European Innovation Council supports start-ups with 1.6 billion euros

The money is to flow in particular into 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 start-ups in the amount of 1.6 billion euros for 2023. The money will be distributed in three ways. The first is the EIC Accelerator, an EU fund that invests in small and medium-sized enterprises with up to 500 employees and start-ups in particular. 1.13 billion euros will be distributed to young companies in the EU. Of this, 525 million euros are to be invested specifically in strategically important technologies. These include, for example, cancer research, energy storage and resilient agriculture.

The second route is the EIC Pathfinder. Interdisciplinary scientific teams researching technological breakthroughs can apply for this program. 343 million euros are available for the funding program, individual projects can be supported with a maximum of four million euros. A special focus is to be placed 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 Program. Here, companies are supported in their start-up phase. Specifically, research supported by EIC Pathfinder funds is to be developed into start-ups. The remaining 128.3 million euros are available for this purpose.