The Role of Europe in
advancing Health Startups

The results of the first European Innovation Council Accelerator cut-off of 2023 are out and they have confirmed an exciting trend with nearly 50% of funded companies and 62% of the overall allocated budget focusing on healthcare innovations. This highlights the interest that this funding program has in driving innovation in the health sector.

The EIC Accelerator provides the financial support that health startups need to bring their products to the forefront of the industry. One of the key benefits of the EIC Accelerator is its ability to provide substantial financial support to startups, allowing them to further develop their technologies and products. The programme offers both grants and equity financing, with the potential for funding up to €17.5 million. This level of financial support is especially useful for startups that may face unique challenges in the market:

1. Carry out clinical trials: Health startups often need to conduct clinical trials to prove the safety and efficacy of their products. These trials can be very expensive, particularly if they involve many participants or are conducted over a long period of time. Funding from the EIC Accelerator can help cover the costs of these trials, including subcontracting a CRO.

2. Navigate the regulatory landscape: In addition to clinical trials, Health startups must also comply with complex regulations to gain approval for their products. This can involve extensive testing and documentation, which can also be expensive. Funding from the EIC Accelerator can help cover the costs of regulatory compliance, including hiring regulatory experts, conducting additional testing, and preparing and submitting regulatory filings.
3. Scale up the business: scaling a health startup can be a difficult task as it may involve setting up manufacturing operations, building a sales team, and expanding the company’s presence in new markets. This can require a significant amount of capital, which can be difficult for startups to secure. Funding from the EIC Accelerator can provide the necessary capital to help health startups scale their operations and take their products to the next level.