Go back

EIT to fund on-the-ground projects based on performance

The European Institute of Innovation and Technology will allocate part of its funding to its projects on the ground on the basis of yearly reviews, it was revealed on 30 March.

The institute said that its financial contribution to the so-called “Knowledge and Innovation Communities” would be split between long-term funding and yearly competitive funding to reward good performance.

Alexander von Gabain, chairman of the EIT governing board, said in a statement: “Rewarding excellence based upon concrete results and impact whilst encouraging and seeding sustainable growth amongst its innovation factories is at the heart of the EIT concept.”

The EIT said it is now preparing the transition with funding recipients to introduce this funding system next year.

KICs are alliances of academia, research and business from at least three different EU countries, set up in selected areas such as climate change or computing. The EIT and each KIC work on the basis of a seven-year Framework Partnership Agreement.

The EIT is an institute of the EU set up in 2008, with headquarters in Budapest, Hungary.