A total of 500 research institutes won 60% of Europe’s €55 billion ($59.5 billion) Seventh Framework Programme (FP7) budget, according to an independent review completed late last month by international academics. The review analyzed the effects that FP7 had on scientific and economic growth, finding that 85% of FP7 funding was allotted to research firms and facilities in Western Europe. In contrast, Central and Eastern European organizations received just 4% of FP7 funds. FP7 funded 25,000 research projects out of 139,000 proposals. EU Research Commissioner Carlos Moedas stated that the best way to get new researchers to participate in the Horizon 2020 initiative is to streamline funding options. He aims to bring together disorganized innovation competitions, such as the SME (Small and Medium-sized Enterprises) Instrument and the Fast Track to Innovation, and run them out of the European Innovation Council, which he proposed last July.

Source: Science Business