The EIC Fund was incorporated in June 2020 and operational in September 2020 during the EIC pilot phase (2018-20). Since the creation of the EIC Fund under the Horizon 2020 programme, 341 companies have been selected for equity investment in the form of blended funding or equity-only funding. However, only 89 of these companies have managed to sign a deal with the EIC Fund. Why do companies have to wait for months and months to get their money?
The EIC Fund and EIC Accelerator have struggled to meet their deadlines and expectations as outlined in the EIC’s KPIs document, putting many start-ups on the verge of collapse. Funding delays have split over from the EIC Accelerator pilot phase to the fully-fledged EIC Accelerator, and start-ups are still waiting for their money. The EIC announced in November 2022 that it had signed 2 more agreements in addition to the first deal signed in June 2022. In the announcement, the EIC stated that 35 decisions were made. These announcements were made months after the EIC’s initial promises. In earlier news releases, the EIC announced that the backlog of deals would be cleared in the summer following the appointment of a new external fund manager. Alter Domus was appointed by the EC as the new external fund manager in September 2022, many months after the expected deadline in June 2022.
Read more: https://landing.winnovart.com/eic-fund-history-of-issues
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