A recent report by Jolt Capital's Jolt.Ninja demonstrates the significant impact of the European Innovation Council (EIC) on fostering innovation and growth in Europe. This comprehensive analysis underscores the vital role of the EIC in nurturing deep-tech startups and driving economic development across the continent.
In featuring the report, European Commissioner for Innovation, Research, Culture, Education, and Youth Iliana Ivanova said "By joining forces towards a shared vision for Europe’s competitiveness, we can unlock the full potential of venture capital investments in disruptive deep-tech European technologies. I look forward to continuing this journey of open communication and collaboration with like-minded partners to facilitate investment in disruptive research and breakthrough EIC innovations, providing a fertile ground for our innovative companies to grow in Europe."
Key Insights from the Report
Diverse & Agile Innovators: Among the 233 deep-tech companies identified, a striking 95% employ fewer than 100 full-time employees (FTEs). These nimble startups are at the cutting edge of technological advancements, pushing the boundaries of innovation.
Regional Innovation Hubs: Impressively, 48% of these companies are located outside the traditional tech powerhouses of the UK, Germany, and France. This reflects a widespread innovation landscape, fostering a robust and diverse tech ecosystem throughout Europe.
Significant Investment Growth: Over the past decade, more than €4.7 billion has been invested in these pioneering companies, with sectors such as Computing & AI, Optoelectronics, and Life Sciences leading the way in attracting substantial capital and driving significant advancements.
Economic Impact: EIC-supported companies are not only securing funding but also making a tangible economic impact. They are outpacing their peers in job creation and patent filings, contributing to Europe's competitive edge in the global tech landscape.
Sector-Specific Innovations: Cutting-edge artificial intelligence and machine learning technologies are revolutionizing industries. Pioneering advancements in photonics and electronic devices are shaping the field of optoelectronics. In life sciences, leading breakthroughs in healthcare and biotech are addressing some of the most pressing medical challenges. These innovations are at the forefront of technological and scientific progress, driving significant changes across various sectors.
Growing EIC Influence
The report highlights the growing efficacy of the EIC scheme. The 2022 cohort alone raised an aggregate of €3.2 billion in VC and PE rounds, twice as much as comparable non-EIC companies. They also created 50% more jobs and significantly outperformed in patent filings.
Jolt Capital's Jean Schmitt commented: “As a growth deeptech investor, Jolt is committed to the success of the deeptech ecosystem. We also believe in data to set strategies and drive decisions. Therefore, we built over the past years our own AI engine, named jolt.ninja, tracking a global atlas of deeptech companies. Our analysis of the EIC Fund’s portfolio of companies demonstrates that it is a very effective investment instrument.”
The Path Forward
The EIC's catalytic effect is crucial for the growth of deep-tech in Europe. Initiatives discussed in Brussels aim to build a robust network of European VC and PE investors ready to co-invest with the EIC, further bolstering the ecosystem.
Dive Deeper
For a more detailed exploration of these insights and the incredible stories behind these trailblazing companies, access the full report here: Atlas of EIC-Supported Deeptech Companies.
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