EUR 60 million for Europe’s innovators: EIT Crisis Response Initiative Launched

14 May 2020, Budapest, Hungary – As part of the EU’s collective efforts to tackle the COVID-19 crisis, the European Institute of Innovation and Technology (EIT) is announcing the launch of the ‘EIT Crisis Response Initiative’. The EIT Governing Board has decided to mobilise EUR 60 million of additional funding to innovators powering high-impact solutions that tackle this unprecedented social and economic challenge. The financing will allow the launch of new innovation projects to address the immediate crisis as part of the ‘Pandemic Response Projects’, and will support highly innovative start-ups, scale-ups and SMEs crucial to the economy’s fast recovery to benefit from additional funding under the ‘Venture Support Instrument’.

Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, responsible for the EIT said: ‘In a time of crisis such as we are facing today we have to ensure that resources are targeted to deliver results expeditiously. 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. 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.’