Navigating the Pitfalls of an EIC Accelerator Application

The EIC Accelerator is a coveted funding opportunity for startups and SMEs aiming to bring breakthrough innovations to market. With its promise of substantial financial backing and strategic support, it’s no wonder that ambitious entrepreneurs set their sights on securing it.

However, the road to a successful EIC Accelerator application is longer than that of most UK grant funding, and it comes with challenges that can trip up even the most prepared candidates. We explore the key pitfalls that applicants should be mindful of when preparing each stage of the application process, and more importantly, how to sidestep them.

Lack of a Clear Innovation Narrative

At its core, the EIC Accelerator is designed to support truly disruptive innovations with high market potential. One common mistake applicants make is failing to articulate their innovation’s uniqueness and impact effectively. A generic or overly technical description can make it difficult for evaluators to grasp the significance of the idea.

Avoiding the Pitfall: Ensure your proposal clearly communicates why your solution is groundbreaking. Demonstrate how it differs from existing alternatives and how it addresses a critical market need. Storytelling can be a powerful tool, your application should be compelling, not just informative.

Weak Commercialisation Strategy

The EIC Accelerator is not just about funding ideas – it’s about accelerating their route to market. Applications that focus excessively on the technical aspects while neglecting the commercialisation plan risk rejection.

Avoiding the Pitfall: Investors and evaluators need to see a concrete strategy for market entry, revenue generation, and scalability. Detailed market research, a solid go-to-market strategy, and realistic financial projections will strengthen your application.

Overlooking the Team and Execution Plan

Even the best ideas can falter without the right team to execute them. Some applicants underestimate the importance of showcasing their leadership, expertise, and capabilities to bring the project to life.

Avoiding the Pitfall: Highlight the experience and strengths of your team members. Demonstrate that you have the right mix of technical, commercial, and strategic skills to navigate challenges and drive the innovation forward.

Neglecting Impact and Scalability

While technological innovation is crucial, evaluators are also looking for proposals that promise significant societal or economic impact. Applications that do not convincingly outline the broader implications of the innovation may fall short.

Avoiding the Pitfall: Clearly define the impact your innovation will have on industries, communities, and economies. Show how your solution is scalable and how it can create a lasting change beyond its initial launch.

Underestimating the Application Complexity

The EIC Accelerator application is highly competitive and involves multiple rigorous stages, from the initial short proposal to a full application and final interview. Even in the best-case scenario with no resubmission, the process will typically take a minimum of 12 months.

Many applicants misjudge the level of detail planning and effort required, leading to rushed or incomplete submissions.  Each stage demands a high standard of quality and thorough preparation.

Whilst the Phase 1 application can be submitted at any time, Phase 2 has only two cut-offs per year – currently March and October. It is critical to allow adequate time between receiving the Phase 1 feedback and preparing the full Phase 2 proposal for the relevant cut-off date.

The Phase 3 interview in Brussels is a strictly timed and rigorous session consisting of the 10-minute pitch deck presentation followed by in-depth questions from the panel, which may cover all aspects of your innovation, business model, scale-up strategy and commercialisation plans. Preparation and practice are essential.

Avoiding the Pitfall:   Applicants are permitted a maximum of three resubmissions across all three phases. It is therefore imperative that each submission is of the highest possible quality.

Start early, plan carefully, and allocate ample time to refine every component of your application. Where possible, consider seeking expert advice or professional support to ensure your proposal meets the stringent standards of the EIC Accelerator.

Final Thoughts

Winning an EIC Accelerator grant requires more than just a brilliant idea—it demands a well-structured, persuasive application that addresses all aspects of innovation, commercialisation, and execution. By steering clear of these common pitfalls and proactively strengthening your proposal, you can significantly boost your chances of success.

Speak to our Grants team

If you’re working on an innovation project and are considering applying for grant funding and need help and support with your application, please reach out to our specialist grants team.