In the rapidly evolving landscape of healthcare, the intersection of technology and healthcare has given rise to the digital health sector: a field with the power to revolutionize the way we approach wellness, disease management, and healthcare delivery. However, for many innovators and startups, the journey from a transformative idea to a market-ready product can be challenging. Find out how the European Innovation Council (EIC) Accelerator is boosting digital health innovation and how Spinverse can support your funding application process.
The EIC Accelerator
The EIC Accelerator is part of the wider European Innovation Council initiative and aims to support startups and small and medium-sized enterprises (SMEs) in bringing groundbreaking ideas to market. The EIC Accelerator is a programme designed to support high-risk, high-impact innovations providing crucial financial support to companies that are working on innovative projects, with the potential to create new markets or disrupt existing ones. The EIC Accelerator requires that products or services seeking funding must have achieved at least a Technology Readiness Level (TRL) of 5, which corresponds to the “Integration of the technological components and testing of their applications in a realistic environment”. In practice, reaching TRL5 means that a digital health innovation has progressed from theoretical design to a validated prototype that functions under simulated or real-world conditions.
Funding the future of healthcare
One of the primary ways the EIC Accelerator fosters innovation in digital health is through its flexible funding schemes designed to accommodate the diverse needs of startups and SMEs. These include grants of up to 2.5M€for innovation development and equity investment reaching up to 15M€ for scale-up and growth, or a combination of the latter two. Offering both open calls and targeted challenges, EIC Accelerator caters to a broad spectrum of products and services. For instance, EIC Accelerator Open invites proposals across any field of technology. This ensures that revolutionary ideas that do not necessarily fit within specific topics can still receive support. By contrast, EIC Accelerator Challenges are designed for projects that align with pre-defined topics, focusing on pressing societal and industrial challenges within set thematic areas.
The financial injection from the EIC Accelerator is instrumental for digital health ventures, which often face substantial costs associated with research & development (R&D), regulatory compliance, and user testing, accelerating their journey from concept to market-ready solutions.
How to apply for EIC Accelerator
The EIC Accelerator application process is structured in a multi-step approach to ensure that only the most innovative and impactful projects receive funding. Initially, applicants submit a short application, including a video pitch, a slide deck, and a brief proposal outlining the innovation and business case. If this is well received, the applicant is invited to prepare a full application, which demands a detailed business plan, a description of the innovation project, and the team's capabilities, as well as several mandatory annexes. Successful applicants are then shortlisted for the final stage, which entails a face-to-face interview with the EIC jury and industry leaders. This process is designed to identify companies with the potential for high growth and significant market impact, ensuring that the EIC Accelerator funds are allocated to drive innovation and scalable commercial success.
SMEs and startups face significant hurdles when applying for the EIC Accelerator, largely due to the intricate and time-consuming nature of the application process. The extensive documentation and detailed planning needed to demonstrate the viability and innovation of a project require an allocation of resources that many smaller companies may not readily have. Furthermore, the intense competition for funding means that applicants must present exceptionally compelling cases to stand out, adding pressure to an already challenging endeavour.
Time is of essence - get ready on time
While short applications can be submitted anytime, full applications are subject to deadlines, with the upcoming one on the 3rd of October 2024. Considering the preparation time of approximately 1.5 months for a short application, an additional 1.5 months for evaluation and results, and 2.5 months for full application development, the October timeframe may be challenging to meet. We advise applicants to target the early 2025 deadline instead, although the exact dates for full proposal submissions in 2025 are yet to be released.
Take advantage of Spinverse expertise for successful EIC Accelerator applications
"We streamline the application process, enabling innovators to focus on what they do best: developing groundbreaking digital health technologies" – Simona Dell’Angelo-Scacchi, Digital Health EIC Accelerator Expert
With a deep understanding of the EIC Accelerator's requirements, Spinverse can offer tailored support and expert guidance to companies seeking to secure funding in all application steps, saving applicants up to 70% of the time typically required to prepare an application. Our consultants can help applicants navigate through the entire funding process, from selecting the best funding scheme, preparing short and full applications, and ensuring that companies are well-prepared to effectively handle the interview. By following Spinverse's strategic advice, companies can enhance the clarity, coherence, and competitiveness of their proposals, significantly increasing their chances of success.
"With Spinverse's support, we were able to efficiently navigate initial and full application stages as well as the interview with EIC jury. Supporting us in articulating our vision, their guidance and insights helped us cut down the preparation time, allowing our team to remain focused on our core business while still advancing our funding goals" – Spinverse’s EIC Accelerator client
Feel free to contact our Digital Health team to discuss how we can support you in your EIC Accelerator project application. We would be happy to discuss what works best for you.
Feel free to get in touch with us!
Dr. Jayden Khakurel, Team Leader for the Digital Health team
jayden.khakurel@spinverse.com
Simona Dell’Angelo-Scacchi, Digital Health EIC Accelerator Expert
simona.dellangelo@spinverse.com
Janne Kaukojärvi, Business Development
janne.kaukojarvi@spinverse.com
More information: European Innovation Council initiative