The European Innovation Council Impact Report 2023 demonstrates the significant progress the European Innovation Council (EIC) has made to become the investor of choice for European deep tech entrepreneurs. In 2023, the EIC Fund, the investment arm of the EIC concluded over 100 investments in deep tech companies worth around €1.2 billion. In doing so, it is leveraging over 3.5 euro of additional investment for each euro of direct investment through the EIC Fund. The total value of the overall portfolio of EIC supported companies, including those from the pilot and predecessor, is almost €70 billion, an increase of €20 billion in the last two years.
The report, focussing on the approximately 500 start-ups, 275 advanced research projects, and 140 projects commercialising research results funded under Horizon Europe since 2021, provides an overview of the impacts of the European Innovation Council (EIC), a €10 billion programme of the European Union to identify, support and scale up breakthrough technologies and deep tech start-ups. In addition, it also assesses the longer-term impacts of the overall EIC portfolio which includes projects and companies funded under the pilot phase of the EIC (from 2018 to 2020) and predecessor SME Instrument and Future and Emerging Technology projects (since 2014).
Iliana Ivanova, Commissioner for Innovation, Research, Culture, Education and Youth, said:
“The European Innovation Council (EIC) has emerged as a game-changer in supporting deep tech innovation in Europe. This Impact Report shows how the EIC supports the growth of high potential startups while at the same time building a European community of deep tech investors. This is crucial to ensuring the future of our companies and strengthening EU leadership in critical technologies.”
Key impacts to date of the EIC include:
- An overall portfolio value of EIC supported companies of nearly €70 billion, an increase of over €20 billion in just over a year;
- Impact on scaling up companies, with over 150 “centaurs” (valuation above of €100 million), 15 of whom have a valuation above €500 million including 8 over €1 billion (unicorns);
- EIC companies averaging 35% employment growth and 68% revenue growth in the first 2 years following EIC support;
- Attracting over €12 billion of follow-on investments, primarily from venture capital, corporates, and national promotional banks.
- 1686 unique innovations generated from EIC research projects (Pathfinder and predecessors);
- EIC companies and projects matched to corporates, procurers and potential investors resulting in over 125 signed deals.
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EIC impact report 2023
This report provides an overview of the impacts delivered by the innovators funded by the European Innovation Council (EIC), a €10 billion programme of the European Union to identify, support and scale up breakthrough technologies and deeptech start-ups. It focuses on the “Horizon Europe EIC portfolio” of over 500 start-ups, 275 advanced research projects, and 140 projects commercialising research results funded since 2021 up to call outcomes announced until the end of 2023. It also assesses the longer-term impacts of the “full EIC portfolio”, which includes projects and companies funded under the pilot phase of the EIC (from 2018 to 2020) and predecessor SME Instrument Phase 2 and Future and Emerging Technology projects (since 2014).
EIC: KEY IMPACTS IN SUPPORT OF DEEP TECH INNOVATION