European Commission announces ‘EIC Scale Up 100’ initiative to drive growth in Europe’s deep tech sector

The European Commission announced on Thursday, June 1, the launch of the EIC Scale Up 100 initiative to identify, promote, and support the growth of 100 highly promising deep tech companies in Europe.

The Commission will implement the EIC Scaling Club together with a consortium of partners led by TechTour. 

This consortium includes Bpifrance, 3ura, EurA, Universidad de Navarra – IESE Business School, Webrazzi, and Hello Tomorrow. These partners were  selected through an open call for applications launched under the EIC Work Programme 2022.

According to the Commission, the selection process will involve evaluating the top-performing awardees of EIC financial schemes as well as candidates from national and European innovation programmes.

The initiative will engage selected companies in the EIC Scaling Club – a network of 400 quality ecosystem players consisting of:

• 100 most active investors, including venture capital, growth, and government funds;
• 100 most relevant corporations with their innovation, venturing, or development units;
• 100 agencies, clusters, and media that promote scale-ups in Member States, regions, or sectors;
• 100 independent mentors with experience and relationships at the scale-up board level.

Companies will be chosen from various sectors that contribute to Europe’s green and digital transition, including: 

• Sustainability (climate and energy) 
• Digital innovation 
• Healthcare, and more. 

Member states and Horizon Europe-associated countries will have the opportunity to nominate companies from their ecosystems, and their participation will be subject to a selection process.

Benefits of the EIC Scale Up 100 Initiative

The EIC Scale Up 100 initiative will support companies in advancing their corporate strategies, reaching strategic investors and partners, and scaling their businesses internationally. 

It will also facilitate companies building and nurturing relationships with strategic partners and key institutions at the EU level (European Innovation Council, European Investment Bank, and European Institute for Innovation and Technology) as well as with policymakers in the Member States and regions.

During two years of support actions, participating companies are expected to grow annually by 40 per cent in their valuation, new investments, partnerships, and jobs and by 50 per cent across the same parameters for the 20 top-performing companies. 

According to the Commission, “the initiative aligns with the New European Innovation Agenda’s objective to increase access to funding for scale-ups, and partially also to its call for attraction and retention of deep tech talents and improved policy tools.”