About the Flagship
Funding for deep tech scale ups focuses on measures that will accelerate the growth of deep-tech start-ups in the EU. Three actions under the funding for deep tech scale ups flagship are underway and one has not started yet.
Rebalancing debt-equity incentives
- Completed
- By December 2023
Transposal by Member States
- From January 2024
Entry into force
On May 2022, the Commission put forward a proposal for a Directive on a debt-equity bias reduction allowance (DEBRA), aimed at encouraging companies to finance their investments through equity contributions rather than debt. Once adopted by the Council, the measure would allow businesses to realise more risk-bearing investments by increasing equity, instead of borrowing, making them more resilient.
Moreover, the proposal would encourage companies to decide more freely on their financial structure based on commercial considerations, rather than tax treatment. All non-financial corporations would be eligible for an allowance on new equity and small and medium-sized enterprises (SMEs) could receive a higher allowance compared to larger firms.
Listing Act
- Completed
- December 2022
- December 2022 - March 2023
- After March 2023
Feedback presented to the European Parliament and Council of the EU
- 2024
Publication of the act
In line with the objectives of the Commission’s 2020 Capital Markets Union (CMU) action plan, in December 2022 the Commission adopted a proposal for a Directive on a Listing Act. The measure would simplify and ease both initial and ongoing listing requirements for certain types of companies in order to reduce costs and increase legal certainty for issuers, while safeguarding investor protection and market integrity.
To allow certain founders and families to retain control post-listing, while raising a larger amount of funds and enjoying the benefits of going public, the Listing Act may also propose a minimum harmonisation of national legal regimes relating to dual class share structures across the EU.
The co-legislators have finalised the negotiations in Q1 2024 and the publication of the act is expected in the course of the year.
European Scale-Up Action for Risk Capital (ESCALAR)
- Ongoing
- March 2020 - June 2020
- Q2 2023
Expansion of the scheme under the InvestEU Programme
- Q4 2024 - Q1 2025
Signature with interested fund managers
Building on a successful pilot, the European Scale-Up Action for Risk Capital (ESCALAR) mechanism will be expanded under the InvestEU Programme to attract untapped sources of private capital.
A closed call for expression of interest under InvestEU closed on 31 January 2024. The EIF has set aside a minimum amount of EUR 300m of InvestEU Fund to deploy under the ESCALAR closed call. In response to the call, the EIF has received applications from 18 funds. The EIF investment managers are currently screening the proposals and first signatures under ESCALAR are expected between end of 2024 and Q1 2025.
Innovation gender and diversity index
- Ongoing
- September 2022
- Q1 2023
Start of selected projects
- Q4 2024
First results expected
The EC will pilot an innovation gender and diversity index, which will include data on women and other less represented groups, including individuals with disabilities, in innovative start-ups and scale-ups, as well as amongst investors and funds investing in such companies.
The project is advancing, with the first results expected by the end of 2024.
EIT Women2Invest Programme
- Completed
- September 2022
- Q1 2023
Selected women carrying out internships
- 2023
Second call for expression of interest open
- 2024 - 2025
Additional groups will be selected
The Women2Invest Programme is an action that will be implemented through annual calls. It aims to support women with STEAM university studies to start their careers in venture investment by training them and matching them with investors.
Two groups of 131 beneficiaries from 25 European nationalities have already followed 8-week internships in VC funds under the programme. Additional groups will be selected in 2024-2025.
Member States and Associated Countries actions supporting the New European Innovation Agenda
At the Competitiveness Council in December 2022, following the adoption of Council Conclusions on New European Innovation Agenda (NEIA), the Commission launched a call to governments to announce actions in support of the NEIA. This announcement was based on the understanding that full support and engagement from the Member States and Associated Countries is needed to ensure the implementation of the NEIA.
The actions were gathered through the EIC Forum, a group of Member States and Associated Countries' public authorities and bodies in charge of innovation policies and programmes, with the aim of promoting coordination and dialogue on the development of the Union's innovation ecosystem.
Austria
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Law on Flexible Capital Society (‚Flexible Kapitalgesellschaft‘) | This law will enable a new form of legal entrepreneurial entity, which combines the advantages of ‚GmbH‘ and the ‚Stock Corporation Act‘ targeted particularly at young, fast growing companies. | National | Planned for future | EISMEA-RTD-EICFORUM ec [dot] europa [dot] eu (Contact) |
| Re-launch of aws-Startup Fund and preparation of stronger Scaleup support | Nationally financed risk capital Fund targeting innovative tech-enterprises in funding and growth phases. | National | Ongoing | Website |
Belgium
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| European Tech Champions Initiative | To stimulate a globally competitive European Venture Capital market for EU deeptech scale ups through institutional investors | European | Ongoing | EISMEA-RTD-EICFORUMec [dot] europa [dot] eu (Contact) |
| Flanders Research Program Artificial Intelligence | Support to research in AI to stimulate AI adoption in Flanders | Regional | Ongoing | Website |
Bulgaria
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Technology Transfer Fund | The Technology Transfer Fund will be created under Programme “Research, Innovation and Digitalisation for Smart Transformation” 2021-2027, with public resources amounting to EUR 60 million. The fund is a specific financial instrument that will provide equity and quasi-equity investments in spin-off companies, start-up high-tech enterprises, transformation of research and developement results into marketable products and technologies, commercialisation and management of intellectual property. | National | Planned for future | EISMEA-RTD-EICFORUMec [dot] europa [dot] eu (Contact) |
Croatia
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Programs of Collaborative Research of Scientific Community and Business Sector - Targeted Scientific Research | The Programs provide grant support to applied research projects implemented in collaboration between researchers and business sector, with the aim to bring research work closer to the needs of the economy and to stimulate research targeting specific economic or societal issues. | National | Ongoing | EISMEA-RTD-EICFORUMec [dot] europa [dot] eu (Contact) |
| ESIF Venture Capital Fund | The Fund’s Acceleration compartment provides initial financing to emerging entrepreneurs to research, assess and develop an initial concept. The Venture Capital compartment provides follow-on financing to successful graduates from the Acceleration compartment, as well as direct investments in early-stage innovative companies, which have not been part of the Acceleration compartment. | National | Ongoing | Website |
| Investments in Researchers’ Entrepreneurial and Smart Skills - Start-up/spin off Companies of Young Researchers Pilot Programme | The Programme funded by the Recovery and Resilience Facility aims to encourage the entrepreneurial activities of young researchers through the launch of their own start-up/spin-off companies. | National | Ongoing | EISMEA-RTD-EICFORUMec [dot] europa [dot] eu (Contact) |
Cyprus
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Innovation Funding Programs from Research and Innovation Foundation | Fund innovative startups to assist them to reach the market and achieve access to finance | National | Ongoing | EISMEA-RTD-EICFORUMec [dot] europa [dot] eu (Contact) |
| Certificate of Innovative Enterprise | Certificate issued as a support tool for the usage of tax incentives for natural persons investing in innovative small and medium-sized enterprises (SMEs) | National | Ongoing | Website |
Czechia
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| CzechInvest state agency activities | CzechLink StartUp project brings domestic and foreign investors together with Czech start-ups and thus supports the development of innovative business | National | Ongoing | Website |
| Ynovate: Professional innovation network | Network of professional innovation centres seeking synergies and cooperating directly with entrepreneurs to support the birth and development of innovative, ambitious, and sustainable businesses | Regional | Ongoing | Website |
Denmark
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| InnoBooster | Investment in knowledge-based development projects in small and medium-sized Danish enterprises (SMEs) and entrepreneurial companies | National | Ongoing | Website |
Estonia
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Action plan to develop research- and technology-intensive startup entrepreneurship | Aims to accelerate the development of research- and technology-intensive entrepreneurship in Estonia and create a supportive economic environment | Regional | Ongoing | Website |
| Piloting a support measure aimed at early phase business development piloting | Early phase pilot business development support measure for deep technology start-ups | National | Ongoing | EISMEA-RTD-EICFORUMec [dot] europa [dot] eu (Contact) |
| NATO DIANA | Opening of NATO DIANA regional innovation hub and an accelerator in Estonia | National | Ongoing | EISMEA-RTD-EICFORUMec [dot] europa [dot] eu (Contact) |
| Green Fund | Funding deep tech companies that develop green and sustainable technologies for the green transition. SmartCap Green Fund is financed by the European Union NextGenerationEU Recovery and Resilience Facility funds. | National | Ongoing | Website |
| Applied Research Programme | Support for science and technology intensive companies. The Applied Research Programme offers grant financing for applied research and experimental development. The Programme is co-funded by the European Union. | National | Ongoing | Website |
France
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| DeepTech Plan | To support the creation and growth of deeptech start-ups through various financial (grants, loans, equity) and non-financial instruments | National | Ongoing | Website |
Georgia
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Co-financing grants program of the Georgia's Innovation and Technology Agency | Co-financing grants for startups provided within the program are intended for start-up/two-year-old private, small enterprises | National | Ongoing | Website |
| Innovation grants for regions | Innovation grants for regions, the purpose of which is to promote the development of the innovation and technology ecosystem in the regions of Georgia | National | Ongoing | Website |
Germany
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Zukunftsfonds | To strengthen financing options especially in the capital-intensive scaling phase of start-ups, in particular by expanding the federal government's funding architecture | National | Ongoing | Website |
Greece
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| InnovateNow | “InnovateNow” is a fund-of-funds aimied at the establishment of investment schemes, which in turn will cover the entire financing chain of Greek start-ups with prospects for significant scalability | National | Ongoing | Website |
| Elevate Greece -The Greek startup ecosystem | Identify promising startups and support their growth, nurturing a robust innovation ecosystem along the way | National | Ongoing | Website |
Hungary
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Easier financing for innovative start-ups under the John von Neumann Programme | To facilitate raising funds for start-ups and spin-offs, one of the actions under the John von Neumann Programme is to create the possibility to use convertible notes and SAFE notes as start-up financing instruments | National | Planned for future | Website |
| Support for innovation projects in Focus Areas of the National Research, Development and Innovation Fund | A call opened until 18 January 2024 under the National Research, Development and Innovation Fund for proposals focusing on strengthening the renewed socio-economic innovation ecosystem and social and economic benefits in the spirit of renewal principles, through the development of marketable products, technologies and services. | National | Ongoing | Website |
Ireland
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| The Disruptive Technologies Innovation Fund | To drive collaboration between Ireland’s research base and industry and facilitate enterprises to compete for funding for the development of technologies and seed new start-ups | National | Ongoing | Website |
Lithuania
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Accelerator 2 | Accelerator 2 is a venture capital instrument designed to promote innovation activity though investment into promising micro and small business startups. | National | Ongoing | Website |
| MilInvest | Defence Investment Fund invest in innovative companies in the field of defence and security | National | Ongoing | Website |
| Start-up acceleration programme | In 2024 Lithuania plans to start specialised startup acceleration programmes focusing on ICT, EdTech and GameTech industries. | European | Planned for future | EISMEA-RTD-EICFORUMec [dot] europa [dot] eu (Contact) |
Italy
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| National Innovation Fund | The Fondo Nazionale Innovazione (FNI) is the main national publc venture capital intervention aimed at supporting the growth of innovative Italian companies | National | Ongoing | Website |
| Smart&Start Italia | Incentive measure that provides financial support for innovative startups | National | Ongoing | Website |
| Green Transition Fund and Digital Transition Fund | Stimulate the growth of the Italian innovative ecosystem, with particular regard to the ecological and digital transitions sector, through direct and indirect venture capital investments | National | Ongoing | Website |
Luxembourg
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Luxembourg Future Fund 2 | To support investments to stimulate further the diversification & sustainable development of the Luxembourgish economy | National | Ongoing | Website |
Malta
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| The R&I FUSION Programme | FUSION is a national funding programme that drives and supports local Research and Innovation (R&I), as well as providing the necessary support for researchers and technologists to turn their innovative ideas into a market-ready reality. FUSION is supported through Malta Government funds and is managed by the Malta Council for Science and Technology (MCST) as the Managing Authority | National | Ongoing | Website |
| SME Guarantee Scheme | The SME Guarantee Scheme (SGS) is an uncapped portfolio guarantee scheme. The Malta Development Bank provides an uncapped guarantee of 80% on a portfolio of loans of up to €80million generated by the accredited credit institutions. The SGS aims at enhancing SME access to bank credit for new investment as well as other purposes; including for working capital related to new investment and business transfers. | National | Ongoing | Website |
Montenegro
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Pre-acceleration program for startups | Identify strategic partner to act as intermediary in the creation and implementation of a pre-acceleration program for startups | National | Ongoing | Website |
| Grants for early stage start-ups | Co-financing start-up projects that will offer digital solutions in the priority areas of smart specialization | National | Planned for future | Previous call |
| Tax exemption for investors in start-ups | Stimulate investments in the Montenegrin start-ups. | National | Ongoing | EISMEA-RTD-EICFORUMec [dot] europa [dot] eu (Contact) |
| Program for strengthening innovation of the micro, small and medium-sized enterprises | Increasing the innovation of MSMEs by introducing process innovations or by developing new or improved market-oriented products, services or technologies, targeting between TRL 5 and TRL 8 levels | National | Ongoing | Website |
North Macedonia
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Co-financed grants for start-ups and spin-offs | Provide pre-seed and seed finance for innovative projects of TRL3 or higher in newly established enterprises | National | Ongoing | EISMEA-RTD-EICFORUMec [dot] europa [dot] eu (Contact) |
| Co-financed grants for commercialization of innovation | Provide financial support to companies for projects with minimum prototype content to market-ready phase | National | Ongoing | EISMEA-RTD-EICFORUMec [dot] europa [dot] eu (Contact) |
Norway
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| National public policy agencies for the business sector | Maximising sustainable value creation through loans, guarantees, grants, equity investments and competence-enhancing measures to R&D projects, start-ups, scale-ups and export-oriented industries | National | Ongoing | https://www.innovasjonnorge.no/en/start-page/ https://www.forskningsradet.no/en/ https://www.eksfin.no/en/ https://www.nysnoinvest.no/en/ https://investinor.no/en/ https://siva.no/english/ https://doga.no/en/ |
| The Green Industrial Initiative | Road map that details how Norway is going to transform and develop its industry to realize the potential for value creation in selected “green” value chains | National | Ongoing | Website |
| Strategy for increased research and development in the Norwegian business enterprise sector (BERD) | The strategy will address challenges and potential in order to increase R&D in the Norwegian business enterprise sector with planned launch in December 2023/January 2024 | National | Planned for future | EISMEA-RTD-EICFORUMec [dot] europa [dot] eu (Contact) |
Poland
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Support scheme for holders of the Seal of Excellence under EIC Accelerator | As part of the European Funds for Smart Economy Program (FENG), a nationwide call to support the companies with a Seal of Excellence under the EIC Accelerator funded under the Horizon Europe Programme has been opened. Funding can be obtained for the implementation of industrial research and experimental development work (obligatory in the project). The funding covers the grant part of the EIC Accelerator. | National | Ongoing | Website |
| Pre-acceleration program for startups | Akces NCBR was established in December 2021 by the National Center for Research and Development as a tool for the implementation of the Center's statutory tasks in the field of supporting and financing the commercialisation of R&D, supporting the development of scientific staff, stimulating investment of entrepreneurs in scientific activity and participation in the implementation of international R&D programs. | National | Ongoing | Website |
| The NCBR Investment Fund ASI S.A. | The NCBR Investment Fund is a venture capital instrument of the National Center for Research and Development. The Fund is focused on innovative small and medium-size enterprises in growth and expansion stage. The size of the Fund amounts at PLN 700 million (160 million EUR) and the investment ticket is PLN 3-64 (EUR 0,5-15) million. | National | Ongoing | Website |
Portugal
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Stand Up | Promote entrepreneurship, new ideas, new projects, new talents | National | Ongoing | Website |
| Start Up | Develop innovative projects by validating and promoting technology and fostering the creation of value and better success conditions | National | Ongoing | Website |
| Call Innov ID | Promote access to venture capital financing for science and technology-based projects, particulalry start-ups | National | Planned for future | Website |
Slovenia
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Start-up incentive of the Slovenian Enterprise Fund | Recognising, supporting and promoting the best Slovenian innovative start-up companies in the earliest development phase. | National | Ongoing | Website |
| Microcredits | Direct micro loans for micro and small enterprises for financing small investments and working capital for current operations and liquidity | National | Ongoing | Website |
| Financing of small and medium sized enterprises | Financing of growth and development of small and medium sized enterprises | National | Ongoing | Website |
Spain
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| INNVIERTE (CDTI) | Instrument to contribute to the acceleration, growth and consolidation of deep tech start-ups by means of venture capital and equity | National | Ongoing | Website |
| Next Tech Fund (SEDIA & ICO) | Foster the development of innovative, high-impact digital projects and investment in growth companies through public financing instruments,international funds and venture capital | National | Ongoing | Website |
Sweden
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Nordic Scalers | Funding for scaleups to participate in Nordic Scalers accelerator programme. | Pan-Nordic | Ongoing | Website |
| Acceleration of dee ptech companies | Milestone based funding program for deep tech startups | National | Ongoing | Website |
| Swedish National Incubator Programme | Funding for incubation across Sweden, with special focus on deep tech / high tech | National | Ongoing | Website |
| Programmes for transformation of the energy sector | Various funding schemes for startups and scaleups, which contribute to a sustainable energy system. | National | Ongoing | Website |
| Swedish Scaleups | Partnership project under which nine business incubators and science parks in Eskilstuna, Linköping, Norrköping, Uppsala, Västerås and Örebro collaborate in order for more companies in the region to be able to grow and achieve revenues of SEK 100 million. | National | Ongoing | Website |
Türkiye
| Title | Description | Scope | Status | More information |
|---|---|---|---|---|
| Venture Capital Funding Program (Tech-InvesTR) | Enable venture capital funds to invest in R&D intensive early-stage companies to meet the financial needs of these companies | National | Ongoing | Website |
| 1601 - Capacity Building for I&E Grant Program and Mentor Interface (BIGG +) Calls | BiGG and SME Mentor Interface program establishes mentoring mechanisms for the commercialization of products and services of SMEs supported within the scope of TÜBİTAK TEYDEB Programs | National | Ongoing | Website |
| 1512 – Entrepreneurship Support Program | Entrepreneurship training is provided to entrepreneurs and technical, commercial and administrative support is provided to entrepreneurs with industry-experienced guides | National | Ongoing | Website |