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European Institute of Innovation and Technology
The European Institute of Innovation and Technology (EIT) is a body of the European Union which was established on 11 March 2008.〔(''Regulation (EC) No 294/2008 of the European Parliament and of the Council of 11 March 2008 establishing the European Institute of Innovation and Technology'' )〕 It was set up in order to "address Europe's innovation gap",〔(''EIT website'' )〕 and is the EU's flagship Institute designed to integrate innovation, research and growth across the European Union. The idea of a European Institute of Innovation and Technology (EIT) was developed within the framework of the Lisbon Strategy for Growth and Jobs, and has been specifically implemented to address Europe's innovation shortcomings. It is based on the concept that innovation is a key driver of growth, competitiveness, and social well-being. The EIT headquarters are in Budapest, Hungary.
The EIT’s mission is to increase European sustainable growth and competitiveness, reinforce the innovation capacity of the EU Member States, and create the entrepreneurs of tomorrow and prepare for the next innovative breakthroughs. The Institute creates an unprecedented level of collaboration between innovation and excellence centres with the aim of boosting the innovation process from idea to product, from lab to market, and from student to entrepreneur.
The EIT is the first EU initiative to fully integrate all three sides of the Knowledge Triangle (higher education, research and business) by way of so-called Knowledge and Innovation Communities (KICs). The integration of all three sides and the effective transmission and sharing of knowledge, information and skills for joint exploitation is crucial to delivering the jobs and growth opportunities that Europe is seeking, as excellent researchers, students and entrepreneurs working in isolation are much less efficient in delivering the results needed and wanted by the market and consumers. By connecting European business and research, businesses stand to gain as they will be given fresh opportunities to commercialise the most up-to-date and relevant research findings, with the aim of giving Europe first-mover advantage in the latest technological and non-technological fields as well as in open innovation. In return, research organisations will benefit from additional resources, an enhanced networking capacity, and new research perspectives stressing interdisciplinary approaches in areas with strong societal and economic importance. By adding higher education into the mix, businesses will be able to take advantage of a workforce with skills tailored to their needs able to drive their market share forwards; and students will benefit from an education that will make them more attractive to future employers and also more apt at contributing to the development of those employers’ businesses.〔("EIT Mission" )〕
The EIT strongly contributes to the objectives set out in Horizon 2020,〔("Horizon2020" )〕 in particular by addressing societal challenges in a manner that is complementary to other initiatives in these areas.
==History and background==
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