Finally the EIC work programme for 2021 has been published, it is now possible to start presenting ideas for funding. 
The EIC work programme includes EIC Accelerator Open, the instrument formerly known as SME instrument, but it introduces new mechanisms and rules for the submission.
Participation: As before a single company classified as SME or startups. However, now this instrument is open also to ‘Small mid-cap’ (up to 500 employees) although with limitations: only rapid scale up purposes and only for the investment component (see afterwards). 
Also natural persons or legal entities intending to establish or investing in an SME or small mid-capin a Member State or an Associated Country can apply.
Investment: The EIC Accelerator provides blended finance which is composed of: 
An investment component usually in the form of direct equity or quasi-equity (between EUR 0.5 million and EUR 15 million).
A grant component (EUR 0,5- 2.5 million) to reimburse eligible costs incurred for innovation activities, which are reimbursed up to a maximum of 70%. The 30% co-financing of these activities and the costs incurred for the commercial introduction of the product or service and full scale up operations can be financed by the investment component. The innovation activities to be supported should normally be completed within 24 months.
It is possible to  request the investment component only for 

• Ongoing grant-only projects funded under the Horizon 2020 EIC pilot Accelerator
• Small mid-caps can only apply for the investment component and are not eligible to receive the grant component.

It is possible to request the a grant component only or grant first -to cover TRL 5/6 to 8 and without requesting an investment component for TRL 9 .
The Application process consists of four steps:
1 )Short applications consisting of 

• A 5-page form with a summary of the proposal that can be submitted at any time via the European Funding & Tender Opportunities Portal.
• A pitch-deck of up to 10 slides following a set format;
• A (link to a) video pitch of up to 3 minutes where the core members of the team should provide the motivation for the application.

2) If successful, you will be invited to prepare a full application.
3) Full applications will first be assessed remotely by EIC expert evaluators. If successful, you will be invited to a face to face interview with an EIC jury as the final step in the selection process.
4) If selected for funding, you will be invited to negotiate an initial contract for the grant component and to start the due diligence for the investment component.

Horizon Europe is the new funding programme of the European Commission that will support European Research and innovation in the next seven years. The new programme has been officially launched  on February 2nd through  a symbolic digital event. The goal of the event was to communicate the terms for public private partnerships, the legal framework under which the European Institute for Innovation and Technology (EIT) will operate, and the scope of the research missions, yet to be agreed.
However, important details need to be defined before the work programmes, the operational documents with the calls planned for the first years of Horizon Europe, are published. 
The Horizon Europe legislation has been split in two distinct acts, the one defining the legal basis of the programme (agreed on December), the other concerns details on the specific goals of each of its components. will be negotiated in the upcoming months and eventually agreed during the Parliament plenary session in April. 
​Only then, the publication of the work programmes  will be possible.
Read more here