The European Institute of Innovation and Technology (EIT) has announced it’s mobilizing 60 million euros to combat the COVID-19 pandemic. The funds will be allocated in two ways. This first is the “pandemic response projects,” designed to support the launch of new innovation projects aimed at addressing the immediate crisis. Secondly, aid will be distributed via EIT’s “venture support instrument,” which is geared at providing lifelines to struggling startups, scaleups and SMEs in an effort to bolster the economy. The financing will be available across EIT’s eight “knowledge and innovation communities,” including: health, climate change, digitization, food, sustainable energy, urban mobility, manufacturing and raw materials.
“In a time of crisis such as we are facing today, we have to ensure that resources are targeted to deliver results expeditiously. We’re 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,” says Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, responsible for the EIT. “Thanks to the EIT crisis response initiative, innovators in the EU will benefit from additional support helping them to overcome this unprecedented situation and continue delivering innovative solutions for Europe and its citizens.”