The next seven-year phase will see a more inclusive approach by the Knowledge and Innovation Communities - with a sharper focus on eastern Europe.
The European Institute of Innovation and Technology (EIT) and its eight innovator networks are operating under a revamped, more inclusive structure and with a renewed brief to improve the innovation potential of Europe’s regions.
EIT has a budget of €2.96 billion for the next seven years, to be distributed to its eight (soon to be ten) innovator networks, the Knowledge and Innovation Communities (KICs). These provide training, business acceleration services and funding to innovators in the different sectors of digital, raw materials, manufacturing, health, climate, innovative energy, food and urban mobility.
The tougher financing rules come with more flexibility over how KICs use the money. Annual grants will be replaced by multi-annual agreements, enabling long-term planning. This is something the Parliament fought for, hoping it will allow EIT to respond rapidly to future crises.
Between now and 2027, EIT aims to support 700 more start-ups, train 20,000 students, involve 700 universities and help commercialise 4,000 new products and services.
Currently the operations of the KICs are largely concentrated in just five countries and the first order of business under the new dispensation is expanding to pull in entrepreneurs in less innovative regions.
