Horizon 2020

Horizon 2020 was the European Union's largest research and innovation funding program, running from 2014 to 2020. With an impressive budget of nearly €80 billion, its primary objective was to secure Europe's global competitiveness by fostering excellent science, industrial leadership, and addressing societal challenges. Unlike traditional venture capital firms that typically provide equity investments, Horizon 2020 operated through a system of grants, supporting a vast array of projects from fundamental research to market-driven innovation across all EU member states and associated countries. Its scope was exceptionally broad, funding everything from advanced scientific discoveries to initiatives like the University of Coimbra Olimpiada Economia, as mentioned in the user's description.

The program was structured around three main pillars: Excellent Science, which supported frontier research and researchers; Industrial Leadership, aimed at boosting Europe's industrial competitiveness in key technologies; and Societal Challenges, which focused on addressing major issues such as health, energy, transport, and climate action. Horizon 2020 encouraged collaborative projects involving universities, research organizations, and businesses, often requiring consortia from multiple countries. This collaborative model was central to its strategy for pooling expertise and resources to tackle complex problems and accelerate innovation.

For companies, particularly small and medium-sized enterprises (SMEs), a significant funding avenue was the SME Instrument (now part of the European Innovation Council Accelerator). This instrument provided grants to highly innovative SMEs with market-creating potential. For instance, Phase 1 grants, designed for feasibility studies, typically provided a lump sum of €50,000. For more substantial innovation projects in Phase 2, grants could reach up to €2.5 million for most sectors, with a funding rate of 70% of eligible costs, and even higher for health-related projects.

Horizon 2020 played a crucial role in driving innovation and research across Europe, facilitating thousands of projects and fostering cross-border collaboration. Its legacy continues through its successor program, Horizon Europe, which builds upon the foundations laid by Horizon 2020 to further strengthen the EU's research and innovation landscape. The program's diverse funding mechanisms and substantial financial commitment made it a cornerstone of European innovation policy for seven years.