Financing of research: EIF and Commission launch the "Technology Transfer Accelerator"

The European Investment Fund (EIF) and the Directorate General Research of the European Commission have signed an agreement to launch a feasibility study on a new type of risk capital and technology transfer investment vehicle (the "Technology Transfer Accelerator") linking centres of excellence and universities from different European countries. The aim of the study, funded by the European Commission and undertaken by EIF, is to bridge the financing gap between university/spin-off research and early stage investment trough a scheme that could be implemented in the near future.

Francis Carpenter, EIF Chief Executive declared, "Beyond our traditional role as an investor, we try to anticipate market needs. We should be innovative and pioneer new financial instruments to maximise the value of research by ensuring its commercialisation. R&D collaboration and technology transfer activities are a key to generating new products and new jobs."

He added, "this study shows our commitment to strengthen cooperation with our main shareholders, the European Commission and also the European Investment Bank, which will be associated to the project".

This joint EU initative is implemented in the context of the Lisbon process initiated in 2000 and the 3% Initiative decided at the Barcelona EU Summit of March 2002, which identified the crucial role of R&D and innovation in closing the competitiveness gap between Europe and US/Japan. The "Technology Transfer Accelerator" concept demonstrates EIF willingness to reinforce its support to innovation and research.

The results of the study will be made available in early 2005.