On Thursday, June 1, the European Commission unveiled the introduction of the EIC Scale Up 100 program. This initiative aims to discover, champion, and provide assistance to 100 exceptionally promising deep tech companies in Europe, fostering their growth.
In collaboration with a consortium of partners led by TechTour, the European Commission will establish the EIC Scaling Club. This consortium comprises esteemed organizations such as Bpifrance, 3ura, EurA, Universidad de Navarra – IESE Business School, Webrazzi, and Hello Tomorrow. Through an open call for applications initiated under the EIC Work Programme 2022, these partners were carefully selected.
To ensure a thorough selection process, the Commission plans to evaluate both the highest-performing recipients of EIC financial schemes and candidates from national and European innovation programs. This comprehensive approach aims to identify and engage the most promising participants for the EIC Scaling Club.
The initiative aims to involve chosen companies in the EIC Scaling Club, which is a network comprising 400 exceptional ecosystem players including:
- A selection of 100 highly engaged investors, encompassing venture capital firms, growth funds, and government-backed funds.
- The involvement of 100 significant corporations, including their innovation, venturing, or development units, recognized for their relevance in the ecosystem.
- Collaboration with 100 agencies, clusters, and media entities dedicated to promoting and supporting Scale Up Companies across Member States, regions, or specific sectors.
- Integration of 100 independent mentors equipped with extensive experience and influential connections at the board level of scale-up companies.
Companies will be selected from a diverse range of sectors that play a vital role in Europe’s green and digital transformation, encompassing:
- Sustainability (climate and energy)
- Digital innovation
- Healthcare, and more.
Member states and countries associated with Horizon Europe will be provided with the opportunity to nominate companies from their respective ecosystems. However, the participation of these companies will be contingent upon a rigorous selection process.
Advantages of the EIC Scale Up 100 Initiative
The EIC Scale Up 100 program aims to assist companies in advancing their corporate strategies, expanding their international presence, and forging connections with strategic investors and partners. Additionally, it facilitates the establishment and nurturing of relationships between companies and key institutions at the EU level, such as the European Innovation Council, European Investment Bank, and European Institute for Innovation and Technology. Furthermore, it fosters engagement with policymakers in the Member States and regions.
Over a span of two years, participating companies can anticipate substantial growth. The initiative targets an annual increase of 40 percent in terms of valuation, new investments, partnerships, and job creation for all companies involved. Moreover, the top-performing 20 companies are expected to achieve a growth rate of 50 percent across the same parameters.
The Commission emphasizes that this initiative is aligned with the objectives of the New European Innovation Agenda. It aims to enhance funding accessibility for scale-ups and also address the attraction and retention of deep tech talent, along with improving policy tools.