European Institute of Innovation and Technology

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European Institute of Innovation and Technology (EIT)

Established	11 March 2008
Focus	Innovation & Technology
Chair	Nektarios Tavernarakis (Governing Board)
Head	Martin Kern (Director)
Budget	€3 billion for 2021-2027
Members	27 Member States
Address	Infopark - Building E Neumann Janos utca 1117 Budapest
Location	Budapest , Hungary and across the EU member states
Website	eit.europa.eu

The European Institute of Innovation and Technology (EIT) is an independent body of the European Union with juridical personality, established in 2008 intended to strengthen Europe's ability to innovate.^[1] The EIT’s three “core pillars” of activities are: entrepreneurial education programmes and courses across Europe that transform students into entrepreneurs; business creation and acceleration services that scale ideas and budding businesses; and innovation-driven research projects that turn ideas into products by connecting partners, investors, and expertise.

As part of the EU's Framework Program for Research and Innovation ‘Horizon Europe’^[2] under Pillar 3 ‘Innovative Europe’, the EIT contributes to achieving the four key strategic orientations of the Horizon Europe Strategic Plan. These are: promoting an open strategic autonomy by leading the development of key digital, enabling and emerging technologies, sectors and value chains; restoring Europe’s ecosystems and biodiversity and managing sustainably natural resources; making Europe the first digitally-enabled circular, climate-neutral and sustainable economy; creating a more resilient, inclusive and democratic European society.^[3] The EIT is funded through Horizon Europe.^[4]

In total, nine KICs (Knowledge and Innovation Communities) have been created by the EIT (European Institute of Innovation & Technology) since its creation in 2010.^[5]