EIF-EIT ICT Labs agree alliance

The heads of the European Institute of Innovation and Technology’s (EIT) ICT Labs and the European Investment Fund (EIF) have signed an agreement to boost SME innovation investment.

During the EIT Roundtable of Entrepreneurs, EIF chief executive Richard Pelly and EIT ICT Labs chief executive Willem Jonker signed a Memorandum of Collaboration (MoC) to jointly boost the access to finance for European SMEs and start-ups. The new partnership will allow businesses involved in ICT Labs to access the EIF’s financing instruments.

Speaking about the collaboration, Jonker said: “I am very happy to sign this MoC after the intensive preparation work of both the EIF and the EIT ICT Labs team. Today we have made a significant step for the start-ups and SMEs in the EIT ICT Labs ecosystem, since they are important drivers of innovation and access to finance is crucial for their development”.

Adding his thoughts, Pelly said “We are delighted to demonstrate through this MoC our commitment to improve the availability of early stage finance for innovation in Europe. EIF is now a confirmed partner with the EIT through EIT ICT Labs”.

Key ingredients of the collaboration are connecting the EIF supported financial community to the EIT ICT Labs innovation ecosystem, the joint raising of fund capital and the mutual development of future early stage financing instruments.

The organisations hope the MoC will help strengthen innovation investment in Europe.