From 7 November 2017, the EIC SME instrument will become a central part of the European Innovation Council (EIC) pilot project. This transition will take the EIC SME instrument to a new level and expand the reach of its benefits to the European innovation ecosystem. Approximately €1.6 billion is available to fund around 4,000 innovative SMEs.

New features within the EIC SME instrument:

- Bottom-up selection: there are no longer any pre-set topics, allowing entrepreneurs from all sectors to participate, including those with cross-sectoral innovations.

- Simplified submission forms: the submission process is now easier, with new forms featuring a simplified structure and content, and business-oriented language.

- More investors as experts/evaluators: the number of experts/evaluators with an investor profile has been significantly increased to better assess market elements and investment proposals.

- Face-to-face interviews with selected Phase 2 applicants: this additional step following remote evaluation will allow evaluators/experts to better understand proposals and ensure that only the best and most innovative ideas are funded.

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