A 10 point EIC Accelerator readiness checklist for UK SMEs

Don’t make the mistake of starting work on an EIC Accelerator application before you’re fully prepared! You might start filling out the portal and soon discover you’re missing evidence, a clear plan, or the right team. It’s a waste of time and energy.

Use the readiness checklist below first to help you decide whether EIC Accelerator is worth your effort now, if you need to improve a few areas, or if another funding option might suit you better.

Stages 1–5: Core innovation, market and team

1 |  Clear, ambitious innovation definition

You should be able to describe your innovation in two or three simple sentences, without using jargon, and show how it is truly different from what is already out there. Just saying “better UX” or a small feature upgrade is not enough. You are ready if you can point to a real breakthrough or a new mix of technologies that leads to a big improvement in performance, cost, or capability.

2 |  Evidence of technical feasibility

EIC wants more than just an idea written down. To be ready, you should have a working proof of concept or prototype, with data from lab tests, pilot projects, or realistic simulations. You should be able to explain what you have already shown, what still needs to be tested, and how your project will address those gaps. If none of the key parts have been tested yet, it is probably too soon to apply.

3  |  Defined target market and value proposition
You should know who your first customers are, what problem you solve for them, and why they will care enough to take action. Being ready means you have a clear customer segment, a simple value statement in plain language, and some early proof from interviews, pilot projects, letters of intent, or first sales. If you say your market is everyone, or you cannot describe a specific use case, you need to do more work.

4 |  Credible go‑to‑market strategy
A solid plan explains how you will reach customers, who will handle sales, which channels you will use, and how long it will likely take for customers to adopt your product. You are ready if you can outline the main steps from pilot to scaling up, name possible partners or distributors, and explain how you will compete with current solutions. If your plan just says things like “we will scale globally via partners,” you should make it more specific before applying.

5 |  Strong core team with technical and commercial capability
EIC supports strong teams, not just good technologies. A ready team has clear leaders, strong technical skills for the main innovation, and someone in charge of business strategy and execution. You should be able to show relevant experience and explain how you will fill any gaps. If your founders are all technical with no one focused on business, or the other way around, work on building a more balanced team first.

Stages 6–10: Plan, funding and delivery

6 |  Realistic project plan and milestones

Your project needs a clear work plan with defined tasks, clear goals, and measurable milestones for each stage. Being ready means you can explain what will happen in each 6 to 12 month phase, how you will track progress, and how you will adjust if things do not go as planned. If your plan just says “develop, launch, scale” without details, you need to add more specifics.

7  |  Thought‑through budget and funding ask

EIC wants to see a budget that fits your plan and goals. You are ready if you know how much you will spend on people, subcontractors, equipment, and other costs, and can explain why each is needed. Your funding request should be based on the work you need to do and the scale you want to achieve, not just the scheme’s maximum amount. If you cannot show how each main cost connects to a milestone, review your budget.

8  |  Risk analysis with mitigation strategies

Strong projects recognise technical, market, and delivery risks and show how they will be managed. Being ready means you have a simple risk list with the chances, impacts, and clear actions to reduce each risk. You should be able to explain which uncertainties make public funding necessary and how you will keep the project on track. If your draft ignores risks or lists them without solutions, you need to improve this part.

9  |  Understanding grant needs

You should be clear about the fact that UK companies can only apply for the grant-only component of EIC accelerator. A ready applicant understands future funding rounds, possible dilution, and the total money needed to reach key milestones. You should be able to explain how EIC funding fits with private investment and any grants you already have. If your only reason is “we want as much as possible,” take time to improve your funding plan.

10  |  Internal capacity to manage the application and project delivery

Getting ready for an EIC application and then running a funded project takes time and management focus. You are ready if you can make sure key people have time to help with writing, reviewing, and planning, and if you know who will handle reporting and coordination after you get the grant. If your team is already stretched and you have no plan to add capacity or get help, your chances of success will drop.

Scoring and interpreting your results

Use a simple scoring system for each item:

• 0 = Not in place at all
• 1 = Partially in place, more work needed
• 2 = Strongly in place, with evidence

This gives a maximum score of 20.

▶▶▶   16–20 points: You are broadly ready for an EIC Accelerator application. Expect to refine details, but your fundamentals are in place.

▶▶▶   11–15 points: You have potential, but there are gaps. Focus the next 6–12 months on strengthening the weakest areas before committing to a full application.

▶▶▶   0–10 points: EIC is probably not the best immediate route. You may be better served by earlier‑stage grants, Innovate UK competitions, pilots with customers, or investor funding that matches your current maturity.

This straightforward approach gives your leadership team a shared, evidence-based view, so you do not have to rely on guesswork or wishful thinking.

Next steps

If your score highlights gaps, use them as a practical to-do list. You could run a focused pilot to prove feasibility, invest in market research, hire a commercial lead, or create a more detailed project plan and budget. Each step helps you become more competitive.

After you finish the checklist, use it as a clear agenda with your board, advisors, or funding partners. Decide together whether to go for the next EIC deadline, wait until you reach certain milestones, or focus on other funding options first. This careful approach will help you use your time well, improve your strategy, and apply to the EIC Accelerator only when it can really make a difference for your business.

We can help

At ABGi, we help companies decide if the EIC Accelerator is a good fit, develop strong proposals, and prepare for the whole process, including interviews and post-award support. This gives your application the best chance of success.

If you want personalised advice on finding funding at any stage of your innovation journey, contact the ABGI Team. We are happy to talk about your goals and explain how we can help.