EIT, the European Institute of Innovation and Technology is the first pan-European university. It is being set up by the European Union with a planned yearly budget close to 1.5 billion dollars.
EIT aims at improving the 'knowledge triangle', the interaction between research, education and innovation — key drivers of knowledge-based society. Entrepreneurship will be an inherent mediator for improving the interaction.
The forthcoming European Strategic Innovation Agency will promote EIT as a crucial instrument to improve the competitiveness of the European knowledge society.
EIT is focusing initially on the three areas: the future information society, climate change and sustainable energy. Each area will be addressed by a KIC — a Knowledge and Innovation Community. Tenders have been issued for setting up the KICs.
Eighteen European consortia have applied for operating KICs. The consortia involve leading European companies, research institutes and universities. The KICs will be based on co-location nodes and networking activities.
The EIT Governing Board is in charge of the strategic leadership and coordination of the EIT. It is responsible for the selection, evaluation and support of the Knowledge and Innovation Communities (KICs). The four members of the Executive Committee prepare the board meetings and facilitate the EIT's strategic decision-making.