SynergistEIC wants to inform you that the European Innovation Council (EIC) has officially unveiled the Work Plan for 2024 (WP 2024) on December 12th, 2023. The comprehensive details can be accessed on the official EIC website: EIC 2024 Work Programme.
Here are some key highlights regarding the budget and significant changes for the EIC Accelerator in 2024:
Total Budget Allocation: The total budget earmarked for the EIC Accelerator in 2024 is €675 million, with €375 million designated for Open Call proposals and €300 million allocated across six Challenge categories.
Grant and Equity Distribution: It is crucial to note the breakdown of budget allocation for each category, with a distinction between the grant component (40% of the allocated budget) and the equity component (60% of the allocated budget). Specifically:
- Open Call: €150 million allocated to grants, €225 million allocated to equity.
- Challenge Calls: €120 million allocated to grants, €180 million allocated to equity.
Reserve for Follow-on Investments: An additional €180 million is set aside as a “reserve amount for follow-on investments,” primarily targeting selected grant-first beneficiaries.
Budget Reduction: In comparison to the 2023 budget of €1.1 billion, the 2024 budget reduction implies a more competitive landscape, with an anticipated selection of only 108 companies for grants. We strongly recommend prospective applicants for 2024 to plan ahead and focus on quality to enhance their chances of success.
Key Changes for 2024:
- Funding Types: Funding types for 2024 include grant only, blended finance, and equity only. The submission of proposals for grant-first options will not be possible.
- Cut-off Dates: Only two cut-off dates (13/03 + 3/10) are scheduled for 2024, as opposed to the three or four in previous years.
- Submission Platform: Starting January 3rd, the platform for submitting short proposals will be discontinued. Instead, proposals should be submitted on the Funding and Tenders portal, similar to other EU programs. Templates for submission include a 12-page short proposal, a 10-slide deck, and a 3-minute video.
- Evaluation Framework: From January onwards, only proposals receiving a score of 3 GO out of 4 from the evaluators’ panel will be invited to submit the full proposal, up from the previous requirement of 2 GO out of 4.
- Resubmission Limits: The maximum number of allowed resubmissions for both short and full proposals is now three. Beyond this threshold, resubmission to the EIC under Horizon Europe will not be possible.
Additionally, the Challenge Calls for 2024 cover a diverse range of topics with indicative budgets:
- Human centric generative AI made in Europe: €50 million.
- Enabling virtual worlds and augmented interaction in high-impact applications for Industry 5.0: €50 million.
- Enabling the smart edge & quantum technology components: €50 million.
- Food from precision fermentation and algae: €50 million.
- Monoclonal antibody-based therapeutics for new variants of emerging viruses: €50 million.
- Renewable energy sources and their whole value chain, including materials development and recycling of components: €50 million.
We encourage all potential applicants to thoroughly review the updated guidelines and prepare for the upcoming challenges in the application process.
