With the creation of the European Innovation Council (EIC), the evaluation process for the SME Instrument Phase 2 has undergone a radical change. Starting from the first cut-off date on 10 January 2018, companies that pass the initial selection stage are required to undergo an interview with innovation experts, business angels, and private investors. The selected jury is composed of approximately 15% business angels, 20% entrepreneurs, 20% venture capitalists, and other experts from large corporations, innovation hubs, and accelerators. The majority of these panellists are women.

This new stage complements the existing written evaluation to ensure that the personal capabilities and motivations of the applicants are fully taken into account. The focus is on market-driven, radical innovations that have the potential to scale within European and global markets.