To date, the European Union has provided funding in the form of subsidies or grants to support innovative startups. But that is changing now. For the first time ever, the European Commission will invest directly in startups, in which it will hold shares in the range of 10 to 25 % through the European Innovation Council (ERI) Fund. The European Innovation Council Fund, expected to total about 3 billion euros ($3.7 billion), is an effort to plug what the EU said Wednesday is a “critical” funding gap for breakthrough technologies to scale up to commercial levels and better compete with the U.S. and Asia.
Prepared by the team of foreign office CzechTrade San Francisco