EIC Board Backs New European Innovation Agenda While Pressing for Faster EIC Fund Reform and Greater Inclusion
- ›The European Innovation Council Board welcomes the European Commission's New European Innovation Agenda and endorses its five flagship actions.
- ›The Board highlights the EIC's role in deep tech, citing the 2021 EIC Impact Report and pilot EIC Fund investments of over €600 million that reportedly leveraged €2.7 for every €1 invested.
- ›The Board will prioritise advice on widening participation from less represented EU regions and improving gender balance among deep tech founders.
- ›It urges the Commission to complete restructuring of the EIC Fund to make it fully operational and able to make faster, market‑aligned decisions.
- ›The Board supports talent development through partnerships with EIT and ERC and an EIC funded deep tech talent scheme offering internships in startups.
- ›It flags innovation procurement as an area for further action, noting early public contracts can accelerate deep tech adoption.
EIC Board welcomes New European Innovation Agenda but pushes for urgent reforms and broader inclusion
On 6 July 2022 the European Innovation Council Board issued a public statement welcoming the European Commission’s Communication on a New European Innovation Agenda. The Board praised the document’s emphasis on positioning the European Union to compete in the next wave of deep technology innovation and endorsed the measures set out under the Communication’s five flagship actions. At the same time the Board set out a short list of priority areas where it will focus its advice to ensure the Agenda is implemented effectively by the European Innovation Council and related actors.
What the Board said and why it matters
The Board’s statement frames the EIC as a central instrument for advancing so called deep tech — technologies rooted in scientific discovery and engineering whose development cycles and capital needs differ from consumer software. The Board pointed to the EIC’s contribution to EU policy priorities such as the twin green and digital transitions and to the objective of open strategic autonomy in key technologies. It also drew attention to the EIC Fund’s pilot stage performance and the Fund’s planned expansion under the new Agenda.
Four implementation priorities the EIC Board will advise on
To maximise the Agenda’s impact the EIC Board said it will prioritise its advice on four areas. Each item is framed as both an operational need and a governance issue that will require changes to programme management, monitoring and stakeholder engagement.
Concepts and terms explained
Numbers and claims that will be watched closely
The Board referenced two headline figures about the EIC Fund pilot. Both are material to how stakeholders judge the Fund’s effectiveness. First, the claim of more than €600 million in investment decisions under the pilot needs to be understood in terms of commitments versus deployed capital and in relation to follow on funding secured by portfolio companies. Second, the reported leverage ratio of €2.7 for every €1 of EIC investment is a common way to describe crowding in of private capital but the metric depends on attribution choices and timing. Independent, transparent reporting will be essential for assessing whether the expanded Fund meets expectations.
| Metric | Board statement | Notes and considerations |
| Pilot EIC Fund investment decisions | Over €600 million | Need clarity on committed versus called capital and on the distribution across sectors and stages |
| Leverage ratio | €2.7 of additional finance for every €1 of EIC investment | Leverage measures depend on definition of follow on investments and time horizon |
| EIC expert retention | KPIs introduced to target women founders and widening countries | Implementation will require outreach, tailored calls and possibly changes to evaluation and scoring |
Practical challenges and sceptical notes
The Board’s endorsement lends political weight to the Agenda but the path from Communication to impact involves complex operational and political challenges. Restructuring the EIC Fund is legally and technically demanding. Speed of decision making must be balanced with robust due diligence and state aid considerations. Increasing participation from widening countries goes beyond targeted calls. It requires ecosystem development, local investor mobilisation and absorptive capacity measures. Talent schemes face barriers including mobility rules, recognition of skills, and the geography of startups. Using procurement to scale deep tech requires public buyers to have appetite and procurement frameworks fit for uncertain outcomes.
What to watch next
Stakeholders should monitor several near term developments. First there is the timetable and legal steps for restructuring and operationalising the EIC Fund and any published investment guidelines. Second look for the EIC innovation and diversity index and for the exact KPIs and targets the EIC publishes for widening countries and women founders. Third follow the rollout of the proposed deep tech talent scheme and the concrete partnerships with EIT and ERC. Finally watch for pilot procurement initiatives or guidance from the Commission that lower the barriers for public authorities to buy innovative solutions.
The Board concluded by reiterating its commitment to ensure the EIC acts as a central actor in the European innovation ecosystem, convening actors and helping make Europe an attractive place for deep tech innovation. Delivering on that pledge will require sustained attention to governance, measurement and the real world constraints faced by founders, investors and public buyers.
Further reading and sources
The Board’s statement, the New European Innovation Agenda Communication and the 2021 EIC Impact Report are the primary sources for the positions summarised above. For context on the EIC’s implementation and agency arrangements see the European Innovation Council and SMEs Executive Agency materials and the Horizon Europe legal framework.