On 18 March, the European Commission launched the new European Innovation Council, which will have a budget of over €10 billion for the 2021-2027 period.

Following the success of the pilot programme under Horizon 2020, the Commission has decided to establish a unique, permanent body that combines research into emerging technologies with an accelerator programme and a dedicated equity fund, the EIC Fund. The fund will aim to support innovative start-ups and small and medium-sized enterprises (SMEs) with a budget of €3 billion (part of the total EIC budget).

At the same time, the first annual EIC Work Programme has been published, opening up funding opportunities worth over €1.5 billion in 2021. Furthermore, two prizes have been established for women innovators and the European Capital of Innovation.

The main new features of the EIC are:

• The EIC Accelerator, a call for proposals supporting SMEs, particularly start-ups and spin-outs, to develop and scale up breakthrough innovations. The Accelerator features a new, innovator-friendly application system, where start-ups and SMEs can apply for funding at any time through a simplified process.
• A team of EIC Programme Managers will be responsible for developing visions for technological and innovative breakthroughs (such as cell and gene therapy, green hydrogen, and tools for treating brain diseases), managing EIC project portfolios and bringing stakeholders together to turn these visions into reality.
• A new EIC transition funding scheme will help convert research results (from the EIC Pathfinder and the ERC) into innovations (spin-outs, commercial partnerships, etc.).
• New measures have been introduced to support women innovators, including a female leadership programme. In collaboration with the Enterprise Europe Network, talented women innovators, as well as all innovative SMEs from lesser-known regions, will be supported in their applications, helping to bridge the innovation gap.

Composed of leading innovators, the EIC Advisory Board will provide the strategy for the European Innovation Council and advise on its implementation.

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