European Commission launches European Innovation Council
18 March 2021: On 18 March, the European Commission launched the European Innovation Council (EIC) with a budget of over €10 billion for 2021-2027 to develop and expand breakthrough innovations. Part of Horizon Europe, the EIC combines research on emerging technologies with an accelerator programme and a dedicated equity fund, the European Innovation Council Fund, to scale up innovative start-ups and small and medium-sized businesses (SMEs). Around €3 billion of the EIC's budget will go towards the EIC Fund.
The European Commission published the EIC Work Programme of 2021, which opens funding opportunities worth over €1.5 billion in 2021.
The EIC also has:
- The EIC Accelerator to support SMEs to develop and scale up game-changing innovations.
- A team of EIC Programme Managers who will be responsible for developing visions for technological and innovation breakthroughs (incl. hydrogen), managing portfolios and bringing together stakeholders.
- EIC Transition funding scheme to help convert research results into innovations.
- Also new measures to support women innovators have been introduced.