EIC Accelerator European Innovation Council Pilot 2019 2020 - Torino, 6 dicembre 2019
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European Innovation Council Pilot 2019 – 2020
EIC Accelerator
Torino, 6 dicembre 2019
1
Agenzia per la Promozione della Ricerca Europea
APRE nasce come “Task Force” del
Ministero dell’Università e della Ricerca. 30 anni di esperienza
in programmi R&I
MISSION
▪ Promuovere e Supportare la Partecipazione Italiana ai
programmi europei di ricerca su sviluppo e innovazione
▪ Migliorare la “Qualità” della partecipazione italiana nei
programmi europei di ricerca su sviluppo e
innovazione.
APRE ospita tutti i National Contact Point H2020 in Italia
2
Servizi APRE
Informazione
Assistenza
Supporto alle
attività
Formazione internazionali
3
Info day nazionali - APRE
4
Struttura H2020
Excellent Science Industrial Leadership Societal Challenges
▪ European Research Council ▪ Leadership in enabling and ▪ Health, demographic change and
▪ Frontier research by the best industrial technologies wellbeing
individual teams ▪ ICT, nanotechnologies, materials, ▪ Food security, sustainable
biotechnology, manufacturing, agriculture, marine and maritime
▪ Future and Emerging space research & the bioeconomy
Technologies ▪ Secure, clean and efficient
▪ Collaborative research to open ▪ Access to risk finance energy
new fields of innovation ▪ Leveraging private finance and ▪ Smart, green and integrated
venture capital for research transport
▪ Marie Skłodowska Curie actions and innovation
▪ Opportunities for training and ▪ Climate action, environment,
career development ▪ Innovation in SMEs resource efficiency and raw
materials
▪ Fostering all forms of
▪ Research infrastructures innovation in all types of SMEs ▪ Inclusive, innovative and
(including e-infrastructure) reflective societies
▪ Ensuring access to world-class ▪ Security society
facilities
European Innovation Council – EIC Pilot
European Institute of Innovation and Technology (EIT)
Spreading Excellence and Widening Participation
Science with and for society
Joint Research Center (JRC)
EURATOM 5
Enhanced EIC Pilot 2019-2020
6
What’s holding back European innovation
Innovation Lack of breakthrough and disruptive innovations that create new
performance markets
Innovation Financing gap between R&D grants and private investment for scaling
funding up innovative start-ups
Innovation
Many national & local ecosystems, but fragmented at European level
ecosystem
7
Who will lead the next wave of breakthrough and disruptive innovation?
past current future ?
electricity Hydrogen fuel
gene therapy cells
airplane social media
car
antibiotics artificial intelligence liquid biopsies
GPS
sea container 3-D printing
?
Synthetic semi-conductors digital platforms
chemicals autonomous vehicles
barcode smart phone the cloud
CRISPR-cas ?
telecomms internet blockchain quantum computing
new
PC graphene
batteries
internet of things
Examples
taken from
EU and US US lead (and WIPO, MIT,
Who leads? WEF, OECD,
lead Asia, EU)
etc.
Market uptake, deployment
EIC Accelerator
(Equity)
EIC Accelerator + FTI
(Grant)
EIC Pathfinder
(Transition + Launchpad)
EIC Pathfinder
(FET Open and Proactive)
14
Il coaching e i Business Acceleration Services
Per i beneficari EIC…
12 giornate-uomo di coaching per supportare l’azienda nello sviluppo del business,
organizzativo, networking, fabbisogno finanziario – Ruolo EEN
Mentoring dedicato a fondatori, AD dell’azienda per sviluppare capacità di
leadership, soft skill, visione strategica.
Business Acceleration Services – BAS
- EIC Community platform
- Corporate days
- Over-sea trade fairs
- Networking con investitori
15Da SME Instrument a EIC Accelerator *
* Per ricevere gratuitamente tutti gli aggiornamenti sul mondo EIC e Horizon 2020: https://www.apre.it/registrazione
16https://ec.europa.eu/easme/en/section/sme-instrument/evaluations-eic-accelerator-sme-instrument
Attenzione a…
Da SME INSTRUMENT a EIC ACCELERATOR
Cosa cambia?
Dopo la scadenza del 5 giugno 2019 EIC Accelerator ha sostituito SME Instrument:
✓ Ultima opportunità per SME Instrument Fase 1: 5 settembre 2019
✓ Introduzione della blended finance (grant + equity opzionale)
✓ Proposte “solo grant” o “finanza mista”
✓ Proposte presentate solo da singole PMI for-profit
✓ Nuovo template di proposta
Domande frequenti su EIC Pilot e EIC Accelerator
20Accelerator Pilot
Dall’esperienza SME Instrument
Target: PMI/Start up/Spin off europee con innovazioni ad alto rischio e alto potenziale di crescita *
Obiettivo: “conquistare” nuovi mercati e “distruggere” quelli esistenti
Finanziamento: per gli ultimi stadi di sviluppo
Bottom-up: tutti i settori, prodotti, servizi, nuovi business model
Grant
€0,5 – 2,5 milioni (tasso di finanziamento al 70% del totale dei costi)
Novità con l’opzione equity (blended finance)
Fino a €15 milioni
* Compresi progetti Fase 2 SME Instrument in corso 21Scadenze EIC Accelerator “Grant only” o “blended finance”
09 ottobre 2019
08 gennaio 2020
18 marzo 2020
19 Maggio 2020
07 ottobre 2020
Circa 1 miliardo € di budget *
* Almeno 100 milioni € in equity
23EIC Accelerator Pilot – Proposal template
Document 1 - Proposal template 3. Implementation
• Team and capabilities
Summary • Financing needs
• Equity (if blended finance requested)
1. Excellence • Need for EIC support
• Idea and solution • Risks
• Innovativeness • Approach
• Stage of development • Work packages, deliverables, milestones
• Resources
2. Impact
• Market and customers Document 2 - Annex 1 – 3
• Commercialisation strategy • Annex 1 – Security and Ethics
• Annex 2 – CVs
• External Strategic Partners
• Annex 3 –Others
• Intellectual property
• Scale up potential
Documents 4 and 5
• Key Performance Indicators
• Broader impact Annex 4 – Financial and corporate
information Excel file
Annex 5 – Pitch-deck
24Annex 4 – Financial and Corporate information (file excel) • Dati finanziari in merito a entrate, spese, flusso di cassa, bilancio • Dati finanziari aggiornati in merito a liquidità ed esposizione debitoria dell’azienda • Storico finanziario aziendale • Struttura della proprietà e del capitale sociale (solo per domande Blended finance); • Informazioni sull’attuale round di finanziamento
Annex 5 - Pitch di 10 slide (esempio)
Company Purpose Business model
Commercialisation &
Problem & Solution Marketing Strategy
Value Proposition Financial Projections
Market Opportunity & Team
Risks
Competition Conclusion27
Interviste – dove, quando, chi, come?
• Tutte le interviste avranno luogo a Bruxelles e si terranno nell’arco di una settimana
• Slot 2019-2020: 18-22 nov; 17-21 feb; 4-8 mag; 29 giu – 3 lug; 16-20 nov
• Le aziende devono dare la loro disponibilità al momento della submission
• Max 3 rappresentanti per azienda/proposta
• Vietata la presenza di parti terze (no consulenti)
• Raccomandata la presenza di figure aziendali chiave
• Le aziende devono preparare un pitch e inviarlo al momento dell’application
• Non c’è un modello di pitch fornito dalla Commissione
• 75’ ad azienda (40’)Interviste – Come?
Intervista Panel Review
Giurie composte da 6 esperti + EASME
high-level expert-evaluators
10' 40' 25'
• Discussione & delibera tra
Jury briefing Intervista Jury debriefing tutti gli esperti
• Accordo sulla lista di
proposte selezionate per il
•Un esperto •10' pitching •Discussione &
finanziamento
moderatore introduce •30' Q&As delibera
alla giuria la proposta •Attribuzione di un
e la valutazione da giudizio preliminare
remoto – A o B*
* (A) Proposta per il finanziamento – (B) Non proposta per il finanziamentoIl Fondo EIC
Non proprio un Venture Capital…
La Commissione valuta e selezione le domande di finanziamento
EIC Fund supporta la Commissione e gestisce due diligence e investimento
Ritorno sugli investmenti? Impact investment
In caso di pforitti (futuri), saranno riutilizzati
Grant impatterà equity, e viceversa (fraud, go/no go decisions)
Contratto separato (rispetto al grant agreement)
L’ultima parola rispetto alla decisione di investimento spetterà alla Commissione
EIC Fund avrà un ruolo passivo nella gestione quotidiana dell’azienda (preferred rights).
Exit strategy: diverse possibilità a seconda del caso (idealmente, maggiore attrattività per investitori terzi una volta che
l’azienda raggiunga la fase di crescita/maturità)
30Dall’EIC Fund investment guidelines
31Dall’EIC investment guidelines
32Focalizziamo l’attenzione
33Cosa stanno cercando a Bruxelles?
Singole PMI/start up ad alto rischio e con elevato potenziale di
crescita
Idee dirompenti agli ultimi stadi prima dello scaling up
Radical, market-creating innovations
34Opzioni attive nel Pilot
Grant only
Grant € 0.5 - 2.5 millioni
Early-stage for Attività tra TRL 6-8
(70% dei costi totali)
development
Se la proposta include attività > TRL8
Attività tra TRL 6-8
Grant with e previo consenso dell’azienda, parte
Grant € 0.5 - 2.5 mil
consent delle attività può essere finanziata
(70% dei costi totali)
tramite blended finance *
Blended finance Grant (come sopra) per attività fino a
Early-stage & scale Attività > TRL6 to TRL 8 ed equity fino a € 15 mil per
up TRL 6-9
* Nota: c’è flessibilità nell’ottenimento dell’equity anche se non si è esplicitamente
richiesta al momento della presentazione della proposta
35Caratteristiche di EIC Accelerator e impatto sulla presentazione e sulla
valutazione della domanda
Supporto finanziario tramite grant-only o blended finance
Singole PMI for-profit stabilite in uno Stato Membro o uno Stato
Associato ad H2020.
TRL – grant per TRL6-8, equity da TRL6 in poi
Grant only – è possible dare il consenso per finanziare parte
delle attività in blended (in caso di attività sopra il TRL8)
Peso dei criteri di valutazione – uguale per Excellence, Impact
and Implementation
Sub-criteri – focus su scalabilità (impatto) evalutazione
nell’abilità di attrarre nuovi investimenti (leverage) e non-
bankability (implementation)
36Principali revisioni dell’application form relative al nuovo EIC Accelerator Pilot
Rationale
• Raccogliere informazioni volte a valutare le proposte blended finance
• Ulteriore allineamento tra I contenuti delle proposte e la struttura di un business plan
• Ottenere ulteriori informazioni sulla situazione, sulle proeizioni e sulle capacità finanziarie
Struttura
Part A – Administrative form Part B – Proposal Template
• Introduction
Additional call specific
• Section 1 – Excellence Document 1
questions:
• Section 2 – Impact (30 pages max - pdf)
• Request for blended finance • Section 3 - Implementation
and associated equity • Annex 1 – Security and Ethics
Document 2
amount requested • Annex 2 – CVs
(no page limit - pdf)
• Annex 3 – Others
• Consent to receive counter-
• Annex 4 – Financial & Document 3
offer with requested grant
Corporate Information (no page limit – pdf and xls)
amount
•
Document 4
• Annex 5 – Pitch deck
(no page limit – pdf)
37Annex 4 – Financial & Corporate Information will support the evaluation of the award criteria
Structure Particular Use / Relevance
Table 1 - Simplified • Financial information required to substantiate the
financials financial needs, being for grant-only and blended
- Profit & Loss
- Cash flows finance
- Balance sheet • Ownership & capital structure is relevant for blended
- Business metrics and finance requests to understand nature and
importance of owners
Table 2ratios
– Company • Information on current financing round will be useful
financial data to explain the remaining financing provided by other
Table 3 – Company financing history sources
• Cashflow gives indication on solvency and ability to
Table 4 – Company ownership and
further finance the innovation
capital structure (Blended applicants
• Financing track-records and current efforts will be used
only)
to substantiate the need for EIC support
Table 5 – Current financing round EVALUATION Implementation / leveraging of
Figures for the company in investments and non-bankability – Step 1 & 2
k€
• Simplified financials will also be used to quantify the
scale-up potential of the innovation (impact)
• EVALUATION Impact / potential to scale-up – Step 1
38
&2Annex 4
L’azienda deve conoscere i propri numeri...
L’azienda è in grado di spiegare gli assunti che generano le proiezioni finanziarie?
Le proiezioni finanziarie sono coerenti con TRL e Work Package?
Tutte
DOES THE le informazioni
COMPANY HAVE fornite sono coerenti
DOES THE COMPANY e consistenti?
WHAT’S THE COMPANY’S WHAT’S THE PLAN TO DOES THE COMPANY HAVE
A HEALTHY CASH FLOW NEED PUBLIC MONEY? TIME TO MARKET? AND SURVIVE THE VALLEY OF A BALANCED CAP TABLE
AND BURN RATE? TIME TO VOLUME? DEATH? AND INVESTOR STRATEGY?
Siamo pronti per un EIC Accelerator?
39Remote evaluation
Changes related to criteria and weighting but identical process as previous Phase-2
IMPACT
Potential to Scale-Up (expanded)
(…) How the innovation has the potential to scale-up the applicant company (or companies).
(…) Convincing business plan with a clear timeline, and complemented, where possible, by a
track-record that includes financial data (…) including financial needs to ensure the company’s
success.
QUALITY/EFFICIENCY OF IMPLEMENTATION
Leveraging of investments and non-bankability (new)
(…) Evidence that the applicant company cannot leverage sufficient investments from the
market and/ or, particularly for applicant companies requesting blended finance support,
evidence that the applicant company is deemed 'non- bankable' by the market, in view of the
activities to be developed.
The ‘potential to scale-up’ and 'leveraging of investments' and 'bankability' aspect
and associated financial needs are particularly examined in Step 2 of Phase 2
proposals
40The criteria to select the best companies
Implementation: the team
• Does the team have the capability and motivation to implement the innovation
proposal and bring it to the market?
• Does the company have the ability to leverage sufficient investments from the
market?
Impact: the commercial strategy
• Are the business model and commercialization strategy well thought through?
How sound are the financial planning and projections?
• Does the company have the potential to scale-up? Are the financial needs to
ensure the company’s success clearly identified?
Excellence: the feasibility of the idea
• Does the innovation – through its degree of novelty or disruptiveness – have the
potential to create a new market or significant impact in existing ones? Is the
timing right for this innovation (i.e. feasibility, market readiness)?
41Definition of non-bankability
“The inability to attract sufficient funding”
due to the high-risk level or a market failure.
- No revenues and no assets at all
- Not enough assets to be able to generate revenues
- Not yet profitable commercial activities
- Not yet attractive to other investors
42Definition of scalability
The company has clearly quantified the funding needs (equity,
debts)
to achieve successful market deployment
and scale-up within the associated timing.
- Activities above TRL 8 should be detailed in the proposal
even though not requesting funding for them.
- To be found in Part B (Impact – Commercialisation Strategy/Scale up
potential; Implementation - financing needs) and Annex 4.
43Why the assessment of the TRL level is crucial?
Following the EU State
Aid rules, activities
A proposal should have Applicants must indicate
above TRL 8 cannot be
at least completed TRL 5 TRL in their proposal.
financed through
and undertake activities grants. Remote experts will flag
to achieve TRL 6 to 9 in TRL 9 activities for each
order to be funded. EIC can support the
work package.
project beyond that limit
but only through equity.
Jury members ultimately decide during the interview on the
TRL level, based on: Indications in the proposal, Remote
experts’ comments, Information provided at the interview.
44Primi numeri – Scadenza 9 ottobre
45Primi numeri – 1
• 1.852 domande ricevute
• Contributo totale richiesto di € 5.2 miliardi, di cui:
- € 2.83 miliardi per blended finance (500 aziende/domande):
– 66.9% per equity, pari a € 1.899 miliardi
– 33.1% per grant, pari a € 0.939 miliardi
- € 2.36 miliardi “grant only” (1.350 aziende/domande):
– 2/3 delle quali hanno accettato la possibilità di ricevere una contro offerta da
parte della Commissione (€ 1.62 miliardi)
4647
48
EIC Accelerator: 9 October 2019 cut-off: from submission to funding
Number of projects breakdown by type of
financing
Submitted Invited to Proposed for Success rate
interviews funding
Grant only 425 35 15 3,5%
Grant with
Consent 937 101 41 4,4%
Blended 490 53 19 3,9%
Total 1,852 189 75
49Link utili
http://ec.europa.eu/programmes/horizon2020/
Horizon 2020
https://ec.europa.eu/info/horizon-europe-next-research-and-innovation-framework-
Horizon Europe programme_en
Funding and tenders portal https://ec.europa.eu/info/funding-tenders/opportunities/portal/screen/home
https://ec.europa.eu/research/eic/index.cfm
EIC https://sme.easme-web.eu/
https://ec.europa.eu/easme/en/news/innovation-kitchen-eic-accelerator-pilot-numbers
APRE https://www.apre.it/le-pmi-in-europa/lo-strumento-pmi/
Access4SMEs http://www.access4smes.eu/
EEN https://een.ec.europa.eu/
50Access2EIC
Capacity-building and transnational cooperation for National Contact
Points (NCPs) for the EIC and Access to Risk FinanceA2EIC main products - Summary
Pathfinder Accelerator Both
WP3 4 Pathfinder factsheets or similar Annotated Accelerator proposal template Study on innovation support ecosystems
Company valuation analysis: Tools and
WP4 Toolbox for research outputs businesses Due diligence KPIs dashboard
services useful for SME/Start ups
• Promotional guide for InvestEu
Euroquity Label for Pathfinder start ups Euroquity Label for Accelerator SoE A2EIC activities at relevant events
WP5
Online + onsite pitching sessions Online + onsite pitching sessions (I.e. Inno Conference)
On site mentoring visit on ARF/InvestEu
Communication and stakeholder engagement
WP6 Collaboration with specific stakeholders Collaboration with specific stakeholders
A2EIC events in Eu-13GRAZIE PER L‘ATTENZIONE!
APRE Antonio Carbone
Agenzia per la Promozione della Ricerca Europea
Via Cavour, 71
carbone@apre.it
00184 - Roma
www.apre.it Head of Innovation Department
Tel. (+39) 06-48939993
Fax. (+39) 06-48902550
National Contact Point
SMEs, ICT &
Access to risk finance
53EIC Accelerator in APRE
H2020 SME NCPs team: pmi@apre.it
Antonio Carbone Valentina Fioroni
carbone@apre.it fioroni@apre.it
Renato Fa Alessia Rotolo
fa@apre.it rotolo@apre.it
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