09 Jun 2022
EU sets up €20 million support for Ukrainian start-ups through European Innovation Council
On 9 June 2022, the European Commission launched a €20 million action to support the Ukrainian innovation community. Through a targeted amendment of the 2022 European Innovation Council (EIC) work programme, the new initiative will support at least 200 Ukrainian deep tech start-ups with up to €60,000 each. In addition, the EIC will offer non-financial support, such as business advisory services and matchmaking. This will enhance the capacity of Ukrainian innovators to interact with the European innovation ecosystem, enter new markets and benefit from the European financing instruments.
The €20 million support will be disbursed through a competitive call for proposals for a pan-European network of start-up associations, supporting Ukrainian innovation stakeholders. Synergies with relevant EU initiatives, such as the Enterprise Europe Network, will be ensured. With this call, opening on 23 June, the European Innovation Council (EIC) aspires to ensure the business continuity of the Ukrainian tech companies and foster their growth. The action can help prepare Ukrainian start-ups to compete for future EIC funding opportunities. The EIC can fund start-ups up to €17.5 million in grants and equity investment and can crowd-in further private investments up to three times the amount invested by public funds.