European Union Opens $20.5B Funding Round for New Innovation Project

The European Union is investing € 15 billion ($20.5 billion) over the next two years toward the Horizon2020 project, an initiative designed to boost Europe's knowledge-driven economy, increase global competitiveness, and address key societal challenges. The European Commission has declared funding priorities for the project and opened submissions for the 2014 budget.

Funding will be directed toward the three pillars of Horizon2020, which are:

• Basic Science — with around € 3 billion ($4.1 billion) being invested through the European Research Council to provide fellowships for top scientists and young researchers;
• Industrial Leadership — with € 1.8 billion ($2.5 billion) being invested to support leadership infrastructure in key sectors including advanced manufacturing, nanotechnology, biotech, aerospace, robotics, and IT; and,
• Addressing Societal Challenges — with € 2.8 billion ($3.8 billion) being invested to support projects that advance innovations in areas including health, security, agriculture, transportation, energy, and climate change.

Horizon2020 is the largest EU innovation program to date, with a projected investment of € 80 billion ($109.3 billion) over the next seven years. The project is expected to also attract significant private investment and, in concert with the EU Framework Program for Research and Innovation, drive the breakdown of barriers toward creating a single European market for research, knowledge, and innovation. The rollout of Horizon2020 is being complemented by a program of EU outreach to potential stakeholders in hopes of mitigating the public perception of stifling bureaucracy that has plagued prior attempts at engaging the private sector.