The European Commission has vowed to make the application process for technological innovation funding easier and more efficient. The goal of the measures is to reduce red tape and encourage more small and medium-size companies as well as high-tech startups to take advantage of innovation funding. The Seventh Framework Programme, or FP7, has funded almost 8,000 projects out of more than 40,000 applications since 2007. The budget for FP7 is more than 50 billion (US$68 billion) for the period 2007 to 2013.”]
Source: https://www.csoonline.com/article/2126710/eu-gives-boost-to-innovation-funding.html