The general objective of the EIT is to increase Europe’s capacity to innovate, better compete with foreign peers and as a result contribute to the creation of jobs and wealth.
To this purpose the EIT has formed eight innovation communities (full name knowledge and innovation communities or KICs) and their role is threefold: develop innovative products & services, start new companies and train a new generation of entrepreneurs. They have a pan-European set-up though some innovation communities have regional innovation hubs to facilitate the collaboration between the partners. Each innovation community is fully independent and focuses on a specific sectoral challenge (e.g. urban mobility, active ageing, etc.).
The EIT funds Innovation Communities up to a maximum of 25 per cent. This funding is leveraged by the EIT by incentivizing Innovation Community partners to invest in innovation and provide the remaining 75 per cent funding needed for their activities. With the 25 per cent seed funding, the EIT enables them to attract capital from industrial partners and private investors. In the longer run these innovation communities need to become self-sustainable so funding by the EIT is limited in time.
If you would like to get involved you can get in touch with these communities. All details of their opportunities are found here