The European Institute Of Innovation and Technology’s new UK premises was inaugurated by the deputy mayor of London, Mr Rajesh Agrawal on 12th June 2017. Located on Leeke Street, the center is close to the regional business hub of Kings Cross in London. EIT’s stated mission is to enhance digital innovation in Europe which would lead to economic growth and an improvement in the living standards for its citizens.
The new hub will serve as a co-location center where startups can organize events in London. It also offers hot-desking facilities for taking forward EIT’s mission in the United Kingdom.
Created in 2009, EIT (https://eit.europa.eu) seeks to make Europe increasingly competitive in the global economy. With an annual budget of € 50 million (Rs 400 Crores) for innovation, EIT has set up entrepreneurship hubs in Berlin, Paris, Stockholm, Madrid, London and Helsinki. It’s digital accelerators are today home to startups with an estimated valuation of € 1.5 billion (Rs 10,000 Crore). These startups have been able to scale up over the last few years to employ close to 3400 people as of 2016.
EIT Digital is focused on enabling four core areas of the European digital economy.
- Digital Industry
- Digital Cities
- Digital Well-being
- Digital Infrastructure
European Startup Ecosystem lags the United States And China.
While Silicon Valley is the undisputed leader in digital innovation, China has emerged a close second in the last decade. Some Chinese startups have even taken a lead over their American counterparts in disrupting entire industries such as p2p lending and e-commerce. Europe currently has only about a dozen startups valued at more than 1 billion (Unicorns) compared to the 100+ based in the United States. India whose GDP is less than one-fifth the size of the European economy already boasts of 10 Unicorn startups.
To overcome these shortcomings, EIT has adopted a novel approach which is focused on transformation through innovation and entrepreneurship. By integrating research, business and education, EIT seeks to foster the next generation of disruptions in digital innovation. EIT’s Master’s school admitted close to 1200 students in 2016 who pursued research in Data Science, Human Computer Interaction, IoT, Cloud Computing and Cyber Security. EIT also offers doctoral research programs for up to 150 students every year.
Digital Skills in Europe
A recently survey conducted among citizens of EU’s 28 member states revealed that only 50% of the EU’s population is digitally literate. The survey also revealed that digital skills will constitute an important part of in 90% of future job openings. This makes imparting digital skills all the more important to EU citizens.
Interesting Statistics about Digital Europe. Read the full report here.
- About 82% of Europe population of 740 million members use the internet regularly. (At-least once in 3 months.)
- The highest proportion of population with no experience of the Internet was located in Bulgaria (33%) followed by Romania (30%).
- The highest proportion of population with experience of the Internet was Luxembourg and Denmark with 98% of these countries population using it regularly.
- In 2016 only 15% of Internet Users had carried out a financial transaction online.
- The most common online financial activity in Europe was comparing and buying insurance.
- An estimated 5% of Internet users carried out investment services like trading in stocks and bonds.
- 90% of the large organisations in EU will have appointed a Chief Data Officer by 2019.
- E-learning is expected to grow 15X to touch 30% of the education market by 2025.
Innovative Startups Incubated at EIT
Given below are some startups who have successfully scaled their business ideas into valuable companies.
Fit To Perform – Measures vital body signals of vehicle drivers and integrates it into fleet management systems of logistic companies. This allows companies to determine which driver needs rest and reduces the rates of accidents. Helps in reducing insurance costs and delivers a more accurate measure of employee productivity.
3cixty – Takes publicly available city data and weaves it into rich easily accessible information. It helps visitors and tourists make the most out of their travel itineraries. It was launched in Milan, Italy to encouraging reviews. Install it on your mobile to find out how it works.
Quuppa – Provides real time location tracking systems to more than fifty retailers spread across the globe. The company has won many awards in the mobile innovation category. The product is ideal for service providers who operate in the health and retail segments.
Origone – Provides a software suite built on Artificial Intelligence and Cognitive Technology to meet a company’s security needs. It protects the entire IT infrastructure by monitoring email gateways, servers and related digital infrastructure. It’s military grade software has been rolled out at many companies and has been successful at thwarting recent malware and ransom-ware infections encountered across Europe.
Navya – The company provides 100% automated electric vehicles for last mile transport at airports, hotels, business and leisure parks. It was recently introduced at a business hub in Paris. Take a look at the video below:
Demo Day At EIT
The event also hosted a demo day for London based startups accelerated by EIT Digital. You can take a look at some of startup founders below: