The European Institute of Innovation and Technology (EIT) has launched an initiative worth €60 million in response to the pandemic in an effort to curb the effects of the crisis.
The initiative, EIT Crisis Response, is in line with the EU’s fight against COVID-19. The EU collective has been relentless in its efforts to encourage greater innovation in climate change, digitization, healthcare, sustainable energy, mobility, manufacturing, food and raw materials.
The new initiative consists of two tracks of activities which will be executed by the EIT’s Knowledge and Innovation Communities across Europe: ‘Venture Support Instrument’ and ’Pandemic Response Projects’.
The first part of the initiative aims to support start-ups, scale-ups and SMEs with innovative ventures to help them grow and weather the crisis as they have been immensely impacted by the pandemic.
As for the ‘Pandemic Response Projects’, they plan to mobilize innovators to deal with the crisis’s impact in terms of health and wider issues which need it.
“In a time of crisis such as we are facing today, we have to ensure that resources are targeted to deliver results expeditiously,” said the European commissioner for innovation, research, culture, education and youth, Mariya Gabriel.
“We are ensuring financial support is increased and disbursed more quickly to those who are working on the most promising answers to the difficult questions COVID-19 poses.”
She added, “Thanks to the EIT Crisis Response Initiative, innovators in the UE will benefit from additional support helping them to overcome this unprecedented situation and continue delivering innovative solutions for Europe and its citizens.”