In this episode, we meet with Michiel Scheffer, President of the Board of the European Innovation Council (EIC), during Hello Tomorrow 2025 in Paris. With a €10.1 billion budget under the Horizon Europe program, the EIC is Europe’s flagship deep tech funding body. Michiel shares his journey from textiles and regional policy to leading one of the world’s largest innovation instruments. The conversation dives into how the EIC supports deep tech startups, how European innovation policy is evolving, and why regulation, resilience, and scale are central to Europe’s competitiveness.
Michiel Scheffer’s roots lie in the textile industry, but his career has always been at the crossroads of manufacturing, innovation, and public policy. Starting with a thesis on EU research in 1986, he’s worn many hats—consultant, regional politician, and academic. His experience designing startup support mechanisms at a regional level set the stage for his role at the EIC, where he now shapes pan-European funding strategy for deep tech.
The European Innovation Council was established in 2018 to help Europe compete globally by backing breakthrough technologies. With funding instruments aligned across Technology Readiness Levels (TRLs) —from Pathfinder (TRL 1–4), Transition (TRL 4–6), to Accelerator (TRL 6–9)—the EIC covers the full innovation funnel. It doesn't just provide grants and equity investments, but also business acceleration services, policy advocacy, and ecosystem building.
Scheffer sees the EIC as more than just a funder—it’s a catalyst for a unified European startup ecosystem. Through initiatives like the Trusted Investors Network (78+ VCs collaborating on EIC-backed startups), corporate matchmaking, and strategic programs in quantum, biotech, and advanced materials, the EIC aims to reduce fragmentation and accelerate scale across borders.
Scheffer emphasizes that EIC funds companies with a 5+ year horizon to profitability, deliberately avoiding short-term, SaaS-style ventures. Startups in areas like quantum computing, biotechnology, sustainable materials, and medical imaging need time—and serious support—to succeed. That’s why the EIC targets startups with real traction, typically 7+ years old, with clear market understanding and a mature go-to-market strategy.
Scheffer’s vision goes beyond funding. He’s vocal about:
One of Scheffer’s key messages is ensuring deep tech reaches the real world. It’s not enough to have promising startups in labs or accelerator programs—what matters is whether they create jobs, products, and solutions that citizens across Europe can see and benefit from. His benchmark? “What will my daughters say in 20 years about what I’ve done?”
Scheffer urges founders to: