The European Innovation Council (EIC) Board published a set of ambitious recommendations for the EIC, aimed at strengthening Europe’s position as a leader in deep tech innovation. This represents the EIC Board’s extensive reflections and assessments over the last months and provides a contribution to the upcoming Multiannual Financial Framework proposal, which is expected to be published soon.
Key proposals include:
- adopt a new Challenge model based on an ambitious ARPA-inspired approach,
- scaling up the EIC Fund,
- optimising operational efficiency,
- fostering synergies with national and regional initiatives, and
- maintaining a strong framework for experimentation.
To meet those ambitions, the Board calls for a significant increase in the EIC’s budget, with suggestions for a Scale-up Fund as proposed in the EU Startup and Scaleup Strategy, together with enhancements to the EIC Fund to catalyse follow-on and larger investments.
The EIC has achieved impressive early results, supporting more than 700 start-ups and SMEs leveraging €3 of additional investment for every Euro invested through the EIC’s investment arm, the EIC Fund. These companies have shown strong growth in both employment and revenues and are making critical advances in fields such as artificial intelligence, biotechnology, clean tech and quantum technologies.
The Board stresses the urgent necessity for increased scale-up funding and a more comprehensive programme to maintain competitiveness against global innovation counterparts such as the US and China.
The EIC Board is made up of twenty independent innovators bringing perspectives from across the ecosystem, and a full time President of the EIC Board.
Source: European Innovation Council | News (https://tinyurl.com/2s4e2ryt)