EIT to step up support for Innovation Communities in 2018
The Governing Board of the European Institute of Innovation and Technology (EIT) has announced that it will allocate a total amount of € 400 million to the EIT's six Innovation Communities in 2018. Out of the nearly € 80 billion of funding available under Horizon 2020, the EIT has a budget of € 2.4 billion for the duration of the programme (2014-2020).
The EIT points out that its six Innovation Communities have thus far supported more than 2,000 business ideas, start-ups and scale ups helping to create more than 6,000 jobs. In 2016 alone, EIT-supported start-ups attracted more than € 150 million in external investment, and by 2020, this figure is expected to reach € 600 million. To date, over 1,200 people have graduated from EIT educational programmes. The activities of the Innovation Communities include Europe-wide accelerator programmes, entrepreneurial educational programmes, innovation-driven research projects, and the EIT Regional Innovation Scheme which is helping to bring regions that are modest and moderate innovators to excellence through sharing good practice and experience emerging from EIT Community activities.
Peter Olesen, Chairman of the EIT Governing Board, said: 'This investment in our Innovation Communities reflects the confidence shown in the EIT through the recent Mid-term Evaluation. The EIT Community is delivering solutions to societal challenges and is now clearly showing its results and impact. There has never been a better time to be part of the EIT Community.'
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