Part of the EU’s Horizon 2020 program, the European Innovation Council (EIC) Accelerator pilot program will provide up to 2.5 Million Euros in grants and 15 Million Euros in equity financing for product commercialization and development

JERUSALEM— The European Union delegation in Israel, together with the Israel Innovation Authority and the Israel-Europe Research and Innovation Directorate (ISERD), held Thursday  the “Discover the New European Innovation Council” seminar at the Tel Aviv Stock Exchange.

Senior representatives from the Israel Innovation Authority and European Commission presented funding opportunities available to innovative start-ups through the European Innovation Council (EIC) Accelerator program. The program is part of Horizon 2020, the major European research and development (R&D) program.

Speakers included  Nili Shalev, Managing Director of the Israel-Europe Research & Development Directorate (ISERD),  Emanuele Giaufret, EU Ambassador to Israel, Jean-David Malo, Director of Directorate B (Open Innovation and Open Science) at the European Commission,  Ziv Peremen, VP Medical Solutions at Elminda, an Israeli ‘SME-Instrument’ beneficiary from 2018.

The EIC has a 2 billion Euro budget through 2020 to support the development of high-risk, breakthrough technological innovations with strong market potential, as well as cutting-edge scientific R&D in academia. Companies in high growth stages of development that are eligible for the EIC’s Accelerator program can receive grants of up to 2.5 million Euros for the development of innovative products that are ready to go to market, plus equity financing of up to 15 million Euros for the commercialization of those products.

According to ISERD, which promotes Israeli participation in Horizon 2020 programs, Israel has significantly increased its participation in the EIC Accelerator program, rising from 53 Israeli participants in 2017 to 92 in 2018, with 37 million Euros in total funding awarded. In 2018, general Horizon 2020 programs supported 423 Israeli companies and awarded a total 180 million euros in funding. These 423 awardees included 146 companies, 188 academic researchers, and 42 projects of other entities including research institutes, municipalities, museums, and more.

The EIC Accelerator was established in mid-2019 as a restructure of Horizon 2020’s former SME Instrument program, which supported early stage companies and start-ups, as opposed to high growth stage companies.