European Innovation Council (EIC) will set a new standard of excellence for EU funding

Research and Transfer Service

7 June 2017

The proposed European Innovation Council (EIC) will create a new standard of excellence for EU funding, according to the innovators chosen to help create it.

In a statement of intent published this week, the 15 advisers said the council, which will pilot a riskier, venture capital-style approach to awarding grants when it gets off the ground this autumn, “should act as a catalyst to accelerate the next wave of innovation, to change mindsets, and to give Europe a fighting chance to lead at a global level.”

EIC will be pieced together by combining Horizon 2020’s innovation competitions, including the Future and Emerging Technologies Open programme, SME Instrument, and the Fast Track to Innovation scheme, into a programme with no predefined topics and quicker grant award times. It will be in pilot mode for the remaining years of Horizon 2020, with €2.5 billion funding.

Further information available here.

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