€1.2bn to scale up Europe’s deeptech as EIC restructures
The European Commission has adopted a €1.2bn programme to scale up Europe’s deeptech startups as it recovers a key funding mechanism.
The European Innovation Council (EIC) 2024 work programme opens funding opportunities worth over €1.2 billion in 2024 with the majority dedicated to SMEs and start-ups.
This is aimed at critical fields such as generative artificial intelligence (AI), space, critical raw materials, semiconductors and quantum technologies. This goes alongside the Commission Decision which completes the restructuring of the EIC Fund, which will receive a capital injection of €585m to invest in EIC companies, tapping into over €2bn in new investments.
The EIC had hit major problems earlier in the year in funding startups. The Commission has transferred the EIC shares to the European Investment Bank, while keeping its steer over the Fund’s investment policy. This will allow the fund greater flexibility to manage the portfolio of investments, already comprising over 500 of Europe’s most promising start-ups and high growth companies.
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“We are committed to making Europe the most attractive place to develop technologies and grow deep tech companies. The new EIC work programme with €1.2 billion for 2024 and improved rules, as well as the restructured EIC Fund, are designed to do just that,” said Iliana Ivanova, Commissioner for Innovation, Research, Culture, Education and Youth.
While the majority of the funding is open to all fields of technology, €420 million is earmarked for novel technologies and for SMEs and Startups to tackle challenges supporting directly the European Green Deal, REPowerEU, the Chips Act, future AI Act, Net Zero Industry Act and other EU policies, including the New European Innovation Agenda.
Applications in critical areas such as AI and quantum will be screened for foreign ownership and investment safeguards to be applied by the fund.
The €256m Pathfinder will support multi-disciplinary research teams to undertake visionary research with the potential to lead to technology breakthroughs with grants up to €4m.
The €94m Transition programme follows up Pathfinder projects, European Research Council Proof of Concept projects and is open for the first time to project results from Horizon collaborative projects from Pillar 2/ societal challenges with grants up to €2.5m.
The Accelerator has €675m for start-ups and SMEs to develop and scale up innovations with the potential to create new markets or disrupt existing ones. €405m is earmarked for investments to be managed by the EIC Fund, which will receive an additional €180m to follow on investments in companies selected under previous EIC Accelerator calls.
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The EIC board has also simplified the management of the programme. Lump sum funding in most calls will remove financial reporting requirements and the specific rules on Intellectual Property have been updated to empower Technology Transfer Offices, following the recommendations of the EIC Board.
There is also more flexibility for the EIC Fund to increase or delay investments in selected companies to better respond to their needs and market developments.
EIC work programme 2024 and factsheets
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