Periodic Reporting for period 1 - EIT EIC CollabPilot (Elevating European healthcare innovator ecosystems through integrated access to sector-specific market expertise, co-investments and services)
Periodo di rendicontazione: 2021-07-05 al 2023-01-04
Building on the expectations of EIC and EIT boards and letters of intent, this action had the ambition to align to commission principles and fulfil its main objectives: to ensure complementary start-up support that bolsters European eectiveness, paves the way for joint co-investments between EIC & EIT, creates future synergies in line with the Commission’s principles and Cross-thematic cohesion and Increases visibility of both EIC and EIT Health programmes and oerings. It has these workstreams:
- Workstream A
Focuses efforts on alignment of financial mechanisms and dealfow opportunities to develop co-investment best practices and access to finance services with the EIC. Its activities and learnings culminate in a future proposal to collaborate strategically on offerings to beneficiaries and create co-investment pathways. The action proposed modalities relating to co-investment in the context of the EIC Fund and the EIT Health Access to Finance instruments.
- Workstream B
Focuses efforts to maximise impact of EIC beneficiaries through 3 EIT Health flagship programmes: 1 Bootcamp builds to support EIC Pathfinder Innovators in creating and validating strong health sector-specific business plans. EIT Health Clusters. 2 Bridgehead help start-ups expand to new markets through the expertise of the network. 3 Gold Track Workshops designed to help EIC Accelerator start-ups with massive growth potential to develop and implement a clear strategy for global expansion. Additionally, programs designed to improve financial literacy, such as the Finance Booster and Ready for Investment were specifically made for the pilot, provided opportunities for EIC beneficiaries.
- Workstream C
Focuses to promote the innovative businesses stemming EIT Health network to be channelled or fast-track to EIC. For instance, the creation of the Fast Track scheme concept aimed to catalyse start-ups from the EIT Health pipeline to apply to and participate in the EIC Accelerator. The concept and support program was developed during the pilot.
Important awareness activities were spotlighted with the aim to promote the EIC EIT Health CollabPilot and EIC beneficiaries, increasing visibility, disseminating results and ability to make long-standing impact.
- Workstream A
Focuses efforts on alignment of financial mechanisms and dealfow opportunities to develop co-investment best practices and access to finance services with the EIC. Its activities and learnings culminate in a future proposal to collaborate strategically on offerings to beneficiaries and create co-investment pathways. The action proposed modalities relating to co-investment in the context of the EIC Fund and the EIT Health Access to Finance instruments.
- Workstream B
Focuses efforts to maximise impact of EIC beneficiaries through 3 EIT Health flagship programmes: 1 Bootcamp builds to support EIC Pathfinder Innovators in creating and validating strong health sector-specific business plans. EIT Health Clusters. 2 Bridgehead help start-ups expand to new markets through the expertise of the network. 3 Gold Track Workshops designed to help EIC Accelerator start-ups with massive growth potential to develop and implement a clear strategy for global expansion. Additionally, programs designed to improve financial literacy, such as the Finance Booster and Ready for Investment were specifically made for the pilot, provided opportunities for EIC beneficiaries.
- Workstream C
Focuses to promote the innovative businesses stemming EIT Health network to be channelled or fast-track to EIC. For instance, the creation of the Fast Track scheme concept aimed to catalyse start-ups from the EIT Health pipeline to apply to and participate in the EIC Accelerator. The concept and support program was developed during the pilot.
Important awareness activities were spotlighted with the aim to promote the EIC EIT Health CollabPilot and EIC beneficiaries, increasing visibility, disseminating results and ability to make long-standing impact.
The EIT-EIC CollabPilot has contributed to strengthen the European innovation ecosystem through access to sector-specific market expertise, co-investment, and acceleration services, expanding the joint impact of the EIC and EIT Health towards Horizon Europe objectives.
The 18-month project shows impactful results having screened 463 start-ups, supported 51 start-ups, enabled 55 high-level partner interactions, created 17 new jobs, launched 4 products to new markets, and collected €2.2 impact that is expected to be expanded in the future. Additional benefits have been identified for both institutions to allocate personnel from EIT Health to the EIC Fund Team to support on accessing the health sector specific investors, network and industry partners. EIT Health is in negotiations with other EIC activities to further collaborations and build on lessons learned. EIT Health has been selected as Business Accelerator Services provider.
Workstreams results:
- Workstream A
10 EIC beneficiaries participated in the Ready for Investment and Finance Booster programs receiving support in the venture building process through tailored advisory services and financial literacy.
- Workstream B
Previous EIC beneficiaries benefitted from 3EIT Health flagship programs:
• Bootcamps and mentoring: 1 EIC beneficiary was supported in development and validation of their business plan and strategy.
• Bridgehead: 5 EIC beneficiaries were selected to get individual support in validating market entry supported by the network of European catalysers.
• Gold Track: 6 EIC beneficiaries were selected to access to high-profile workshops for accelerated by a global network of leading industry experts.
- Workstream C
15 companies were supported to the EIC Fast Track. Participation in events and conferences with the aim to promote and disseminate the EIC-EIT Health CollabPilot were achieved and increased synergy effects, visibility, and lead to outcomes for beneficiaries, such as investment attracted and partnerships.
Key results:
• 47% of start-ups from strong innovation countries and 40% from moderate innovation countries.
• 21% of the selected start-ups led by women. Improvement of the average reported by EIC where 16% of projects in the EIC Accelerator were led by women (2014-2021).
• Data standardization approach that has already started to create more synergy between EIC and EIT Health.
The 18-month project shows impactful results having screened 463 start-ups, supported 51 start-ups, enabled 55 high-level partner interactions, created 17 new jobs, launched 4 products to new markets, and collected €2.2 impact that is expected to be expanded in the future. Additional benefits have been identified for both institutions to allocate personnel from EIT Health to the EIC Fund Team to support on accessing the health sector specific investors, network and industry partners. EIT Health is in negotiations with other EIC activities to further collaborations and build on lessons learned. EIT Health has been selected as Business Accelerator Services provider.
Workstreams results:
- Workstream A
10 EIC beneficiaries participated in the Ready for Investment and Finance Booster programs receiving support in the venture building process through tailored advisory services and financial literacy.
- Workstream B
Previous EIC beneficiaries benefitted from 3EIT Health flagship programs:
• Bootcamps and mentoring: 1 EIC beneficiary was supported in development and validation of their business plan and strategy.
• Bridgehead: 5 EIC beneficiaries were selected to get individual support in validating market entry supported by the network of European catalysers.
• Gold Track: 6 EIC beneficiaries were selected to access to high-profile workshops for accelerated by a global network of leading industry experts.
- Workstream C
15 companies were supported to the EIC Fast Track. Participation in events and conferences with the aim to promote and disseminate the EIC-EIT Health CollabPilot were achieved and increased synergy effects, visibility, and lead to outcomes for beneficiaries, such as investment attracted and partnerships.
Key results:
• 47% of start-ups from strong innovation countries and 40% from moderate innovation countries.
• 21% of the selected start-ups led by women. Improvement of the average reported by EIC where 16% of projects in the EIC Accelerator were led by women (2014-2021).
• Data standardization approach that has already started to create more synergy between EIC and EIT Health.
The strong impact it has achieved during and beyond project lifetime are divided below and maximizes the value-added oering for European Healthcare start-ups and ecosystem:
1. Ensure complementary start-up support to bolsters European eectiveness:
21 EIC Beneficiaries were supported, over 463 companies screened, and thousands received impressions of the two institutions (EIT and EIC), increasing European effectiveness. All programs offered provided different support such as enhancing access to new markets & experts, increasing corporate partnerships as well as complementary individualised support for EIC teams, which demonstrated the societal impact of improvement and capturing of unmet medical needs. For example, the short-term achievement of 4 products launched and 2.2 Mn € investment attracted, already demonstrate the complementary support from EIC and EIT Health. Long-term impact will be continuously monitored.
2. Pave the way for joint co-investments between EIC & EIT
After the end of the project, 1 New Access to Finance Program (Ready for Investment) was created to test and validate the operational processes and strategic initiatives to support EIC Beneficiaries on investment readiness. The 4 EIC Beneficiaries received customized support for their overall funding roadmap. Additionally, knowledge gained will increase European outreach of EIT Health Access to Finance oerings and be able to support future beneficiaries, other EU organizations have already expressed interest in future collaborations. Furthermore, lesson learned for a future co-investment scheme between EIC and EIT Health.
3. Create future synergies in line with the Commission’s principles and Cross-thematic cohesion
Aligned with the New Innovation Agenda, 1 Fast Track Scheme has been developed in 2022 which demonstrates the impact of building European capacities and ensure cross pollination to other industries. The lesson learned have been shared to shape upcoming initiatives and affect European competitiveness leading to societal impact.
A data sharing structure has been developed that aligns with Commission’s priorities on creation of a European health data space for better policymaking European health data space.
4. Increase visibility of both EIC and EIT Health programs and oerings
Events served to disseminate results to create societal impact and transfer knowledge to other European institutions. Publications of joint press-releases, lessons learned and the building of new processes is likely to impact industry horizontals beyond health that will increase and leverage investments and access tonew healthcare solutions for patients leading to a more health equitable Europe.
1. Ensure complementary start-up support to bolsters European eectiveness:
21 EIC Beneficiaries were supported, over 463 companies screened, and thousands received impressions of the two institutions (EIT and EIC), increasing European effectiveness. All programs offered provided different support such as enhancing access to new markets & experts, increasing corporate partnerships as well as complementary individualised support for EIC teams, which demonstrated the societal impact of improvement and capturing of unmet medical needs. For example, the short-term achievement of 4 products launched and 2.2 Mn € investment attracted, already demonstrate the complementary support from EIC and EIT Health. Long-term impact will be continuously monitored.
2. Pave the way for joint co-investments between EIC & EIT
After the end of the project, 1 New Access to Finance Program (Ready for Investment) was created to test and validate the operational processes and strategic initiatives to support EIC Beneficiaries on investment readiness. The 4 EIC Beneficiaries received customized support for their overall funding roadmap. Additionally, knowledge gained will increase European outreach of EIT Health Access to Finance oerings and be able to support future beneficiaries, other EU organizations have already expressed interest in future collaborations. Furthermore, lesson learned for a future co-investment scheme between EIC and EIT Health.
3. Create future synergies in line with the Commission’s principles and Cross-thematic cohesion
Aligned with the New Innovation Agenda, 1 Fast Track Scheme has been developed in 2022 which demonstrates the impact of building European capacities and ensure cross pollination to other industries. The lesson learned have been shared to shape upcoming initiatives and affect European competitiveness leading to societal impact.
A data sharing structure has been developed that aligns with Commission’s priorities on creation of a European health data space for better policymaking European health data space.
4. Increase visibility of both EIC and EIT Health programs and oerings
Events served to disseminate results to create societal impact and transfer knowledge to other European institutions. Publications of joint press-releases, lessons learned and the building of new processes is likely to impact industry horizontals beyond health that will increase and leverage investments and access tonew healthcare solutions for patients leading to a more health equitable Europe.