European Institute of Innovation and Technology (EIT) allocates € 60 mln to Innovation in Europe
Updated: May 19, 2020
The EIT Governing Board has decided to mobilise € 60 million of additional funding to innovators powering high-impact solutions. According to the EIT, the financing will allow the launch of new innovation projects to address the immediate crisis as part of the ‘Pandemic Response Projects’, and will support highly innovative start-ups, scale-ups and SMEs crucial to the economy’s fast recovery to benefit from additional funding under the ‘Venture Support Instrument’.
Budapest: 14 May 2020
As part of the EU’s collective efforts to tackle the COVID–19 crisis, the European Institute of Innovation and Technology (EIT) is announcing the launch of the ‘EIT Crisis Response Initiative’.
The EIT is an EU body which is an integral part of Horizon2020, the EU Framework Programme for Research and Innovation. The Institute supports the development of dynamic pan-European partnerships - EIT Knowledge and Innovation Communities - among leading companies, research labs and universities.
The new EIT initiative consists of two main tracks of activities to be implemented by the EIT’s Knowledge and Innovation Communities across Europe:
• Venture Support Instrument: Start-ups, scale-ups and SMEs have been enormously impacted by the COVID-19 crisis, with investment drying up and significant cash flow issues emerging.
• Pandemic Response Projects: More than ever, innovations and new solutions are needed to tackle the current crisis and prevent its resurgence.
According to the EIT, € 60 million financing will power innovations in health, climate change, digitisation, food, sustainable energy, urban mobility, manufacturing and raw materials. Reflecting the EIT innovation model’s flexibility, the EIT’s eight Knowledge and Innovation Communities have responded decisively to the crisis and will launch additional pan-European calls for these activities in the coming weeks.
All calls for innovators and entrepreneurs under the EIT Crisis Response Initiative will be launched by the EIT’s eight Knowledge and Innovation Communities.
Director for Marketing & Strategy
European Institute of Innovation & Technology. 14 May 2020