EC research funding for SMEs

On June 23, the Council of Ministers agreed to provide 100.0 million ($154.8 million) from the European Union's Seventh Framework Program (FP7) budget to Eurostars, a R&D program jointly set up by 31 countries to boost research capacities of small and medium-sized companies (SMEs) in Europe. The amount from the FP7 will leverage at least 300.0 million euros in public funding from the participating countries, resulting in a package of 400.0 million euros for financing trans-national research partnerships driven research-performing SMEs in Europe, says a European Commission statement.

EU Commissioner for Science and Research, Janez Potocnik said: "research-performing SMEs are the entrepreneurial stars of Europe. We have to join our efforts to support them in this task. The 'Eurostars' program is an excellent example of how member states and the Commission can contribute to economic growth by reinforcing cooperation between their respective research programs. Making it possible for SMEs to collaborate with the best European research teams, Eurostars will help them turn new ideas into successful businesses, and reinforce their competitive edge in knowledge and innovation - the cornerstones of our prosperity."