European Innovation Council funds start-ups with 1.6 billion euros

The money is to flow in particular to companies that manufacture strategically important products or have a major impact.

The Innovation Council of the European Union has set up a funding program for startups worth 1.6 billion euros for 2023. The money will be distributed through three paths. The first path is the EIC Accelerator, an EU fund that invests in particular in small and medium-sized enterprises with up to 500 employees and startups. 1.13 billion euros will thus be distributed to young companies in the EU. Of this, 525 million euros will be invested specifically in strategically important technologies. These include, for example, cancer research, energy storage and resilient agriculture.

The second path is the EIC Pathfinder. Interdisciplinary teams from the scientific community can apply to this program to research technological breakthroughs. 343 million euros are available for the funding program, and individual projects may be supported with a maximum of four million euros. There will be a particular focus on five sectors: clean and efficient cooling, digitalization in the construction industry, targeted nutrition, solar energy and "responsible electronics."

The third path is the EIC Transition Pogram. Here, companies are supported in their start-up. Specifically, research that has been supported by EIC Pathfinder funds will be developed into startups. The remaining 128.3 million euros are available for this purpose.