By the Blouin News Business staff

Auditors slam E.U. innovation institute as ineffective

by in Europe.

The E.U. flag. (Source: Alvin_ti4200/flickr)

The E.U. flag. (Source: Alvin_ti4200/flickr)

The European Institute of Innovation and Technology (EIT) was slammed by auditors in a reportreleased on Thursday. The institute, backed with almost €3 billion ($3.38 billion), was established in 2008 as the E.U.’s answer to MIT. But the auditors identified management problems, ill-suited short-term grants, and potential conflicts of interest, and recommended major changes — particularly to the funding model.

The EIT operates through Knowledge Information Communities (KICs): groups of universities, research institutes, and businesses working in specific technologies. They can get up to 25% of their funding from the…

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