Commission launches European Innovation Council to encourage transformation of scientific ideas into revolutionary innovations

The European Commission, through an online event, yesterday launched the European Innovation Council (EIC), with the aim of fostering revolutionary innovation. The EIC budget for the period 2021-2027 (according to current prices) is more than ten billion euros. The EIC, based on the results of a successful Horizon Europe pilot program, is not only a novelty, but also a unique innovation in the world: it includes new technology research activities, an accelerator program and a dedicated equity fund - the European Innovation Council Fund - encouraging the development of innovative start-ups and small and medium-sized enterprises (SMEs). About three billion euros of the EIC budget will be allocated to the EIC Fund.

The first annual work program of the EIC has been published, on the basis of which financing opportunities in the amount of more than 1.5 billion euros will be opened in 2021. The collection of nominations for two awards has been launched: for innovators and the European Capital of Innovation.

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