Study shows strong impact of EIT's work
A new study published in late November by the EIT reveals substantial impact from the work of EIT Health and the other Knowledge Innovation Communities (KICs) founded by the EIT.
The study, “EIT: Our Impact from 2010 - 2016”, carried out for EIT by the word-leading consultancy PwC, analysed the global and European socio-economic impact of the EIT and its KICs between 2010 and 2016. With existing reviews mostly focusing on results and efficiency, the study sets out to look beyond those results and structure the achievements of the EIT Community in terms of impact.
– The impressive figures shown in the EIT Impact Study are excellent reasons to participate in EIT educational programmes. The number of jobs created and forecast are real indicators that the EIT model is working and delivering, said Tibor Navracsics, European Commissioner for Education, Culture, Youth and Sport, who is responsible for the EIT.
The EIT Impact Study states that the EIT Community has gained recognition for what it is delivering in Europe and beyond. For example, stakeholders in Australia have replicated the EIT model for the establishment of Climate-KIC Australia. In the coming years the EIT Community will scale and grow the activities of its six Innovation Communities, a unique ecosystem that has grown to become the largest Innovation Community in Europe. In 2018, the EIT Community will continue to grow with the launch of a Call for two new Innovation Communities in Urban Mobility and Added Value Manufacturing.
Interesting findings of the report include:
- EIT Community supported start-ups have created over 6 000 full-time, highly skilled jobs, implying that each job at the EIT Community supported the creation of an additional 14 jobs in the wider economy.
- Venture capitalists expressed strong confidence in the commercial potential of the EIT Community’s entrepreneurial activity, as shown by investing more than EUR 600 million in companies supported by EIT Community accelerators.
- EIT Community accelerator programmes attract an increasing number of start-ups in their particular field.
- More than 9 out of 10 EIT InnoEnergy alumni find employment in Europe within six months of graduation and their initial remuneration is up to 15% higher than their cohort non-EIT programme graduates.
The Study also notes that having followed the progress of each of the EIT Innovation Communities as they address specific societal challenges, the EIT Innovation Communities show meaningful progress in delivering on their objectives. Activities are reaching a scale at which it becomes feasible to measure important societal returns.
Among the many specific mentions of EIT Health, was one that noted the maturity of the business plans coming out of our consortium: The report stated that "What is quite different is how the business plans of the second wave of KICs have developed. Looking solely at the way the business plans of EIT Health and EIT Raw Materials are structured, they appear relatively mature compared to the initial business plans of the preceding KICs".
– Coming hard on the heels of the EIT’s Mid-term Evaluation Report, with its validation of the EIT's innovation model, the Impact Study shows the boost Europe is receiving from the EIT Community; what it has already delivered and will continue to deliver in the coming years,” said Peter Olesen, Chairman of the EIT Governing Board.
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