EIC Accelerator- Will Europe Win the Global Innovation Race

When we scroll through the list of top ten digital companies in the world i.e. Apple, Microsoft, Samsung Electronics, Alphabet, AT&T, Amazon, Verizon Communications, China Mobile, Walt Disney and Facebook we find that they either belong to United states, China or South Korea. The next five digital firms i.e. Alibaba, Intel, Softbank, IBM & Tencent are from US, China and Japan. European firms are missing the top slots.

Europe is lagging behind not just United States but also Japan and China in terms of promoting innovation. China has surpassed Europe in terms of R&D spending.

In order to create new markets for European Companies and for scaling up business internationally, European Innovation Council is identifying and supporting breakthrough technologies and game changing innovations.

Innovation council has identified and selected 65 innovative start-ups for funding.  The Identified companies will receive a total funding of €363 for breakthrough innovations in selected areas. Investment will be in the form of grant financing and equity investment to the extent of €17 million per companies, for developing and scaling ground-breaking innovations in the field of space technology, renewable energy, healthcare, digital technologies, biotech, etc.

Belgium based VEOWARE is selected for developing Innovative next-generation space actuator technology for enabling satellites to manoeuvre 10 times faster to boost their effectiveness. Belgium based Sparrow Quantum is selected for Single-Photon Light Sources for Quantum Technologies. MultiCharge OU from Estonia is developing Ampher unique controller technology for enabling usage of full available grid capacity and charging up to 6x more EVs simultaneously with the same grid connection. Finland based Minima Processor is working on Ultra-low energy computing technology to make intelligent wireless devices energy efficient.

Further there are various breakthrough projects from different countries focussing on researching cutting edge technology related to: Accelerating datacentre performance through memory chips to efficiently manage the big data, Universal quantum computers with self-correcting cat-qubit technology, Next-generation surgical robotics to set a new standard of care in orthopaedic surgery, Disruptive communication system based on LiFi technology for spacecrafts and aerospace infrastructure, research related to Renewable fertiliser from air, Sustainable seafood production, Disrupting the food ingredient and protein markets: a breakthrough technology for large-scale microalgae cultivation. Companies reperching these projects are from Germany, Ireland, Israel, Italy, Lthuania, Netherlands, Norway, Portugal, Spain, Sweden and Slovakia.

Under the Horizon Europe programme, the European Innovation Council was launched in March 2021. The EIC has a total budget of over €10 billion, out of which €1.1 billion is earmarked for EIC Accelerator in 2021. €495 million is earmarked for Strategic Health and Digital tech, where’s the balance funding is open to breakthrough innovations in any field.

European Innovation council funding programs will play a great role in providing innovation leadership to Europe. Apart from this, if Europe has to succeed in the race of innovation, member countries need to come together and act as a single market. It will be very difficult for an individual country to compete at the global level. Closer co-operation is required as European supply chains are built across countries. Bureaucracy and red tape need to be curtailed including standardization of taxes and regulations. Enabling capital for the start-ups to scale and build the World class operations will be a key to success. 

Bureau Galactik Views

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