The European Innovation Council (EIC) within the Horizon Europe programme is an ambitious new initiative. With a budget of more than €10 billion dedicated to developing and expanding breakthrough innovations, the EIC will scale-up breakthrough technologies and disruptive innovation. Moving beyond the existing paradigm of money for science towards science for the market, the EIC forms part of the European Commission’s drive to build forward in the recovery stages of the global pandemic.
Determined to identify, develop and scale-up breakthrough technologies and disruptive innovations, the EIC will support start-ups, SMEs and research teams developing high-risk, high-impact breakthrough innovation. This means that support is provided to potential game-changing solutions for the European green and digital transitions in a context of crisis recovery. The EIC will provide both grant funding and direct investment for start-ups through its €3 billion fund thus providing the capital to push Europe‘s world leading science to the market, notably addressing the substantial equity funding gap facing European start-ups.
Following many years of piloting, the now launched EIC will use its lessons learnt and achievements. During the 2018-2020 period, more than 10,000 European start-ups and innovators were enthusiastic in their applications to the EIC’s pilot actions. More than 5,000 start-ups, SMEs and research projects were supported with 159 companies selected to receive venture capital.
These exciting efforts to move European innovation and take it to the next level are also highly conscious of the big societal changes and expectations underway in Europe. There are initiatives within the framework of the EIC which recognize Women innovators in the EU and associated countries who are at the forefront of bringing innovation to market. The EIC Business Acceleration Service now offers women leadership programmes which support talented women innovators and represents European efforts to bridge the innovation divide in all its colours.
With the EIC and its support for breakthrough technology and disruption, Europe’s excellent science can strive to build forward with excellent innovation.
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