A Decade of Innovations
The European Institute of Innovation and Technology (EIT) has spearheaded the development of Knowledge and Innovation Communities (KICs) since 2009, targeting crucial sectors like climate change, sustainable energy, and digitalization. As the initial set of KICs approaches the completion of their 15-year lifecycle, they are set to ‘graduate’ and operate independently, showcasing significant achievements and readiness to sustain their operations.
Achievements of the EIT KICs
The first three KICs—EIT Climate-KIC, EIT Digital, and EIT InnoEnergy—have collectively nurtured startups now valued at €72 billion. These communities have driven considerable advancements in their respective fields:
- EIT Climate-KIC has catalyzed climate entrepreneurship and spearheaded over 2,300 startups, creating significant employment and introducing innovative products aimed at combating climate change.
- EIT Digital has advanced Europe’s digital transformation by enhancing digital skills among hundreds of thousands, fostering over 275 startups, and facilitating substantial venture capital investments.
- EIT InnoEnergy has emerged as a major cleantech investor, focusing on sustainable energy solutions that have attracted over €4.8 billion in investments.
Towards Financial Sustainability
The transition towards financial independence is critical. The EIT mandates that KICs generate significant private and public investments, ensuring that initiatives are market-driven and effectively leverage public funding. This model has enabled KICs to invest in and scale successful innovations, with returns reinvested into their ecosystems.
Future Prospects
As these KICs prepare for independence, their success stories provide a roadmap for newer KICs. The strategic focus on sectors like healthcare and raw materials will continue, adapting the lessons learned from the first wave of KICs. Additionally, the forthcoming EIT Water KIC is set to launch in early 2025, promising to extend the EIT’s impact to water, marine, and maritime sectors.
Source: politico.eu
