Over 1,000 ideas to help tackle coronavirus outbreak
The European Commission received approximately 4,000 applications for the 20 March deadline of the European Innovation Council (EIC) Accelerator Pilot programme - more than double the usual amount. The upsurge is partly due to the call for ideas to help tackle the coronavirus outbreak; over 1000 startups and small and medium-sized companies with innovations relating to preventing the impact and spread of the coronavirus applied.
Companies selected to receive a share of the €164 million allocated to this funding round will be decided by an independent jury of experts, investors and entrepreneurs, following an initial remote evaluation and live interviews from the 4 to 8 May 2020. Companies selected for EIC support in this funding round will be announced later in May.
Around a quarter of companies requested blended finance (grant and equity) support, with a total equity request of just over €4 billion. A large number of applications were received in the field of health, many of which are Coronavirus related, as well as large numbers in the fields of ICT, engineering and technology. Applications came from companies based in 45 countries, with those based in Italy, Germany, Spain and Israel submitting the highest number of applications.Background
The European Innovation Council (EIC) pilot aims to fast track ground-breaking innovation through the support of ‘game changing’ companies with the potential to disrupt existing markets and create new ones. The EIC Accelerator Pilot offers startups and small and medium-sized enterprises (SMEs) grant funding of €2.5 million to develop their innovations, and an option to apply for equity investments of up to €17.5 million to accelerate their scaling up. As well as funding, successful companies have access to a range of business coaching and acceleration services.
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