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European Innovation Council Pilot 2019 – 2020
EIC Accelerator
Torino, 6 dicembre 2019
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.
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
APRE ospita tutti i National Contact Point H2020 in Italia
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Formazione
Servizi APRE
Informazione
Assistenza
Supporto alle attività
internazionali
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Struttura H2020
Excellent Science
▪ European Research Council
▪ Frontier research by the best individual teams
▪ Future and Emerging Technologies
▪ Collaborative research to open new fields of innovation
▪ Marie Skłodowska Curie actions
▪ Opportunities for training and career development
▪ Research infrastructures (including e-infrastructure)
▪ Ensuring access to world-class facilities
Industrial Leadership
▪ Leadership in enabling and industrial technologies
▪ ICT, nanotechnologies, materials, biotechnology, manufacturing, space
▪ Access to risk finance
▪ Leveraging private finance and venture capital for research and innovation
▪ Innovation in SMEs
▪ Fostering all forms of innovation in all types of SMEs
Societal Challenges
▪ Health, demographic change and wellbeing
▪ Food security, sustainable agriculture, marine and maritime research & the bioeconomy
▪ Secure, clean and efficient energy
▪ Smart, green and integrated transport
▪ Climate action, environment, resource efficiency and raw materials
▪ Inclusive, innovative and reflective societies
▪ Security society
European Institute of Innovation and Technology (EIT)
Spreading Excellence and Widening Participation
Science with and for society
Joint Research Center (JRC)
EURATOM
European Innovation Council – EIC Pilot
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Enhanced EIC Pilot 2019-2020
What’s holding back European innovation
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Lack of breakthrough and disruptive innovations that create new markets
Financing gap between R&D grants and private investment for scaling up innovative start-ups
Innovation performance
Innovation funding
Innovationecosystem
Many national & local ecosystems, but fragmented at European level
electricity
semi-conductors
antibiotics
airplane
car
smart phone
internet
barcode
sea container
digital platforms
social media
GPS3-D printing
CRISPR-cas
Hydrogen fuel cells
blockchain
the cloud
internet of things
autonomous vehicles
new batteries
artificial intelligence
quantum computing
graphene
liquid biopsies
gene therapy
PC
past future ?
?
?
Who will lead the next wave of breakthrough and disruptive innovation?
current
Synthetic chemicals
US lead (and Asia, EU)
EU and US lead
telecomms
Who leads?
Examples taken from WIPO, MIT, WEF, OECD, etc.
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EIC Pathfinder
(FET Open and Proactive)
EIC Accelerator + FTI
(Grant)
EIC Accelerator
(Equity)
EIC Pathfinder
(Transition + Launchpad)
Market uptake, deployment
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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
Da SME Instrument a EIC Accelerator *
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* Per ricevere gratuitamente tutti gli aggiornamenti sul mondo EIC e Horizon 2020: https://www.apre.it/registrazione
https://ec.europa.eu/easme/en/section/sme-instrument/evaluations-eic-accelerator-sme-instrument
Attenzione a…
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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
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Accelerator 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
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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
Scadenze EIC Accelerator “Grant only” o “blended finance”
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EIC Accelerator Pilot – Proposal template
Document 1 - Proposal template
Summary
1. Excellence• Idea and solution• Innovativeness• Stage of development
2. Impact
• Market and customers
• Commercialisation strategy
• External Strategic Partners
• Intellectual property
• Scale up potential
• Key Performance Indicators
• Broader impact
3. Implementation
• Team and capabilities• Financing needs• Equity (if blended finance requested)• Need for EIC support• Risks• Approach• Work packages, deliverables, milestones• Resources
Document 2 - Annex 1 – 3 • Annex 1 – Security and Ethics• Annex 2 – CVs• Annex 3 –Others
Documents 4 and 5
Annex 4 – Financial and corporate information Excel file
Annex 5 – Pitch-deck
Annex 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)
Business model
Commercialisation & Marketing Strategy
Financial Projections
Team
Conclusion
Company Purpose
Problem & Solution
Value Proposition
Market Opportunity & Risks
Competition
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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’)
Intervista
Giurie composte da 6 esperti + EASME
high-level expert-evaluators
Panel Review
10' 40' 25'
Jury briefing Intervista Jury debriefing
•Un esperto moderatore introduce alla giuria la proposta e la valutazione da remoto
•10' pitching
•30' Q&As
•Discussione & delibera
•Attribuzione di un giudizio preliminare – A o B*
• Discussione & delibera tra tutti gli esperti
• Accordo sulla lista di proposte selezionate per il finanziamento
* (A) Proposta per il finanziamento – (B) Non proposta per il finanziamento
Interviste – Come?
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Il 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)
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Dall’EIC Fund investment guidelines
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Dall’EIC investment guidelines
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Focalizziamo l’attenzione
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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
Cosa stanno cercando a Bruxelles?
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Grant only
Early-stage for development
Attività tra TRL 6-8 Grant € 0.5 - 2.5 millioni
(70% dei costi totali)
Grant with consent
Attività tra TRL 6-8Grant € 0.5 - 2.5 mil (70% dei costi totali)
Se la proposta include attività > TRL8 e previo consenso dell’azienda, parte
delle attività può essere finanziatatramite blended finance *
Blended finance
Early-stage & scale up
Attività > TRL6Grant (come sopra) per attività fino a to TRL 8 ed equity fino a € 15 mil per
TRL 6-9
Opzioni attive nel Pilot
* Nota: c’è flessibilità nell’ottenimento dell’equity anche se non si è esplicitamente
richiesta al momento della presentazione della proposta
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Caratteristiche di EIC Accelerator e impatto sulla presentazione e sulla valutazione della domanda
Singole PMI for-profit stabilite in uno Stato Membro o uno StatoAssociato ad H2020.
TRL – grant per TRL6-8, equity da TRL6 in poi
Peso dei criteri di valutazione – uguale per Excellence, Impact and Implementation Sub-criteri – focus su scalabilità (impatto) evalutazionenell’abilità di attrarre nuovi investimenti (leverage) e non-bankability (implementation)
Grant only – è possible dare il consenso per finanziare partedelle attività in blended (in caso di attività sopra il TRL8)
Supporto finanziario tramite grant-only o blended finance
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Rationale
Struttura
• 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
Part A – Administrative form Part B – Proposal Template
Additional call specific questions:
• Request for blended finance and associated equity amount requested
• Consent to receive counter-offer with requested grant amount
• Introduction• Section 1 – Excellence• Section 2 – Impact• Section 3 - Implementation
• Annex 1 – Security and Ethics• Annex 2 – CVs• Annex 3 – Others
• Annex 4 – Financial & Corporate Information
•
• Annex 5 – Pitch deck
Document 1(30 pages max - pdf)
Document 2(no page limit - pdf)
Document 3(no page limit – pdf and xls)
Document 4(no page limit – pdf)
Principali revisioni dell’application form relative al nuovo EIC Accelerator Pilot
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Figures for the company in k€
Table 1 - Simplified financials
- Profit & Loss- Cash flows- Balance sheet- Business metrics and
ratiosTable 2 – Company financial data
Table 3 – Company financing history
Table 4 – Company ownership and capital structure (Blended applicants only)
Table 5 – Current financing round
Structure Particular Use / Relevance
• Financial information required to substantiate the financial needs, being for grant-only and blended finance• Ownership & capital structure is relevant for blended
finance requests to understand nature and importance of owners
• Information on current financing round will be useful to explain the remaining financing provided by other sources
• Cashflow gives indication on solvency and ability to further finance the innovation
• Financing track-records and current efforts will be used to substantiate the need for EIC support
EVALUATION Implementation / leveraging of investments and non-bankability – Step 1 & 2
• Simplified financials will also be used to quantify the scale-up potential of the innovation (impact)
• EVALUATION Impact / potential to scale-up – Step 1 & 2
Annex 4 – Financial & Corporate Information will support the evaluation of the award criteria
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Annex 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 le informazioni fornite sono coerenti e consistenti?
Siamo pronti per un EIC Accelerator?
DOES THE COMPANY HAVE A HEALTHY CASH FLOW
AND BURN RATE?
DOES THE COMPANYNEED PUBLIC MONEY?
WHAT’S THE COMPANY’STIME TO MARKET? AND
TIME TO VOLUME?
WHAT’S THE PLAN TO SURVIVE THE VALLEY OF
DEATH?
DOES THE COMPANY HAVE A BALANCED CAP TABLE
AND INVESTOR STRATEGY?
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Remote evaluation Changes related to criteria and weighting but identical process as previous Phase-2
(…) 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.
IMPACT Potential to Scale-Up (expanded)
(…) 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.
QUALITY/EFFICIENCY OF IMPLEMENTATION Leveraging of investments and non-bankability (new)
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
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• 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?
Implementation: the team
• 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?
Impact: the commercial strategy
• 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)?
Excellence: the feasibility of the idea
The criteria to select the best companies
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Definition 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
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Definition 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.
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A proposal should have at least completed TRL 5 and undertake activitiesto achieve TRL 6 to 9 in order to be funded.
Following the EU State Aid rules, activities
above TRL 8 cannot befinanced through
grants.
EIC can support the project beyond that limit but only through equity.
Applicants must indicateTRL in their proposal.
Remote experts will flag TRL 9 activities for each
work package.
Why the assessment of the TRL level is crucial?
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.
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Primi numeri – Scadenza 9 ottobre
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Primi 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)
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48
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EIC Accelerator: 9 October 2019 cut-off: from submission to funding
Number of projects breakdown by type of financing
Submitted Invited to interviews
Proposed for funding
Success rate
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
Link utili
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Horizon 2020
Horizon Europe
http://ec.europa.eu/programmes/horizon2020/
https://ec.europa.eu/info/horizon-europe-next-research-and-innovation-framework-programme_en
Funding and tenders portal https://ec.europa.eu/info/funding-tenders/opportunities/portal/screen/home
EIChttps://ec.europa.eu/research/eic/index.cfmhttps://sme.easme-web.eu/https://ec.europa.eu/easme/en/news/innovation-kitchen-eic-accelerator-pilot-numbers
APRE
Access4SMEs
https://www.apre.it/le-pmi-in-europa/lo-strumento-pmi/
http://www.access4smes.eu/
EEN https://een.ec.europa.eu/
Access2EIC
Capacity-building and transnational cooperation for National Contact
Points (NCPs) for the EIC and Access to Risk Finance
A2EIC main products - Summary
Pathfinder Accelerator Both
WP3 4 Pathfinder factsheets or similar Annotated Accelerator proposal template Study on innovation support ecosystems
WP4 Toolbox for research outputs businesses Due diligence KPIs dashboardCompany valuation analysis: Tools and
services useful for SME/Start ups
WP5Euroquity Label for Pathfinder start ups
Online + onsite pitching sessionsEuroquity Label for Accelerator SoE
Online + onsite pitching sessions
• Promotional guide for InvestEuA2EIC activities at relevant events
(I.e. Inno Conference) On site mentoring visit on ARF/InvestEu
WP6 Collaboration with specific stakeholders Collaboration with specific stakeholdersCommunication and stakeholder engagement
A2EIC events in Eu-13
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GRAZIE PER L‘ATTENZIONE!
Antonio [email protected]
Head of Innovation Department National Contact Point
SMEs, ICT & Access to risk finance
APREAgenzia per la Promozione della Ricerca Europea
Via Cavour, 71 00184 - Roma
www.apre.itTel. (+39) 06-48939993Fax. (+39) 06-48902550
H2020 SME NCPs team: [email protected]
Antonio Carbone
Renato Fa
EIC Accelerator in APRE
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Valentina Fioroni
Alessia Rotolo
