European leaders are working hard to provide the levels of financial support needed to facilitate innovation at all levels.

This week the European Investment Bank (EIB) and the European Commission (EC) are launching a range of new tools that can help pioneers in member states ‘and neighbouring countries’.

The ‘InnovFin – EU Finance for Innovators’ programme, led by the EIB, EC and Horizon 2020, the European Union’s Research and Innovation platform, will strive to close the ‘financial gaps’ faced by ‘innovative companies’. This will include lending to higher risk ventures that often face difficulties in sourcing funding.

Carlos Moedas, European Commissioner for Research, Science and Innovation, said: “InnovFin – EU Finance for Innovators, funded under our research and innovation programme Horizon 2020, has already proven its worth to the European economy. It supports the entire value chain of research and innovation and helps companies of all sizes, small and large. The revamped product range offers even better integrated financing tools and advisory services, and complements Commission’s Investment Plan for Europe.”

InnoFin will target support in areas including science and for ’emerging innovators’ based in nations that need backing to strengthen their business ecosystems.

The European Innovation Council (EIC) is another platform Carlos says is ready to support “top innovators who have the ambition, resilience and capability to create and capture new markets.”

Launched last month, he said the multi-billion euro platform is there to facilitate “breakthrough, market-creating innovation”.