The European Institute of Innovation and Technology (EIT) is a new initiative which aims to become a flagship for excellence in European innovation in order to face the challenges of globalisation. European ministers for science and research had few more options. Also Slovakia with Austria (Bratislava&Vienna), Polish Wroclaw, German Jenna and Spanish Sant Cugat del Valles were interested to establish this unique and reputable institute .

The EIT is the first European initiative to integrate fully the three sides of the "Knowledge Triangle" (Higher Education, Research, Business-Innovation) and will seek to stand out as a world-class innovation-orientated reference model, inspiring and driving change in existing education and research institutions. 

By boosting the EU's capacity to transform education and research results into tangible commercial innovation opportunities, the EIT will further bridge the innovation gap between the EU and its major international competitors. The EIT will favour sustainable economic growth and job creation throughout the Union by generating new products, services and markets responding both to public demand and to the needs of the knowledge economy. 

An initial Community budget contribution of over EUR 300 million will help to launch the EIT during the 2008-2013 period and will provide the support structure and the conditions necessary for integrated knowledge transfer and networking. In turn, in order to profit from the considerable returns which the initiative is likely to generate, businesses will be expected to buy into the EIT and be willing to lead the way in the unleashing of Europe's innovation potential. Source: europa.eu