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EU to give 100 million euros to internet companies

Staff writer |
Around 1000 start-ups and other innovative companies will receive grants from a new 100 million euros funding round from the European Commission's Future internet Public-Private-Partnership.

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Companies will develop apps and other digital services, in areas such as transport, health, smart manufacturing, energy and media.

"I promised action at Le Web in Paris last December and now I am delivering. We need more innovation and a more digital economy in Europe and that starts with a better ecosystem for start-ups. We're putting our money where our mouth is," said European Commission Vice President Neelie Kroes.

This third stage of the partnership's funding aims to develop new internet applications and services for a wide range of areas. Funding will be channelled through 20 consortia, teams from the internet ecosystem, which includes accelerators, crowd-funding platforms, venture capitalists, co-working spaces, regional funding organisations, technology companies and SME associations, technology companies. The successful consortia will be selected according to how they plan to maximise the economic impact of their funding across the internet eco-system.

The services and apps will be built around the technologies developed in Commission's Future internet Public-Private Partnership (PPP) programme.

This funding announcement is the third and final call of the Future internet PPP, a €500 million partnership launched in 2011 to help businesses and governments capitalise on the mobile internet and data revolution and to spur innovation and jobs in Europe's digital industries.

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