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€1.6bn for European Innovation Council pilot

The European Commission has announced that at least €1.6 billion from the Horizon 2020 budget will be used to pilot the European Innovation Council, which aims to improve support for 'disruptive' innovation.

The €1.6bn will be used in 2018-20 to "provide bottom-up support for breakthrough innovation projects by start-ups with potential to grow", the Commission announced on 22 November.

The funding is not new money, with a large portion likely to be reallocated from the existing SME Instrument for small and medium-sized businesses. However, some new money could possibly be allocated to the EIC pilot if the Commission manages to secure an additional €400 million for Horizon 2020 in ongoing budget negotiations.

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