European Innovation Council Impact Report 2021

Foreword by Commissioner Gabriel

The European Innovation Council (EIC) is a major new player on the innovation landscape. This report shows that its unique approach to identifying, developing and scaling up Europe’s deep tech technologies and game-changing innovation is already delivering tangible results.

Launched as a pilot in 2018 and as a fully-fledged programme in March 2021, the EIC has supported over 5000 start-ups and innovative SMEs from across Europe as well as over 400 cutting-edge research projects. The EIC supported start-ups have attracted close to €10 billion in investments following the EIC support and many are successfully scaling up (including two “unicorns” and 91 “centaurs”, with valuations of over €1 billion and €100 million each respectively).

The EIC is also supporting innovative solutions for Europe’s key challenges in the twin transition to a green and digital economy. I am particularly proud of the rapid response to the COVID-19 pandemic, when, within a matter of months, the EIC supported a group of start-ups to find solutions to tackle the pandemic.

Among these successful companies are a growing number with a female CEO or founder. The EIC’s efforts to encourage women-led start-ups are beginning to bear fruit with 22% of the start-ups supported in 2020 being women-led, up from 15% in 2019.

This year has been particularly exciting as many new features of the EIC have entered the picture. Notably the first Programme Managers are leading the way in identifying strategic technological areas for EIC projects and portfolios, and new collaborations with the European Institute of Technology (EIT) and the European Research Council (ERC) will help to build a truly integrated pan-European Innovation Ecosystem.

The biggest game-changer over the past year has been the EIC Fund. Its approach of crowding in investors at an early stage is making a real difference in building and scaling a generation of successful European deep tech companies. From January to July alone, we have seen investment decisions of €600 million in 137 companies made across 23 EU countries.

As the EIC goes from strength to strength, I encourage entrepreneurs, researchers, innovators, investors, corporates, and all those with a stake in European innovation to take a closer look at its impressive impact so far and seize the many new opportunities that it offers.

What is the European Innovation Council

In March 2021, the fully-fledged European Innovation Council was launched with a budget of over €10 billion as part of the Horizon Europe programme. It involved the creation of a new Brussels-based executive agency (European Innovation Council and SMEs Executive Agency – EISMEA), a ramping up of the EIC Fund, the appointment of an independent EIC Board and President, and the launch of three main funding schemes:

“The European Innovation Council is Europe’s flagship innovation programme to identify, develop and scale up breakthrough technologies and game-changing innovations. Each year, the EIC attracts thousands of start-ups and research teams from across Europe to compete for highly selective funding, investments and business acceleration services.”

The seeds of the EIC were planted in 2014 when the European Commission began funding individual innovative SMEs with high growth potential. Following this, an EIC pilot was launched in 2018 with a budget of €3.5 billion from 2018–2020, incorporating an existing portfolio of projects for innovative SMEs (EIC Accelerator) and future and emerging technologies (EIC Pathfinder).

This report documents the results and impact of the EIC pilot phase which, since 2014, has funded around 5500 start-ups and SMEs and over 400 research and innovation projects on emerging technologies. It includes the first set of investments by the EIC Fund which was incorporated in July 2020 as a dedicated investment fund for EIC backed start-ups.

So far, the EIC Fund has approved investment decisions for over €600 million in 137 companies. The EIC will become a hallmark of innovation excellence and will attract visionary researchers and entrepreneurs from diverse backgrounds and regions who want to grow and scale their business in Europe.

Building and scaling a generation of successful European deep tech companies

Impacts from a growing portfolio of deep tech companies and projects

Since 2014, the EIC and its predecessors have supported a portfolio of around 5500 start-ups and SMEs with €3.8 billion of support to develop breakthrough technologies and innovations. Over this period, it has developed a strong track record in attracting, funding and investing in: innovations in highly promising deep tech sectors including health, digital and cleantech; a diverse range of talent – in particular women innovators – to build up deep tech companies; and start-ups and SMEs from a wide range of countries, including all 27 EU Member States as well as a number of third countries.

The EIC measures its success through:

A vision for emerging technologies

The EIC supports the development of novel technologies as the basis of future breakthrough innovations. Since 2014, the EIC Pathfinder has supported over 400 trans-national research teams involving over 3000 partners to develop future and emerging technologies across a wide range of disciplines.

A growing priority has been the role of EIC Programme Managers to proactively support the follow-up of these emerging technologies into potential innovations through spin-outs, IPRs, collaborations and other pathways.

Specific impacts from the EIC Pathfinder include:

Breakthrough solutions to our most critical societal challenges

Deep tech innovations are central to Europe’s goals for the twin green and digital transitions, as well as for improving health in the wake of the COVID-19 pandemic and as we see our populations ageing. The EIC also contributes to the wider set of UN Sustainable Development Goals (SDG).

Achievements in 2020 include: 90.5% of the portfolio of EIC Accelerator companies are developing innovations that address at least one SDG. This surpasses the 90% target set by the EIC Advisory Board.

Of the 218 start-ups awarded EIC funding in 2020: at least 40 are developing digital technologies and innovations; at least 64 are [€110 million]; at least 72 are developing innovative solutions for COVID-19 [€313 million]; and a set of Green Deal start-ups [€307 million].

“The fact that the EIC Fund contributed 50% of the investment volume was a major upside in talks with VCs and enabled us to close the round in time. The funds will be used to further enhance the therapy, and provide it to more hospitals and patients in Germany and other EU countries.” — Catherine Schreiber, Deputy Managing Director.

The EIC portfolio

Since 2014, the EIC has built up a remarkable portfolio of technologies and companies from every corner of the EU and beyond. These companies are pioneering new ideas and innovative solutions across sectors including digital, health and the environment.

All data refers to the 2014–2020 period with the exception of Seals of Excellence which only refer to the EIC Pilot blended finance calls 2019–2020.

EIC Pathfinder and Accelerator projects in main thematic portfolios

For Digital and Industry 5.0

AI, Cloud, Big Data, ML: Accelerator 101; Pathfinder 38.

Digital media, IoT, Fintech and digital services: Accelerator 150; Pathfinder 6.

Quantum computing: Accelerator 53; Pathfinder 23.

Photonics, lighting, sensors, optical devices, magnets: Accelerator 150; Pathfinder 6.

Robotics: Accelerator 14; Pathfinder 14.

Industry 4.0: Accelerator 11; Pathfinder 5.

For Green

Technologies to reduce air pollution: Accelerator 2; Pathfinder 28.

Batteries and power storage: Accelerator 5; Pathfinder 17.

Electric vehicles and autonomous vehicles: Accelerator 6; Pathfinder 14.

Plastic recycling: Accelerator 1; Pathfinder 35.

Smart transport and low-carbon fuels: Accelerator 2; Pathfinder 21.

Solar energy: Accelerator 14; Pathfinder 37.

Water and wastewater: Accelerator 1; Pathfinder 7.

Precision farming, sustainable food, nutraceuticals, secure food chain: Accelerator 14; Pathfinder 36.

Waste management and sustainable materials: Accelerator 20; Pathfinder 82.

Wind turbines: Accelerator 5; Pathfinder 33.

Other environmental related: Accelerator 2; Pathfinder 28.

For Health

Blood testing and biomarkers: Accelerator 9; Pathfinder 6.

Cell biology and microbiology: Accelerator 27; Pathfinder 36.

Clinical medicine and chronic diseases (incl. vaccines): Accelerator 10; Pathfinder 37.

Patient care and telemedicine: Accelerator 0; Pathfinder 5.

Surgery, orthopaedics, cardiovascular, and cardiac issues: Accelerator 37; Pathfinder 17.

Oncology: Accelerator 15; Pathfinder 58.

Drugs and pharma: Accelerator 36; Pathfinder 36.

Partnering with the EIC: supporting the journey from innovation to impact

The EIC Community

The EIC brings together the largest innovation community of its kind in Europe, across all fields and disruptive innovation areas via the EIC community platform. Through the EIC community, corporates, procurers, investors and other partners can access 5500+ quality-stamped companies and more than 408 innovation-driven research teams from all around Europe.

This one-stop-shop for start-ups and technology projects enables partners to save money and resources on scouting, communicating and evaluating start-ups and scale-ups. Furthermore, co-investing alongside the EIC Fund can de-risk investment rounds into companies which would otherwise be considered too risky.

EIC Business Acceleration Services: connecting companies to opportunities

EIC support goes beyond funding. To further leverage EIC investments it offers innovators access to top, tailor-made Business Acceleration Services to accelerate innovations and scale up EIC-supported companies.

The Corporate Partnership Programme connects EIC-funded innovators with large corporates to collaborate and develop new business models and opportunities. Up to 25% of participating companies close follow-up deals in the six months after the EIC corporate events.

Similarly, the Buyers Partnership Programme connects EIC innovators with public and private buyers. EIC beneficiaries have met over 100 public and private procurers at procurer events and 5% of the SMEs sealed a business deal within 12 months of the event.

The EIC also brings its promising companies to major Overseas Trade Fairs outside Europe in order to access new markets. So far 4,700 business meetings have been held generating over €26 million in business deals.

“The EIC scouts cross-border talent with innovative ideas, which is extremely useful for us at FUNKE. I have seen many cutting-edge ideas from the EIC start-ups that are worth exploring.” — Gundula Ullah, CPO of FUNKE Mediengruppe and Chair of the Board of BME.

“The quality of the start-ups we have seen in our collaboration with the EIC has been very high. The European Innovation Council's selection procedure enables us to access high-level innovation throughout Europe and select projects according to our own criteria, capacity and needs.” — Juan Gandarias, CEO of CaixaBank Payments & Consumer.

Partnering with investors

The EIC Fund bridges the critical financing gap faced by deep-tech companies that want to bring their technologies to the market and scale them. Its investment strategy is to provide long-term capital in the form of equity or quasi-equity in start-ups selected by the EIC Accelerator and to crowd in other investors, further sharing risks.

The EIC connects its beneficiaries with investors through pitching events. It has a database of more than 400 investors, including venture capitalists and business angels, and collaborates with organisations or stock exchanges like Nasdaq, Euronext, Innovate UK and Bpifrance. Forty pitching sessions organised so far have generated 40% follow-up discussions between companies and investors.

“Our fund’s focus is to invest in early-stage companies seeking to solve some of the world’s greatest challenges, while building highly profitable businesses. The EIC tends to attract the top entrepreneurs, so the Investor Day is a fantastic event for us to attend.” — Tove Radelius, Senior Investment Manager, Norrsken VC.

Bridging the scientific and innovation communities: a partnership between the EIC and ERC

Joining up the innovation community

In 2021, the European Institute of Innovation & Technology (EIT) and the EIC agreed to build on their strong synergies in the area of innovation. One practical benefit will be a new “Fast Track” procedure to enable promising start-ups and SMEs created within the EIT to access rapidly the selection process of the EIC Accelerator and benefit from its Business Acceleration Services.

Connecting academia to business

The EIC Business Acceleration Services also support early-stage beneficiaries on their journey from the lab to the market. Innovators have access to tailor-made support from world-class coaches as well as concrete business tools and training sessions to transform their ideas into successful businesses.

The EIC Pathfinder Bootcamp is an intensive course in business and entrepreneurship to help researchers transform their ideas into products. A total of 179 innovators from 90 projects have participated in nine workshops so far.

Innovation Training Workshops provide hands-on guidance to EIC-funded scientists to capitalise on their research, covering topics including commercialisation, leveraging business opportunities, and pitching and presenting innovative ideas. The 28 participants of the first event came from 21 projects and took part in a mixture of interactive lectures, group assignments and pitching practice.

Legend: supported by EIT Food, EIT Health, EIT InnoEnergy, and EIT Climate-KIC.

Spotlight on the EIC Accelerator portfolio: backing visionary entrepreneurs

How the EIC selects companies

Overview of start-ups and SMEs supported by the EIC (2014–2020): 5,500 start-ups and SMEs supported since 2014, located in 39 countries including all EU Member States; €3.1 billion in grant funding; €9.6 billion in follow-up investments.

The EIC Fund: investing in EIC Accelerator companies

From 2014–2019, financial support from the EIC came in the form of grant financing with a maximum support of €2.5 million per company. In 2020, “blended finance” combining grant support with an equity investment of up to €15 million was piloted via the EIC Fund, a specific legal entity with a Management Board and Investment Committee bringing in leading expertise from the venture capital and investment world.

From January to July 2021, the EIC Fund concluded 137 investments in EIC Accelerator companies, out of a total of 159 companies recommended for equity support. This represents investments of over €600 million across 23 EU countries, with the largest share in health (28% of selected companies), followed by engineering and technology (23%), ICT (9%), Energy (8%) and Biotechnology (8%).

“The EIC Fund provides powerful and tailor-made financial support from start-up to scale-up with a focus on excellence, principally where there is high risk, to empower innovators and to strengthen the EU innovation ecosystem.” — Herman Hauser, Founder and Partner of Amadeus Ventures; member of the EIC Board of Directors.

The EIC Fund aims to crowd in other investors into early-stage technology investments. Out of the first 47 investment agreements signed, more than half have attracted other investors so that the total amount of investment reaches €395.1 million, 2.7 times the value of the EIC Fund investments.

“With the support of the EIC Fund and a strong syndicate of investors, including Ysios and Sofinnova, CorWave will be in a position to develop a safe and effective solution for patients with critical conditions.” — Gérard Hascoët, Venture Partner, Sofinnova. “Coming from the United States and Australia, they decided to relocate to France and will expand our clinical and manufacturing operations.” — Raúl Martín-Ruiz, Partner, Ysios Capital.

CorWave plans to bring a new standard of care to patients with life-threatening heart failure. The €15 million EIC Fund investment helped mobilise additional investors, leading to €35 million of investment in the fourth stage of start-up financing to bring its innovative medical solution “Left Ventricular Assist Device” (LVAD) to market and scale up.

What kind of companies does the EIC Accelerator support

The EIC Accelerator supports companies which are predominantly young (over half are less than 6 years old) and small (the large majority have fewer than 50 employees). Since the launch of the EIC pilot phase in 2018 there has been a marked shift towards younger companies.

Companies funded by the EIC Accelerator are mostly small and young, but with high growth potential.

Attracting and supporting more female founders

In 2020, the EIC introduced a pilot to ensure that at least a quarter of the companies invited to the final interview phase of the selection process were led by a woman (CEO or equivalent). This led to a marked increase in women-led start-ups supported by the EIC (22% of the companies in 2020, compared to 15% in 2019).

Women represent 50% of the jury members that recommend EIC funding and 42% of the business coaches that advise and mentor EIC-supported start-ups. Despite this progress, the participation of women in deep-tech innovation remains low; in 2021 the new WomenTech.EU scheme was launched to support early-stage female founders in deep-tech, and a Women Leadership Programme introduced to mentor a cohort of female CEOs in the EIC portfolio.

Valuation by country

“The Women Leadership Programme helps to address the gap of fast-scaling female-led start-ups on their path to growth and impact. With only 1–2% of venture money going to female-led start-ups in Europe, the programme also prepares female leaders for more effective fund raising for their companies.” — Kinga Stanisławska, Founder and Managing Partner, Experior VC; Co-founder, European Women in VC.

EIC Accelerator portfolio companies show rapid growth in revenues and employment. On average, companies in the EIC portfolio increased their turnover by more than a third over the last two years, and during the same period employment in EIC companies doubled.

The EIC Accelerator portfolio is now valued at between €38.2 and €50.6 billion. Relative to last year’s cumulated valuation (€20.1 to €28.3 billion), this represents a growth rate of around 54% for all companies with available data.

Most highly valued companies supported by the EIC Accelerator

Cumulative private equity (post EIC support)

Top investors by amount invested (post EIC)

A diverse set of investors are financing EIC companies, including venture capitalists, corporate venture capitalists, national promotional banks and others. The largest investors so far include Bpifrance, Atomico, HV Capital and OurCrowd, which have made cumulative investments of over €300 million in a range of EIC companies.

Post EIC investor types

Supporting start-ups to find alternative funding through EIC Seals of Excellence

EIC funding is highly competitive. In 2020 only about one in fifty start-ups applying were awarded EIC funding. As well as those companies recommended for funding, independent experts also identify other extremely high-quality applicants who then receive a “Seal of Excellence” to certify that they have been assessed as meeting all the standards required of the EIC.

More than 3800 Seals were awarded between October 2019 and December 2020. A growing number of EU Member States have specific schemes to support Seal of Excellence companies (more than 30 such funding schemes already exist at a national or regional level in 15 countries) and others plan to do so. The EIC also supports Seal of Excellence companies by giving them access to some Business Acceleration Services and events.

“The financial help we received from the Greek Secretariat of Research and Innovation, on the merits of the Seal-of-Excellence, came at the right time to support the continuation of our product development efforts.” — John Gionas, Chairman of the Board of Directors, Meazon.

Spotlight on the EIC Pathfinder portfolio: backing breakthrough technologies

The EIC Pathfinder funds cutting-edge, high-risk and high-reward research and innovation projects that aim to demonstrate completely new technological paradigms and strengthen Europe’s deep-tech ecosystem. Since 2014 it has funded 408 projects in Health, Digital/ICT, Energy and Environment, Manufacturing and Infrastructures, and Food and Agriculture.

The EIC Pathfinder-funded teams are transnational (teams from at least three different countries) and involve mainly universities and research institutes, but also private companies and industrial partners, spanning 49 different countries including all EU Member States.

EIC Pathfinder: how it works

The programme has had an impact on science in a wide range of fields. Notably, around 10 Nobel Prize laureates have been involved in research and innovation projects funded under the EIC Pathfinder (and its predecessor, the FET programme).

“When I started out to study climate change, I was curious and wanted to understand whether the variability that we are observing is caused by people or natural variability. Now world leaders, in the framework of COP, discuss the future of emissions. I am particularly happy to see that the young generation is pushing to find solutions and to solve the problems related to alternative energy.” — Professor Klaus Hasselmann, partner at Pathfinder’s GSD project and Nobel Prize Laureate 2021 in Physics.

“Funding from the EIC Pathfinder is playing a fundamental role in shaping my scientific career. It has increased my visibility and provided a unique opportunity to translate basic science research into innovations that will help combat a disease which touches the lives of millions of people: Alzheimer’s.” — Panayiota Poirazi, Principal Investigator at FORTH, coordinator of Pathfinder project NEUREKA.

“Crucially, the funding has helped me to establish a state-of-the-art, high-performance computing cluster which is essential to help realise our vision. I have had the opportunity to lead and manage an international team and establish long-term relationships with institutions, universities and companies.”

Supporting SMEs and spinouts

SMEs participate in more than 70% of EIC Pathfinder projects, often as potential commercialisation partners for innovations developed within the funded projects. SMEs taking part in the projects have reported almost €40 million in revenue growth and created an estimated 586 new jobs. Around 12% of projects funded under the EIC Pathfinder led to the creation of a spin-off company.

Supporting women in technology

The EIC Pathfinder projects – which involve an average of 25 people per project – have a significant impact on shaping the careers of the scientists involved, in particular women. In total, 31% of the researchers in the EIC Pathfinder projects are women.

Innovations and patents generated by the EIC Pathfinder projects

The EIC monitors innovations generated by EIC Pathfinder projects using the Innovation Radar methodology. So far, the Innovation Radar identified 827 innovations in 146 EIC Pathfinder projects at three distinct levels of development, and on average every project develops around five innovations.

For these innovations, 60% are considered to be highly innovative and in 50% of cases the time to market is less than five years. Almost three quarters have the potential to create new markets or target emerging markets; in around half the cases, there is no major competitor in the field.

So far, 29 EIC Pathfinder projects have made 58 patent applications and been awarded 28.

Scientific outputs – to secure options for the future

The EIC Pathfinder portfolio has produced 4,324 publications, out of which 3,010 in peer-reviewed journals. Over 61% of them have been published in high-profile journals, and many are the result of collaboration with an industrial partner, indicating strong innovation relevance.

There are 112 projects with public-private publications, accounting for 581 public-private publications. A total of 58 patents (applications or awarded) have been reported in 29 projects. Data source: Horizon Dashboard.

EIC Pathfinder in action: transforming sustainable textiles

Spinnova has developed a technology that can transform cellulosic fibre into fibre for the textile industry, producing a high-performance natural fibre with very low CO2 emissions and minimal use of natural resources. A pilot factory was set up in Jyväskylä, Finland, and its IPO was carried out in June 2021 with European investors including Adidas and the H&M Group.

EIC Transition – unlocking the potential of Pathfinder results

EIC Transition is a new scheme to support the follow-up of EIC Pathfinder and European Research Council projects, taking them from proof of concept to a demonstration of the technology for a specific application, then developing a business case to commercialise the application. It builds on a pilot that supported 134 projects ranging from medical devices to energy systems with around €45 million in EU funding.

Responding to societal challenges: EIC impact on the ground

The EIC is providing real solutions – both immediate and long-term – to the big environmental, digital and health challenges facing our societies today and in the years to come. Programme Managers create synergies across deep tech areas and facilitate the adoption of game-changing innovation opportunities.

Digital and Industry 5.0

The EIC portfolio includes start-ups, scale-ups and cutting-edge technology projects such as advanced high-performance computing, edge computing, quantum technologies, cybersecurity, artificial intelligence, blockchain, cloud infrastructure technologies and technologies for the Internet of Things. Of the 93 centaur companies in the EIC portfolio, nearly 50 are in the digital area.

Prometheus will be made possible by IQM’s key quantum processor innovations which increase speed, improve design and introduce new components, with interest from industrial customers such as Airbus, Volkswagen and Covestro.

Enabling and scaling the green transition

The green transition is one of the fastest growing areas of investment where the EIC is enabling European companies to be globally competitive. Five EIC companies with activities in the green portfolio reached “centaur” status in 2021.

Programme Managers: Antonio Pantaleo (energy systems) and Francesco Matteucci (materials for energy and the environment) manage portfolios in cleantech. “Materials are a key element in the innovation cycle of energy conversion, transmission and storage technologies as well as energy use.” — Francesco Matteucci.

“The blended finance of the EIC provides ROSI with the opportunity to make an important step towards industrial development with high market relevance.” — Yun Luo, Co-Founder.

“Attending the EIC Investor Day was key for meeting this incredible group of women investors called Rising Tide Europe. The deal represents the incorporation of the first international shareholder in our company, a massive step forward.” — Ainhoa Lete, CEO of BuntPlanet.

Health and med-tech

The EIC has an extensive portfolio of projects and companies in innovative health, biotech and medtech. A specific COVID-19 call in 2020 supported an additional 72 start-ups and SMEs with an additional €300 million of funding. The EIC has supported 39 start-ups that succeeded in reaching €100 million in valuation and two unicorns.

Programme Managers: Iordanis Arzimanoglou (health and biotech) and Enric Claverol (medtech and devices) develop EIC portfolios. “The EIC aims to catalyse innovation in funded projects, with proactive management and facilitating the transition from Pathfinder ideas to Accelerator start-ups via the Transition programme.” — Antonio Pantaleo, EIC Programme Manager, Energy Systems.

EIC COVID support in action

“The challenge in the European health and biotech economy is that few innovative start-ups or spin-outs grow into mid-sized companies. This is where the EIC has the potential to become a game-changer.” — Iordanis Arzimanoglou, EIC Programme Manager for Health & Biotech.

“The Medical Technologies Programme at EIC relies heavily on the efficient interplay of healthcare and technology to create unique medical solutions and economic prosperity. We support innovative ideas that help society find the path to new therapies and seek an economic revolution in health technologies.” — Enrique Claverol-Tinture, EIC Programme Manager, Medtech and Medical Devices.

Annex 1: The pathway to success – Key Performance Indicators

The KPI framework was developed in 2020 to monitor the progress of the EIC in implementing its vision as defined by the EIC pilot Advisory Board. It serves to monitor and report on progress and achievements, as well as to quantify the impact of the EIC on applicants, investors, policy makers and the wider ecosystem.

The KPIs are measured on a short, medium and long-term basis and aligned, where relevant, with the overall KPIs of Horizon Europe’s impact pathways.

KPI 1. EIC-supported companies contributing to Sustainable Development Goals (target: above 90%)

In 2020, 90.44% of EIC Accelerator companies addressed at least one SDG. EIC-supported companies contribute substantially to the SDGs and to Europe’s sustainability transformation.

KPI 2. Ratio of follow-up investments to EIC support in Accelerator companies (target: market capital multiple of 3–5 times EIC funding)

KPI 3. Share of women among key target groups

KPI 4. Share of scale-ups valued >€100 million and their turnover (5% target)

Methodology note

The data about private investment has been collected in collaboration with Dealroom.co, a Dutch company using big data technologies to scan the Internet and other sources in search of publicly available data about innovative companies. It monitors the progress of private companies by tracking indicators of innovation and growth, such as investments, exits (IPO, M&A), and accelerator support; the reliability of the information has been confirmed through verifications.

Information regarding financial performance of companies comes from obligatory self-reporting as well as from the Orbis database , which compiles different sources of official information, including national registries. Data about Pathfinder patents and publications comes from project reports and Innovation Radar experts’ assessments.

ISBN 978-92-9460-969-4. DOI 10.2826/005280 EA-09-21-492-EN-N. © European Union, 2021.