Study on the economic and societal Impacts generated by the EIT Knowledge and Innovation Communities (KICs)
The European Institute of Innovation and Technology (EIT) published a study on the impacts generated by eight of the EIT KICs (EIT Climate-KIC, EIT Digital, EIT InnoEnergy, EIT Health, EIT RawMaterials, EIT Food, EIT Manufacturing and EIT Urban Mobility).
The study finds that the EIT has generated substantial economic and societal benefits for Europe through its unique innovation model. It shows strong contributions by the EIT to innovation-based growth in areas that are EU policy priorities. The study focusses in particular on financial leverage, i.e., how EU funds allocated by the EIT to its Innovation Communities lead not only to direct economic and societal impact, but also create significant leverage as they mobilise significant amounts of further private and public funds.
The study demonstrates that after receiving EIT support:
- Ventures have attracted €15.7 billion in external investment, significantly multiplying EIT funding.
- Companies have more than doubled their revenues on average.
- Over 90% remain active, far above typical European startup survival rates.
- Nearly half qualify as high-growth companies, compared with fewer than one in five across the EU.
- In 2023 alone, EIT-supported companies supported over 92 000 jobs across Europe.