Europe’s €10 Billion Deep Tech Push: Michiel Scheffer’s Vision

Europe is investing €10 billion through the European Innovation Council (EIC) to boost deep tech innovation and compete globally, according to Michiel Scheffer, EIC President. The EIC aims to turn Europe’s strong research into market-leading companies, focusing on high-risk, long-term technologies like advanced AI, medical imaging, and new energy storage.

The EIC provides grants and equity investments, often co-investing with national banks. Its application process is streamlined, requiring a short pitch and business plan. Scheffer says this is on par with private venture capital.

Challenges and Opportunities

Europe’s innovation is geographically dispersed, and it lags behind the US and China in producing unicorns. The EIC is working to attract larger investments and keep successful startups-and their intellectual property-in Europe.

Regulation and AI

Scheffer sees Europe’s strict regulations as an advantage, especially in sectors like healthcare AI, where privacy is critical. He believes AI’s biggest impact will be on productivity, particularly in healthcare.

Impact and Future

EIC-backed firms have created 40,000 jobs and attract significant private investment. Scheffer’s goal is for the EIC to lay the groundwork for sustainable innovation, urging more institutional capital to support Europe’s industrial future.

Scheffer’s EIC is Europe’s bold bet on deep tech, aiming to turn scientific excellence into global business success and societal benefit.

Binci Heeb

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