The European Commission today presents details of a new €100 million "Fast Track to Innovation" (FTI) pilot action and five innovation prizes under Horizon 2020, the European Union's €80 billion research and innovation programme. The FTI aims to support Europe's economy by offering innovative businesses and organisations grants to give a final push to get great ideas to market. The prizes offer a reward for technological breakthroughs of high societal relevance. The initiatives underscore the drive to support innovation in Europe as part of the first, two-year Horizon 2020 work programme. Today's announcement also confirms the €7 billion for Horizon 2020 calls during 2015 and sets out the timetable for applications.