After official approval from the European Industry Committee, the Institute of Innovation and Technology (EIT) is set to introduce a new channel of innovation fostering.
Initiated at a European Council in October 2006, during which EU’s leaders agreed on a ten-point programme to foster innovation at national and European levels, the EIT should come to life this summer 2008. The primary aim of the Institute is “to reinforce Europe’s capacity to transform education and research results into business opportunities, by establishing strategic partnerships among Europe’s best business, research and higher education actors and bodies.”
With an overall projected budget of €2.4 billion for the first six years, EIT will form by the end of 2009 two or three autonomous partnerships called "Knowledge and Innovation Communities". Those KIC should consist of at least three partner organisations, situated in at least two different Member States and including at least one higher education institution and one private company.
Next generation of information and communication technologies are on the list of top priority areas of work, along with climate change and renewable energy. The EIT’s overall priorities will be decided by a Governing Board, made up of 18 well-known personalities at the forefront of the scientific, academic and entrepreneurial worlds, and supported by a team of approximately 60 people.
