European Commission Schemes Supporting Innovation
COSME will run from 2014 to 2020, with a planned budget of €2.3bn. It will facilitate SME access to finance, create supportive environment for business creation, help small businesses operate outside their home countries and improve their access to markets.
Horizon 2020 is the biggest EU Research and Innovation programme ever with nearly €80 billion of funding available over 7 years (2014 to 2020), in addition to the private investment that this money will attract. It promises more breakthroughs, discoveries and world-firsts by taking great ideas from the lab to the market.
Participating in EU projects requires planning and determination, but can provide major benefits:
- Excellence: EU funding is competitive, and obtaining an EU grant proves that the applicant's maturity and skills measure up to the European competition.
- Networking: Due to their transnational nature, EU projects can be a privileged way of growing one's network by working together with relevant players in one's field
- Impact: Certain scientific, economic or societal issues cannot effectively be addressed on national level only. A trans-European partnership considerably increases the chances for success.
- Funding: Horizon 2020 funding rates and budgets are advantageous. Funding rates have been increased compared to previous framework programmes, with reimbursement of up to 100% for direct costs for research actions, 70% for innovation actions and 25% for indirect costs.
- Market outreach and investment: To bring innovative products and services that have been designed within a project to the market, Europe-wide partnerships can be advantageous. Participating in international consortia helps the project gain more visibility and credibility vis-à-vis potential investors.