The European Commission will support 79 innovative projects under the European Innovation Council (EIC) pilot to bring their innovations faster onto the market. In total, the projects are to receive €146.173 million under the SME Instrument (Phase 2) and Fast Track to Innovation strands of the EIC pilot. With this funding and extra business acceleration support, innovative companies will be able to finance their close-to-market innovation activities and get on the market faster.

Commissioner Moedas said: “Supporting innovation as a source of growth and job creation is at the core of the European Innovation Council. We support close-to-market projects, giving them a head start in the race to the market with a fast access to funding and business innovation support.

65 small companies get support to speed up the pace of their innovation with €110 million under the SME Instrument Phase 2.

The companies were selected following face-to-face interviews with a jury of innovators, entrepreneurs and venture capitalists. The total amount to be distributed between the SMEs working on 64 projects is €110.073 million. In this phase (the so-called Phase2) of the SME Instrument, each project will receive up to €2.5 million to finance innovation activities like demonstration, testing, piloting and scaling up.  The companies will also benefit from 12 days of free business coaching and acceleration services.

Italian SMEs were the most successful with 9 companies selected for funding. They were followed by 7 companies from Spain and 5 businesses from Denmark, Germany and France. Most selected companies are active in the field of ICT, health and engineering.

15 innovative projects get support to access the market faster with €36.1 million under the Fast Track to Innovation scheme.

Full article available here