EIT Scales Up Support For Innovators Across Europe In 2020
In 2020, the European Institute of Innovation & Technology (EIT) will invest EUR 500 million in its Knowledge and Innovation Communities across Europe – the EIT Governing Board decided. This investment will drive European innovation in the areas of climate (EIT Climate-KIC), digitisation (EIT Digital), food (EIT Food), health (EIT Health), sustainable energy (EIT InnoEnergy), advanced and sustainable materials (EIT RawMaterials), manufacturing (EIT Manufacturing) and urban mobility (EIT Urban Mobility). EIT scales up support for innovators across Europe in 2020.
The EIT’s eight Knowledge and Innovation Communities competed for EUR 500 million and were evaluated against their strategies and business plans for 2020, as well as their performance to date. Based on this, the EIT Governing Board decided to allocate the following grants (in order of their selection in 2009, 2014, 2016, and 2018*):
EIT Climate-KIC: EUR 78.4 million
EIT Digital: EUR 66.2 million
EIT InnoEnergy: EUR 77.8 million
EIT Health: EUR 85.1 million
EIT Raw Materials: EUR 81.7 million
EIT Food: EUR 55.1 million
EIT Manufacturing: EUR 26.8 million
EIT Urban Mobility: EUR 28.8 million
In addition, the EIT Governing Board also decided to allocate EUR 30 million to the EIT Regional Innovation Scheme (EIT RIS) – the programme that helps modest and moderate regions (according to the European Innovation Scoreboard) to fully realise their innovation potential through the sharing of good practice and experience from across the EIT Community. The EIT RIS fund will be available to all EIT Innovation Communities that include EIT RIS eligible activities in their 2020 Business Plans. The EIT Governing Board also decided to allocate EUR 12.5 million for joint activities between Knowledge and Innovation Communities, as for example in the areas of artificial intelligence and Skills 4 Future.
In addition, the EIT Governing Board put in place a Task Force on enhancing innovation and entrepreneurship in higher education institutions, in preparation for the EIT’s role in Horizon Europe. The Task Force will be chaired by Patrick Prendergast, Member of the EIT Governing Board, and will include representatives of the European Commission (DG EAC).
Dirk Jan van den Berg, Chairman of the EIT Governing Board, said: ‘I am very pleased to see the progress in the past year, which is strongly based on the focused stewardship of the EIT’s Governing Board. It is crucial that the opportunities the EIT community offers innovators are scaled-up across the whole of Europe. Why? This investment is not just to create another product, or power another start-up; it’s to bring about the urgent need for more innovative European solutions at a much larger scale to tackle pressing societal challenges.’
Martin Kern, EIT Director, added: ‘The EIT is now Europe’s proven innovation engine and 2020 will see strong impact from our eight Knowledge and Innovation Communities, based on their submitted plans. Our results clearly show that the EIT’s investment delivers and turns ground-breaking ideas into products and services for a greener, healthier, more sustainable Europe. We particularly look forward to scaling up our support for innovators and entrepreneurs in countries where EIT Knowledge and Innovation Communities have a limited presence. I would like to thank the EIT Governing Board Members for their strong strategic steering of the EIT community.’
Investing in what works!
The 2020 funding will step up activities for entrepreneurs, innovators, and students, including business creation and acceleration services, entrepreneurial educational programmes and innovation-driven research projects. These activities have been shown to work, delivering tangible impact for Europe. In 2020, the EIT Community plans to power 1000 start-ups and scale-ups and launch more than 360 new products and services to contribute to Europe’s efforts of tackling global challenges. More than 900 students are expected to graduate from EIT labelled master and doctoral programmes, strengthening the pool of talented and entrepreneurially-minded change agents eager to transform their best ideas into solutions for Europe. It is foreseen that in 2020 alone, ventures supported by the EIT-Community will raise over EUR 400 million in external capital.
EIT Scales Up Support For Innovators Across Europe In 2020
Since the EIT was set up in 2008, it has created Europe’s largest innovation community, with more than 1 000 partners and 50 innovation hubs. This has delivered support to more than 2 000 start-ups and scale-ups, created more than 6 100 jobs and more than 900 new products and services. More than 2200 students have graduated from EIT-labelled master and doctoral programmes. To date, EIT-supported ventures have raised more than EUR 1.5 billion in external capital.
What is the European Institute of Innovation and Technology (EIT)? The EIT was created in 2008 to strengthen Europe’s ability to innovate and is an integral part of Horizon2020, the EU Framework Programme for Research and Innovation. The EIT is a unique EU initiative, the only one to fully integrate business, education and research. The Institute supports the development of dynamic pan-European partnerships among leading universities, research labs and companies.
What is the EIT Governing Board? The Governing Board is the EIT’s principal governing body, entrusted with the strategic leadership and overall direction of the operational activities implemented by the EIT Headquarters in Budapest. The Governing Board brings together 12 leading Members from across Europe, balancing prominent expertise in business, education, innovation and research fields.
What challenges do the EIT’s Knowledge and Innovation Communities focus on? EIT Knowledge and Innovation Communities work in the area of:
Climate: accelerating the transition to a zero-carbon economy, EIT Climate-KIC,
Digitisation: driving Europe’s digital transformation, EIT Digital,
Energy: achieving a sustainable energy future for Europe, EIT InnoEnergy,
Health: giving EU citizens greater opportunities to enjoy a healthy life, EIT Health,
RawMaterials: developing advanced & sustainable materials for Europe, EIT RawMaterials,
Food: leading the global revolution in food innovation and production, EIT Food,
Urban mobility: solving mobility challenges of our cities, EIT Urban Mobility, and
Manufacturing: strengthen the competitiveness of the EU’s manufacturing industry, EIT Manufacturing.
They offer a wide range of innovation and entrepreneurship activities. This includes education courses that combine technical skills with entrepreneurial ones, business creation and acceleration services, and innovation-driven research projects.
*The Knowledge and Innovation Communities have a lifespan of 7-15 years. During this time EIT funding is in principle gradually increasing until year seven and starts to decrease thereafter.
More information on EIT Community activities.
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.