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Horizon Europe is a European Funding Program, for research and innovation, which exists for the period 2021 – 2027. It is the biggest European funding program with 95 billion euros budget.
This funding program targets the sectors of research and innovation. The European Union support investors who are not ready to take the risk alone at the early stage of technology development.
This is a promising step forward for Europe’s commitment to technological sovereignty, which will benefit many technical and technological sectors.
Furthermore, for the program to be even more attractive, the Cypriot Ministry of Finance amended the existing tax law. The new amendment gives tax exemption to the applicants who wish to proceed with the innovation schemes.
In the afore mentioned program, there are three separate schemes. Each scheme has an open plan and a challenge plan.
Financial support provided through the three main funding schemes:
- the ‘EIC Pathfinder’ for advanced research on game-changing technologies;
- ‘EIC Transition’ for transforming research results into innovation opportunities; and
- the ‘EIC Accelerator’ for individual companies to innovations with high risk and high impact.
Pathfinder goes beyond what is already known. It supports the exploration of bold ideas for radically
new technologies. It grants up to 4 million euros for achieving the proof of principle and validate the scientific basis of breakthrough technology. Projects typically involve consortia of researchers and other partners from at least three different countries, but there are also opportunities for individual teams and small consortia (two partners).
EIC Transition funds innovation activities that go beyond the experimental proof of principle in laboratory. Single applicants (SMEs, spin-offs, start-ups, research organisations, universities) or small consortia (max 5 partners) may apply.
The expected outcomes of an EIC Transition project are:
- a technology that is demonstrated to be effective for its intended application;
- a business model, its initial validation and a business plan for its development to market.
EIC Accelerator supports the later stages of technology development as well as scale up. The technology component of your innovation must therefore have been tested and validated in a laboratory or other relevant environment.
To be an eligible applicant to EIC Accelerator, you must apply as one of the following eligible entities:
- a single company classified as an SME and established within a Member State or an Associated Country; or
- a single company classified as a small mid-cap (up to 499 employees) established in a Member State or an Associated Country, but your proposal can only be for rapid scale up and only for the investment component; or
- one or more natural persons (including individual entrepreneurs) or legal entities
The Horizon Europe funding scheme can be an excellent opportunity for acquiring funds for your company. By arranging an appointment at our Law Firm offices, we can provide you with information regarding the process of participation, as well as useful documents, supporting material or even collaborations with partners who wish to participate in project proposals.
Furthermore, if interested, ask our consultants about any additional funding opportunities through other European Programs and initiatives.
Note: All selected applicants, have access to a range of EIC Business Acceleration Services.
The information provided by A.G. Paphitis & Co. LLC is for general informational purposes only and should not be construed as professional or formal legal advice. You should not act or refrain from acting based on any information provided above without obtaining legal or other professional advice.
For further information please contact us.