Created with an eye to boost the innovation capabilities of Europe, EIT’s (European Institute of Innovation and Technology) new agenda for strategic innovation will be supported with a proposed budget of three billion Euros. This amount will cover the operations in the period 2021 to 2027.
The fund which has increased by 25% over the last allocation will be used to support seven hundred and fifty higher education institutions of Europe, along with “Knowledge and Innovation Communities”(KIC). Currently, there are eight KICs which were created with the purpose of bringing together corporates, universities and research hubs for the purpose of innovation.
This budget will allow EIT to reach ten thousand graduates and six hundred new startups, in addition to the existing seven thousand ones.
The European Institute of Innovation and Technology (EIT) is based in Budapest, Hungary. It was created in 2008 to help the nations of the European Union with innovation that would result in sustainable growth.
7-year goals of EIT’s strategic innovation agenda
In the 2021-2027 period, EIT will work towards achieving the following:
- KICs will be more inclusive. They will add more regional institutes to create more jobs and support economic growth.
- EIT will provide funding and mentoring to the seven hundred and fifty institutions under its umbrella. They will be encouraged to pursue economic activities in their focus areas.
- In 2022, a new KIC will be launched. This community will target the cultural and creative industries. A second KIC will be launched in 2025.
EIT has developed a successful tool called “HEInnovate” to measure the innovation potential of institutions. It is a free tool available to any interested party.
EIT is a critical part of the European Commissions’ programme called “Horizon Europe”. It is an ambitious programme with a budget of a hundred billion Euros to support research and innovation.
By bringing together innovation and research, the commission hopes to find solutions for challenges faced by society today.