The € 20 million support will be disbursed through a competitive call for proposals for a pan-European network of start-up associations, supporting Ukrainian innovation stakeholders
The European Commission has announced € 20 million an aid of million to support 200 Ukrainian tech start-ups through European Innovation Council (EIC) work programme.
Each start-up will get € 60,000. In addition, the EIC will offer non-financial support, such as business advisory services and matchmaking. This will enhance the capacity of Ukrainian innovators to interact with the European innovation ecosystem, enter new markets and benefit from the European financing instruments.
Speaking on the occasion, the President of European Commission – Ursula von der Leyen said, “While fighting Russian military aggression it is vital for Ukraine to look forward. The country has a vivid start-up scene and great potential for innovative businesses. It is very important to preserve this economic capacity and enable Ukrainian tech innovators to grow and integrate further into the European innovation ecosystem. We want them to expand their operations to the European markets and beyond.”
Prior to Russia’s invasion, Ukraine had a vibrant tech start-up scene, with over 1600 start-ups. This new action aims to safeguard this progress, reinforce links to the European innovation ecosystem, and ensure Ukrainian start-ups contribute in rebuilding the Ukrainian economy.
Taking it to twitter, the European Commission tweeted,
Prior to Russia's invasion, Ukraine had a vibrant tech start-up scene.
— European Commission 🇪🇺 (@EU_Commission) June 9, 2022
We will support at least 200 Ukrainian deep tech start-ups with up to €60,000 each aiming to safeguard their progress and drive the recovery of the Ukrainian economy.#StandWithUkraine
The € 20 million support will be disbursed through a competitive call for proposals for a pan-European network of start-up associations, supporting Ukrainian innovation stakeholders. The action can help prepare Ukrainian start-ups to compete for future EIC funding opportunities. The EIC can fund start-ups up to € 17.5 million in grants and equity investment and can crowd-in further private investments upto 3 times the amount invested by public funds.
Besides, the agreement associating Ukraine to the Horizon Europe and Euratom Research and Training Programmes has come into force. The agreement was signed during European Union (E.U.) – Ukraine Summit in October 21, 2021. Now European and Ukrainian researchers and innovators, universities, businesses, including small and medium-sized ones (SMEs), can work together on equal terms to reach joint goals and address critical challenges.
Having suffered a lot due to Russia’s invasion, Ukraine will participate in Horizon Europe and Euratom Programmes without having to contribute financially for years 2021 and 2022. Its waived contribution was estimated at around € 20 million. This support is complementary to the ongoing ‘European Research Area for Ukraine’ (ERA4Ukraine), Horizon4Ukraine and ERC for Ukraine initiatives, as well as the dedicated fellowship scheme of € 25 million under the Marie Skłodowska Curie Actions (MSCA) for displaced researchers of Ukraine.
