The Platform for Strategic Technologies for Europe (STEP) is celebrating its first year of operation, where it has mobilised over €15 billion to support key sectors of the economy. By integrating resources from 11 EU funding programmes, it has been able to support the development of digital technologies, environmental programmes and biotechnology, strengthening the competitiveness of the European market.
STEP Forward: Europe’s Big Bet on Homegrown Tech Takes Off
STEP's Funding: Where's the money coming from?
Over the past year, STEP has gathered investments from various EU sources, getting €9.1 billion from programs directly managed by the European Commission, including Digital Europe, Horizon Europe, European Defence Fund and Innovation Fund programs.
On top of that, €6.1 billion was shifted to STEP by 11 Member States who reprogrammed their cohesion policy funds.
These investments are all about speeding up the rollout of game-changing technologies, making Europe less reliant on importing key tech, and ensuring long-term economic growth in the area.
Easier Access for Innovators
The STEP Task Force collaborates with all 27 EU countries to conduct extensive outreach and consultations with project promoters. A survey of approximately 500 research and industry organizations found that the application process for funding was too complicated.
To address this, STEP simplified the process by creating a single platform where entrepreneurs and researchers can easily find all available funding opportunities.
Currently, there are around 60 funding programs under STEP, and 40 of them are still accepting new applications.
How the STEP Seal Unlocks Potential
To spot projects with high potential, the European Commission created the STEP seal. This special recognition has been given to 142 initiatives in 23 EU countries, boosting their chances of getting extra investment.
Here are some of the most intriguing projects:
- Digital technologies: OpenEuroLLM, a collaborative project between startups and research labs across Europe, will develop the first open-source, multilingual AI models that support all EU languages.
- Clean technologies: Energy Observer 2, an innovative hydrogen-powered cargo ship, is projected to cut CO₂ emissions in maritime transport by 98%.
- Biotechnology: PHARMSD 3.0 introduces a novel continuous pharmaceutical production method that enhances the spray drying process, boosting drug manufacturing efficiency.
Through public-private partnerships, Europe can establish independent strategic technologies, reducing reliance on the US and China, as exemplified by these projects.
STEP facilitates this by not only providing EU funding but also by collaborating with investors and financial institutions to minimise risks and enhance project appeal. This improved access to funding for companies and research institutes is essential for achieving breakthrough innovations.
Future Plans for STEP
Due to STEP’s success, the European Commission is planning to expand the platform. In 2025, member countries will be able to use funds from NextGenerationEU and the Recovery and Resilience Facility (RRF) to finance STEP-approved projects.
This could lead to even more support for key technologies, as up to 6 per cent of RRF funds could be moved to national investments under the InvestEU programme.
Additionally, STEP is looking to include technologies relevant to the defence sector, which will allow Europe to become more independent in terms of technological security.
Soon, the European Commission will check on STEP’s health by getting feedback from stakeholders through a public consultation. This feedback will help the platform’s future activities fit the market’s actual needs.
Also, a bunch of outreach events will be organised, and people who are interested can keep up with the news through the STEP newsletter and the official program website.
From Funding to Future
STEP’s first year has shown that EU funding can be more adaptable and effective. New support systems are giving innovative projects across Europe the opportunity to develop and use their technologies on a large scale. This initiative not only boosts the European economy but also makes the continent less reliant on technologies from outside the EU, creating a strong base for the future.
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