While the European Innovation Council (EIC) won’t become a ‘fully fledged reality’ until 2021, the current pilot phase is to receive a multi-billion euro boost.

Since the pilot was launched in 2017, a total of ‘1276 highly innovative projects have benefitted from an overall funding of over €730 million’. Now €2 billion is to be invested in 2019-2020 in areas including ‘pathfinder projects’ – from tomorrow – that ‘support advanced technologies from the research base; and accelerator programmes that offer up to €15 million in financing to advance startups to a point where they can attract private investment.

“With the European Innovation Council, we don’t simply put money on the table. We create a whole innovation system to place Europe at the forefront in strategic technologies and innovation that will shape our futures such as artificial intelligence, biotechnology and zero-emission energy. We must focus on the needs of the innovators, who are the ones who will generate jobs, strengthen our global competitiveness and improve our daily lives,” said Carlos Moedas, Commissioner for Research, Science and Innovation.