Under the European Innovation Council's (ECB) pilot initiative, the European Commission will assist 14 high-quality programs to get their innovative ideas faster into markets.

The European Union Delegation in Armenia reports that each of the projects will be allocated 2 million euros within the framework of the "Accelerated Financing Innovation" component of the EIB pilot initiative funded by Horizon 2020.

There are 59 partners in 14 projects, including small and medium-sized enterprises, industrial partners, universities and non-profit organizations from 18 countries.

The initiative offers up to € 3 million financing for consortia consisting of 3 to 5 partners, including small and medium-sized enterprises (SMEs), industrial participants, research centers, universities, cluster organizations, industrial associations, incubators, investors and public sector. The program is designed for relatively mature, explicit and market-oriented technologies, concepts, and business models. Participants will also be able to enjoy free access to business management and acceleration.

The European Commission received 2016 proposals as of May 31, 2018, for the first deadline for submitting applications under the "Accelerated Financing Innovation" component. The next deadline is October 23, 2018.

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