European Commission launches the European Innovation Council (EIC)
On 18 March 2021, the European Commission launched the European Innovation Council (EIC) as part of the Horizon Europe programme. With a budget of over €10 billion this council will support and further develop breakthrough innovations between 2021 and 2027.
The EIC sponsors small- and medium-sized enterprises (SMEs), start-ups, and spinout companies to grow and scale up through the EIC Accelerator, a team of EIC Programme Managers helps to transform these ideas into reality. In addition, the council offers an EIC Transition funding scheme to turn research results into full-blown innovations. The EIC is a key pillar of Europe’s ambition to become a leader in the digital market.
According to Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth, “The European Innovation Council is Europe's most ambitious initiative to support the breakthroughs Europe needs to recover from the economic crisis and accelerate the transition to a green and digital economy. By investing in visionary research and innovative companies, it will reinforce European technological sovereignty, scale up hundreds of Europe's most promising start-ups, and pave the way for the upcoming European Innovation Area.”
Curious to learn more? Access the press release by the European Commission.
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