EU fast-tracks innovation funding for firms it previously backed

Companies in European Institute of Innovation and Technology networks given shortcut to European Innovation Council cash

The EU has set up a scheme to fast-track extra innovation cash for companies that have already won money from the European Institute of Innovation and Technology.

Firms that have received funding from the EIT can now skip forward in the process for growth funding from the European Innovation Council. Both schemes are part of the Horizon Europe R&D funding programme—with the former supporting innovation-related knowledge exchange and capacity building, and the latter boasting a €10 billion budget for 2021-27 to support technology sector growth.