EU gives innovation funding to small firms

Selected small businesses will receive €50,000 to support innovation projects.

The European Union will give financial support to 155 small businesses across Europe as part of the Horizon 2020 scheme, the European Commission announced yesterday (25 July).

Small and medium-sized businesses operating in EU member states or partner countries associated with the EU’s research project Horizon 2020 were able to submit business plans in a bid to receive funding to develop their innovation strategy. The total amount of funding available is €3 billion.

In the first round of applications, 155 firms from 21 countries were selected. They will each receive €50,000 to develop business plans. Of the 155 firms, 39 were based in Spain, with 26 from the United Kingdom and 20 from Italy.

Máire Geoghegan-Quinn, the European commissioner for research, innovation and science, said the number of applicants (2,666) showed the demand for the financial support. She said she hoped that the financing of business plans leads to the growth of companies operating in the products and services sector.

SMEs in the ICT, space research, clinical research and eco-innovation sectors are among those encouraged to apply for funding. The total number of companies expected to be given EU funding this year is 645. In 2015, the number is expected to increase to 670.