European Institute of Innovation and Technology looking for solutions to COVID-challenges
The European Institute of Innovation and Technology (EIT), established in 2008, is an EU executive body that aims to strengthen Europe’s ability to innovate. The EIT is an integral part of the Horizon 2020 programme, the EU’s Framework Programme for Research and Innovation. In the recovery phase from the COVID-19 pandemic, the EIT Governing Board has decided to mobilise EUR 60 million of additional funding to innovators powering high-impact solutions to tackle this unprecedented social and economic challenges. The financing will allow the launch of new innovation projects to address the immediate crisis as part of the ‘Pandemic Response Projects’, and will support highly innovative start-ups, scale-ups and SMEs crucial to the economy’s fast recovery to benefit from additional funding under the ‘Venture Support Instrument’. The new EIT initiative consists of two main tracks of activities to be implemented by the EIT’s Knowledge and Innovation Communities across Europe:
- Venture Support Instrument: The EIT support (financing, technical assistance, and network) will help highly innovative ventures such as start-ups, scale-ups, and SMEs weather the crisis and accelerate their growth.
- Pandemic Response Projects: The EIT ecosystem is agile and will mobilise innovators to address the COVID-19 crisis impact, both in terms of the immediate health concerns and the wider response needed.
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