The European Institute of Innovation & Technology (EIT) will allocate €400m to its six Innovation Communities in 2018.

The investment, which comes as part of Horizon 2020, will be put towards uniting education, research, and business in order to boost innovation and help turn ideas into successful products and services.

Over 2,000 business ideas, start-ups, and scale-ups, as well as more than 6,000 jobs, have to date been supported by the six Innovation Communities of the EIT: InnoEnergy, EIT Digital, Climate-KIC, EIT Health, EIT RawMaterials, and EIT Food.

In 2016 alone, EIT-supported start-ups attracted upwards of €150m in external investment; this figure is expected to reach €600m by 2020.

More than 1,200 people have so far graduated from EIT educational programmes; if the current pace continues, this number will exceed 5,000 by 2020.

Peter Olesen, chair of the EIT Governing Board, said: “This investment in our Innovation Communities reflects the confidence shown in the EIT through the recent midterm evaluation. The EIT Community is delivering solutions to societal challenges and is now clearly showing its results and impact. There has never been a better time to be part of the EIT community.”

Martin Kern, interim director of the EIT, added: “The EIT’s investment in our Innovation Communities is one key aspect of providing tailor-made support to European innovators. This is not only an investment into the education of the entrepreneurs of tomorrow but also helps Europe to take the lead in solving major societal challenges.

“The EIT model has demonstrated that it works; this funding will strengthen our Innovation Communities in their efforts to bring systemic change to society and positively transform the world in which we live.”

In 2018, the EIT community is expected to provide support to more than 750 start-ups and witness over 990 students graduate from its master’s and PhD programmes. Its start-ups will attract close to €150m in external funding and launch more than 300 products and services onto the market.

The post EIT announces €400m investment for 2018 appeared first on Horizon 2020 Projects.