for blended finance
may be asked for additional information on their
equity request during Step 2
- New application forms with additional financial
elements
- Pitch deck for the interview
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Support provided in the form of grant only or blended finance (combininggrant and equity)
Detailed information about the TRL level (or its equivalent for non-technological innovations) requested. Activities above TRL 8 can only be funded asequity through blended finance option. The grant component will only apply to theactivities with a TRL (or its equivalent for non-technological innovation) of 6 to 8
Focus on ‘bankability’ - Evidence that the applicant company cannot leveragesufficient investments from the market and/ or, particularly for applicant companiesrequesting blended finance support, evidence that the applicant company isdeemed 'non- bankable' by the market, in view of the activities to be developed.
Focus on ‘scalability’ - Underpinned by a convincing business plan with a cleartimeline, and complemented by a track-record that includes financial data includingfinancial needs to ensure the company’s success.
Key new criteria
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Accelerator PilotNovelties (grant and blended)
• Evaluation
- By experts in technology, business and finance
- Two steps:
– Step 1 (remote evaluation)
– Step 2 (face-to-face interview)
- Three possible outcomes:
– 'Go' decision
– 'No Go' decision
– ‘Change into blended finance' decision
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Due Diligencefor blended finance
• For projects requesting blended finance only
• By a “Special Purpose Vehicle” (SPV)
• Due diligence will focus mainly on evaluating compliance and
risk level as well as:
- Confirming the investment amount and structure
- Estimation of the total financial effort
- Defining equity “tranches” and key milestones
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Accelerator Pilot (blended finance)Equity investment
• Principle of crowding-in private investment
• Structured via separate agreement (next to grant
agreement)
• Passive role in the daily management of the company
• Exit strategy: if consent of the company is received, the
SPV will actively seek private investors to buy the EC
shares
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for market launch
Coaching &Business support
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Coaching (12 days for beneficiaries) and mentoring
No direct funding- Not part of the evaluation but beneficiaries register for coaching before signing grant agreement)
Business Acceleration Services: Corporate Days and Investor Days, EIC Community Platform
Facilitate access to risk finance
Additional support and networking opportunities (EEN)
Coaching & Business Support
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Achievements and Timeline
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EIC Accelerator - Evaluation cut-offs
Current expert contracts:
09 October
08 January
2020
2019
New expert contracts:
18 March19 May
07 October
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