How can the EIC Accelerator programme and Business Angels encourage transformative innovation and drive startup success? Let’s delve into the challenges, solutions, and key insights shared by experts in the field. 

The ESIL workshop which recently took place in Zagreb, Croatia, featured a dedicated session on Business Angels and Accelerator, highlighting the transformative potential of the EIC Accelerator programme while addressing the challenges faced by startups, emphasising the need for stronger ecosystems, collaboration with Business Angels, and improvements in the application process. 

The EIC Accelerator is a funding programme that supports deep-tech startups and SMEs. It provides financial support, including grants and equity investment, as well as business coaching to help companies grow and bring their innovative solutions to the market. 

Key highlights and takeaways: 

Overcoming EIC application challenges 

1. Geographical disparities: Startups from less represented countries, particularly in Eastern Europe, often struggle with the EIC Accelerator application process. These challenges stem from gaps in expertise, support networks, and a lack of understanding of the programme‘s requirements. 
2. Evaluation discrepancies: Initial submissions frequently encounter conflicting feedback from evaluators, which can be discouraging for applicants. This necessitates persistence and resilience to reapply and refine their proposals. 
3. Innovation Readiness Gaps: There is a noticeable gap between the innovation readiness of startups and the requirements of the EIC Accelerator, particularly regarding breakthrough innovation and commercialisation plans.

Barriers in emerging ecosystems 

• Ecosystem maturity: Emerging ecosystems often lack maturity, which includes limited engagement from large industrial players to test innovative technologies, difficulties in converting researchers into entrepreneurs, and insufficient networks of Business Angels, innovation actors, and experienced mentors. 
• Team and strategy deficiencies: Many startups lack well-rounded teams, robust commercialisation strategies, and a comprehensive understanding of market needs, which significantly hinders their success chances. 

Role of Business Angels and Investors

Business Angels and Investors play a crucial role in the startup ecosystem. They provide vital support to founders, offering early-stage funding, expertise in areas such as commercialisation, market-entry, and team-building. In addition to financial backing, Business Angels also offer moral support, helping founders navigate the challenges of the startup journey. Their involvement is instrumental in driving the success and growth of startups, contributing to innovation and economic development. 

EIC Accelerator as a catalyst

The EIC Accelerator, with its grant-first approach, is a catalyst in the startup ecosystem, supporting innovation and driving economic development. While the programme has been praised for providing essential non-dilutive funding to startups with a focus on innovation, there are challenges in securing matching funds, particularly in smaller markets with limited access to venture capital. 

Collaboration between EIC and Business Angels

Collaboration between the EIC and Business Angels can bridge the gap between TRL advancement and market readiness for startups. Strengthening this integration can improve the efficiency of matching startups with funding and expertise. This collaboration drives growth in the innovation ecosystem.

Strategic insights and recommendations 

The recommendations below aim to provide guidance and support to startups, foster collaborations between the EIC and Business Angels, and improve the application and evaluation process for the EIC Accelerator programme. 

1. Strengthen support in emerging ecosystems: Expand pre-accelerator programmes tailored to widening regions to train startups for EIC applications and build stronger local networks of Business Angels and mentors. 
2. Enhance collaboration between EIC and Business Angels: Develop programmes to connect EIC-funded startups with angel investors experienced in their industries and create structured platforms to introduce startups needing matching funds to potential investors. 
3. Improve the application and evaluation process: Provide clearer guidance on what constitutes breakthrough innovation and strong commercialisation plans, and address inconsistencies in evaluator feedback to reduce applicant frustration. 
4. Expand non-financial support: Offer tailored services such as regulatory guidance, IP strategy, and market validation to address the specific needs of deep-tech startups. 
5. Foster end-user involvement: Encourage startups to involve end-users from the beginning to align solutions with market demands. 
6. Promote pan-European collaboration: Encourage knowledge sharing and collaboration between startups, angel networks, and innovation actors across countries to enhance expertise and access to resources. 

The immense potential of the EIC Accelerator is there to be tapped into, while there is a need to recognise the challenges faced by startups, particularly in underrepresented regions. Fostering stronger ecosystems, deepening collaborations with Business Angels, and addressing gaps in the application process are essential for the EIC to fulfill its mission of driving breakthrough innovations to the market. 

The panelists who participated in the session: 

Anna Tampieri, Greenbone founder. 

Alain Pujol, Angels Santé  

Elizabeth Pauchet, Femmes Business Angels 

Kata Feher, Lynxes CMO   

Paulina Mazurek, BEIT CEO 

Tajana Barancic, EIC evaluator 

Robert Ilijas, CEO and Founder Identyum 

➡️ Relive the session by watching the replay!