Assessing changes in EU innovation policy programs: from SME instrument to EIC accelerator for start-up funding

A novel analysis of the European Innovation Council (EIC) Accelerator pilot is presented, marking the first extensive examination since its launch and providing a comparison to its predecessor, the Small Medium Enterprise Instrument (SMEI). Using applicant data from both programs, the study assesses the effectiveness of the EIC in targeting companies that align with its objectives of driving breakthrough innovation. The research reveals that the EIC Accelerator pilot attracts younger and smaller companies than its predecessor. A significantly higher proportion of applicants are in the high-tech and medium-high-tech sectors, indicating a strategic shift towards supporting cutting-edge technologies. However, analysis of the probability of receiving funding under the two policy instruments reveals a consistent pattern, emphasizing the influence of firm size, age, and patent portfolio.