Commission has announced a proposal to change the current regulation establishing the European Institute of Innovation and Technology (EIT) before the end of 2011. The amendment will ensure the continuation of EIT as well as provide a connection to the forthcoming framework programme for research and innovation - Horizon 2020.
EIT has intensified the effort to integrate the three pillars of a knowledge society – education, research and innovation – by promoting new administration and financial models. EIT has created three Knowledge and Innovation Communities (KICs) within the fields of climate change, ICT and sustainable energy. The objective of the KICs is to gather the best creative and innovative global talent from research, business and academic communities to solve significant societal challenges. The current budget of EIT is EUR 308.7 million.