Funding, grants and European collaboration

The European Union (EU) has proven to be an effective vehicle for driving innovation. Under its Europe 2020 strategy, the EU has set itself the target of investing 3% of its GDP into R&D. The majority of EU spend on R&D comes through a series of grants, which teams across the EU are encouraged to bid for. The UK benefits from this system greatly, as although the UK contributed nearly £4.7 billion to EU research, it has gained back almost £7.7 billion in grants.

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