Tech startups will be granted with €1.13B through the EIC Accelerator in 2023

The European Commission adopted the 2023 work program of the European Innovation Council, which will grant €1.6 billion in funding to innovators who can to scale up and create new markets. 70% of this amount, €1.13 billion, will be allocated for the EIC Accelerator for tech startups and SMEs, TNW writes.

• Specifically, €525 million is reserved for tech startups that contribute in strategic areas for Europe, including: biomarkers for cancer, decontamination for pandemic management, energy storage, quantum or semiconductor components, resilient agriculture, space technologies and services, and New European Bauhaus initiative.
• The remaining €613 million will cover innovations without the requirement of a specific topic.

About EIC Accelerator

• The EIC Accelerator supports individual Small and Medium Enterprises (SMEs), in particular startups and spinout companies, to develop and scale up game-changing innovations. In some cases, it also supports small mid-caps (up to 500 employees).
• The EIC Accelerator provides financial support with:
  • grant funding of up to €2.5 million for innovation development costs,
  • investments of up to €15 million managed by the EIC Fund for scale up and other relevant costs. Companies working on technologies of strategic European interest can apply for EIC investments of more than €15 million. 
• In addition, EIC selected companies receive coaching, mentoring, access to investors and corporates, and other opportunities as part of the EIC community.
• The EIC Accelerator welcomes applications from startups in all EU member states and countries associated to the Horizon Europe program. It particularly welcomes applications from startups and SMEs with female CEOs.
• You can apply for EIC Accelerator funding at any time through the EIC platform. More about the full application process you can read HERE.