The European Commission launched on 18th and 19th March the European Innovation Council (EIC) with a budget of over €10 billion (in current prices) for 2021-2027 to develop and expand breakthrough innovations. The new EIC combines research on emerging technologies with an accelerator programme and a dedicated equity fund, 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.
Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth, said: “The European Innovation Council is Europe's most ambitious initiative to support the breakthroughs Europe needs to recover from the economic crisis and accelerate the transition to a green and digital economy. By investing in visionary research and innovative companies, it will reinforce European technological sovereignty, scale up hundreds of Europe's most promising start-ups, and pave the way for the upcoming European Innovation Area.”
Support to research teams to research or develop an emerging breakthrough technology
Mature a novel technology and develop a business case to bring it to market
Funding and investments through the EIC Fund for individual start-ups and small companies to develop and scale up game changing innovations
All EIC supported projects and companies get access to coaching, mentoring, partnering and other EIC Business Acceleration Services
Specific support to enable innovation ecosystem actors to work together across Europe