The EU’s European Innovation Council funding scheme has begun offering small and medium-sized companies the chance to win up to €17.5 million to help bring innovative ideas to market.
The pilot of the EIC’s company-focused, single-beneficiary Accelerator instrument began on 6 June. It offers each applicant between €500,000 and €2.5m in grant funding, plus equity financing worth up to €15m.
“Entrepreneurs often need more funding and support than grant schemes alone can offer,” said research commissioner Carlos Moedas. “The EIC Accelerator pilot will test a grant and equity blended financing model, paving the way for a fully-fledged European Innovation Council in the next EU research and innovation framework programme, Horizon Europe.”