12 Dec 2023
EIC Work Programme 2024 includes funding amounting to €1.2 billion
On 12 December 2023, the European Commission adopted the European Innovation Council (EIC) 2024 Work Programme. It opens funding opportunities worth over €1.2 billion in 2024. The majority is dedicated to SMEs and start-ups to develop and scale up “deep tech” innovations in critical fields such as generative Artificial Intelligence (AI), space, critical raw materials, semiconductors and quantum technologies. This goes alongside the Commission Decision which completes the restructuring of the EIC Fund, which will receive a capital injection of €585 million to invest in EIC selected companies, leveraging over €2 billion in new investments.
While the majority of EIC funding is open to all fields of technology, €420 million is earmarked for novel technologies and for SMEs and Startups to tackle challenges supporting directly the European Green Deal, REPowerEU, the Chips Act, future AI Act, Net Zero Industry Act and other EU policies, including the New European Innovation Agenda. In line with the Commission's strategy on economic security, applications in critical areas such as AI and quantum will be screened for foreign ownership and investment safeguards to be applied by the EIC Fund.