The European Commission has launched the European Innovation Council with a budget of over €10 billion for 2021–2027. These funds will be used to design and develop breakthrough innovations.

On March 18, 2021 The European Commission launched the European Innovation Council (EIC) with a budget of over €10 billion in current prices for 2021-2027 to develop and expand breakthrough innovations. The new EIC is a novelty of Horizon Europe. The EIC combines research on emerging technologies with an accelerator programme and a dedicated equity fund, the European Innovation Council Fund, to scale up innovative start-ups and small and medium-sized businesses (SMEs). Around €3 billion of the EIC's budget will go towards the EIC Fund.

Key novelties of the European Innovation Council

• The EIC Accelerator supports SMEs, in particular start-ups and spinout companies to develop and scale up game-changing innovations;
• A team of EIC Programme Managers will be responsible for developing visions for technological and innovation breakthroughs (such as cell and gene therapy, green hydrogen, and tools to treat brain disease), managing portfolios of EIC projects and bringing together stakeholders to put these visions into reality;
• A new EIC Transition funding scheme will help convert research results (from the EIC Pathfinder and the European Research Council) into innovations (spinouts, commercial partnerships, etc.);
• New measures are introduced to support women innovators, which include a female leadership programme. In partnership with the Enterprise Europe Network, talented female innovators, as well as all innovative SMEs from lesser-known regions, will be supported to apply, helping to overcome the innovation divide.

Funding opportunities in 2021

• EIC Accelerator financing, worth €1 billion, for start-ups and SMEs to develop and scale up high impact innovations with the potential to create new markets or disrupt existing ones. It provides a unique blended finance combining equity (or quasi-equity such as convertible loans) between €0.5 million and €15 million through the EIC Fund, with grants of up to €2.5 million;
• EIC Pathfinder financing for multi-disciplinary research teams, worth €300 million, to undertake visionary research with the potential to lead to technology breakthroughs. Research teams can apply for up to €4 million in grants;
• EIC Transition funding to turn research results into innovation opportunities, worth €100 million. This first EIC Transition call will focus on results generated by EIC Pathfinder pilot projects and European Research Council Proof of Concept projects, to mature the technologies and build a business case for specific applications.