European Commission – Press Release #EUDigitalStrategy #EuropeanInnovationCouncil

18 March 2021

The European Commission launched the European Innovation Council (EIC) with a budget of over €10 billion for 2021-2027 to develop and expand breakthrough innovations. The new EIC combines research on emerging technologies with an accelerator programme and the European Innovation Council Fund, to scale up innovative start-ups and small and medium-sized businesses (SMEs). Around €3 billion of the EIC’s budget will go towards the EIC Fund.

The European Innovation Council (EIC) has several features:

  • The EIC Accelerator supports SMEs, in particular start-ups and spinout companies to develop and scale up game-changing innovations.
  • A team of EIC Programme Managers will be responsible for developing visions for technological and innovation breakthroughs, managing portfolios of EIC projects and bringing together stakeholders to put these visions into reality.
  • A new EIC Transition funding scheme will help convert research results into innovations.

The funding opportunities announced today in the first work programme of the European Innovation Council include: 

  • EIC Accelerator financing, worth €1 billion, for start-ups and SMEs to develop and scale up high impact innovations with the potential to create new markets or disrupt existing ones.
  • EIC Pathfinder for multi-disciplinary research teams, worth €300 million, to undertake visionary research with the potential to lead to technology breakthroughs.
  • EIC Transition funding to turn research results into innovation opportunities, worth €100 million.

See more at the following link.

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