In DepthScience Funding

European Union gets in the venture capital game

See allHide authors and affiliations

Science  10 Apr 2020:
Vol. 368, Issue 6487, pp. 120-121
DOI: 10.1126/science.368.6487.120

You are currently viewing the summary.

View Full Text

Log in to view the full text

Log in through your institution

Log in through your institution

Summary

The European Innovation Council (EIC) is a little-known but ambitious EU agency that aims to do for startups and spinoffs what the grantmaking European Research Council does for basic research. Frustrated by Europe's lack of home-grown tech giants, European Commission officials hope EIC will help small tech firms grow in Europe, instead of being lured away to Silicon Valley. In January 2021, following the end of a 3-year pilot program, EIC is set to become a major part of Horizon Europe, the European Union's proposed €94 billion R&D program for 2021–27. The Commission wants €10.5 billion of that to go to EIC; national governments will settle on the final numbers in the coming months. In addition to offering grants to startups, the agency will take the more radical step of investing in the companies, buying equity stakes.

View Full Text

Stay Connected to Science