EU launches €2bn fund for AI and biotech startups
The European Commission has earmarked an extra €2 billion to develop technologies such as artificial intelligence and biotechnology as part of a bid to place Europe at the forefront of innovation.
On Monday, March 18, the European Commission announced plans to establish the European Innovation Council (EIC) to “turn Europe's scientific discoveries into businesses that can scale up faster”.
The Commission has proposed to dedicate €10 billion to the EIC under Horizon Europe, the EU research and innovation funding programme for 2021-2027.
Carlos Moedas, commissioner for research, science and innovation, said: “With the European Innovation Council, we don't simply put money on the table.
“We create a whole innovation system to place Europe at the forefront in strategic technologies and innovation that will shape our futures such as artificial intelligence, biotechnology and zero-emission energy.”
In 2017, the Commission launched the pilot phase of the European Innovation Council, introducing open competitions and face-to-face interviews to identify and fund Europe's most innovative start-ups and small and medium-sized enterprises (SMEs).
Since the launch, 1,276 projects have already benefitted from overall funding of more than €730 million ($828 million).
In 2019-2020, the Commission will commit €2 billion of further funding to ‘pathfinder’ projects, aimed at supporting advanced technologies from the research base.
In June 2019, the funding will also be used as “accelerator” funding to support startups and SMEs develop and scale up innovations.
From 2021, the EIC will become a “full-fledged reality” under the next EU research and innovation programme Horizon Europe.
“With only 7% of the world's population, Europe currently accounts for 20% of global research and development investment, produces one-third of all high-quality scientific publications, and holds a world-leading position in industrial sectors such as pharmaceuticals, chemicals, mechanical engineering and fashion,” added the Commission.
However, it went on to say that Europe needs to do better at turning this excellence into success by deepening its innovation and risk-taking capability.
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