The European Commission has announced today the signature of a Memorandum of Understanding between the European Innovation Council (EIC) and the European Institute of Innovation and Technology (EIT) to reinforce their cooperation to support the best European entrepreneurs. This will enable innovators, innovative SMEs and start-ups, higher education institutions and research organisations to receive quality support services to deploy and scale up innovations faster and with greater impact.

Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth, said: Europe needs to work together to compete globally on innovation. Today’s signature shows that we are ready to do this. I am proud that Europe’s new innovation initiative – the European Innovation Council – is joining forces with our existing body – the European Institute of Innovation and Technology. Both of them will contribute to accelerating the twin transition to a green and digital economy as well as to create jobs and opportunities for all the talented innovators across Europe.

This agreement will strengthen the support that the EIC and EIT are already providing to thousands of innovative start-ups and SMEs to scale up in Europe and will ensure mutual access to advisory services and networks. In particular, the two initiatives will join forces to fast track support to highly innovative start-ups, as well as to coordinate efforts to support women innovators and innovators from less represented regions. The EIC and EIT also aim to share data and intelligence on the innovative start-ups and SMEs they support, including measurements of impacts achieved.

To reach these objectives, the EIC Advisory Board and the EIT Governing Board will set up a permanent structured collaboration through a joint working group, regular reviews and joint communication efforts. This will be supported by the respective implementing agencies and Commission services.

The Memorandum of Understanding follows the signature in September 2020 of a letter of intent between the EIC and three of the EIT’s Knowledge and Innovation Communities (KICs), as well as a set of pilot actions between the EIC and four of the EIT KICs.