Description of the core change(s) brought by this policy instrument
The European Commission is calling for startups and SMEs with technologies and innovations that could help in treating, testing, monitoring or other aspects of the Coronavirus outbreak to apply urgently to the next round of funding from the European Innovation Council. With a budget of €164m, this call is “bottom up”, meaning there are no predefined thematic priorities and applicants with Coronavirus relevant innovations will be evaluated in the same way as other applicants. Nevertheless, the Commission will look to fast track the awarding of EIC grants and blended finance (combining grant and equity investment) to Coronavirus relevant innovations, as well as to facilitate access to other funding and investment sources.
The EIC is already supporting a number of startups and SMEs with Coronavirus relevant innovations, awarded funding in previous rounds.
Please list the implementing agencies
The EIC Accelerator (SME Instrument) is part of the European Innovation Council (EIC) pilot that supports top class innovators, entrepreneurs and small companies with funding opportunities and acceleration services. The main focus of the EIC Accelerator (SME Instrument) is on market-creating innovations that shape new markets and generate jobs, growth and higher standards of living.
Barrier(s) addressed with this policy tool
Access to capital: growth capital
Access to markets: opening procurement
Regulatory/policy: red tape/bureaucracy
Regulatory/policy: startup-tailored measures