The European Institute of Innovation and Technology (EIT) will mobilise an additional €60 million to support European entrepreneurs and innovators. The EIT’s Crisis Pandemic Initiative, launched on Thursday (14 May), aims to support start-ups, expanding businesses, SMEs and new innovative projects based on a greener and more sustainable approach.
The Institute announced at a news conference on Thursday that it has decided to mobilise €60 million of additional funding for innovators to leverage high-impact solutions that can help to tackle the social and economic challenges produced by the pandemic.
EIT is an independent EU body created in 2008 to strengthen Europe’s potential for innovation.
Dirk Jan van den Berg, chair of the EIT governing board, stressed that this ‘historic moment’ is pushing Europe towards new solutions that can be found through innovation.
“The EIT Crisis Response Initiative will ensure entrepreneurs benefit from financial support at a critical time. It will also help the recovery focus on creating a healthier, greener and more sustainable future for our planet and its people,” van den Berg said in the news conference.
Two main strands
The EIT initiative consists of two main strands of activities to be implemented by the EIT’s Knowledge and Innovation Communities across Europe: The Venture Support Instrument and the Pandemic Response Projects.
The first aims to support start-ups, expanding businesses and SMEs by providing additional support in the form of funding, technical assistance and network.
The Pandemic Response Projects will support new innovation projects that address the immediate crisis, both in terms of the immediate health concerns and the broader response needed.
The two main strands will be used to boost innovation in health, climate change, digitalisation, food, sustainable energy, urban mobility, manufacturing and raw materials.
[Edited by Zoran Radosavljevic]