Almost 1,500 innovators from 42 countries (including all 27 EU member states) applied to the European Institute of Innovation and Technology €60 million Crisis Response Initiative launched on 14 May to tackle COVID-19 crisis.
The EIT Governing Board has released the funding to the eight Knowledge and Innovation Communities (KICs), which will now ensure that support swiftly reaches the selected applicants. Innovation, Research, Culture, Education and Youth Commissioner Mariya Gabriel said: “This action of the EIT is part of the EU’s comprehensive response to the COVID-19 crisis, including substantial support to innovation. I am glad to see the efficient mobilization of all EU instruments that we have at our disposal. Thanks to the EIT’s funding, hundreds of innovators and companies will be given the opportunity to participate in the collective effort to overcome this crisis and rebuild our economy sustainably.”
60% of the EIT Crisis Response funds will be awarded to highly innovative start-ups, scale-ups and SMEs as part of the ‘Venture Support Instrument’, and 40% to innovation projects under the ‘Pandemic Response Projects’. All EIT Crisis Response activities are to be completed by the end of 2020. More details on the projects to be financed will be announced in the coming weeks. More information is available in the EIT press release.