Scaling up innovation: European Innovation Council

Abstract

The European Innovation Council (EIC) was launched in March 2021 and aims to help advance breakthrough innovations. To do so it has a funding budget of over €10 billion between 2021 and 2027. The EIC Board comprises entrepreneurs, researchers, investors, company representatives, along with other members of the innovation community, and is responsible for the EIC’s strategy, work programme and its implementation. Available funding is overseen by EIC Programme Managers who are experts in their field and aim to make innovations a reality by nurturing an environment where breakthroughs can truly blossom. The 2023 work programme includes three funding schemes; each designed to fit a particular project idea. Through the EIC Pathfinder scheme, €343 million is available to multifaceted research groups to facilitate innovative research. Candidates for this scheme are typically visionary scientists, entrepreneurial researchers, research performing organisations, start-ups, high-tech SMEs and groups and individuals with an interest in technology research and development. For research teams grants of up to €4 million are available to support technologies in the early stages of development. New technologies are supported and prepared for market by the EIC Transition scheme. Providing they can demonstrate that research results arising from Pathfinder and European Research Council Proof of Concept projects can be transformed into pioneering technologies and new businesses, applicants can access funding worth €128.3 million. If successful, applicants gain the opportunity to further develop their idea, produce a business plan and bring their innovation to market.