The European Commission has launched the European Innovation Council (EIC), with a budget of over €10 billion (in current prices) for 2021-2027, in order to develop and expand breakthrough innovations. Building on a successful pilot programme under Horizon 2020, the new EIC is not only a novelty of Horizon Europe, but it is also unique in the world: it combines research on emerging technologies with an accelerator programme and a dedicated equity fund—the European Innovation Council Fund—to scale up innovative start-ups and small and medium-sized businesses (SMEs). Around €3 billion of the EIC’s budget will go towards the EIC Fund.