The philosophy and governance of the Horizon 2020 have also been radically modernised. Public-private partnerships, in which industrial stakeholder participate in the setting of priorities for research and contribute to the support programmes, are at the core of the approach. In the industry-led Joint Technology Initiatives for aviation, new medicines, energy storage, electronics and bio-technology, industry investments are expected to be more than 1.5 times the EU budget contribution of 6.2 billion Euros. Horizon 2020 is already the biggest single instrument in Europe to support the development of key enabling technologies such as nano-electronics or photonics, fostering their application in the products and services of the future.
Horizon 2020 will make a vital contribution in supporting innovative SMEs at all stages of the innovation cycle, from lab to market. As SMEs provide two out of every three private sector jobs and contribute to over half the total value-added by EU businesses, it is of the crucial importance that the innovative potential of these businesses is fully realised. With the EU helping to fill funding gaps for pioneering research and innovation and to bring new products to the market, our SMEs can become true innovation leaders worldwide.
