The EU is providing 1.4 billion to promote innovation
- October 30, 2024
- 0
The European Innovation Council could work with a budget of 1.4 billion euros next year. This amount will be used for innovation and research projects and is intended
The European Innovation Council could work with a budget of 1.4 billion euros next year. This amount will be used for innovation and research projects and is intended to prepare Europe for the technological challenges of tomorrow.
The European Innovation Council (EIC) announces the work program for 2025 with a budget of 1.4 billion euros in a press release. This means an increase of almost 200 million euros compared to 2024. The focus of the program is on European deep tech research and promising start-ups.
Four programs
The budget is divided into four programs, one of which is new to the work program:
- EIC Pathfinder: With a budget of €262 million, this program focuses on multidisciplinary research teams developing breakthrough technologies. Each grant can be up to 4 million euros per organization.
- EIC transition: This €98 million program helps research teams turn research results into innovation opportunities. The grants per organization can amount to up to 2.5 million euros.
- EIC accelerator: With a funding volume of up to 2.5 million euros and investments between 500,000 and 10 million euros, the funding program with a volume of 634 million euros supports start-ups and SMEs in expanding innovative technologies.
- STEP scale-up scheme: In addition to the above programs, this program envisages additional investments of up to 30 million euros for promising companies developing strategic technologies.
EIC sees the scale-up program as an important addition. The budget could even increase to 900 million euros in the coming years. The aim of the program is to enable greater investment in companies wishing to bring strategic technologies to the EU market, thereby reducing strategic dependencies. The focus is on digital technologies, biotechnologies and clean technologies, including net zero solutions.
In addition, the work program provides 120 million euros for new technologies such as autonomous robots and climate-resilient crops. In addition, 250 million euros are available for young companies in selected industries, including generative AI and new mobility solutions.
The EIC was officially launched in 2021. Since its founding, it has supported more than 630 companies and 450 research projects.
Source: IT Daily
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