The European Institute of Innovation & Technology (EIT) is proud to announce a EUR 890 million investment in activities tackling global challenges across Europe, delivered by eight of its Knowledge and Innovation Communities (KICs).
The largest EIT funding round to date will boost 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). In addition, the EIT is also awarding a EUR 6 million start-up grant to its newest Knowledge and Innovation Community, EIT Culture & Creativity, set to become fully operational by the end of 2023.
European Innovation: EUR 890 million investment in activities tackling global challenges
Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, said: ‘The EIT’s record-breaking investment under Horizon Europe matches the importance innovation plays in advancing solutions to the pressing global challenges. And I am glad to see that the EIT Community, as Europe’s largest innovation ecosystem, is delivering on the New European Innovation Agenda, strengthening innovation networks, and driving Europe towards excellence and impact for the green and digital transitions.’
The EIT is pioneering a new possibility under Horizon Europe, namely the allocation of multi-annual grants that will benefit the extensive network of EIT Community partners and collaborating organisations by providing more flexibility and stability for large scale multi-year innovation projects. The first eight EIT Knowledge and Innovation Communities were evaluated against their strategies and business plans for 2023 to 2025, as well as their performance to date. Based on this, the EIT Governing Board decided to allocate the following grants (in order of establishment in 2009, 2014, 2016, and 2018):
For 2023 & 2024:
EIT Climate-KIC: EUR 20.2 million
EIT Digital: EUR 30.6 million
EIT InnoEnergy: EUR 44.0 million
For 2023, 2024 & 2025:
EIT Health: EUR 142.9 million
EIT Raw Materials: EUR 136.1 million
EIT Food: EUR 179.2 million
EIT Manufacturing: EUR 107.3 million
EIT Urban Mobility: EUR 129.7 million
Nektarios Tavernarakis, Chair of the EIT Governing Board, added: ‘I am proud that the EIT is now transitioning to multi-annual grants, and I would like to thank our entire community for their bold and creative programmes and services that will benefit entrepreneurs, innovators and students across all of Europe over the next three years. The EIT model delivers, and this is evident in the rate of growth that the EIT and its partners have seen over this decade. We are committed to matching our growth with more impact for all Europeans, to live in a healthier, more equitable and brighter future and to push the boundaries of what’s possible in the coming years!’
The latest funding allocation of EUR 890 million will be invested to deliver on EIT’s three core pillars of activities, supporting innovators at every stage of their journey from: (1) entrepreneurial education programmes and courses across Europe that transform students into entrepreneurs, to (2) business creation and acceleration services that scale ideas and budding businesses to the next level, and (3) innovation driven research projects that turn ideas into products connecting partners, investors and expertise. Out of the allocated funding awarded, 10-15% will be dedicated to delivering on the EIT Regional Innovation Scheme that effectively tackles Europe’s persistent innovation divide.
The latest funding investment also incorporates dedicated amounts to EIT Flagship programmes including, EUR 32.9 million of funding to the EIT Higher Education Institution Initiative working to boost innovation in higher education. Also included is EUR 67.4 million for joint activities between Knowledge and Innovation Communities, as for example, the EIT Deep Tech Talent Initiative, set to skill one million workers, the EIT Community New European Bauhaus Activities building beautiful and sustainable living spaces and experiences together, or the EIT Girls Go Circular project committed to help young girls develop tech and entrepreneurship skills related to the green and digital transition.
The EIT, as Europe’s largest innovation ecosystem has pioneered a different, and to date well-proven innovation model, delivering tangible impact for Europe. With over 3 400 partners and 70 established innovation hubs across Europe, the EIT Community has powered 3 200 start-ups and scale-ups and launched more than 1 600 new products and services to contribute to Europe’s efforts of tackling global challenges.
More than 4 600 students have graduated 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. Ventures supported by the EIT-Community have raised over EUR 6 billion in external capital. The latest funding announcement will build on the EIT’s decade long work of investing in what delivers, raising the bar for European innovation for continued and long-lasting impact.
ABOUT THE EUROPEAN INSTITUTE OF INNOVATION AND TECHNOLOGY (EIT)
The EIT strengthens Europe’s ability to innovate by powering solutions to pressing global challenges and by nurturing entrepreneurial talent to create sustainable growth and skilled jobs in Europe. The EIT is an EU body and an integral part of Horizon Europe, the EU Framework Programme for Research and Innovation. The Institute supports dynamic pan-European partnerships, EIT Knowledge and Innovation Communities, among leading companies, research labs and universities.
Currently nine EIT Knowledge & Innovation Communities are supported: EIT Climate-KIC, EIT Digital, EIT InnoEnergy, EIT Health, EIT RawMaterials, EIT Food, EIT Manufacturing, EIT Urban Mobility and the newest addition: EIT Culture & Creativity (set to become fully operational by the end of 2023). Together with their leading partners, the EIT Community offers a wide range of innovation and entrepreneurship activities across Europe: entrepreneurial education courses, business creation and acceleration services and innovation driven research projects.
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