European Innovation Council pilot supports 107 innovative projects
On 12 March 2020, the European Commission announced that 107 innovative projects from across Europe will be supported with €344 million through the European Innovation Council (EIC) pilot. Funded by Horizon 2020, the selected proposals comprise project concepts aimed at improving surgical precision during cancer-removal surgery, modernising local and global air quality monitoring, and many other innovative ideas. Out of the 107 projects that will be financed, 63 are at research stage.
The other 44 awards, representing almost €182 million from the EIC ‘Accelerator pilot', will be invested in start-ups and innovative small and medium-sized businesses to build and scale up their innovations. In addition to financial support, these companies will receive a wide range of coaching, mentoring and advisory/business acceleration services. For the second time, the EIC Accelerator pilot has offered the option of direct equity investments in addition to the grant support. 21 out of the 44 Accelerator beneficiaries have been awarded this new so-called ‘blended finance' support (grant and equity), with an estimated average equity support of €4.61 million per beneficiary.
More information is available hereTOP