The European Institute of Innovation & Technology (EIT) is proud to announce an 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.
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
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:
- Entrepreneurial education programmesand courses across Europe that transform students into entrepreneurs
- Business creation and acceleration services that scale ideas and budding businesses to the next level
- Innovation driven research projectsthat 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.
Source: European Institute of Innovation & Technology (https://bit.ly/3FkWQjZ)