Launched in March 2021, the European Innovation Council (EIC) has a substantial budget exceeding €10 billion for the 2021-2027 period, aimed at supporting innovative companies across Europe.

EU Commissioner Iliana Ivanova emphasized the critical role of deep tech innovation in driving economic progress, particularly as European leaders prioritize the tech and artificial intelligence sectors to combat sluggish economic growth.

As part of its strategy, the EIC will introduce the Strategic Technologies for Europe Platform (STEP), which will allocate €300 million in 2025, increasing to €900 million from 2025 to 2027 for investments in strategic technologies.

The EIC has identified a significant market gap in scale-up funding for deep tech, particularly in digital, clean, and resource-efficient technologies, including biotechnology and net-zero technologies.

To enhance its funding efforts, the EIC aims to attract private co-investment, complementing its own financial support.

The STEP regulation, adopted in February 2024, is designed to strengthen investments in critical technologies for digitalization and support the EU's Net Zero transition.

The EIC Trusted Investors Network, effective from March 2024, will improve access to venture capital for EIC-supported companies, facilitating a smoother transition from grants to investments.

Emerging companies from countries with lower research and innovation capacities will benefit from expanded access to Business Acceleration Services, enhancing their growth potential.

The EIC Accelerator program is tailored for start-ups and SMEs, providing grants up to €2.5 million and investments ranging from €500,000 to €10 million to help commercialize and scale innovations.

Upcoming EIC information days on November 5 and 6, 2024, will provide insights into the new work programme and funding opportunities for potential applicants.

Beyond funding, the EIC fosters a culture of entrepreneurship and collaboration across borders, positioning itself as a key player in shaping the future of European innovation.

Despite the substantial investments, experts believe that more efforts are required for the EU to emerge as a global leader in deep tech innovations.