Europe allocates 60 million euros for business innovation

The European Institute of Innovation and Technology (EIT) will allocate 60 million euros to innovations that help tackle the covid19 crisis.

Europe wants to make it easier for companies to innovate to cope with the crisis caused by the pandemic. Thus, with these additional 60 million euros, the EIT seeks to finance new innovation projects that contribute to leaving the crisis behind as soon as possible.

The 8 innovation and knowledge communities of the EIT

The financing will be carried out within the framework of the Pandemic Response Projects and will help both start-ups, expanding companies and innovative SMEs. The funds will be distributed under the umbrella of the Venture Support Instrument.

Overcome the crisis quickly and creatively

From the EIT, the European Commissioner for Innovation and head of the entity, Mariya Gabriel, points out: in the face of a crisis like the current one, we have to make sure that the resources are used to obtain immediate results.

Along the same lines, Dirk Jan van den Berg, Chairman of the EIT Board of Directors, has ensured that this EIT Initiative in response to the crisis will ensure that companies have the necessary financial support at this critical time. It will also help the recovery go through the creation of a more sustainable, green and healthy future for our planet and its inhabitants.

Help in two ways

Thus, the new EIT program contemplates two lines of action. One, as an instrument to support companies and the other as direct actions to overcome the crisis:

Business support: This additional support from the EIT (financing, networks and technical assistance) will help start-ups, expanding companies and SMEs to overcome the crisis and help their growth.

Fighting the pandemic: innovation and new solutions are necessary to face the current crisis and prevent its recurrence. In this sense, special attention will be paid to solutions to immediate health problems in addition to other broader responses that may be necessary.

Specific fields of application

In this sense, the 60 million euros from the fund aims to promote innovation in the areas of health, climate change, digitization, food, sustainable energy, urban mobility, industry and raw materials.

About the EIT

The EIT is an EU body that is part of the EU research and innovation program, Horizon 2020. In this sense, it seeks to promote, through innovation and knowledge communities – collaboration between universities, research laboratories and companies.

Thus, the EIT has eight innovation and knowledge communities, each of which develops a line of work:

-1) EIT Climate-KIC: accelerate the transition to a CO2-free economy.

-2) EIT Digital: driving the digital transformation of Europe.

-3) EIT Food: lead the world revolution in food production and innovation.

-4) EIT Health: offer EU citizens greater opportunities to lead a healthy life.

-5) EIT InnoEnergy: achieving a future with sustainable energy in Europe.

-6) EIT Manufacturing: strengthen the competitiveness of the European manufacturing industry.