Launch of the European Innovation Council
About the Programme
The European Innovation Council (EIC) is a programme that exists under the EU Horizon Europe programme. The European Union has made a budget of €10.1 billion available to support game changing innovations from early research stages up until the establishing of start-ups and SMEs. Specifically, the EIC will support start-ups which have a particular focus on scaling up game-changing solutions that contribute to the objectives of the ongoing Green Deal and Recovery Plan for the European Union.
Goals of the EIC
Firstly, the EIC aims to identify and support breakthrough technologies and game changing innovations to create new markets and scale up internationally. Secondly, the EIC wants to help create an ecosystem where entrepreneurs can have every opportunity to create a world-leading company. Small- and medium-size companies with high risk but also great potential will be supported by the programme. These companies are struggling in recent times to find risk capital to invest in a new company. At the same time, private investors are turning their backs on start-ups, which in turn creates a funding gap which could be as large as €70 billion. The new EIC fund is a good start to attract additional risk capital from the private sector on top of the €3 billion it brings to the table.
The EIC is well equipped to achieve these goals; the pilot phase, which has already been active since 2018, has already supported over 5000 start-ups, SMEs and research projects. Also, already 159 companies were selected to receive venture capital from the Commission.
Potential of the EU
The European Innovation Council was created to support breakthrough technology and increase disruptive innovation. It is the most ambitious innovation initiative that Europe has taken, with a budget of €10 billion for the period 2021-2027. With the launch of the EIC, the European Union demonstrates the innovative potential of Europe, the European industries and institutions.
B2EU Consulting can help private or public actors to gain access to means of financial or legislative support. Our boutique consulting firm is specialized in European funds and can assist industries on positioning itself favorably for financial support and a smooth transaction to a more innovative and green future.
Image © European Commission, 2021
27 October 2021
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